Housing, Opportunity, Mobility, and Equity Act of 2022
This act aims to increase housing affordability by supporting local governments in developing more flexible building policies. It also introduces a tax credit for individuals whose rent exceeds 30% of their income, and a savings program allowing a portion of tax refunds to be deferred.
Key points
Support for local governments to create policies that reduce barriers to housing development, including affordable housing.
New tax credit for individuals with high rent costs relative to their income, with an option for monthly advance payments.
A "Refund to Rainy Day Savings Program" allowing taxpayers to defer a portion of their tax refund into an interest-bearing savings fund.
Status:
Expired
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