Move Consistent with CHLA’s Calls to Restore Portion of Lost Mortgage Deduction Benefits
Washington, D.C – February 7, 2025 – The Community Home Lenders of America (CHLA) announced today it backs the White House for supporting an increase in the current $10,000 cap on deductions for State and Local Taxes (SALT) which it expressed in a meeting with top Congressional Republican leaders.
“CHLA commends the White House for supporting an increase in the SALT cap on state and local deductions,” said Scott Olson, Executive Director of the CHLA. “A SALT cap increase is an important step forward in restoring some of the mortgage interest deduction benefits that were indirectly lost in the 2017 tax bill.”
In January, CHLA called on Congress to restore some of the tax benefits that were lost as a result of combining the standard deduction increase and the $10,000 SALT cap in the 2017 enacted tax bill. CHLA’s policy priorities, included in its IMB Report specifically called for “a higher SALT cap” and/or a new Mortgage Interest Credit.
Last June, in its call for a Mortgage Interest Credit, CHLA noted that “The Joint Committee on Taxation estimates that the annual tax benefit value (‘tax expenditures’) for the mortgage interest deduction decreased from $64.6 billion in 2017 to $31 billion in 2023 – and would extrapolate to over $100 billion in 2024 without the 2017 changes.”
About Community Home Lenders of America
Community Home Lenders of America (CHLA) is the only national non-profit association that exclusively focuses on small and mid-sized community-based mortgage lenders. The mission of the CHLA is to promote federal mortgage programs, rules, and regulations which treat community mortgage lenders fairly, and which reflect the critical importance that community mortgage lenders play in providing broad access to credit for borrowers, in increasing competition in mortgage markets, and in providing borrowers with quality mortgage services and access to loans at a local level. Learn more: https://www.communitylender.org/ or by following the organization’s LinkedIn page: https://www.linkedin.com/company/community-home-lenders-association-inc/.