We need more of this. Photo by Alexandra Beier/Getty Images.
The home mortgage tax exemption has been the great engine of middle class prosperity for the past 70 years, but we’re facing a housing shortage that is hurting economic growth and keeping families from enjoying that same prosperity.
Here are some initiatives for increasing the housing stock in regions like mine in northeast Minnesota:
1. Push for the federal Department of Housing and Urban Development to grant no-money-down, first-time buyer mortgages like the U.S. Department of Agriculture provides in rural cities and towns for those with good credit scores. This will balance the scourge of corporations recently buying up homes for rental property, which is becoming an issue everywhere.
2. Reduce or eliminate the 17.99% tariff on Canadian lumber imports to reduce home-building costs.
3. Push for the reduction by half of I-35 in Duluth which is over built when its rebuild comes due for senior and affordable housing by the Lake for bike, bus, and walking shopping.
4. Work for the reinstatement of the Minnesota historic tax credit which also works to increase the housing stock in historic buildings like Old Central and the Old Jail on West Second Street in Duluth.
5. Expand federal and state weatherization programs that help make home ownership affordable.
6. Seek funding from the Department of Energy for local solar panel production and business expansion as well as for solar installations in under-served areas.
7. Support broadband expansion as quickly as possible.
8. Support expansion of voc-tech education, which will increase the supply of tradespeople for building.
9. Support the promotion of less expensive modular housing with bigger tax credits.
10. Implement a robust affordable housing mandate for every new housing development.
11. Oppose the Fed’s interest rate hikes, which are making home mortgages less affordable.
by John Munter, Minnesota Reformer August 24, 2022
by John Munter, Minnesota Reformer August 24, 2022
The home mortgage tax exemption has been the great engine of middle class prosperity for the past 70 years, but we’re facing a housing shortage that is hurting economic growth and keeping families from enjoying that same prosperity.
Here are some initiatives for increasing the housing stock in regions like mine in northeast Minnesota:
1. Push for the federal Department of Housing and Urban Development to grant no-money-down, first-time buyer mortgages like the U.S. Department of Agriculture provides in rural cities and towns for those with good credit scores. This will balance the scourge of corporations recently buying up homes for rental property, which is becoming an issue everywhere.
2. Reduce or eliminate the 17.99% tariff on Canadian lumber imports to reduce home-building costs.
3. Push for the reduction by half of I-35 in Duluth which is over built when its rebuild comes due for senior and affordable housing by the Lake for bike, bus, and walking shopping.
4. Work for the reinstatement of the Minnesota historic tax credit which also works to increase the housing stock in historic buildings like Old Central and the Old Jail on West Second Street in Duluth.
5. Expand federal and state weatherization programs that help make home ownership affordable.
6. Seek funding from the Department of Energy for local solar panel production and business expansion as well as for solar installations in under-served areas.
7. Support broadband expansion as quickly as possible.
8. Support expansion of voc-tech education, which will increase the supply of tradespeople for building.
9. Support the promotion of less expensive modular housing with bigger tax credits.
10. Implement a robust affordable housing mandate for every new housing development.
11. Oppose the Fed’s interest rate hikes, which are making home mortgages less affordable.
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John Munter lives retired on a small family hobby farm in Warba. He received 14% of the votes in the 2022 8th Congressional District DFL primary.
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Our stories may be republished online or in print under Creative Commons license CC BY-NC-ND 4.0. We ask that you edit only for style or to shorten, provide proper attribution and link to our web site.