The National Association of Home Builders is pressing lawmakers to abandon any attempts to eliminate the mortgage interest deduction, or else harm U.S. homeownership.
The home builders, who represent more than 160,000 members, urged House lawmakers to sign on to a resolution introduced by Rep. Gary Miller, R-Calif., to stop efforts to eliminate or reduce the mortgage interest deduction. There are currently 40 co-sponsors of the resolution.
"The mortgage interest deduction has been a cornerstone of the nation's housing policy for almost a century, and it is vital to homeownership and healthy housing markets," Bob Nielsen, the NAHB's chairman, said in a press release Thursday.
The home builders argue that eliminating or restricting the mortgage interest deduction would hinder the stability of the nation's housing markets, raise the cost of homeownership, fuel more foreclosures and hurt job creation in the housing sector.
The trade group conducted a nationwide survey of likely voters last fall that found that almost 80% of those surveyed said "they would support retaining federal tax incentives to promote homeownership."
"Members of Congress need to know that there is widespread support for the mortgage interest deduction and that their constituents do not want it to be eliminated or restricted," Nielsen said.
