National Poll Finds Majority of Americans Favor Changes to MID to Fund Affordable Housing, End Homelessness
WASHINGTON, D.C. – March 22, 2013 – (RealEstateRama) — A poll commissioned by the National Low Income Housing Coalition finds that while most Americans do favor the mortgage interest deduction, majorities of Americans support proposals to make the tax break more targeted, and more than half want the savings from reform to be used to end homelessness.
The mortgage interest deduction is a tax break for homeownership that will cost the federal government about $80 billion this year. That is more than twice what the government spends on rental housing for the lowest income Americans. Meanwhile, there is an absolute shortage of 7.1 million rental homes affordable and available to extremely low income households. Experts say this housing shortage is a key reason for Americaâ€™s homelessness problem.
Large numbers of Americans continue to want a tax break on the interest paid on home mortgages. Four out of five people who answered the question (79%) think the mortgage interest deduction is a good idea. However, this support for the MID does not stop majorities from supporting two proposals for changing it to be more targeted. By a margin of 60% to 40%, people favor capping the maximum mortgage for which someone can get a tax break at $500,000 and the same proportion favor changing the MID to a tax credit that is the same percent for all homeowners who pay mortgage interest, rather than the current deduction that gives a higher percentage to higher income people.
When offered a choice of how the savings from potential mortgage interest deduction reforms could be used, investing that funding in affordable housing to end homelessness found popular support. A majority (53%) says the $20 billion in savings should be used for reducing the deficit and ending homelessness, while 15% would like to use all of the savings for ending homelessness and 26% would use all of it for deficit reduction.
Three-quarters of the American public thinks we are not doing enough to end homelessness, favor building more affordable housing in their states to help end homelessness, and support funding for federal programs to build new or rehabilitate existing housing that low income people can afford.
The National Low Income Housing Coalition advocates a modest reform to the mortgage interest deduction that would cap mortgages eligible for a tax break at $500,000 and convert the deduction into a 15% credit. This proposal would save the federal government almost $20 billion each year; NLIHC proposes investing these savings into the National Housing Trust Fund to build, preserve, rehabilitate, and maintain rental housing affordable to the lowest income renters. The National Housing Trust Fund was signed into law in 2008 but has never been funded.
â€śThe third rail of American politics has lost its power,â€ť said Sheila Crowley, President and CEO of the National Low Income Housing Coalition. â€śThe American people are telling us it is time to focus federal housing policy on ensuring that everyone has a decent place to live, even the poorest of the poor.â€ť
The poll of 802 adults was conducted by Belden Russonello Strategies between Feb. 27 and Mar. 9. The margin of sampling error is Â± 3.5 percentage points.
Amy Clark, , 202.662.1530 x227
- Endorse funding the National Housing Trust Fund by supporting reforms to mortgage interest deduction
January 18, 2012 - (RealEstateRama) -- 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......
- Voters Strongly Support Politicians Who Embrace Pro-Housing Policies, Mortgage Deduction, Poll Finds
WASHINGTON, D.C. - June 15, 2011 - (RealEstateRama) -- Nearly three out of four American voters believe that it is reasonable and appropriate for the federal government to provide tax incentives to promote homeownership, a sentiment that cuts across partisan and regional lines across the country, according to a recent poll conducted on behalf of the National Association of Home...
- GOP Platform Drafting Committee Shows Support for the MID and Middle-Class Taxpayers
WASHINGTON, D.C. - August 22, 2012 - (RealEstateRama) -- The National Association of Home Builders (NAHB) today applauded the GOP Platform Drafting Committee for recognizing the importance of the mortgage interest deduction within its proposed platform....
- NLIHC Launches Major New Campaign to Address Low Income Housing Crisis
WASHINGTON, D.C. - March 19, 2013 - (RealEstateRama) -- The National Low Income Housing Coalition (NLIHC) announced the launch of a major new campaign to reshape U.S. tax policy to make affordable housing more available to the nationâ€™s 10.1 million extreme low-income renter households. The centerpiece of the NLIHC campaign is a proposal to modify the mortgage interest deduction for...
- National Housing Trust Fund Campaign Applauds Administration’s Report on Federal Housing Finance Reform
February 14, 2011 - (RealEstateRama) -- The Obama Administrationâ€™s report to Congress on â€śReforming Americaâ€™s Housing Finance Marketâ€ť proposes important measures to address the long-neglected shortage of rental housing that is affordable for the lowest income Americans...
- ERC and NCLR Investigation Uncovers Housing Discrimination against Latinos in Three Major Metropolitan Areas
- VA Awards SSVF Surge Funding to 56 Communities
- CBRE ARRANGES SALE OF NEW CONSTRUCTION DORAL INDUSTRIAL FACILITY
- HUD AND VA TEAM UP TO HELP MORE THAN 9,000 HOMELESS VETERANS FIND PERMANENT HOMES
- Modular Building Institute Thanks Contributors for Taking Part in Modular Construction Summit
- RE/MAX Expands Digital Marketing Capabilities
- LUCESCU REALTY Announces Financing of Huntington Oaks Center in Monrovia (Los Angeles), California for $71 Million
- RE/MAX Training Program Recognized for Custom Content
- Real Estate Agent and Marketing Specialist, Kathy Toth and Team, Recognized as One of the United Statesâ€™ and Canadaâ€™s Top 500 Marketing Experts by the National Association of Expert Advisors.
- APARTMENT ASSOCIATION OF GREATER LOS ANGELES HOSTS EMERGENCY DISASTER PREP TRADE SHOW
- LUCESCU REALTY Announces Sale of Shopping Center Portfolio in Utah for $226 Million