Facts & Myths on Cap & Trade

VAR has received numerous forwarded e-mails concerning information on the Internet that H.R. 2454, the American Clean Energy and Security Act (often called the "Cap and Trade Bill"), will require homeowners to comply with government-mandated energy and water efficiency standards before they can sell their properties.

The most common message in circulation also says, in part, that H.R. 2454 will prevent owners from selling homes without the permission from the Environmental Protection Agency, and obtaining this permission will first require retrofitting to meet standards set by the bill.

We want to assure VAR members and your clients that these allegations are inaccurate and misleading. They are based on an earlier version of the bill before NAR prevailed in having possibly detrimental provisions deleted from H.R. 2454 before the House of Representatives voted on it.

The real estate provisions in H.R. 2454 comprise about 50 pages of the entire 1,428-page bill. Focusing its efforts on these 50 pages, NAR successfully advocated for significant improvements. As it passed the House on June 26, there are no federal energy audit or retrofit requirements at point of sale.

The bill is now before the U.S. Senate. At this time, we do not know when it may be acted upon there.

For further information, please right-click this link to download the NAR Information Pack containing several documents, including a legislative analysis and a "Myths and Facts" sheet about the bill. We hope this will help put to rest unfounded concerns resulting from any misunderstanding of the current provisions of H.R. 2454.

The NAR staff in Washington has been, and will continue to be, active in every aspect of this legislation in order to protect the best interests of Realtors and homeowners.

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One Response to Facts & Myths on Cap & Trade

  1. Thanks, Ben.

    How does this match up with this report from the NAR?
    http://www.realtor.org/fedistrk.nsf/pages/wk11092009?OpenDocument

    Meanwhile, Vice President Joe Biden recently announced a new “Recovery Through Retrofit” initiative that includes creation of “energy performance labels” and “national energy performance measures” for existing homes, despite the fact that the House Energy Bill (H.R. 2454) exempted those homes as well existing multi-family and commercial buildings from energy labeling under the bill. NAR President Charles McMillan wrote the White House and the heads of all Federal departments involved in the labeling initiative, requesting an immediate meeting to share our strong concerns about the stigmatizing effects of these labels on real estate at one of the most critical moments in the nation’s economic recovery.

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