This is the campaign for the National Housing Trust Fund (NHTF) with revenue raised from modifications to the mortgage interest deduction.
If fully funded, NJ could receive $168 million a year to fund housing for those in the greatest need.
“The National Housing Trust is critical to helping struggling New Jerseyans create better lives for themselves and their families through affordable home ownership.
We know that investing in affordable housing and support services builds stronger and more financially secure families, decreases poverty and homelessness, and ensures greater opportunity to achieve the American Dream. Through this commitment with the United for Homes Campaign and the resources gained from the National Housing Trust Fund, we will build stronger communities and take needed steps closer to the goal of ending homelessness.”
Said Assembly Majority Leader Greenwald.
Monarch Housing thanks the Assembly Majority Leader for his leadership in this critical campaign to create more affordable homes and end homelessness. “We encourage elected officials at all levels – state, county and local – to join Assembly Majority Leader Greenwald in endorsing United for Homes,” said Richard W. Brown, CEO of Monarch Housing.
The United for Homes campaign proposes to fund the NHTF through modifications to the mortgage interest deduction. The simple changes are to 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. This proposal would create more than $200 billion in revenue over ten years that could be used to fund the NHTF.
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 remains unfunded. The need for affordable housing for the lowest income households is at an all-time high.
Millions in communities across America are without affordable homes. For every 100 extremely low-income renter households in the United States, there are only 31 affordable and available units.