Rep. Ellison’s letter urges Congress to reinvest any savings from changes to the mortgage interest deduction and other home-ownership tax benefits into key affordable rental housing programs for people with the greatest needs.
The deadline to sign on to the letter is Friday, October 27, 2017.
As Congress begins to focus on comprehensive tax reform, policymakers are considering reforms to the mortgage interest deduction and other home-ownership tax benefits that largely serve higher-income households.
The reinvestment can be through direct changes or by increasing the standard tax deduction into rental housing programs for families with low incomes.
These programs include the national Housing Trust Fund and the Low Income Housing Tax Credit with improvements to ensure deeper income targeting.
Our nation is experiencing an affordable housing crisis. Growing demand results in higher rents, and more families than ever before struggle to pay their rent each month. Every Congressional district and state across the nation is impacted.
But, despite the need, federal investments that reduce homelessness and housing poverty are sorely underfunded. As a result, just one in four families eligible for housing assistance receives the help they need.
Comprehensive tax reform provides one of the best opportunities to end homelessness and housing poverty once and for all. By reinvesting the savings from reforming the mortgage interest deduction and other home-ownership tax benefits, Congress can make the critical investments.
Our nation needs these investments to help America’s families, our local communities, and our national economy thrive. Given America’s growing affordable rental housing crisis, it is critical that Congress reinvest scarce federal resources into providing affordable rental homes for people with the greatest needs.