,,ii #aaeth ,,congress #b;d ,session ,s4 #ccdb ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,august #a1 #bjah ,mr4 ,booker introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to require ,community ,development ,block ,grant recipients to develop a strategy to support inclusive zoning policies1 to allow for a credit to support housing affordability1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,housing1 ,opportunity1 ,mobility1 and ,equity ,act of #bjah4 #b4 ,requirement for ,,cdbg grantees ,section #ajd of the ,housing and ,community ,development ,act of #aigd 7#db ,u4,s4,c4 #ecjd7 is amended by adding at the end the following3 7n7 ,strategy ,to increase the affordable housing stock 7#a7 ,in general ,each grantee receiving assistance under this title shall-- 7,a7 include in the consolidated plan required under part #ia of title #bd1 ,code of ,federal ,regulations 7or any successor thereto71 a strategy to support new inclusive zoning policies1 programs1 or regulatory initiatives that create a more affordable1 elastic1 and diverse housing supply and thereby increase economic growth and access to jobs and housing2 and 7,b7 include in the annual performance report submitted under section #ia4ebj of title #bd1 ,code of ,federal ,regulations 7or any successor thereto71 the progress and implementation of the strategy described in subparagraph 7,a74 7#b7 ,inclusions ,the strategy under paragraph 7#a7 shall-- 7,a7 demonstrate-- 7i7 transformative activities in communities that-- 7,i7 reduce barriers to housing development1 including affordable housing2 and 7,,ii7 increase housing supply affordability and elasticity2 and 7ii7 strong connections between housing1 transportation1 and workforce planning2 7,b7 include1 as appropriate1 policies relating to inclusive land use1 such as-- 7i7 for the purpose of adding affordable units1 increasing both the percentage and absolute number of affordable units-- 7,i7 authorizing high-density and multifamily zoning2 7,,ii7 eliminating off-street parking requirements2 7,,iii7 establishing density bonuses2 7,,iv7 streamlining or shortening permitting processes and timelines2 7,v7 removing height limitations2 7,,vi7 establishing by-right development2 7,,vii7 using property tax abatements2 and 7,,viii7 relaxing lot size restrictions2 7ii7 prohibiting source of income discrimination2 7iii7 taxing vacant land or donating vacant land to nonprofit developers2 7iv7 allowing accessory dwelling units2 7v7 establishing development tax or value capture incentives2 and 7vi7 prohibiting landlords from asking prospective tenants for their criminal history2 and 7,c7 provide that affordable housing units should1 to the maximum extent practicable-- 7i7 be designated as affordable for not less than #cj years2 7ii7 comprise not less than #bj percent of the new housing stock in the community2 and 7iii7 be accessible to the population served by the program established under this title4 4 #c4 ,refundable credit for rent costs of eligible individuals 7a7 ,in general ,subpart ,c of part ,,iv of subchapter ,a of chapter #a of the ,internal ,revenue ,code of #aihf is amended by inserting after section #cf the following new section3 #cf;,a4 ,rent costs of eligible individuals 7a7 ,in general ,in the case of an eligible individual1 there shall be allowed as a credit against the tax imposed by this subtitle for the taxable year an amount equal to the excess of-- 7#a7 the lesser of-- 7,a7 the mean fair market rental amount with respect to the individual1 or 7,b7 the rent paid during the taxable year by the individual 7and1 if married1 the individual's spouse7 for the principal residence of the individual1 over 7#b7 an amount equal to #cj percent of the adjusted gross income of the taxpayer for the taxable year4 7b7 ,eligible individual ,for purposes of this section-- 7#a7 ,in general ,the term eligible individual means any individual if the rent paid during the taxable year by the individual 7and1 if married1 the individual's spouse7 for the principal residence of the individual exceeds #cj percent of the adjusted gross income of the taxpayer for the taxable year4 7#b7 ,exceptions ,such term shall not include any individual if-- 7,a7 the individual does not include on the return of tax for the taxable year such individual's taxpayer identification number and1 if married1 the taxpayer identification number of such individual's spouse1 or 7,b7 a deduction under section #aea with respect to such individual is allowable to another taxpayer for the taxable year4 7#c7 ,married individuals ,such term shall include an individual who is married only if a joint return is filed for the taxable year4 7#d7 ,special rules 7,a7 ,principal residence ,the term principal residence has the same meaning as when used in section #aba4 7,b7 ,married ,marital status shall be determined under section #ggjc4 7c7 ,mean fair market rental amount ,for purposes of this section1 with respect to an individual1 the mean fair market rental amount for a taxable year is the fair market rent 7including the utility allowance7 published by the ,department of ,housing and ,urban ,development for purposes of the ,housing ,choice ,voucher ,program1 under the rule published in the ,federal ,register on ,november #af1 #bjaf 7#ha ,fed4 ,reg4 #hjefg71 for the same area and a comparable rental unit as the individual's principal residence4 7d7 ,rent ,for purposes of this section1 rent paid includes any amount paid for utilities of a type taken into account for purposes of determining the utility allowance under section #db7;g77#b77;,b77ii74 4 7b7 ,clerical amendment ,the table of sections for subpart ,c of part ,,iv of subchapter ,a of chapter #a of the ,internal ,revenue ,code of #aihf is amended by inserting after the item relating to section #cf the following new item3 ,sec4 #cf;,a4 ,rent costs of eligible individuals4 4 7c7 ,conforming amendment ,section #fbaa7;b77#d77;,a7 of the ,internal ,revenue ,code of #aihf is amended by inserting 1 #cf;,a after #cf4 7d7 ,effective date ,the amendments made by this section shall apply to taxable years beginning after the date of the enactment of this ,act4 7e7 ,report ,not later than #b years after the date of the enactment of this ,act1 the ,secretary of the ,treasury shall submit to ,congress a report on the credit allowed under section #cf;,a of the ,internal ,revenue ,code of #aihf 7as added by subsection 7a771 including on whether taxpayers are fraudulently claiming such credit4 #d4 ,refund to ,rainy ,day ,savings ,program 7a7 ,in general ,not later than ,december #ca1 #bjah1 the ,secretary of the ,treasury or the ,secretary's delegate 7referred to in this section as the ,secretary7 shall establish and implement a program 7referred to in this section as the ,refund to ,rainy ,day ,savings ,program7 to allow a participating taxpayer1 pursuant to the requirements established under this section1 to defer payment on #bj percent of the amount which would otherwise be refunded to such taxpayer as an overpayment 7as described in section #fdja of the ,internal ,revenue ,code of #aihf74 7b7 ,period of deferral ,except as provided under subsection 7c77#e71 a participating taxpayer may elect to defer payment of the amount described in subsection 7a7 and have such amount deposited in the ,rainy ,day ,fund 7as described in subsection 7c774 7c7 ,rainy ,day ,fund 7#a7 ,in general ,the ,secretary shall establish a fund1 in such manner as the ,secretary determines to be appropriate1 to be known as the ,rainy ,day ,fund1 consisting of any amounts described in subsection 7a7 on which payment has been deferred by participating taxpayers4 7#b7 ,investment ,any amounts deposited in the ,rainy ,day ,fund shall be invested by the ,secretary1 in coordination with the ,bureau of the ,fiscal ,service of the ,department of the ,treasury1 in ,united ,states ,treasury bills issued under chapter #ca of title #ca1 ,united ,states ,code1 with maturities suitable for the needs of the ,fund and selected so as to provide the highest return on investment for participating taxpayers4 7#c7 ,disbursements from fund 7,a7 ,in general ,on the date that is #ahj days after receipt of the individual income tax return of a participating taxpayer1 the amounts in the ,rainy ,day ,fund shall be made available to the ,secretary to distribute to such taxpayer in an amount equal to the amount deferred by such taxpayer under subsection 7a7 and any interest accrued on such amount 7as determined under paragraph 7#d774 7,b7 ,distributed to bank account ,the amounts described in subparagraph 7,a7 shall be distributed to the bank account identified by the participating taxpayer under subsection 7d77#c74 7#d7 ,interest accrued ,the amount of interest accrued on the amount deferred by a participating taxpayer under subsection 7a7 shall be determined by the ,secretary1 in coordination with the ,bureau of the ,fiscal ,service of the ,department of the ,treasury1 based upon the return on the investment of such amounts under paragraph 7#b74 7#e7 ,early withdrawal 7,a7 ,in general ,on any date during the period between the date which is #cj days after receipt by the ,secretary of the individual income tax return of the participating taxpayer and ,october #ae of the applicable year1 such taxpayer may elect to terminate the deferral of the amount described under subsection 7a7 and receive a distribution from the ,rainy ,day ,fund equal to such amount and any interest which has accrued on such amount up to that date4 7,b7 ,complete withdrawal ,a participating taxpayer making an election under subparagraph 7,a7 must terminate deferral of the full amount described under subsection 7a71 and such amount shall be distributed to the bank account identified by the participating taxpayer under subsection 7d77#c74 7d7 ,participating taxpayer ,for purposes of this section1 the term participating taxpayer means a taxpayer who-- 7#a7 has not requested or received an extension of the time for payment of taxes for such taxable year under section #fafa of the ,internal ,revenue ,code of #aihf2 7#b7 prior to the due date for filing the return of tax for such taxable year1 elects to participate in the ,refund to ,rainy ,day ,savings ,program2 and 7#c7 provides the ,secretary with a bank account number and any other financial information deemed necessary by the ,secretary for purposes of paragraphs 7#c77;,b7 and 7#e77;,b7 of subsection 7c74 7e7 ,forms ,the ,secretary shall ensure that the election to defer payment of the amount described in subsection 7a7 may be claimed on ,forms #ajdj1 #ajdj;,a1 and #ajdj;,,ez4 7f7 ,implementation 7#a7 ,educational materials and outreach ,the ,secretary shall-- 7,a7 design educational materials for taxpayers regarding financial savings and the ,refund to ,rainy ,day ,savings ,program2 7,b7 publicly disseminate and distribute such materials during the first calendar quarter of each calendar year and following disbursement of amounts described in subsection 7c77#c72 and 7,c7 engage in outreach regarding the ,refund to ,rainy ,day ,savings ,program to the ,volunteer ,income ,tax ,assistance program and paid tax preparers4 7#b7 ,information for participating taxpayers ,the ,secretary shall ensure that a participating taxpayer is able to electronically verify the status of the amount deferred by such taxpayer under subsection 7a71 including any interest accrued on such amount and the status of any distribution4 7#c7 ,federally funded benefits ,any amounts described in subsection 7a7 which are distributed to a participating taxpayer1 including any interest accrued on such amount1 shall be treated in the same manner as any refund made to such taxpayer under section #cb of the ,internal ,revenue ,code of #aihf for purposes of determining the eligibility of such taxpayer for benefits or assistance1 or the amount or extent of benefits or assistance1 under any ,federal program or under any ,state or local program financed in whole or in part with ,federal funds4