Proposed: Landlord Relief Fund
Rep. Ilhan Omar, D-Minnesota, introduced a bill in the U.S. House calling for a nationwide cancellation of rent and mortgage payments until the coronavirus pandemic has ended which also would include the creation of a Landlord Relief Fund that would cover the rental income lost. For a landlord to receive those funds, they would be required to follow federal guidelines for fair lending and renting practices for five years. The guidelines, which can also be found in the text here, are:
i. a rent freeze;
ii. just-cause evictions;
iii. mandatory documentation with any just-cause eviction;
iv. no source of income discrimination;
v. coordination with local housing authorities to make new vacancies eligible
to voucher holders;
vi. provision of 10 percent equity to tenants; and,
vii. no admissions restrictions on the basis of:
1. sexual identity or orientation,
2. gender identity or expression,
3. conviction or arrest record,
4. credit history, or
5. immigration status.
viii. Additionally, landlords cannot attempt to collect any back-rent when the
moratorium is lifted,
ix. they cannot retaliate in any way against residents and
x. they cannot report residents to debt collectors or debt services to harm
their credit.
Now, chances are that it would never get past the Senate and be signed into law but this is ridiculous. How do you guys interpret require VI "provision of 10 percent equity to tenants"? Is that saying the tenant's would have a right to 10% of the properties equity? I don't quite understand.