Congressional leaders this week released the conference report for a multi-year surface transportation bill, a significant step forward as the bill works towards passage.
National Association of Realtors® President Tom Salomone, broker-owner of Real Estate II Inc. in Coral Springs, Florida, applauded the bill. In particular, Salomone singled out the decision to exclude the use of guarantee fees from Fannie Mae and Freddie Mac to pay for the measure.
“This legislation recognizes the value of homeownership and the need to protect future homeowners from unnecessary costs,” said Salomone. “NAR applauds the conference committee for standing with the homeowners of today and tomorrow.”
The bill funds major highway and transit-related projects through a variety of funding sources. In addition, provisions related to alternative transportation were included to promote safety and stronger communities.
“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,” said Salomone.
Congress is expected to vote on the conference report by December 4, when the current transportation authorization expires.