HUD in unique position to discuss SALT cap impacts on homeownership

Above: Gottheimer introducing the amendment in the Financial Services Committee.

WASHINGTON, D.C. — Yesterday, February 29, 2024, U.S. Congressman Josh Gottheimer’s amendment passed in the Financial Services Committee requiring the Secretary of Housing and Urban Development to testify on the impacts of the SALT cap on homeownership in New Jersey and across the nation.

Video of Gottheimer’s remarks introducing the amendment can be found here.

“The SALT deduction is the only deduction in the tax code that allows homeowners to deduct their property taxes and is essential for making life more affordable. It also helped encourage and preserve homeownership for lower-and middle-income homeowners, especially our seniors who are often on fixed budgets, said Congressman Josh Gottheimer (NJ-5). “Homeownership has long been a cornerstone of the American Dream. HUD’s mission is to create strong, sustainable, inclusive communities, and quality affordable homes for all. Assessing and testifying about the impacts that the SALT cap has had on the American residential housing market is well within that mission.”

Last month, Gottheimer questioned U.S. Treasury Secretary Janet Yellen during a House Financial Services Committee hearing about the disproportionate impact SALT has on hardworking Jersey families. 

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