Lower the cap on the maximum mortgage that can receive a tax break from $1 million to $500,000 and convert the deduction into a flat rate 20% tax credit.
Provide $15.4 billion a year to capitalize the National Housing Trust Fund, to build, rehabilitate, preserve and operate rental housing that is affordable for extremely low income families.
Expand the Low Income Housing Tax Credit and make it easier to use to serve extremely low-income families.
Expand Section 8 project-based and tenant-based rental assistance and the Public Housing Capital Fund.
In addition to providing billions of dollars for low-income rental housing, H.R 6677 would make tax subsidies for homeowner’s reach a broader and lower income population than it does now.
Representative Bobby Scott (D-VA) cosponsors H.R 6677. The legislation will help achieve the goal of ending homelessness in the United States and will be introduced in the 113th Congress, which begins in January.