The top legislative priority of the United for Homes campaign, formerly the NHTF campaign, is advancing H.R. 1213, the Common Sense Housing Investment Act of 2013, introduced on March 15 by Representative Keith Ellison (D-MN) (see Memo, 3/15). United for Homes issued a call to action March 25 urging NLIHC members to contact their Representatives and urge them to co-sponsor H.R 1213. While Congress is in recess and Representatives are in their home districts, it is an ideal time to educate them about homelessness and the rental housing shortage in their districts and how H.R 1213 will help.
H.R 1213 would:
- Lower the cap on the amount of mortgage for which interest can be deducted from $1 million to $500,000, and allow home equity loans and second homes under the $500,000 cap.
- Convert the mortgage interest deduction to a 15% non-refundable mortgage interest tax credit.
- Phase in the two changes above over five years.
- Direct $109 billion in the revenue raised by these changes to the National Housing Trust Fund over 10 years.
- Direct additional savings over ten years toward the LIHTC ($14 billion), Section 8 ($54 billion), and the Public Housing Capital Fund ($18 billion).
Co-sponsors can be added when the House of Representatives comes back in session on April 9.
For more information, go to http://bit.ly/Zh7ifm.