The bill includes the United for Homes campaign’s proposed modifications to the mortgage interest deduction (MID), and would direct the majority of the revenue raised by the modifications to the National Housing Trust Fund.
“We need a new approach to raise needed revenue to address the affordable rental housing crisis. My bill, the Common Sense Housing Investment Act of 2015, would invest more than $200 billion over ten years to expand the supply of affordable rental housing for extremely low-income families, veterans, people with disabilities and the elderly.”
Mr. Ellison states in the letter.
The United for Homes campaign, led by National Low Income Housing Coalition (NLIHC), proposes to modify the current MID by reducing the size of a mortgage eligible for a tax break to $500,000 and converting the deduction to a 15% non-refundable tax credit.
The deadline to sign on to the letter is Tuesday, March 24, 2015. Members of Congress interested in signing on to the letter can contact Carol Wayman in Representative Ellison’s office.