April 14, 2011 – (RealEstateRama) — In his speech today on deficit reduction, President Barack Obama described his vision of the American Dream, saying, “Each one of us deserves a basic measure of security and dignity.” Noting that the mounting national debt could not be reduced solely through cuts to the 12% of the budget that accounts for non-security discretionary spending, the President offered reforms to spending on health care, security, and discretionary programs, and to the tax code.
The National Low Income Housing Coalition (NLIHC) agrees with the President’s vision of a government that allows Americans more opportunity and security together than we could achieve individually. The recent series of Continuing Resolutions on the FY11 budget has been a futile exercise in cutting the few public resources available to the lowest income Americans in order to avoid a difficult but necessary conversation about the true drivers of our country’s fiscal problems.
As advocates for a balanced housing policy that does more to assist low and middle income people, the NLIHC hopes President Obama will take seriously the opportunity to reform the tax code, specifically through reform of the mortgage interest deduction.
President Obama stated he intends to make the tax code “fair and simple” for individuals. By transforming the mortgage interest deduction into a tax credit and lowering the amount of mortgage eligible for the credit, we could make home ownership more affordable for low and moderate income families and generate enough funds to end the shortage of housing affordable for the lowest income households.
As it stands today, there are only 32 units of adequate, affordable rental housing available for every 100 extremely low income renters. This absolute shortage of affordable housing is a problem that can be solved through government investment and smart reforms, not through cuts to the social safety net. We look forward to working with the Obama administration and Congress to ensure the right investments are made for the future of our nation and all of our people.
Established in 1974 by Cushing N. Dolbeare, the National Low Income Housing Coalition is dedicated solely to achieving socially just public policy that assures people with the lowest incomes in the United States have affordable and decent homes.
National Low Income Housing Coalition (NLIHC)
727 15th Street NW, 6th Floor, Washington, D.C. 20005
202/662-1530; Fax 202/393-1973; " title="mailto:">; www.nlihc.org
Amy Clark, 202.662.1530 x227;