On April 13, Representative Frederica Wilson (D-FL) joined H.R. 1662, the Common Sense Housing Investment Act of 2015, as the sixth cosponsor of the bill, introduced on March 26 by Representative Keith Ellison (D-MN).
The bill is the centerpiece of the United for Homes campaign to modify the mortgage interest deduction and use the majority of the resulting savings for the National Housing Trust Fund. The bill would also direct some of the savings to the public housing, Section 8, and Low Income Housing Tax Credit programs.
H.R. 1662 would modify the mortgage interest deduction by capping the amount of a home mortgage eligible for a tax break at $500,000, down from the current cap of $1 million. The bill also would convert the deduction to a nonrefundable mortgage interest tax credit.
More about the United for Homes Campaign is at www.unitedforhomes.org