Senator Reverend Warnock visited the Savannah-Chatham area Wednesday to announce new legislation to lower housing costs, help homebuyers
Earlier in the morning, Senator Warnock received the Affordable Housing Award from the Southeastern Affordable Housing Management Association (SAHMA) during their 2022 Leadership Affordable Housing Conference where he gave brief acceptance remarks
In July, Senator Warnock introduced a legislative package that will help servicemembers across Georgia and the country obtain sufficient and affordable housing
Since joining the Senate, Senator Warnock has been working to address Georgia’s affordable housing crisis, recently securing $170 million in federal housing investments for Georgia
Senator Reverend Warnock: “I am unveiling a new package of legislation that will lower housing costs for people in Georgia and across our country by helping them cover their rent and save up to buy a home. Put together, these bills will help address the widening homeownership gap and provide all Georgians the opportunity to build generational wealth”
Washington, D.C. — Today, Senator Reverend Raphael Warnock (D-GA) unveiled new legislation to lower housing costs and help homebuyers in a visit to the Savannah-Chatham area. Earlier in the day, Senator Warnock received the Affordable Housing Award from the Southeastern Affordable Housing Management Association (SAHMA) during their 2022 Leadership Affordable Housing Conference where he gave brief acceptance remarks.
Rents have skyrocketed in 2022: Since 2019, Georgia renters have faced a 13.7% increase in median rents, the 12th highest rate in the country and far exceeding income growth over the same period. More and more Georgians are paying a substantial proportion of their income on rent, forcing many to pick between paying for rent or other essentials such as food or prescription drugs. As housing has become increasingly unaffordable, more prospective homeowners are forced to remain in the renters market, increasing rent prices further.
“I believe housing is a human right, and I understand how it provides dignity and security,” said Senator Reverend Warnock. “The issue of housing is personal to me. I grew up in the Kayton Homes Housing Projects. My story is the American story: that a kid who grew up in public housing could grow up to be elected to the United States Senate is a testament to the greatness of our country. I’m living proof that Georgia’s children can aspire to anything—and that it starts with having a safe, affordable place to live.”
“Today, it is harder than ever for Georgians to cover their housing costs, which have risen twelve percent since last year,” continued Senator Warnock. “That’s why I am unveiling a new package of legislation that will lower housing costs for people in Georgia and across our country by helping them cover their rent and save up to buy a home. Put together, these bills will help address the widening homeownership gap and provide all Georgians the opportunity to build generational wealth.”
Read below about the three bills that comprise Senator Warnock’s legislative package to lower housing costs for Georgians:
Rent Relief Act of 2022: This bill provides a tax cut to renters whose rent exceeds 30% of their income based on specific income thresholds. These income thresholds are adjusted for renters in Difficult Development Areas (DDAs) where development costs are high relative to incomes. The bill also permits eligible taxpayers to elect to receive any tax credits as a monthly advance and has a sunset provision to end in 2024.
A one pager of this bill can be found here.
American Dream Down Payment Act of 2022: This bill would help address the need for financial products that support savings for purchasing a home by allowing individuals to grow savings in a tax-free account as well as allow family and friends to contribute to their savings.
A one pager of this bill can be found here.
Housing Market Transparency Act: This bill would help address the need for more data transparency within the affordable housing market, specifically within the Low Income Housing Tax Credit (LIHTC) program. It designates that the Secretary of Housing and Urban Development should collect annual LIHTC property data from housing finance agencies. This data will enable researchers, regulators, and advocates to make the program more efficient as well as keep tenants well informed about affordable housing.
A one pager of this bill can be found here.
Since joining the Senate, Senator Warnock has been working to address Georgia’s affordable housing crisis, recently securing $170 million in federal housing investments for Georgia. Additionally, in July, Senator Warnock introduced a legislative package that will help servicemembers across Georgia and the country obtain sufficient and affordable housing.
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