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NAR Call for Action update: Homebuyers won't pay

WASHINGTON – Dec. 2, 2015 – A conference agreement for a multi-year surface transportation authorization was released in Congress this week. Both the U.S. House and Senate should vote on the measure in the days ahead.
The bill funds several highway and transit-related projects, with monies coming from a variety of sources. It’s a complex measure, but the National Association of Realtors® (NAR) focused on a specific section: It called for some funding to come from fees (guarantee fees or G-fees) paid by buyers at the closing table.
To avoid a homebuyer hit, NAR issued a Call for Action and asked all Realtor members to contact their personal lawmaker via email, asking him or her to void that funding part of the measure. The tactic apparently worked – the final version of the transportation agreement has no provision that taps money from G-fees.
National Association of Realtors® President Tom Salomone, broker-owner of Real Estate II Inc. in Coral Springs, Fla., praised sections of the legislation for strengthening neighborhoods and promoting safety. He also applauded the decision not to use G-fees that are charged by Fannie Mae and Freddie Mac as a funding mechanism.
“The multiyear transportation bill moving through Congress is a win across the board, making critical investments in America’s infrastructure,” says Salomone. “NAR is pleased at the emphasis placed on safety and alternative transportation options to strengthen neighborhoods, improve property values and make non-motorized transportation, like sidewalks and bike lanes, a priority.
“Moreover, this legislation recognizes the value of homeownership and the need to protect future homeowners from unnecessary costs. NAR applauds the conference committee for standing with the homeowners of today and tomorrow.”
Salomone says he hopes “to see this conference report win swift approval, so communities around the country can reap the benefits as soon as possible.”
© 2015 Florida Realtors®
Source: Florida Realtors Feed

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