Currently the Mortgage Interest Deduction (MID) is claimed by those who itemize their taxes rather than take a standard deduction. However most Americans, in particular lower-income families, do not itemize their deductions and do not take advantage of the MID. By converting the MID into a tax credit (in the amount of 15% of interest paid), there would be a smaller gap between what lower income and higher income homebuyers now receive in assistance from the federal government.
Billions will be saved by H.R. 1213, which will be used to fund important affordable housing programs, including the National Housing Trust Fund, Section 8 rental assistance, public housing, and the Low Income Housing Tax Credit.
United for Homes
United for Homes, of which Minnesota Housing Partnership is a member, is a campaign to fund the National Housing Trust Fund. The NHTF, once funded, will expand, preserve, rehabilitate, and maintain the supply of rental housing affordable to America's poorest families.
United for Homes is a strong supporter of H.R. 1213.
Yes! My organization endorses the United for Homes campaign and H.R. 1213.