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The Future of Federal Housing Policy: What Wisconsinites Need to Know

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).

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The Future of Federal Housing Policy: What Wisconsinites Need to Know

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

  2. 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. WWW.NLIHC.ORG

  3. The Federal Budget in a Nutshell Based on FY15 Budget Proposed by President Obama WWW.NLIHC.ORG

  4. Federal Budget 2015 Revenue Individual income taxes 1,534,000,000,000 Corporate income taxes 449,000,000,000 Payroll taxes 1,056,000,000,000 Other 297,000,000,000 3,336,000,000,000 WWW.NLIHC.ORG

  5. Federal Budget 2015 Outlays Discretionary 1,186,000,000,000 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%. WWW.NLIHC.ORG

  6. Outlays 2015 Discretionary • 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

  7. 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 WWW.NLIHC.ORG

  8. 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 exclusion 52,250,000,000 • Imputed rent exclusion 79,810,000,000 LIHTC 8,240,000,000 WWW.NLIHC.ORG

  9. Income Inequality In U.S. WWW.NLIHC.ORG

  10. Tax rates WWW.NLIHC.ORG

  11. Tax Benefits by Income Under MID, Tax Credit WWW.NLIHC.ORG

  12. Where the $ is WWW.NLIHC.ORG

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