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April 2015 Latinomics: Tax Time!

April 16th, 2015 by admin

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It’s tax time, the perfect occasion to highlight the importance of the Child Tax Credit and the Earned Income Tax Credit to Latino working families. These credits encourage work, keep millions of families out of poverty, and have lifelong benefits for kids and families.

In recent months, NCLR has worked to ensure home care workers were not excluded from minimum wage laws and released a report on the remarkable resilience of Latino youth in the face of adversity. When congressional proposals threatened to weaken crucial gainsmade by the Consumer Financial Protection Bureau (CFPB), our network stood strong in preserving consumer rights.

Thanks for all your support. Read on to see what’s new in Latinomics!

The Power of Refundable Tax Credits

This tax season, those of us expecting a refund probably filed our taxes earlier than the April 15 deadline. Millions of low- and moderate-income workers will qualify for the Earned Income Tax Credit (EITC) and the Child Tax Credit (CTC).

In his first congressional hearing since being confirmed last summer, Julián Castro, Secretary of Housing and Urban Development, testified before the House Financial Services Committee today on his agency’s progress and accomplishments.

This hearing couldn’t come at a more critical time, given that Latino families are still struggling to rebuild the wealth they lost during the Great Recession.

Though an economic recovery is now under way, Latinos are not necessarily seeing improved outcomes in access to mortgage credit.

Just last year, Hispanic home-buyers made up only 6 percent of the conventional mortgage market, despite comprising 17 percent of the population.

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Over the past year, the Federal Housing Finance Agency (FHFA) has taken significant steps to improve America’s housing market for struggling homeowners, prospective homebuyers, and those suffering from foreclosure.

Yesterday, FHFA Director Mel Watt testified before the House Financial Services Committee to highlight how the agency’s actions have helped homeowners since his confirmation about a year ago.

Just last month, NCLR applauded Director Watt’s decision to fund two essential affordable housing programs: the National Housing Trust Fund and the Capital Magnet Fund.

In the wake of a housing crisis that cost more than one million Latino families their homes due to foreclosure, our nation is in desperate need of increased affordable housing stock.

Funded with just one-twentieth of a percentage point of Fannie Mae and Freddie Mac’s business purchases, at least $400 million is expected to become available for these programs annually.