The single largest type of federal housing assistance is the home mortgage interest deduction.
In 2007, U.S. homeowners received $85 billion through this deduction1. Unfortunately, the benefits of the mortgage interest deduction are enjoyed primarily by the wealthiest Americans. Over 80% of the value of this deduction goes to homeowners in the top income quintile, according to a recent Pew Charitable Trust study on economic mobility.
The Rutland Herald reports today that the Rockingham Area Community Land Trust and NeighborWorks of Western Vermont received grants to expand their foreclosure prevention counseling programs.
The money comes from the Federal Housing and Economic Recovery Act of 2008.
This morning, VHFA staff members took part in the Agency's long tradition of "mitten stuffing" to benefit our neighbors at the King Street Youth Center.
Staff donate mittens, gloves, scarves and hats, and fill them with candy before giving them to the kids who attend the center.
President-elect Barack Obama named New York City Commissioner of Housing Preservation and Development Shaun Donovan next Secretary of the U.S. Department of Housing and Urban Development (HUD).