Press Release: Bonds Helps Public Housing Residents Establish Strong Credit Scores
FOR IMMEDIATE RELEASE
May 02, 2018
Contact: Emmanuel Brantley
COUNCILMEMBER ANITA BONDS HELPS PUBLIC HOUSING RESIDENTS TO ESTABLISH A STRONG CREDIT SCORE
WASHINGTON, DC – At yesterday’s legislative meeting, At-large Councilmember Anita Bonds, chairperson of the Committee on Housing and Neighborhood Revitalization, presented the “Public Housing Credit Building Program Amendment Act of 2018” for a first reading and first vote.
If enacted, this legislation would create a pilot program which would allow residents living in properties administered by the District of Columbia Housing Authority (DCHA) to “opt-in” for the opportunity to have their monthly rent payments reported to the major credit bureaus for the purpose of building their credit scores.
“Rent reporting is a convenient means of improving credit scores for those who have trouble building the credit necessary to be approved to take out a loan, sign a lease in private housing, or otherwise make payments on a purchase via installments over time,” stated Councilmember Bonds during her opening remarks. The bill will also require that the Housing Authority “provide educational materials explaining the benefits and risks of participation” to all residents interested in participating.
The pilot will last for 12 months, and upon its conclusion DCHA will provide a report on the program’s success, resident satisfaction, cost-effectiveness, and the improvement of credit scores. The Council will also receive a recommendation regarding the potential continuation of the program.
The measure passed with a unanimous vote and will be presented to the Council for a second reading and final vote on Tuesday, June 5.