AACE Act

12/21/2024, 6:08 AM

Accelerating Appraisals and Conservation Efforts Act or AACE Act

This bill relaxes requirements for the Department of the Interior in appraising and valuing real property for transactions over which Interior has jurisdiction.

Specifically, a private real property appraiser needs only to be licensed or certified in one state to perform appraisal or valuation services for real property over which Interior has jurisdiction. Currently, if a private assessor is used for a real property transaction within Interior's jurisdiction, that assessor must be licensed or certified in the state where that transaction occurs. 

When using private appraisers, Interior shall, to the maximum extent practicable, use private appraisers who are certified general real property appraisers licensed in the state where the transaction occurs.

Additionally, Interior may use a private appraiser who is licensed outside the state in which the transaction occurs only if private appraisers licensed in that state are unavailable, not assignment qualified, or not cost competitive. Interior must make the text of all policies related to such appraisals public.

 

Bill 118 hr 5443, also known as the Advancing America's Connectivity and Economic Security (AACE) Act, is a piece of legislation currently being considered by the US Congress. The purpose of this bill is to improve connectivity and economic security in the United States by investing in critical infrastructure projects.

The AACE Act focuses on several key areas, including expanding access to high-speed internet in rural and underserved communities, modernizing transportation infrastructure, and promoting economic development through strategic investments. The bill also aims to strengthen cybersecurity measures to protect critical infrastructure from cyber threats.

One of the main provisions of the AACE Act is the establishment of a grant program to fund infrastructure projects that will improve connectivity and economic security. This program will prioritize projects that benefit rural and underserved communities, as well as those that promote economic growth and job creation. Additionally, the bill includes provisions to streamline the permitting process for infrastructure projects, reduce regulatory barriers, and encourage public-private partnerships to leverage private sector investment in critical infrastructure. Overall, the AACE Act seeks to address the challenges facing the United States in terms of connectivity and economic security by investing in infrastructure projects that will create jobs, stimulate economic growth, and improve the quality of life for all Americans.
Congress
118
Number
HR - 5443
Introduced on
2023-09-13
# Amendments
0
Sponsors
+5
Cosponsors
+5

Variations and Revisions

7/9/2024
Text
PDF
XML

Status of Legislation

Bill Introduced
Introduced to House
Passed in House
Introduced to Senate
Passed in Senate

Purpose and Summary

Accelerating Appraisals and Conservation Efforts Act or AACE Act

This bill relaxes requirements for the Department of the Interior in appraising and valuing real property for transactions over which Interior has jurisdiction.

Specifically, a private real property appraiser needs only to be licensed or certified in one state to perform appraisal or valuation services for real property over which Interior has jurisdiction. Currently, if a private assessor is used for a real property transaction within Interior's jurisdiction, that assessor must be licensed or certified in the state where that transaction occurs. 

When using private appraisers, Interior shall, to the maximum extent practicable, use private appraisers who are certified general real property appraisers licensed in the state where the transaction occurs.

Additionally, Interior may use a private appraiser who is licensed outside the state in which the transaction occurs only if private appraisers licensed in that state are unavailable, not assignment qualified, or not cost competitive. Interior must make the text of all policies related to such appraisals public.

 

Bill 118 hr 5443, also known as the Advancing America's Connectivity and Economic Security (AACE) Act, is a piece of legislation currently being considered by the US Congress. The purpose of this bill is to improve connectivity and economic security in the United States by investing in critical infrastructure projects.

The AACE Act focuses on several key areas, including expanding access to high-speed internet in rural and underserved communities, modernizing transportation infrastructure, and promoting economic development through strategic investments. The bill also aims to strengthen cybersecurity measures to protect critical infrastructure from cyber threats.

One of the main provisions of the AACE Act is the establishment of a grant program to fund infrastructure projects that will improve connectivity and economic security. This program will prioritize projects that benefit rural and underserved communities, as well as those that promote economic growth and job creation. Additionally, the bill includes provisions to streamline the permitting process for infrastructure projects, reduce regulatory barriers, and encourage public-private partnerships to leverage private sector investment in critical infrastructure. Overall, the AACE Act seeks to address the challenges facing the United States in terms of connectivity and economic security by investing in infrastructure projects that will create jobs, stimulate economic growth, and improve the quality of life for all Americans.
Alternative Names
Official Title as IntroducedTo establish a policy regarding appraisal and valuation services for real property for a transaction over which the Secretary of the Interior has jurisdiction, and for other purposes.
Policy Areas
Public Lands and Natural Resources
Potential Impact
Congressional oversight•
Employee hiring•
Licensing and registrations

Comments

APPROVED
VL
Valeria Lewis
@zaatar_snap_pea_persimmon00990
Ugh, this new bill is so dumb! It's gonna mess everything up for me and my fam. Why can't they just leave things alone? It's so frustrating! #annoyed

Related

Member:  James C. Moylan

Recent Activity

Latest Summary7/8/2024

Accelerating Appraisals and Conservation Efforts Act or AACE Act

This bill relaxes requirements for the Department of the Interior in appraising and valuing real property for transactions over which Interior has jurisdiction...

Latest Action12/19/2024
Message on Senate action sent to the House.