On September 9, Representative G. K. Butterfield (D-NC) cosponsored H.R. 1213, a bill to modify the mortgage interest deduction and direct the majority of the resulting revenue into the National Housing Trust Fund. This brings to 14 the number of cosponsors of H.R. 1213.
The Common Sense Housing Investment Act, introduced on March 15, 2013 by Representative Keith Ellison (D-MN), represents the United for Homes campaign’s proposal to modify the mortgage interest deduction by reducing the size of a mortgage eligible for a tax break to $500,000, and converting the deduction to a 15% non-refundable tax credit. The revenue generated as a result, more than $200 billion over 10 years, would be directed to the National Housing Trust Fund. Mr. Ellison’s bill would also funnel a portion of the funds into the public housing, Section 8, and Low Income Housing Tax Credit programs.
More information about the United for Homes campaign is at www.unitedforhomes.org.