Financial Aid for Renters: Security Deposits and Moving Costs for Low-Income Families.
This bill aims to ease access to housing for low-income families by authorizing federal financial assistance to cover security deposits and reasonable moving expenses. This aid will be channeled through existing programs like the Housing Choice Voucher (Section 8) and the HOME program. The changes are designed to significantly lower the initial financial barrier to renting a new home.
Key points
New federal funds authorized to help Housing Choice Voucher recipients pay for security deposits and moving costs.
The HOME program funds can now be used directly to provide grants or loans for security deposits to low-income families.
Landlords must return any unused security deposit assistance upon tenancy termination, ensuring funds are recycled for other families in need.
Mandates a study on alternatives to traditional security deposits, such as monthly insurance premiums.
Expired
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