Congress plays a critical role in all aspects of community economic development, providing funding for numerous important programs, enacting the laws which regulate housing and financial markets, enforcing fair housing and civil rights laws, and generating and using these levers to shape and drive community economic development efforts. Prosperity Indiana sees our state’s congressional representatives as essential partners in advancing innovative, effective policies to support Hoosiers from every economic background and sustainable development in communities of every size.
Prosperity Indiana has identified the following three federal priorities as the most significant to supporting our members’ efforts.
1. secure and maintain funding to address Basic Human Needs and develop impact investing tools to improve social outcomes
Prosperity Indiana tracks community development programs across nine federal agencies that support essential housing, food, health care, and child care needs, as well as wealth building strategies such as stable housing and financial literacy. We urge legislators to continue funding programs that ensure Hoosiers have access to basic necessities and establish new tools to address critical social challenges, such as social impact bonds.
2. ENSURE TAX REFORM APPROACHES SUPPORT ECONOMIC OPPORTUNITY FOR ALL
Prosperity Indiana believes Congress must enact equitable tax reform, providing sufficient incentives to help low-income people and communities with few financial resources achieve economic stability. We urge action to protect the Low Income Housing Tax Credit, New Markets Tax Credit, Private Activity Bonds, Child Tax Credit, and Mortgage Interest Deduction. Additionally, we urge Congress to ensure that any tax cuts are not offset by slashing critical social safety net programs that would destabilize our communities.
3. PROMOTE ASSET DEVELOPMENT AND DEFEND CRITICAL CONSUMER PROTECTIONS
Prosperity Indiana believes financial literacy and robust consumer protections are essential to promoting social justice and community prosperity. Accordingly, we urge Congress to protect the Consumer Financial Protection Bureau's ability to fulfill its mission to educate consumers, crack down on deceptive and unfair lending practices, and promote a fairer financial market.
4. MORTGAGE INTEREST DEDUCTION REFORM
Reforms are urgently needed to better support homeownership for middle- and lower‐income families, so we urge Congress to take action to convert the mortgage interest deduction to a credit and lowering the maximum amount of interest to help more households with affordability barriers.