[Congressional Record (Bound Edition), Volume 145 (1999), Part 5]
[House]
[Page 6571]
[From the U.S. Government Publishing Office, www.gpo.gov]




    CELEBRATING THE ACHIEVEMENTS OF THE MORTGAGE INTEREST DEDUCTION

  (Mr. NEAL of Massachusetts asked and was given permission to address 
the House for 1 minute and to revise and extend his remarks.)
  Mr. NEAL of Massachusetts. Madam Speaker, today I join with the 
gentlewoman from New Jersey (Mrs. Marge Roukema) and the gentleman from 
Pennsylvania (Mr. Phil English), cochair of the Real Estate Caucus, in 
celebrating the achievements of the mortgage interest deduction in 
America.
  Today the gentlewoman from New Jersey (Mrs. Roukema) is introducing 
her resolution opposing any further restrictions on mortgage interest 
deductions. Despite the fact that there is no current proposal on the 
table to cut back the homeowners deduction, this is an important effort 
that serves as a device for all of us to pause and remember how 
important this tax incentive is for the country.
  Currently 67 percent of the households in America live in homes that 
are owner-occupied. Even more amazing is the fact that 67 percent of 
foreign-born naturalized citizens who have been in this country for at 
least 6 years also now own their own homes. The greatest growth in home 
ownership today is among minorities and first-time homebuyers.
  Madam Speaker, I believe home ownership remains invaluable in our 
society, both in terms of our economy, but also in terms of how we 
think and organize ourselves as a society. I want to lend my support to 
the efforts of the gentlewoman from New Jersey (Mrs. Roukema) today, 
and urge other Members of the Congress to sign onto this legislation.

                          ____________________