“This is a good idea: it would increase the number of middle-income families qualified for homeowners’ aid but reduce expenditures over all by cutting spending for the wealthy. Were about $30 billion in saved funds redirected to the poor, as the coalition proposes, federal funding for affordable housing could be almost doubled with no change in the deficit.
A governor named Romney once supported expanding access to affordable housing. The N.L.I.H.C.’s straightforward plan would do just that — without depriving most moderate- and middle-income families of a much-cherished tax break.”
The NLIHC encourages you to join the 350 organizations, including Monarch Housing, across the country who have endorse the proposal and show your support today. It would:
Place a cap on the maximum mortgage to receive a tax break at $500,000;
Convert the tax deduction to a non-refundable credit;
Allow interest on mortgages for second homes and home equity loans under the $500,000 cap; and