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.