Rep. Ilhan Omar Introduces 'Rent and Mortgage Cancellation Act'

WASHINGTON, D.C. — Rep. Ilhan Omar of Minneapolis has introduced the Rent and Mortgage Cancellation Act, a bill to institute a nationwide cancellation of rent and home mortgage payments during the new coronavirus crisis.

The bill would provide full payment forgiveness, with no accumulation of debt for renters or homeowners and no negative impact on their credit rating or rental history.

The legislation would also create a relief fund for landlords and mortgage holders to cover losses from the cancelled payments, according to a news release.

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"The coronavirus crisis is more than just a public health crisis—it’s an economic crisis," Omar said in a statement.

"Congress has a responsibility to step in to stabilize both local communities and the housing market during this time of uncertainty and crisis. In 2008, we bailed out Wall Street. This time, it’s time to bail out the American people who are suffering."

The bill would also establish an optional fund to fully finance the purchase of private rental properties by non-profits, public housing authorities, cooperatives, community land trusts, and states or local governments in order to increase the availability of affordable housing during the economic downturn.

The bill is cosponsored by other Democratic representatives including Alexandria Ocasio-Cortez, Rashida Tlaib, Pramila Jayapal, Mark Pocan, Ayanna Pressley, Veronica Escobar, Jesús“Chuy” García, and Grace Meng.

You can read the full bill text here and find more details on the bill here.

Also read: Coronavirus: Beer, Wine Now Available For Takeout In Minnesota

This article originally appeared on the Southwest Minneapolis Patch