The Rental Housing Investment Act aims to encourage investment in long-term residential rental housing by providing tax incentives. The main objective is to stimulate the construction and improvement of rental properties, making them more affordable and accessible. Key provisions of the Act include a special depreciation allowance for long-term residential rental properties. Property owners can claim a depreciation deduction based on the number of dwelling units in their rental property, up to 50,000 per unit, or 100 percent of the property's adjusted basis, excluding land.