the future of federal housing policy: what wisconsinites need to know wisconsin collaborative for...
TRANSCRIPT
The Future of Federal Housing Policy:
What Wisconsinites Need to Know
Wisconsin Collaborative for Affordable Housing July 17, 2014
The Gap (2012 ACS data)
• There are 10.1 million extremely low income renter (ELI) households (30% AMI or less).
• 40% of ELI renter households have incomes at 15% AMI or
• There are only 3.1 million rental homes that they can afford and that are available to them.
• Thus, the national shortage is 7 million rental homes.
2WWW.NLIHC.ORG
The Federal Budget in a Nutshell
Based on FY15 Budget Proposed by President Obama
WWW.NLIHC.ORG
Federal Budget 2015
Revenue
Individual income taxes 1,534,000,000,000Corporate income taxes 449,000,000,000Payroll taxes 1,056,000,000,000Other 297,000,000,000
3,336,000,000,000
WWW.NLIHC.ORG
Federal Budget 2015
OutlaysDiscretionary 1,186,000,000,000Mandatory 2,457,000,000,000Interest 253,000,000,000
3,893,000,000,000Revenue Minus Outlays -
560,000,000,000Discretionary is 30% of total; in 2013, it was
35%.
WWW.NLIHC.ORG
Outlays 2015Discretionary•Defense 623,000,000,000•Non-Defense 563,000,000,000
Mandatory•Social Security 896,000,000,000•Medicare/Medicaid 862,000,000,000•Food Stamps 84,000,000,000•SSI 60,000,000,000•TANF 17,000,000,000•Other Mandatory 538,000,000,000
WWW.NLIHC.ORG
HUD 2015
$46.6 billion • 1% of all outlays• 4% of discretionary outlays
PH, PBRA, TBRA = 78% of HUD budgetHomeless Assistance =5% of HUD
budget
WWW.NLIHC.ORG
Tax Expenditures 2015Total tax expenditures =175Total cost =1,241,615,000,000Homeownership tax expenditures (19% of total)• Mortgage interest deduction 73,910,000,000• Property tax deduction 33,880,000,000• Capital gains exclusion 52,250,000,000• Imputed rent exclusion 79,810,000,000LIHTC 8,240,000,000
WWW.NLIHC.ORG
Income Inequality In U.S.
WWW.NLIHC.ORG
Tax rates
WWW.NLIHC.ORG
Tax Benefits by Income Under MID, Tax Credit
WWW.NLIHC.ORG
Where the $ is
Replace the Mortgage Interest Deduction (MID)Baseline: Current Law
Impact on Tax Revenue (billions of current dollars), 2015-2024
ProposalFiscal Year Total
2015 2016 2017 2018 2019 2020 2021 2022 2023 20242015-2024
Option 1: Replace MID with 15 Percent Nonrefundable Credit and Cap Eligible Amount of Debt at $500,000 (unindexed) 11.0 17.2 20.7 23.6 26.0 28.0 29.8 31.9 33.9 34.9 257.1
Option 1a: Phase in Option 1 Over a 5 Year Period 3.7 8.9 14.9 20.8 25.5 28.0 29.8 31.9 33.9 34.9 232.4
WWW.NLIHC.ORG
