One in two households pay more than 30 percent of their gross income on rent and one in four pay more than 50 percent of their gross income on rent.
The FY17 budget identifies 169 tax expenditures that will cost $1.283 trillion in 2016 and are projected to cost $17T over the next ten years.
An additional $213 billion would be generated over ten years if the two elements of the United for Homes reform proposal were enacted.
Our nation provides way more generous benefits to the wealthiest homeowners while providing inadequate housing assistance to low-income families.
“A Rare Occurrence: The Geography and Race of Mortgages Over $500,000,” finds that only 5% of new mortgages were larger than $500,000.
Representative Keith Ellison (D-MN) is circulating a new letter asking his colleagues to cosponsor his “Common Sense Housing Investment Act of 2015.”
In New Jersey, only 6.9% of mortgages in NJ from 2011-2013 were over $500,000 while there is a shortage of 210,481 units affordable homes.
The June 5 letter expresses the Senators’ opposition to the raid the NHTF and use the funds to make up for cutting the appropriation to HOME.
Al Green (D-TX) offered an amendment that would restore all future funding for the National Housing Trust Fund and increase funding for HOME.
On May 29, 2015, the New Jersey Catholic Conference released a letter from the New Jersey bishops calling for funding of the NHTF.