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New Bill Introduced to Benefit Homeowners in Community Associations
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March 2016 - In an effort to make home-ownership more affordable, Representative Eshoo (D-CA) and Representative Thompson (D-CA) introduced The HOME Act, H. R. 4696, for the benefit of homeowners in common interest communities, by allowing for an income tax deduction for homeowners association assessments and fees.
The bi-partisan bill would provide for homeowners in community associations such as condominiums, housing cooperatives and homeowners associations who earn $115,000 or less in annual income, to deduct up to $5,000 of their association fees and assessments from their federal tax liability.
Congress needs to do all that it can to reduce barriers to home-ownership for hard-working middle class families,” said Thompson. “By helping to alleviate the cost of community association fees, this legislation is an important step.”
Community associations have grown substantially in recent decades and offer affordable housing opportunities in countless communities across the United States. Today, more than 65 million Americans reside in 26 million housing units belonging to a community association.
According to Representative Eshoo, “The HOME Act, which stands for The Helping Our Middle-Income Earners (HOME) Act, recognizes that millions of middle class homeowners are struggling to keep up with rising household expenses like child care, college tuition, health care, mortgage and community assessments,” Eshoo said. “The Home Act can go a long way by providing relief from this tax burden on millions of middle class families.”
Supporters of the bill are urged to contact their Representative at: Find My Representative