Builders Association of the Twin Cities (BATC) is proud to announce a new partnership with Minnesota Homes Matter. Minnesota Homes Matter is a coalition of Minnesota citizens and businesses that recognize the important role the Minnesota mortgage interest deduction plays in the state housing market and our economy. BATC continues to steadfastly support the state mortgage interest deduction and looks forward to ensuring the Minnesota mortgage interest deduction remains a center piece of Minnesota housing policy.
Here are just a couple of reasons why this partnership makes sense for BATC.
- The state mortgage interest deduction is a remarkably effective tool that facilitates homeownership, which is the foundation of a healthy middle class and vital to the stability of Minnesota’s housing market and economy.
- Homeownership tax incentives and savings plans play an essential role in our housing market and markets all across the country. Twenty years after the U.S. Congress created the Revenue Act of 1913, the state mortgage interest deduction was inserted into the Minnesota tax code to encourage homeownership and make it more affordable.
- Home prices have been steadily rising since the economic downturn of a few years back. Allowing homeowners to itemize and deduct the interest paid on a mortgage sends a strong signal to potential homeowners. Specifically, the state mortgage interest deduction lets them know that they’ll be able to weather the ups and downs of the market, making their purchase secure and affordable.
- By putting money back in the pockets Minnesotans, the mortgage interest deduction builds wealth allowing households to pay down debts, invest more in their homes or save for their children’s college education.
- Curtailing the state mortgage interest deduction would be a step backwards for Twin Cities builders. Any changes to the state mortgage interest deduction would have serious consequences on homeownership levels, home values and the recovering economy in Minnesota.
We look forward to what our partnership with Minnesota Homes Matter will bring. Please feel free to visit the Minnesota Home Matters website.
