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Meeting Our Nation's Housing Challenges. Report of the Bipartisan Millennial Housing Commission Appointed By the Congress of the United States

Release Date: 
May 2002 (66 Pages)
Posted Date:   
March 27, 2012

Housing is most Americans' largest expense. Decent and affordable housing has a demonstrable impact on family stability and the life outcomes of children. Decent housing is an indispensable building block of healthy neighborhoods, and thus shapes the quality of community life. In addition, the housing sector provides a major stimulus to the nation's economy, consistently generating more than onefifth of gross domestic product. Better housing can lead to better outcomes for individuals, communities, and American society as a whole.

In short, housing matters. This is why the federal government has long sought to expand the country's housing supply. Federal support for housing has taken many forms over the years: grants; subsidies on mortgage debt; direct payments to landlords on behalf of low-income citizens; the provision of liquidity and stability to the housing finance system through Federal Housing Administration mortgage insurance; the creation of the Federal Home Loan Banks, Fannie Mae, and Freddie Mac; and housing-related tax code measures, such as mortgage interest and property tax deductions, accelerated depreciation, tax-exempt mortgage financing, and Low Income Housing Tax Credits.

This report is part of the collection of scanned historical documents available to the public.