The beginning of President Barack Obama’s second term in office marks a renewed opportunity for housing advocates to push for a solution to the shortage of affordable housing.
The National Low Income Housing Coalition (NLIHC) urges organizations to show the Administration and Members of Congress that the National Housing Trust Fund (NHTF) is a priority for you and your Congressional district by signing on to endorse our proposal to fund the NHTF through savings from reform of the mortgage interest deduction (MID).
Click here to view a list of the 745 organizational endorsers of this proposal.
Click here to add your organization’s name to the list of those endorsing this NHTF funding proposal.
NLIHC’s proposal would:
Modify the MID by reducing the size of a mortgage eligible for a tax break to $500,000, and by converting the deduction to a 15-20% non-refundable tax credit,
Save the federal government between $20 billion and $40 billion a year while making this tax benefit more available to the middle and lower income families who need it. Homeowners would receive a 15-20% non-refundable credit for interest on mortgages up to $500,000. Interest on second homes and home equity loans would be eligible for credit under the $500,000 cap.
NLIHC proposes the savings from MID reform be used to create a permanent dedicated source of revenue for the NHTF. The goal of the National Housing Trust Fund Campaign is to expand affordable housing options for extremely low income households by 3.5 million over ten years. This increase in available affordable housing could end homelessness in the United States.