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January 2, 2013

 

Bill Introduced to Fund NHTF with Savings from Modifications to Mortgage Interest Deduction
National Low Income Housing Coalition

The Common Sense Housing Investment Act (H.R. 6677) is intended to “convert the mortgage interest deduction to a flat-rate 20% tax credit, cap the maximum mortgage to receive a tax break at $500,000 and direct the majority of the savings gained from these modifications to the National Housing Trust Fund.”  A calculator which provides potential individual tax changes is available by clicking here.  It is estimated that the bill would provide $27 billion annual savings which would be distributed to the National Housing Trust Fund ($15.4 billion), the Section 8 program ($7.7 billion), the Public Housing Capital Fund ($2.5 billion) and the Low Income Housing Tax Credit program ($1.4 billion).  More… 

 

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