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Congressional lawmakers have unveiled legislation that would cancel the rents and home mortgage payments of tens of millions of Americans nationwide during the COVID-19 pandemic.

The Rent And Mortgage Cancelation Act was introduced by Rep. Ilhan Omar, D-Minnesota, last Thursday.

If passed, renters and homeowners would receive “full payment forgiveness, with no accumulation of debt for renters or homeowners and no negative impact on their credit rating or rental history,” according to a news release from Omar’s office.

Under the bill, a relief fund will be established for landlords and mortgage holders so they could recoup the lost costs from canceled payments. And in order to increase the amount of affordable housing during the crisis, the legislation would also create an optional fund so that non-profits, public housing authorities, state or local governments and others could buy private rental properties.

“The coronavirus crisis is more than just a public health crisis—it’s an economic crisis,” Omar said in the news release. “We must take major action to protect the health and economic security of the most vulnerable, including the millions of Americans currently at risk of housing instability and homelessness.”

Reps. Alexandria Ocasio-Cortez, D-New York, Rashida Tlaib, D-Michigan, Pramila Jayapal, D-Washington, Mark Pocan, D-Wisconsin, Ayanna Pressley, D-Massachusetts, Veronica Escobar, D-Texas, Jesús “Chuy” García, D-Illinois and Grace Meng, D-New York, are co-sponsors of the legislation.  

With states across the country shuttering nonessential businesses due to the coronavirus outbreak, a record 22 million Americans have sought unemployment benefits in the past month. That equates to approximately one in seven workers during that stretch, according to the Associated Press.

Many individuals will receive up to $1,200 of financial relief from the federal government’s $2.2 trillion stimulus package, but some have argued even that’s not enough for Americans struggling to make rent and mortgage payments.

Last week, two Democratic congressmen proposed giving qualifying Americans over the age of 16 a stimulus payment of $2,000 every month for up to a year.

Omar said it’s now time for the federal government to help stabilize the housing market.

“Congress has a responsibility to step in to stabilize both local communities and the housing market during this time of uncertainty and crisis,” she said. “In 2008, we bailed out Wall Street. This time, it’s time to bail out the American people who are suffering.”