Sen. Cory Booker (D-N.J.), a 2020 presidential hopeful, on Wednesday unveiled an affordable housing plan that includes a tax credit that he says would help millions of Americans as well as incentives for zoning changes.
The plan, outlined in a Medium post, would create a tax credit for people spending more than 30 percent of their before-tax income on rent.
The credit would cover the difference between the rent cost and 30 percent of the beneficiary’s income.{mosads}
Booker said in the post that more than 57 million people would benefit from the tax credit and 9.4 million would be lifted out of poverty, citing research from Columbia University.
He also said the median credit would be about $4,800.
The plan also includes “baby bonds,” federally funded savings accounts that would begin with $1,000 and grow afterward depending on family income.
The New Jersey Democrat also proposed giving localities grant eligibility to remove zoning rules that can be barriers to affordable housing.
In addition, he proposed $16 billion in current annual funding for a series of infrastructure grants.
Booker also proposed funding low-income rental units and investments to help rural and Native Americans.
The plan additionally targets housing discrimination and homelessness.
“All people deserve a chance to live without the worry of being homeless or keeping their families safe,” he wrote. “That’s why it was important for my new housing plan to increase affordable units, end discrimination, help Americans pay their rent and give everyone … a fair shot at homeownership.”
Booker is among two dozen candidates vying for the 2020 Democratic presidential nomination.