The Center for Regulatory Effectiveness is soliciting comments from the public and from the regulated community with regard to guidance proposed by the Federal Home Finance Authority in relation to private transfer fees.
The FHFA has issued proposed guidance that would terminate the fees, which are fees paid each time a property changes hands; they are often used to fund community benefit programs, and are also used to provide an ongoing source of income for developers and investors.
The FHFA has received more than 2,500 comments regarding these fees. As these comments are being considered, the Center for Regulatory Effectiveness is asking the public and the regulated community to comment on several public policy issues stemming from CRE’s review of the comments already submitted to the FHFA.
The questions are these:
1. Should the FHFA issue a rule in lieu of guidance?
2. Should the FHFA prepare an environmental impact statement on the transfer-fee proposal?
3. Should there be a "carve out" for the public use of transfer fees?
Interested parties are asked to post their comments at the CRE’s site at this link.
Read more about private transfer fees at AdvisorOne.com.