Every June during National Homeownership Month, Minnesotans have the opportunity to reflect on the positive effects homeownership has on our lives and communities.
In addition to shelter and security, home ownership is strongly associated with high levels of civic involvement, charitable participation and better outcomes in school. Homeownership in Minnesota continues to serve as the foundation of strong families, healthy communities and financial security, and continues to serve as the bedrock of the American Dream.
The state mortgage interest deduction plays an instrumental role in helping families across Minnesota realize that dream. By lowering the tax load for working and middle class families, the state mortgage interest deduction helps make homeownership more affordable for Minnesota families. By encouraging home sales, the state mortgage interest deduction grows our economy, providing jobs for the architecture, construction, plumbing, and design industries among others. Furthermore, homeownership provides the tax base for local government and essential public services like our schools and roads.
During this month of reflection and celebration, we are concerned about some legislative proposals that would cut or eliminate the state mortgage interest deduction. Changing over 80 years of successful policy would be short sighted, put Minnesota’s recovering economy at risk, weaken our communities and jeopardize a family’s chance at the American Dream.
During this election season, let’s make sure our elected officials support the state mortgage interest deduction — a policy that makes sense for Minnesota’s families and economy.