Representative Donald Payne, Jr. (D-NJ) has co-sponsored this critical legislation.
“As a nation, we need to commit to the goal of ending poverty in America. This bill establishes a national goal to cut poverty in half over the next decade while providing the resources, infrastructure and good paying jobs to achieve that goal,”
Ms. Lee’s bill includes the Common Sense Housing Investment Act, H.R. 1213, which was introduced by Representative Keith Ellison (D-MN) in March 2013. Mr. Ellison’s bill would fund the National Housing Trust Fund from revenues created by modifications to the mortgage interest deduction. H.R. 1213 would convert the mortgage interest deduction into a mortgage interest tax credit.
It would also reduce the value of mortgages for which taxpayers paying mortgage interest can receive the tax credit from $1 million to $500,000. These modifications would generate more than $200 billion over ten years. Mr. Ellison’s bill and H.R. 5352 would direct 60% of these monies into the NHTF and the rest to Public Housing, Section 8, and Low Income Housing Tax Credit programs.
Click here for Ms. Lee’s press release about the bill is at.
Click here for Ms. Lee’s section-by-section summary of the bill.