DEPOSIT Act

Subjects: Housing and Community Development


<html><body><pre>[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1087 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 1087

   To authorize security deposit and moving costs assistance for low-
               income households, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 17, 2023

Ms. Lee of California introduced the following bill; which was referred 
                 to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
   To authorize security deposit and moving costs assistance for low-
               income households, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Delivering Essential Protection, 
Opportunity, and Security for Tenants Act'' or ``DEPOSIT Act''.

SEC. 2. RENTAL SECURITY DEPOSIT AND MOVING COST ASSISTANCE FOR HOUSING 
              CHOICE VOUCHER HOLDERS.

    Section 8(q) of the United States Housing Act of 1937 (42 U.S.C. 
1437f(q)) is amended by adding at the end the following new paragraph:
            ``(6) Supplements for security deposit and moving cost 
        assistance.--
                    ``(A) Security deposits.--The Secretary shall, to 
                the extent amounts are provided in advance in 
                appropriations Acts for assistance under this 
                subparagraph, provide supplemental fees under this 
                subsection to public housing agencies for the costs of 
                providing, on behalf of families assisted under 
                subsection (o), assistance to cover the costs of a 
                reasonable security deposit for the assisted dwelling 
                unit of such family. The agency shall require the owner 
                to return any unused amounts of security deposit 
                assistance upon the termination of such family's 
                tenancy and may make such returned amounts available 
                only for assistance under this subparagraph.
                    ``(B) Moving costs.--The Secretary may provide 
                supplemental fees under this subsection to public 
                housing agencies for the costs of providing, on behalf 
                of families assisted under subsection (o), assistance 
                to cover the reasonable costs of moving into a new 
                assisted dwelling unit.
                    ``(C) Authorization of appropriations.--There is 
                authorized to be appropriated to the Secretary such 
                sums as may be necessary for assistance under 
                subparagraphs (A) and (B).''.

SEC. 3. RENTAL SECURITY DEPOSIT ASSISTANCE UNDER HOME PROGRAM.

    (a) Eligible Use.--Section 212(a) of the Cranston-Gonzalez National 
Affordable Housing Act (42 U.S.C. 12742(a)) is amended by inserting 
after paragraph (3) the following new paragraph:
            ``(4) Security deposit assistance.--A participating 
        jurisdiction may use funds provided under this subtitle to 
        provide loans or grants to very low- and low-income families 
        for security deposits for rental of dwelling units, regardless 
        of whether such family is provided tenant-based rental 
        assistance pursuant to paragraph (3). The jurisdiction shall 
        require the owner to return any unused amounts of security 
        deposit assistance upon the termination of such family's 
        tenancy and may use such returned amounts only for assistance 
        under this paragraph.''.
    (b) Authorization of Appropriations.--There is authorized to be 
appropriated to the Secretary of Housing and Urban Development such 
sums as may be necessary for assistance under subtitle A of title II of 
the Cranston-Gonzalez National Affordable Housing Act (42 U.S.C. 12741 
et seq.), to be made available only for providing security deposit 
assistance under paragraph (4) of section 212(a) of such Act (as added 
by the amendment made by subsection (a) of this section).

SEC. 4. STUDY ON ALTERNATIVES TO SECURITY DEPOSITS.

    (a) Study.--The Secretary of Housing and Urban Development shall 
conduct a study to identify and analyze--
            (1) alternatives to rental housing security deposits, 
        including products that require a tenant of a dwelling unit to 
        pay a monthly insurance premium to cover costs of repairing 
        damage to the dwelling unit; and
            (2) the impact that such alternatives have on the rental 
        housing market and tenants, including how such alternatives 
        affect tenants based on tenant race, income, age, sex, 
        disability, and other demographic characteristics.
    (b) Report.--Not later than the expiration of the 180-day period 
beginning on the date of the enactment of this Act, the Secretary shall 
submit to Congress a report setting forth the findings and conclusions 
of the study.
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