Funding the NHTF Will
End Homelessness in NJ
On November 5, 2014, the Housing and Community Development Network of New Jersey (Network) hosted a webinar organized to built support in New Jersey for the United for Homes Campaign. Monarch Housing was proud to be a webinar participant.
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 National Housing Trust Fund will expand, preserve, rehabilitate, and maintain the supply of rental housing affordable to America’s poorest families. Congress authorized the NHTF in 2008. But today the NHTF remains unfunded 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. This campaign proposal would create almost $200 billion in revenue over ten years that could be used to fund the National Housing Trust Fund.
Relating the importance of the NHTF to New Jersey:
- NJ allocation: For every $5 billion invested in the NHTF, New Jersey will receive $168.6 million
- Only 6.2% of NJ mortgages from 2009-2012 were over $500,000
- Over 75 New Jersey organizations have endorsed the campaign to date.
How you can take action today!
- Become an informed advocate
- Watch the webinar’s slide show
- Endorse the campaign
- Urge your elected officials to endorse the campaign
- “Like” the United for Homes Facebook Page
- Ask Members of Congress to co-sponsor H.R. 1213 which reforms the MID