The Virginia Association of Realtors®® has announced its support for Governor Bob McDonnell’s plan to help fund transportation in Virginia.
Our members have asked us, as part of our ongoing political efforts, to work on issues that have a clear and direct effect on real estate. Transportation, because it has such a tremendous effect on neighborhoods, commuting, and commerce, is obviously important to our members and their clients and customers.
Roads, bridges, and public transportation are all vital to Virginia’s long-term economic growth and health. Without sufficient funding, we risk losing the foundation that has made and kept Virginia’s economy strong.
The governor’s plan is a broad-based tax solution that will not put undue burden on the real estate industry (through, for example, transfer taxes or recordation fees). Instead, it ensures the entire Commonwealth contributes to our shared transportation infrastructure.
By adding a projected $3.1 billion to VDOT’s budget over the next five years, the plan is a solid and important step. We look forward to continuing to work with Governor McDonnell and state legislators to ensure adequate transportation funding for the long term.
Will it pass? Good question. But it’s a great starting point, and we aim to use our influence in urging the General Assembly to act.