Housing First Minnesota Executive Director David Siegel issued the following statement on the passage of the tax bill today in the U.S. House of Representatives:
“Tax deductions that reward and encourage homeownership are vital to a strong housing market. While the bill passed today is an improvement over the initial legislation, we are concerned with the compromises made that limit state and local tax deductions and reduce the mortgage interest deduction.
“Today, Minnesota’s homeownership rate is 71.1 percent, the lowest in decades. The rate of first-time homebuyers is finally growing after years of decline. Policy provisions that have long encouraged and rewarded homeownership, like the mortgage interest deduction and the state and local tax deductions, play a vital role in Minnesota’s housing market.”
In October, Housing First Minnesota sent a letter to Minnesota’s congressional delegation, asking that tax policy provisions that encourage and reward homeownership be protected in the tax reform bill.
Housing First Minnesota is the leading voice of home builders and remodelers and all who are dedicated to building safe, durable homes at a price Minnesotans can afford. Formerly known as the Builders Association of the Twin Cities, Housing First Minnesota represents more than 1,200 builders, remodelers, developers and industry suppliers throughout the state.