By: National Desk Staff KCCI DES MONIES
A new bill being proposed in the U.S. House of Representatives could allow Americans to forgo their mortgage and rent payments through the duration of the coronavirus crisis in the United States, according to reports.
Rep. Ilhan Omar (D-Minn) introduced the Rent and Mortgage Cancellation Act on Friday.
“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,” Omar said in a statement, Fox News reported. “This time, it’s time to bail out the American people who are suffering.”
All Americans would be eligible regardless of income and would provide full rent and mortgage forgiveness at their place of residence for up to a year, Forbes reported.
The bill also proposed that additional debt would not accumulate for residents, and a separate fund would be created for landlords and mortgage companies through the U.S. Department of Housing and Urban Development.
The legislation proposal comes days after Reps. Ro Khanna (D-CA) and Tim Ryan (D-OH) introduced a bill that would provide $2,000 checks each month for Americans who make less than $130,000 a year.