“Our administration has developed the first real policy that creates affordable housing opportunity throughout the city. As we continue to develop the city, we will ensure that residents have access to affordable housing as this is instrumental in creating a strong, productive community.”
Said Mayor Fulop.
United for Homes is the campaign to fund the National Housing Trust Fund (NHTF) with revenue raised from modifications to the mortgage interest deduction.
Once funded, the NHTF will expand, preserve, rehabilitate, and maintain the supply of rental housing affordable to America’s poorest families.
The NHTF was authorized by Congress in 2008 but has not been funded, while the need for affordable housing for the lowest income households is at an all-time high.
The United for Homes campaign proposes to fund the NHTF through modifications to the mortgage interest deduction. The changes are simple: Reduce the size of a mortgage eligible for a tax break to $500,000, and convert the deduction to a 15% non-refundable tax credit. Our campaign proposal would create almost $200 billion in revenue over ten years that could be used to fund the NHTF.
How would funding the NHTF impact New Jersey?
For every $5 billion invested in the NHTF, New Jersey will receive $168.6 million.
The Campaign proposes reducing the size of a mortgage eligible for a tax break to $500,000, and convert the deduction to a 15% non-refundable tax credit.
Only 6.2% of New Jersey mortgages from 2009-2012 were over $500,000.
Over 75 New Jersey organizations have endorsed the campaign to date. Click here to view the list of endorsers.
Click here for more information about the Campaign including how to urge your elected officials to become endorsers.