The new United for Homes (UFH) campaign website features an interactive map showing the benefits of the UFH proposal for each state and the District of Columbia.
The UFH campaign calls for modest reforms to the mortgage interest deduction (MID) that would benefit millions of lower income homeowners and generate billions of dollars in savings to be invested in affordable housing for the lowest income renters. The campaign calls for reducing the portion of a mortgage eligible for a tax break from $1 million to $500,000, impacting fewer than 6% of mortgage holders nationwide, and converting the MID into a tax credit. Nationally, these two changes would allow 15 million more low and moderate income homeowners who do not currently benefit from the MID to receive tax relief and would generate $241 billion over ten years to invest in affordable rental housing solutions.
The interactive map allows website visitors to access data on affordable housing and the impacts of the UFH proposal in their states. The map shows, for example, that:
- In Michigan, where just 1.1% of mortgages are over $500,000, the UFH proposals would generate $4 billion in savings over ten years which could provide the state 83,023 more rental assistance (vouchers or renter tax credits) or build 46,716 new affordable rental homes. More than 832,000 lower income homeowners who do not currently benefit the MID would receive a tax break.
- In Texas, where just 2.9% of mortgages are over $500,000, the UFH proposals would generate $13 billion in savings over ten years which could provide the state 222,613 more rental assistance (vouchers or renter tax credits) or build 131,550 new affordable rental homes. More than 1.9 million lower income homeowners who do not currently benefit the MID would receive a tax break.
- In Florida, where just 3% of mortgages are over $500,000, the UFH proposals would generate $11 billion in savings over ten years which could provide the state 150,689 more rental assistance (vouchers or renter tax credits) or build 112,852 new affordable rental homes. Approximately 1.7 million lower income homeowners who do not currently benefit the MID would receive a tax break.
- In Missouri, where just 1.5% of mortgages are over $500,000, the UFH proposals would generate $3 billion in savings over ten years which could provide the state 59,758 more rental assistance (vouchers or renter tax credits) or build 31,293 new affordable rental homes. More than 506,000 lower income homeowners who do not currently benefit the MID would receive a tax break.
Visit the new UFH campaign website and interactive map at: http://www.unitedforhomes.org/