Preserve the American Dream: Protect the Mortgage Interest Tax Deduction and Local Property Tax Deduction

Homeownership is critical to the economy, representing an estimated 15 percent of Gross Domestic Product. Homeownership is also critical to household financial stability. According to the Federal Reserve’s Survey of Consumer Finances, a typical homeowner’s net worth is $195,000 while that of a renter is $5,400.  Congress is debating revisions to mortgage and homeownership provisions of the Internal Revenue Code that will have a profound impact on our national economy. This is of critical importance to the economic security of the 69 million men, women and children in households owning a home in a homeowner association, condominium association, or housing cooperative—collectively known as community associations. Approximately 33 percent of American homeowners live in 342,000 community associations across the nation.    Read the article……………

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