More help for home buyers.I WAS PLEASED TO READ ALFRED EDMOND'S ARTICLE "Consider Programs for First-Time Home Buyers," (www.blackenterprise.com) about the wide variety of local, state, and federal programs available to low- and moderate-income home buyers. However, I would like to add one significant piece of information to his report Congress is currently considering legislation--S.132/H.P,.3098-The Mortgage Insurance Fairness Act--that will allow any individual or family who utilizes mortgage insurance and makes under $100,000 annually to deduct de·duct v. de·duct·ed, de·duct·ing, de·ducts v.tr. 1. To take away (a quantity) from another; subtract. 2. To derive by deduction; deduce. v.intr. the cost from their federal taxes. As many of your readers are aware, private and government mortgage insurance has helped millions of Americans afford a home without a 20% down payment. Today, 12 million Americans use mortgage insurance, and it is estimated that such insurance is included in 42% of loans made to minority borrowers. Unfortunately, the IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. prohibits homeowners from deducting the cost of mortgage insurance from their taxes But Congress has the power to approve a new law that will make mortgage insurance tax deductible That which may be taken away or subtracted. In taxation, an item that may be subtracted from gross income or adjusted gross income in determining taxable income (e.g., interest expenses, charitable contributions, certain taxes). . S.132/H.B. 3098 enjoys bipartisan support in the House and Senate and is supported by advocacy groups from the National Urban League and the National Conference of Black Mayors to the National Taxpayers Union National Taxpayers Union (NTU) is a pro-taxpayers advocacy organization in the United States, founded in 1969 by James Dale Davidson. It is closely affiliated with a non-profit foundation, the National Taxpayers Union Foundation (NTUF). and the Consumer Federation of America The Consumer Federation of America (CFA) is a non-profit organization founded in 1968 to advance the consumer interest through research, education and advocacy. According to CFA's website, its members are approximately 300 consumer-oriented non-profits, which themselves have . I hope your readers will review the Mortgage Insurance Fairness Act and urge their representatives in Congress to quickly approve this important legislation. Minority homeownership is on the rise, but Congress can help additional families by providing incentives that make owning a home a reality for thousands more. Phyllis Berry Berry, former province, France Berry (bĕrē`), former province, central France. Bourges, the capital, and Châteauroux are the chief towns. Myers, president Centre for New Black Leadership Washington, DC cnbl@aol.com |
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