A Proposed Bill Could Cancel Rent And Mortgage Payments During The COVID-19 Pandemic
Rep. Ilhan Omar introduced legislation last Friday that could cancel rent and mortgage payments across the US during the coronavirus pandemic.
The bill would be made under the Rent and Mortgage Cancellation Act which would be available to all Americans, regardless of their income and would also be no debt accumulation for renters and homeowners as well as no negative impact on their credit ratings or rental histories.
Omar’s bill also would establish a relief fund for landlords and mortgage holders to cover losses from the cancelled payments.
The bill proposes temporary payments to last one calendar month after the end of the national emergency which was declared in March.
Landlords or mortgage holders who take action against tenants or property owners will be subject to fines starting at $5,000 for first violations and up to $50,000 for third or subsequent violations.