According to a Democratic Rep. Ilhan Omar's office, the bill would constitute full payment forgiveness, with no accumulation of a debt for renters or homeowners and no negative impact on their credit rating or rental history.
The "Rent and Mortgage Cancellation Act of 2020" would also establish a landlord relief fund. The fund would be to cover losses from the canceled payments and "create an optional fund to fully finance the purchase of private rental properties."
Under the act, the property owner cannot refuse rent or discriminate based on the income of such household.
To read the full proposed bill, visit Rep. Omar's website.
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