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News & Press: Sacramento Report

Second Home Mortgage Deduction Eliminated to Fun Low-Income Housing

Wednesday, January 18, 2017  
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Second Home Mortgage Deduction Eliminated to Fund Low-Income Housing

Assembly Bill 71 (Chiu) increases the aggregate housing tax credit amount that may be allocated among low-income housing projects to $300,000,000 from $70,000,000 and allocates a portion of that amount to farmworker housing projects. To offset the loss from the increased housing tax credits, the bill eliminates the mortgage interest deduction for a taxpayer’s 2nd residence.

California Land Title Association


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