Tell your representative to cosponsor the “Common Sense Housing Investment Act of 2017” to address homelessness and housing poverty in America without any increase in federal expenditures. Rental housing affordability for the lowest income people is an increasing challenge in every state and congressional district. Through tax reform legislation, Congress can make the tax code fairer for more families, reduce income inequality and racial inequity, and end homelessness and housing poverty once and for all.
The “Common Sense Housing Investment Act of 2017” (H.R 948) introduced by Representative Keith Ellison (D-MN) on February 7 calls for modest reforms to the mortgage interest deduction, a $70 billion tax write-off largely benefitting America's highest-income households. The reforms would provide new tax relief to millions of lower income homeowners and would reinvest more than $241 billion in savings over 10 years into affordable housing for people with the greatest needs.
The bill would boost funding for the Housing Trust Fund, the Low Income Housing Tax Credit, public housing, and rental assistance solutions without adding any costs to the federal government.
The reforms are simple. First, the bill reduces the amount of a mortgage eligible for a tax break from $1 million to $500,000. This change would impact fewer than 6% of mortgage holders nationwide, and even those who hold large mortgages would continue to receive tax relief on the first $500,000 of their mortgage. Second, the bill converts the mortgage interest deduction into a tax credit, allowing 15 million more low and moderate income homeowners who do not currently benefit from the mortgage interest deduction to get a much-needed tax break.
The NLIHC-led United for Homes campaign - including more than 2,300 national, state, and local organizations and elected officials in all 435 congressional districts - strongly endorses H.R 948.
More information on the “Common Sense Housing Investment Act” is at: http://bit.ly/2mNMJva
How You Can Take Action
- Ask your representative to cosponsor H.R. 948 to help end homelessness and housing poverty in comprehensive tax reform.
- Endorse the United for Homes campaign that calls for reforms that mirror Mr. Ellison’s bill! A list of UFH endorsers is available at: http://bit.ly/2mNYmCr
- Ask your colleagues, friends, and family to call their representatives and join the United for Homes campaign!