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Representative Keith Ellison (D-MN) recently reintroduced legislation to end homelessness and housing poverty through tax reform. The bill calls for reducing 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 direct the revenue generated into LIHTCs, Section 8 rental assistance, the Public Housing Capital Fund, and the Housing Trust Fund. The estimated generated revenues are $300 billion over 10 years.
