H.R. 1662 was introduced on March 26, 2015 by Representative Keith Ellison (D-MN.) and would modify the mortgage interest deduction (MID) and use the funds saved to fund the NHTF and other low income housing programs.
While the letter said that NAR supports the National Housing Trust Fund, NAR calls H.R. 1662 “deeply flawed” and says it would “jeopardize the ability of millions of American families to afford a home, cause a severe blow to the net worth of middle-class Americans, and endanger the overall health of the housing market.”
The UFH letter explains precisely what H.R. 1662 would do; including expanding tax breaks to low and moderate-income homeowners. UFH also offers empirical evidence to counter the “emotionally charged language” that NAR uses “to make its case.”