Democratic presidential hopeful Cory Booker has rolled out a housing proposal geared toward making renting more affordable. Released on Wednesday, the plan includes a tax credit, capped rental costs, and funding for the development of new, low-income units.

The plan expands on legislation introduced last year in the Senate and provides a refundable renters credit for those who pay more than 30 percent of their before-tax income. According to Booker’s entry outlining the plan, the credit would benefit more than 57 million Americans, and lift 9.4 million of them out of poverty.

The New Jersey senator also has a plan to build more affordable housing units for low-wage earners. Building on the 2015 Affirmatively Furthering Fair Housing Rule, grant programs will be established to incentivize the creation of more units at a lower cost. The benefits will extend to those living in big cities, as well as those in rural America and Indian country.

“All people deserve a chance to live without the worry of being homeless or keeping their families safe,” Booker says of the reason for his proposal. “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.”

In addition to provisions for renters, Booker wants all Americans to have a fair shot of homeownership. His way of doing that is by establishing a “new American birthright” that gives $1,000 in “Baby Bonds” to every child born in the U.S. That bond is expected to grow annually so that by age 30, more Americans are able to put a downpayment on a home.

Booker believes, “Housing is a basic need and a basic right. And Americans shouldn’t have to face insurmountable financial challenges to put a roof over their heads.”

For more on Booker’s plan to provide affordable housing to all Americans, visit