Owners of affordable housing developments that take advantage of federal tax incentives will be barred from raising rents more than 10 percent per year.
The Biden administration announced a new cap on annual rent increases for federally subsidized affordable housing developments, report Steve Holland and Kanishka Singh for Reuters.
The new policy caps rent raises at 10 percent per year if the property owner uses federal tax credit programs. “The White House has also called on Congress to support investments to lower housing costs. Congress is unlikely to pass major legislation in an election year, but the president's discussion of the topic reflects awareness of the impact it could have on his re-election hopes.”
FULL STORY: US to cap rent raise for some affordable housing units, official says
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