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NAR Thanks Biden Administration for Infrastructure Proposal’s Commitment to Housing

April 1, 2021

President Joe Biden on Wednesday proposed a plan to revamp the nation’s infrastructure, which the White House called a “once-in-a-century capital investment.” Biden’s proposal aims to rebuild the country’s roads, bridges, and rail service; provide greater support for clean energy and universal broadband; and build millions of affordable homes.

Specifically relating to real estate, the proposal includes plans to “build and rehabilitate more than 500,000 homes for low- and middle-income homebuyers.” The White House noted that this would serve as a “pathway for more families to buy homes and start building wealth.”

National Association of REALTORS® President Charlie Oppler released the following statement in response to the infrastructure investment proposal: “NAR thanks President Biden and his administration for recognizing that housing represents a critical piece of our nation’s overall infrastructure. While a lack of inventory and rising prices continue to limit opportunities for homeownership—especially for younger Americans and minority populations—policies that support nationwide housing affordability are now more important than ever.”

The Biden proposal also includes an investment in broadband, which NAR has long supported as a comprehensive national policy to stimulate the deployment of broadband in underserved areas, increase data speeds, and lower broadband prices. “Broadband access is no longer a luxury, it is a critical utility,” Oppler said in the statement. “That was true before the pandemic, and even more so now.”

NAR will continue to advocate for key measures it supports within the proposal. For example, the Biden infrastructure proposal also will attempt to take aim at SALT, a cap of $10,000 on state and local tax deductions that was implemented from a 2017 tax overhaul.

“We look forward to working with Congress and the administration to ensure these proposals are funded responsibly while continuing to promote additional housing inventory,” Oppler said. “In addition, we are encouraged by reports of rising support to end the SALT marriage penalty through this bill, and we urge the administration to work with lawmakers to find a solution.”

Source: 
REALTOR® Magazine