From: The Honorable Tim Ryan
Sent By:
Bill: H.R. 5480
Date: 6/20/2016

Help Americans Pay Their Mortgages

Cosponsor the Building Equity for the American Middle-Class Act (the BEAM Act)

Dear Colleague:

Owning a home is a quintessential aspect of the American dream. Americans all over the country celebrate closing on their first home and believe it is important to make that investment for their future. Unfortunately, fourteen percent of all homes in the country the homeowners owe more on their mortgage then what their home is worth. This is unacceptable.

We should be working together to help all Americans pay down their mortgage and feel more secure regarding the place they call home. That is why I have introduced the Building Equity for the American Middle-Class Act (the BEAM Act). This legislation would create a 50% refundable tax credit on additional principal payments individuals make about their monthly required payment, up to $1000.

To give an example of how this tax credit would work, if a homebuyer purchased a $200,000 home and put 10% down, they would typically pay around $310,000 over the course of the mortgage. This tax credit would allow that same homebuyer to save $20,000 and finish paying their mortgage two and a half years earlier. This would allow the homeowners to have more security if another housing crisis hits.

This bill will help millions of Americans pay down their mortgages and not be at risk if another housing crisis strikes. Join me in making it easier for individuals to achieve the American dream. For more information or to become a cosponsor, please contact Anne Sokolov in my office (, x55261).


Tim Ryan

Member of Congress