Three Housing Tax Credits May Be Extended by Senate

July 22, 2015

The Mortgage Bankers Association wrote a letter to The U.S. Senate Committee on Finance, supporting three points in a proposal to amend and extend certain tax provisions.

HousingWire reports that in the letter, the association outlined its support for how the tax provision handles mortgage debt forgiveness, which is ensuring that any mortgage debt forgiven by a lender will continue to be excluded from personal income.

The association also argues that Congress should extend the tax deduction for mortgage insurance premiums paid by homeowners, and that ‘maintaining the minimum credit rate for affordable housing projects financed with the Low Income Housing Tax Credit will ensure continued production of affordable housing.”

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