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Ellison Introduces ‘Common Sense Housing Investment Act’

Wednesday, February 15, 2017 - 2:45PM

Rep. Keith Ellison, D-Minn., last week introduced H.R. 948, the Common Sense Housing Investment Act of 2017, which would reduce the mortgage interest deduction to a flat 15 percent tax credit for the first $500,000 of debt. The legislation would gradually phase-out the current deduction and would direct the revenue generated (estimated at $300 billion over 10 years) into low-income housing tax credits (LIHTCs), Section 8 rental assistance, the Public Housing Capital Fund and the Housing Trust Fund. 

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