Federal Legislation you haven’t Heard About

This week, I will be analyzing bill S.1619 which is currently working its way through Congress. If you are in the real estate industry, you will find this new legislation not only to be interesting but also troublesome. In any event, the federal government will continue to grow – if passed.

I admit that reading federal legislation is boring but every page of this 63 page bill is filled with ideas that in my opinion, will limit the use of land in the future. I will be devoting daily posts highlighting the specifics of this legislation for your use.

What I am having difficulty with is the time it takes to fully understand the approach of a 63-page bill. I can’t imagine trying to digest the health care and/or financial bills recently passed by Congress. As an example……..

WAIT until you read about INCENTIVES FOR ENERGY-EFFICIENT MORTGAGES and LOCATION-EFFICIENT MORTGAGES!!!!

111TH CONGRESS 1ST SESSION S. 1619
The legislation will establish:

The Office of Sustainable Housing and Communities
The Interagency Council on Sustainable Communities
A comprehensive planning grant program
A sustainability challenge grant program
And for other purposes.

The legislation includes funding and they are seeking the following appropriations:

AUTHORIZATION.—There are authorized to be appropriated to the Secretary for the award of grants under this section, to remain available until expended—

(A) $750,000,000 for fiscal year 2011;

(B) $1,250,000,000 for fiscal year 2012;

(C) $1,750,000,000 for fiscal year 2013.

(2) TECHNICAL ASSISTANCE.—Of amounts made available under this subsection, the Director may use for technical assistance under section 5(c)(3) an amount that does not exceed the lesser of
(A) 0.5 percent of the amounts made available under this subsection for a fiscal year; and (B) $2,000,000.

This Act may be cited as the ‘‘Livable Communities Act of 2009’’

I will be dissecting this legislation this week informing you of the ramifications this little known legislative effort will have on the housing industry. You will be interested to see the connection between energy, housing, mortgages, social justice, climate change and more…….