The U.S. House of Representatives passed President Joe Biden’s signature Build Back Better plan early Friday by a vote of 220-213. The bill now goes to the Senate for consideration.
The roughly $1.75 trillion bill spares real estate investment from the most-feared taxes and includes key NAR priorities like investments in affordable housing and down payment assistance.
The National Association of REALTORS® says key aspects of the bill will support and protect real estate markets.
“Our advocacy operation is bipartisan and focused on the issues. Our goal was to ensure this legislation includes robust funding for affordable and fair housing and protects real estate investment from misguided and harmful new taxes,” says Shannon McGahn, chief advocacy officer for NAR.
”We are pleased that House lawmakers expanded affordable housing provisions from what was in the original framework, but this bill is far from final. Expectations are the Senate could remove some provisions to lower the price tag. We will continue to work with Congress to ensure the final bill is good for the real estate economy and consumers.”
NAR played a key role in getting Congress's attention on housing priorities. At an Oct. 20 press conference at the U.S. Capitol, NAR CEO Bob Goldberg joined other housing leaders and key members of Congress to call for the inclusion of affordable housing provisions in the final bill.
”As a nation, we have to find ways to close the supply shortfall,” Goldberg said at the press conference. “Doing so will be particularly meaningful for lower-income households, millennials, and households of color.”Read details of the House bill at nar.realtor.