The Future of Federal Housing Policy: What Wisconsinites Need to Know Wisconsin Collaborative for Affordable Housing July 17, 2014.

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Presentation 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. 2

The Federal Budget in a Nutshell Based on FY15 Budget Proposed by President Obama

Federal Budget 2015 Revenue Individual income taxes1,534,000,000,000 Corporate income taxes 449,000,000,000 Payroll taxes 1,056,000,000,000 Other 297,000,000,000 3,336,000,000,000

Federal Budget 2015 Outlays Discretionary1,186,000,000,000 Mandatory 2,457,000,000,000 Interest 253,000,000,000 3,893,000,000,000 Revenue Minus Outlays - 560,000,000,000 Discretionary is 30% of total; in 2013, it was 35%.

Outlays 2015 Discretionary Defense623,000,000,000 Non-Defense563,000,000,000 Mandatory Social Security896,000,000,000 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

HUD 2015 $46.6 billion 1% of all outlays 4% of discretionary outlays PH, PBRA, TBRA = 78% of HUD budget Homeless Assistance =5% of HUD budget

Tax Expenditures 2015 Total tax expenditures =175 Total cost =1,241,615,000,000 Homeownership tax expenditures (19% of total) Mortgage interest deduction 73,910,000,000 Property tax deduction 33,880,000,000 Capital gains exclusion52,250,000,000 Imputed rent exclusion79,810,000,000 LIHTC 8,240,000,000

Income Inequality In U.S.

Tax rates

Tax Benefits by Income Under MID, Tax Credit

Where the $ is Replace the Mortgage Interest Deduction (MID) Baseline: Current Law Impact on Tax Revenue (billions of current dollars), Proposal Fiscal YearTotal Option 1: Replace MID with 15 Percent Nonrefundable Credit and Cap Eligible Amount of Debt at $500,000 (unindexed) Option 1a: Phase in Option 1 Over a 5 Year Period