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The U.S. House of Representatives passed the bipartisan Infrastructure Investment and Jobs Act Friday, sending it to President Joe Biden for his signature.
The $1.2 trillion bill is the most significant investment in infrastructure in decades. It includes new money for the power grid, managing climate risks, and repairing and replacing aging roads, bridges, ports, airports, and railways.
It also contains a historic $65 billion investment in broadband, a key priority of the National Association of REALTORS®.
"NAR supported many elements of this legislation that will make communities more resilient and sustainable," said NAR President Charlie Oppler. "Our country has a dire need for broadband expansion, and this new funding will ensure all communities have affordable access to a world-class communications infrastructure and provide opportunities to rural, underserved, and low-income areas."
NAR expressed concern over one element of the bill that uses guarantee fees charged by government-sponsored enterprises like Fannie Mae and Freddie Mac as a funding source.
"The nation faces critical challenges as Americans struggle to meet their mortgage obligations, find affordable housing amidst a supply shortage, and confront a widening homeownership gap among racial groups," Oppler continued. "We are committed to working with Congress and the administration to ensure this redirected money does not diminish the vital GSE mission to provide affordable housing and equal access to credit in America."
The measure passed the Senate in August by a vote of 69-30.