Number
131452
Version
ORIGINAL
Reference
Sponsor
ALD. MURPHY
Title
Resolution endorsing the United for Homes campaign for expanded housing options and greater tax fairness, and supporting The Common Sense Housing Investment Act of 2013.
Analysis
This resolution endorses the United for Homes campaign that proposes to expand mortgage interest tax benefits to more middle-class and lower-income homeowners by converting the tax deduction to a tax credit and by reducing the maximum size of a mortgage for which interest can be deducted.
The resolution further urges Representative Gwen Moore to co-sponsor H.R. 1213, The Common Sense Housing Investment Act of 2013. In addition, it calls upon Senators Tammy Baldwin and Ron Johnson to use their influence to direct savings resulting from mortgage interest deduction modifications to the National Housing Trust Fund to build, preserve, rehabilitate, and operate rental housing that is affordable for extremely low-income households.
Body
Whereas, According to the U.S. Interagency Council on Homelessness, “Stable housing is the foundation upon which people build their lives - absent a safe, decent and affordable place to live, it is next to impossible to achieve good health, positive educational outcomes, or reach one’s economic potential”; and
Whereas, There are 195,308 extremely low-income renter households in Wisconsin -households whose income is $20,165 or less for a family of four; and
Whereas, 76% of extremely low-income renter households in Wisconsin pay more than half of their incomes for rent; and
Whereas, The fair-market rent for a 2-bedroom apartment in Milwaukee County is $828 per month, while extremely low-income renter households can only afford to pay $527 per month; and
Whereas, A worker earning the minimum wage in Milwaukee County would have to work 88 hours per week to afford a 2-bedroom apartment; and
Whereas, There is an estimated shortage of 141,824 homes that are affordable and availabl...
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