Includes positive rental payment information reporting in the New York state low income housing tax credit program; requires landlords to offer tenants the…

Showing the cosponsors who are on Agora, A to Z. The official record may list more.

• Democratic2

Shown in neutral colors by design; Agora is non-partisan.

◆ The sponsor's argument

Why Cordell Cleare says this is needed

A person's credit score is one of the most important metrics influencing their access to lines of credit, home mortgages, housing, insurance coverage and other loans. For many in New York and across the United States, a low or non-existent credit score can create an insurmountable hurdle for someone seeking to finance a home or take out loans. Unlike mortgage payments, which can be reported to credit bureaus to improve credit, on-time rent payments are infrequently reported. A study conducted by the Urban Institute found that positive rent reporting increased the likelihood of a renter having near-prime credit score by an estimated 12 percentage points. Renters who are credit invisible or have very low scores are more likely to be under the age of 25, live in low-income neighborhoods or be a person of color. These results highlight rent reporting as a promising credit-building tool for vulnerable communities. Research also suggests that rent reporting can incentivize on-time rental payments, helping owners receive payments while providing tangible benefits for both renters and owners. This legislation includes positive rent reporting as a factor to consid- er when awarding the New York State Low-Income Housing Tax Credit(SLIHTC).

This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.