Katrina Aftermath Relief Effort Tax Credit Act - Amends the Internal Revenue Code to allow individual taxpayers a refundable tax credit for certain housing support expenses (e.g., food, clothing, and school supplies) paid or incurred between August 29, 2005, and December 31, 2006, to help individuals displaced by Hurricane Katrina. Limits the amount of such credit to $1,000 for any taxable year.