Keep Calm and Rent On: New Rule Caps Increases!
June 12, 2024 | Read Online | | | | | Hey there, real estate enthusiasts! | | Have you heard the great news? President Biden's team has created a new rule to help people who are struggling with high rent. This rule prevents your rent from increasing too much each year. Now, you won't have to worry about your rent suddenly getting a lot more expensive! | | RENTLOCK
Biden Administration Caps Rent Increases to Aid Affordable Housing Tenants | | Rent increases are limited to 10% for homes in the Low-Income Housing Tax Credit (LIHTC) program. This program is essential in helping to provide affordable homes all over the country. | Who's Happy about this? | Say hello to Tara Raghuveer, a big supporter of tenants everywhere. She's excited and says, "Rent has been hard for many people, but this new rule? It's a huge help, giving over a million people peace of mind!" | However, only some people agree with this plan. Meet Bob Broeksmit, the head of the Mortgage Bankers Association. He's not a fan of the idea. He's concerned that controlling rent prices might stop building new homes, mess up the housing market prices, and, in the end, make fewer rental homes available. "Rent control has never really worked, " he says, worried that it could make the problem of finding affordable housing even worse instead of better. | Who Benefits from the New Cap? | It is a great news for seniors and families with children. Also for people with disabilities and those with the lowest incomes! Shamus Roller from the National Housing Law Project reports that approximately 2.6 million rental homes in the U.S., which receive funding from the Low-Income Housing Tax Credit, will now have a limit on how much their rent can increase each year. | How to Check if Your Home Qualifies? | Check your lease—it might mention "tax credit" or "LIHTC." Landlords should also be able to tell you if your home qualifies. Plus, state housing agencies often have maps and lists of LIHTC properties on their websites. Double-check the local recorder's office for the LIHTC status of your property, but take it with doubt, as the public database might be outdated. | What to Do if Your Rent Hike Exceeds 10%? | Tell your landlord about the new rule on rent increases. If your landlord doesn't follow the rule, you can ask for help from local free legal services. | However, one thing is sure: for over a million tenants across the country, this rent cap is a significant source of relief in their struggle with increasing rents. | | Stay savvy, stay smiling,
The Real Estate Investing Team | | P.S. Want to know if your apartment has rent control? Check your lease or ask your landlord. Don't just rely on us; find out for yourself and keep your rent affordable! | | Must-Watch: | | | | Ready to turn your real estate dreams into reality? Sign Up for our newsletter for more insider tips and expert advice on funding your investment journey! 🏠 | | | |
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