Resolution 040217

..Title Urging the United State House of Representatives to enact H.R. 1336 and the S. 846, the Mortgage Insurance Fairness Act of 2003, which would make mortgage insurance payments tax deductible for low to moderate-income families. ..Body WHEREAS, Homeownership is essential to building strong families and neighborhoods; and WHEREAS, Institutional barriers have long inhibited minorities from achieving home ownership; and WHEREAS, H.R. 1336 and S. 846 would make home-mortgage insurance premiums tax-deductible for households earning less than $100,000; and WHEREAS, Almost 90% of households in Pennsylvania had incomes below $100,000 according to 2000 Census data; and WHEREAS, Insured mortgages covered 24% of home loans originating in Pennsylvania in 2001; and WHEREAS, Almost 466,000 families in Pennsylvania held mortgages with either FHA or private mortgage insurance at the end of 2002; and WHEREAS, Borrowers earning less than 120% of the area median income comprised 66% of the insured home loans originating in Pennsylvania and minorities accounted for 39% of the insured loans; now therefore RESOLVED, BY THE COUNCIL OF THE CITY OF PHILADELPHIA, To urge all members of the United States House of Representatives to enact H.R. 1336 and S. 846 the Mortgage Insurance Act of 2003 which would make mortgage insurance payments tax-deductible for low to moderate income households earning less then $100,000. ..End