Norcross, Payne, Jr. and Watson Coleman
Co-Sponsor Legislation to End Homelessness
On June 10, 2015, Representative Barbara Lee (D-CA) introduced H.R. 2721, the “Pathways Out of Poverty Act of 2015,” a comprehensive anti-poverty bill that includes major initiatives on housing, education, nutrition, jobs, and tax credits.
NJ House Congress members:
have co-sponsored the bill.
Both bills would fund the National Housing Trust Fund (NHTF) from revenues created by modifications to the mortgage interest deduction.
Mr. Ellison’s bill and H.R. 2721 would:
- convert the mortgage interest deduction into a mortgage interest tax credit, and
- the bills would reduce the value of mortgages for which taxpayers paying mortgage interest can receive the tax credit from $1 million to $500,000.
These modifications would generate more than $230 billion over ten years. Both measures would direct 60% of these monies into the NHTF, with the rest to the Public Housing Capital Fund, Section 8, and Low Income Housing Tax Credit programs.
Ms. Lee introduced a similar measure last Congress. H.R. 2721 has 42 original cosponsors. Because of its broad nature, the bill has been referred to ten House committees.
Click here for the text of H.R. 2721.
Click here for more information about H.R. 1662.
Click here for more information about mortgage interest deduction reform.