They only want 15 Billion, let me say that again BILLION over the next 10 years. If the Feds do not commit to that, then just 1 BILLION for this year. But there is more:
- Limit the deduction of mortgage interest to end at $400,000, not the current $1,000,000. Can you imagine the effect this would have on houses priced over $400,000, if you could not deduct the mortgage interest?
- Urged a federal tax credit for renters. Again effect would this have on the home building industry?
- Double the number of the nation's 2 million Section 8 vouchers
The one the blows me away was her line "home buyer tax credits, will not stimulate new housing, she said, but is directed at upper income housing purchasers, most of whom would have bought those homes regardless of the credit." Nothing could be further from the truth. Home buyer credit has been the impetus for many first time home-buyers, who are not upper income, to buy a house.
Bottom line is that the National Low Income Housing Coalition wants to promte rentals not the American Dream of home ownership.