The National Association of Home Builders called on Congress Thursday to maintain its support for vital housing incentives in order to meet the nation’s growing need for affordable rental housing and homeownership opportunities.
The housing incentives include the Low Income Housing Tax Credit, the mortgage interest deduction and real estate tax deductions.
“Homebuilding is an industry dominated by small businesses, so the idea of simplifying the complicated tax rules related to business has great appeal,” said Robert Dietz, an economist and assistant vice president for NAHB.
Dietz added, “At the same time, our industry remembers painful lessons from the 1986 Tax Reform Act, when the commercial and multifamily sectors experienced a downturn due to unintended consequences.”
When housing is doing well, it spurs jobs and contributes to economic growth, notes Dietz. “For these reasons, we urge Congress to be cautious and thoughtful when it comes to housing and tax reform.”