Council Supports Incentives for Landlords
With the current housing crisis, there is a shortage of rental homes that are affordable and available to low-income households, especially those with incomes at or below the poverty line.
Many families and seniors are often unable to afford rent at market value, but are also unable to qualify for housing voucher programs, because they have incomes that exceed the eligibility of receiving housing vouchers.
Some landlords already rent below market rate, and they are important in providing housing stock that is affordable.
Bill S1795/H2969, "An Act Providing a Local Option Incentivizing Landlords to Rent Unsubsidized Properties at Below Market Rent" would provide a state tax credit to landlords that rent below market to groups such as seniors and families, and municipalities can opt-in to offer additional tax credits.
Providing incentives and allowing a tax credit for landlords who rent below market rate will offer a strategy to improve housing and rehousing vulnerable populations, such as our working families, seniors, and immigrant neighbors.
This week, the Council adopted a resolution supporting bill S1795/H2969.