The National Low Income Housing Coalition’s United for Homes campaign is working to fund the National Housing Trust Fund with revenue raised from modifications to the mortgage interest deduction:
We all need a decent, affordable home. Yet today, in communities across America, millions are without this basic necessity. For every 100 extremely low income renters, there are only 30 affordable and available rental homes. The shortage grows worse every year; it’s why people are homeless in our country. Once funded, the National Housing Trust Fund will expand, preserve, rehabilitate, and maintain the supply of rental housing affordable to America’s poorest families. The National Housing Trust Fund was authorized by Congress in 2008 but remains unfunded while the need for affordable housing for the lowest income households is at an all-time high. The United for Homes campaign proposes to fund the National Housing Trust Fund through modifications to the mortgage interest deduction. The changes are simple: Reduce the size of a mortgage eligible for a tax break to $500,000, and convert the deduction to a 15% non-refundable tax credit. Our campaign proposal would create almost $200 billion in revenue over ten years that could be used to fund the National Housing Trust Fund.
The Vermont Affordable Housing Coalition is proud to be one of over 1,200 organizations across the country part of United for Homes. Take a look at the latest video from the campaign: