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The Vinyl Industry Addresses Housing Policies at the 2017 Fly-in
Every year the National Association of Home Builders (NAHB) celebrates New Homes Month in April, using the occasion to promote the advantages of newly constructed homes and communities. With over 15 percent of the U.S. economy reliant on housing, the market has only recently begun to fully recover from the Great Recession. Over the last year, home builders have added 136,000 jobs and residential construction employment now stands at 2.707 million.
The new Congress and Trump administration have committed to ease overregulation in the housing sector which typically adds 25 percent to the cost of a new home. While we commend these efforts, policymakers are also considering changes that could weaken the housing market’s recovery and negatively affect other groups like the vinyl industry which produces so many important building products. The changes under consideration include:
- Eliminating or reducing the mortgage interest deduction that has been in the nation’s tax code for more than 100 years;
- Excessively stringent credit standards that would keep millions of families from homeownership;
- Curtailing the low income housing tax credit, which is the most successful rental housing program in America and generates roughly 90,000 jobs each year; and
- Ending federal support for the housing finance system that is the backbone of the 30-year fixed rate mortgage.
The House and Senate should place a high priority on rebuilding consumer confidence in the housing sector. Ensuring adequate access to capital, a healthy secondary mortgage market, and protecting current tax incentives like the mortgage interest deduction would help protect our economy.
Seventy percent of PVC resin goes into building and construction materials, including vinyl siding, windows, doors, and flooring. Tens of thousands of employees in the vinyl industry manufacture these sustainable and cost-effective building products.
Please join us at the 2017 Vinyl Industry Congressional Fly-in on May 17 and 18 to address these and other critical issues with lawmakers and administration officials here in Washington, DC.