Updated: NAR Call for Action – Stop the Housing Tax for Transportation
Update: Athe G-Fee Call for Action will be extended until November 20, 2015.
Congress is considering a proposal that would create a tax on all potential homeowners and consumers looking to purchase or refinance a mortgage. This proposal, scheduled for consideration on October 22 by the House Transportation and Infrastructure Committee, would use Fannie Mae and Freddie Mac’s credit risk guarantee fees (g-fees) to fund the re-authorization of federal surface transportation (highway) programs.
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.
Tell Congress to stop taxing homeowners to fund transportation projects.