The U.S. House of Representatives on Wednesday passed the final version of the American Rescue Plan Act, sending it to President Biden for his signature.
The $1.9 trillion coronavirus relief bill contains a number of provisions that are priorities for Realtors®, including rental assistance, small business loans, state and local funding, extended unemployment benefits, and new money for housing counseling and a housing assistance fund.
“While some notable changes were made as this bill worked its way through the Senate, all of the major provisions important to real estate remained intact,” says Shannon McGahn, chief advocacy officer for the National Association of REALTORS®. “It continues all of the successful and important provisions of the CARES Act, supporting small businesses including the self-employed, independent contractors, and sole proprietors. One-fifth of our members have reported using a PPP loan, so this support has been critical.”
Read NAR’s comprehensive write-up of the package.
COVID-19 relief and recovery is a key tenet of the NAR 2021 Advocacy Agenda. The residential real estate market is poised to help drive the economic recovery in 2021. Housing is part of a broader real estate economy and some sectors will need additional assistance for the entire system to function productively. Be on the lookout for more from NAR throughout 2021 in response to the COVID-19 pandemic.
In addition to relief, NAR’s focus in the 117th Congress will be to:
- Improve access to homeownership
- Enable a quick recovery after the COVID-19 pandemic
- Ensure fair housing for all
- Build strong and resilient communities and businesses
To access, NAR’s 2021 Advocacy Agenda go to: https://www.nar.realtor/political-advocacy/federal-advocacy/nars-federal-advocacy-agenda
To stay up-to-date on these and other federal issues, read the weekly Washington Report articles recapping NAR's legislative and regulatory policy activities in the nation's capital.