As Congress nears its first of two deadlines to avert a partial government shutdown on Friday, March 1, lawmakers have yet to reach an agreement on a compromise bill to fund federal agencies and programs. The 118th Congress has already passed three short-term Continuing Resolutions (“CRs”) to keep operations afloat, with the most recent one passing on January 18, 2024. That CR funded certain agencies through March 1, and others through March 8, and unless Congress passes another short-term stop-gap bill, or, ideally, a long-term one, operations for those agencies will be partially shutdown. Essential services, such as the post office, will continue to run.
The March 1 deadline is for the departments of Veterans Affairs, Agriculture, Housing and Urban Development, Transportation, and Energy. These include many agencies and programs that are important to REALTOR® business and their clients:
The second deadline of March 8 impacts other agencies including the departments of Defense, State, and Justice, the Environmental Protection Agency, and the Internal Revenue Service. The effects of these agencies shutting down include:
Additionally, during a shutdown delays in the publication of proposed and final rules from federal agencies are expected.
The Government Sponsored Enterprises (GSEs) – Fannie Mae and Freddie Mac – are not reliant on appropriated funds, and thus are expected to continue normal operations in the event of a shutdown. Similarly the EB-5 Immigrant Investor Regional Center Program is funded and authorized through September 30, 2027 and will not be directly impacted by a shutdown, although the shutting down of other federal agencies such as the State Department may have an indirect effect on application processing times.
NAR continues to urge Congress to pass a long-term funding bill to keep government operations running smoothly and to avoid disruption to major programs such as the NFIP and FHA loans, which provide critical assistance to many homebuyers. Please visit the NAR Shutdown Memo page for more information on the impact of a government shutdown on REALTORS®.
What a Government Shutdown Means for REALTORS®
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