(b) Advance Payment of Rental Costs Tax Credit (1) In general Chapter 77 of the Internal Revenue Code of 1986 is amended by inserting after section 7527 the following new section: 7527A. Advance payment of rental costs tax credit (a) In general Not later than 6 months after the date of the enactment of the Housing, Opportunity, Mobility, and Equity Act of 2019, the Secretary shall establish a program for making advance payments of the credit allowed under section 36A on a monthly basis (determined without regard to subsection (e) of such section) to any taxpayer who— (1) the Secretary has determined, in the manner provided in subsection (c), will be allowed such credit for the taxable year, and (2) has made an election under subsection (d). (b) Amount of Advance Payment (1) In general For purposes of subsection (a), the amount of the monthly advance payment of the credit provided to a taxpayer during the applicable period shall be equal to the lesser of— (A) an amount equal to— (i) the amount of the credit which the Secretary has estimated, in the manner provided in subsection (c), will be allowed to such taxpayer under section 36A for the taxable year ending in such applicable period, divided by (ii) 12, or (B) such other amount as is elected by the taxpayer. (2) Applicable period For purposes of this section, the term applicable period means the 12-month period from the month of July of the taxable year through the month of June of the subsequent taxable year. (c) Manner of Determining Eligibility The Secretary shall determine eligibility for the credit under section 36A, and the estimated amount of such credit, based on the taxpayer’s adjusted gross income for the preceding taxable year, the mean fair market rental amount with respect to the individual for such preceding year, and the rent paid during such preceding year by the individual (and, if married, the individual’s spouse) for the principal residence of the individual. Any terms used in this subsection which are also used in section 36A shall have the