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.

In addition to the home mortgage interest deduction, the federal government spends over $40 billion each year for other housing-related tax expenditures due to capital gains, property taxes, and investor benefits (preferential treatment of bonds and the low-income housing tax credits).

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.

The article quotes Bruce Whitney, Director of the NeighborWorks HomeOwnership Center of Southeastern Vermont; and Tom Candon, Deputy Commissioner of the state's Banking Division and a VHFA Commissioner.

Read the full story online.

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.

This year we saw the highest level of donations in several years, and perhaps ever: 239 pairs of mittens, gloves, hats and scarves.

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).

Read Donovan's bio at the NYC Department of Housing and Preservation Development site.