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On March 11, 2021, Representative Omar introduced the Rent and Mortgage Cancellation Act. Under this bill, all renters and people in debt with a mortgage would be exempt from rent and mortgage payments through the duration of the coronavirus crisis.
The bill would provide full payment forgiveness, with no accumulation of debt for renters or homeowners and no negative impact on their credit rating or rental history.
Very importantly, the bill will establish a relief fund for landlords and mortgage holders to cover losses from canceled payments. It will also create an optional buyout fund to fully finance the purchase of private rental properties by non-profits, public housing authorities, cooperatives, community land trusts, and state or local governments—in order to increase the availability of affordable housing during this downturn.
The bill is cosponsored by Reps. Alan Lowenthal, Jamaal Bowman, Ed.D., Mark Pocan, Barbara Lee, Raúl M. Grijalva, Mondaire Jones, Bonnie Watson Coleman, Jesús G. “Chuy” García, Ayanna Pressley, Pramila Jayapal, Bennie G. Thompson, Eleanor Holmes Norton, Nydia M. Velázquez, Rashida Tlaib, Yvette D. Clarke, Adriano Espaillat, Frederica S. Wilson, Jan Schakowsky, James P. McGovern, Jimmy Gomez, André Carson, Alexandria Ocasio-Cortez, Jerrold Nadler, and Cori Bush.
Representative Omar has said the following:
“Right now, we are facing an unprecedented crisis that has put millions of Americans at risk of housing instability and homelessness. While the American Rescue Plan extends the national rent moratorium—this is not a longterm solution. People across this country will be forced to pay tens of thousands of dollars in back rent when it ends. In some cases, local governments are allowing evictions to continue despite the moratorium. In other cases, landlords are going bankrupt due to a lack of income. To avoid an even larger crisis, we must cancel rent and mortgage payments during this pandemic. This isn’t a radical idea. It’s what is needed to prevent an even bigger crisis.”
H.R.1847 - 117th Congress (2021-2022): Rent and Mortgage Cancellation Act of 2021
Rep. Ilhan Omar Introduces Rent and Mortgage Cancellation Act (Rep. Omar's Official Site, 3-11-21)
Read More From The Hill On Omar Reintroducing the Bill (The Hill, 3-11-21)
More Information From Politico (Politico, 5-4-21)
Read Rep. Ilhan Omar’s Rent and Mortgage Cancellation Act of 2020 Here Older Bill