NLIHC Out of Reach Report Highlights Need for Common Sense Housing Investment Act
On June 13, 2017, Representative Keith Ellison (D-MN) sent a letter to his colleagues in Congress highlighting NLIHC’s new Out of Reach report and inviting his colleagues to cosponsor the Common Sense Housing Investment Act of 2017 (H.R. 948) as a policy solution to the growing affordable housing crisis.
The Out of Reach report found no community in America where a person working full-time at minimum wage can afford to rent a two-bedroom apartment. Only 12 counties have apartments where full-time minimum wage workers could afford to rent a one-bedroom apartment.
Mr. Ellison quoted NLIHC President and CEO Diane Yentel’s opinion piece in The Hill: The MID “favor[s] families who don’t need federal assistance to have a stable home.”
Mr. Ellison cited the report and called for re-balancing the federal government’s approach to housing policy.
Common Sense Housing Investment Act (H.R. 948) would convert the mortgage interest deduction (MID) into a 15% tax credit and reduce the size of a mortgage eligible for the MID from $1 million to the first $500,000.
This allows tax benefits to reach more low and moderate income homeowners and frees funds for reinvestment into more targeted rental housing programs, such as the national Housing Trust Fund, a renters’ tax credit, and other solutions.
The National Low Income Housing Coalition urges advocates to ask their representatives to cosponsor H.R. 948.
Monarch Housing urges all twelve members of New Jersey’s Congressional delegation to cosponsor H.R. 948.
To date, the bill is cosponsored by Representatives: