Today, Shannon McGahn, executive vice president and chief advocacy officer of the National Association of Realtors®, issued the following statement on the 21st Century ROAD to Housing Act and the More Homes on the Market Act:

“For the first time in a generation, America is on the cusp of enacting landmark housing legislation.

“The 21st Century ROAD to Housing Act will help increase housing supply, improve affordability, expand opportunities for first-time homebuyers, and empower more families to achieve the American Dream of homeownership.

“After nearly two years of work, we have a historic opportunity to strengthen our housing market, expand access to homeownership, and create lasting economic opportunity by enacting this legislation into law.

“We welcome the Administration’s focus on lowering interest rates and protecting homeowners’ hard-earned equity.

“That’s why the National Association of Realtors® continues to champion the More Homes on the Market Act. Today’s tax code unfairly penalizes many longtime homeowners with an outdated tax on their home equity, making it harder to move when life changes.

“Updating this policy would unlock more housing inventory, create opportunities for first-time buyers, improve affordability, and help more Americans achieve the dream of homeownership. It’s a commonsense solution that strengthens families, communities, and the economy.”

About the National Association of Realtors®

The National Association of Realtors® is involved in all aspects of residential and commercial real estate. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics. For free consumer guides about navigating the homebuying and selling transaction processes – from written buyer agreements to negotiating compensation – visit facts.realtor.