NLIHC & IERE: Report on the Racial Inequity of the Mortgage Interest Deduction Released Today
NLIHC and the Institute for Economic and Racial Equity (IERE) at Brandeis University released today a new report, Misdirected Housing Supports: Why the Mortgage Interest Deduction Unjustly Subsidizes High-Income Households and Expands Racial Disparities. The report examines who is likeliest to benefit from the $25 billion annual tax expenditure on the mortgage interest deduction (MID) and finds that most benefits flow to higher-income, disproportionately white homeowners. The report also outlines how the resources dedicated to the MID could instead be used to support low-income renters and homeowners, through expanding rental assistance, investing in affordable rental housing production, supporting small-dollar mortgage lending, and creating stabilization programs to keep low-income families stably housed.
Courtesy of National Low Income Housing Coalition