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MID ‘a wasteful use of federal resources,’ says housing group

08/17/2017

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How can the United States tackle the increasingly problematic issue of homelessness and housing poverty? The National Low Income Housing Coalition (NLIHC) thinks that reforming the mortgage interest deduction (MID) is the way to move forward. But it’s going to have to lobby against the National Association of Realtors (NAR), which released a study earlier this year that showed taxes for middle-income homeowners (earning between $50,000 and $200,000 annually) rising instead of falling if MID is reformed. What is the MID? When most people buy a home, they use a mortgage loan to do it — and the bank charges them interest on that loan, which they pay over the loan’s lifetime (15 or 30 years are most common). One of the perks of homeownership is that this mortgage interest is tax-deductible — so when homeowners prepare their taxes before April 15, they can reduce the amount of money they owe by what they paid on mortgage interest in the calendar year. This isn’t the first time …

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