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Directory of NYC Housing Programs

Mortgage Interest Deduction

The Mortgage Interest Deduction program is an itemized deduction on the federal income tax for a household that owns at least one home. The program acts as a subsidy to individual homeowners, as it reduces the amount of taxable income by the annual interest paid in order to own a home. The IRS defines home mortgage interest as any interest paid on a loan secured by one’s first or non-rental property second home. Eligible loans from which interest might be deducted include a mortgage, second mortgage, line of credit, or home equity loan. There are other federal and state tax deductions for qualified homeownership-related expenses.

Program Information Help Icon

  • Supply/Demand: Demand
  • Category: Land and Financing
  • Scale: Very Large Scale (over 10,000 units)
  • Timeframe: 1913 - Present
  • Occupancy tenure: Homeownership
  • Building Type: One- to Four-family, Multi-family
  • Developers/Owners: Owner-occupant

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