On Thursday, October 22, 2015, the House of Representatives Transportation and Infrastructure Committee will begin consideration on the surface transportation reauthorization legislation.
One proposal would use Fannie Mae and Freddie Mac’s credit risk guarantee fees (g-fees) to fund transportation programs. This would create a tax on all potential homeowners and consumers looking to purchase or refinance a mortgage.
By increasing Fannie Mae and Freddie Mac’s credit risk guarantee fees (g-fees) to fund transportation programs, Congress would disturb the housing recovery. Now is not the time to raise the cost to purchase or refinance a home.
NAR strongly believes that taxing homeowners to pay for transportation programs places an unnecessary long-term burden on consumers and this action will disproportionately impact low and moderate income borrowers, as well as first-time homebuyers.
Take action now to prevent Congress from placing an unnecessary long-term burden on American homeowners with a new Transportation Tax. REALTOR members must act to stop this legislation. Click here to access the REALTOR Action Center and make your voice heard in Congress.