NOW LAW: Congresswoman Susie Lee’s Bipartisan Bill to Speed Up Housing Projects Signed into Law
WASHINGTON – RealEstateRama – Last night, Congresswoman Susie Lee’s (NV-03) bipartisan Accelerating Appraisals and Conservation Efforts Act (AACE Act) was signed into law by President Joe Biden. Lee first introduced the AACE Act in September of 2023.
Lee’s legislation — endorsed by Republican Nevada Governor Joe Lombardo and supported by stakeholders ranging from the Nevada Conservation League to the U.S. Chamber of Commerce — will ensure that Department of the Interior (DOI) public land transactions are completed effectively and efficiently by increasing access to qualified and cost-competitive appraisers. A companion bill was introduced in the Senate by Senator Catherine Cortez Masto (D-NV).
“After earning the support of Republicans and Democrats in Nevada and across the country, my AACE Act to help build more homes and cut housing costs has been signed into law by the President.” said Congresswoman Susie Lee. “The AACE Act cuts through red tape to more quickly unlock public lands for housing, conservation, and infrastructure projects at no additional cost to the American taxpayer.”
In Nevada, 80% of the land is owned by the federal government. DOI oversees hundreds of millions of acres of public lands nationwide, but before it can complete any land transactions, it must first guarantee that these transactions are done at fair market value. With growing demands, the agency has had to rely increasingly on private appraisers who can only work in the specific states where they are credentialed — unlike full-time federal appraisers, who have been able to work quickly and easily across state lines for decades.
The AACE Act will enable DOI to contract with private appraisers who are appropriately credentialed in one state or territory to perform appraisal and valuation services on DOI’s behalf in any state or territory. This will reduce bottlenecks that undermine housing, infrastructure, and conservation projects on public lands, without spending a single additional taxpayer dollar.
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