Representative Keith Ellison (D-MN) decided to wait until after the November election to introduce his bill that would fund the National Housing Trust Fund (NHTF) with savings gained from reform of the Mortgage Interest Deduction (MID). This will allow time to finalize specific policy issues in the bill.
The NHTF Campaign continues to collect endorsements of the NLIHC proposal to reform the MID and directs savings to the NHTF. The proposal would:
lower the cap from $1 million to $500,000 on the amount of a mortgage for which the interest paid gives the mortgage holder a tax break, and
change the tax deduction to a tax credit that would broaden the number of middle and low income homeowners who would get a tax break.