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NLIHC proposal to support affordable housing

Reposted from the National Low Income Housing Coalition, December 19, 2012. “The National Low Income Housing Coalition proposes to modify the current mortgage interest tax break by reducing the size of a mortgage eligible for a tax break to $500,000, and to convert the deduction to a 15-20% non-refundable tax credit. Our proposal to modify the mortgage interest deduction into a tax credit will save the federal government between $20 billion and $40 billion a year while making this tax benefit more available to the middle and lower income families who need it. Homeowners would receive a 15-20% non-refundable credit for interest on mortgages up to $500,000. Interest on second homes and home equity loans would be eligible for credit under the $500,000 cap…” Click here to learn more about the Mortgage Interest Reduction and proposal View NLIHC proposal 

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