“Invest $5 billion annually in a renter's tax credit to support individuals and families who earn too much to qualify for a Section 8 voucher but still struggle to pay their housing costs, capping rent at 30% of income.”
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No $5 billion-a-year renter's tax credit capping rent at 30% of income was proposed to Congress or enacted during Biden's term (January 2021 - January 2025). The administration pursued other renter policies - emergency rental assistance, Housing Choice Voucher expansion requests, and anti-rent-gouging actions - but its comprehensive March 2024 housing plan and FY2025 budget proposed tax credits only for housing construction (LIHTC, Neighborhood Homes) and homebuyers, never the promised renter's tax credit. The administration had four budget cycles and the 2021-2022 reconciliation vehicles in which to advance it and did not.
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