As debates continue about the possibility of ending the mortgage interest tax deduction, a Forbes contributor claims now is the ideal time to redesign the tax subsidy for homeownership. 

Howard Gleckman, a contributor for Forbes, said since interest rates and prices are so low, trimming or restructuring the tax deduction might have less impact than predicted. 

He refers to a meeting last November of housing experts brought together by the Urban Institute. During the session, the group said it’s not possible to predict what would happen if the mortgage deduction was repealed.

Additionally, Gleckman says any adjustment to the tax deduction would most likely have to be a change to the calculation rather than an outright elimination. Such a move would shift the subsidy to people with low-and moderate-incomes, he said.