We had an excellent meeting with Congressman David Young last Monday at the HBAI office – a very interesting dialogue and very much on track. From the right counterclockwise – Congressman David Young, BUILDPAC Trustee Rich Fitch, Des Moines HBA Executive Officer Dan Knoup, Des Moines Habitat for Humanity Executive Director Lance Henning, Past HBAI President Keith Butz, and Iowa Prison Industries Director Dan Clark.
Capital Improvements and Home Equity Loans
In a victory for remodelers, the IRS issued a letter yesterday clarifying changes to home equity loans and lines of credit to confirm that households may take a tax deduction when these loans are used for home improvements.
The Tax Cuts and Jobs Act of 2017, enacted Dec. 22, suspends from 2018 until 2026 the deduction for interest paid on home equity loans and lines of credit, unless they are used to buy, build or substantially improve the taxpayer’s home that secures the loan, the letter said. “This is a major victory for remodelers and for home owners who want to invest in their homes,” said NAHB chairman Randy Noel.
Total Housing Permits for 2017 Just In
This is pretty interesting, fresh data shows:
Total national single-family permits for 2017 were 817,300, up 10% from …
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