After the April 24th hearing on tax reform, Mr. Ellison circulated a “Dear Colleague” letter urging members to cosponsor H.R. 1213, and cited the testimony of Mr. Calabria, Mr. Swagel, and Mr. Toder, which made the case for a modernization of the mortgage interest deduction.
H.R 1213 would:
Lower the cap on the amount of mortgage for which interest can be deducted from $1 million to $500,000, and allow home equity loans and second homes under the $500,000 cap.
Convert the mortgage interest deduction to a 15% non-refundable mortgage interest tax credit.
Phase in the two changes above over five years.
Direct $109 billion in the revenue raised by these changes to the National Housing Trust Fund over 10 years.
Direct additional savings over ten years toward the LIHTC ($14 billion), Section 8 ($54 billion), and the Public Housing Capital Fund ($18 billion).
Monarch Housing Associates is a proud endorser of the United for Homes Campaign.
United for Homes has asked housing advocates across the country to contact their Representatives and urge them to co-sponsor H.R 1213. The Housing and Community Development Network and Monarch Housing Associates reached out to the members of the NJ delegation asking them to co-sponsor and sign the Dear Colleague Letter. Can you join us and reach out to your member of Congress?
Click here for a list of contact information for New Jersey’s House delegation.