As you know, there has been a great deal happening on the federal legislative front recently. Last week, Congress passed two critical bills – one that extends the tax credit closing deadline to September 30th, and another that reinstates the National Flood Insurance Program through September 30th. Extending the tax credit deadline was extremely important. As many as 180,000 transactions were at risk of not closing by June 30th. The new deadline will certainly help our efforts to stabilize the market.
Over 83,000 REALTORS® sent more than 250,000 letters to Congress in June, thanks to all of you who respond the calls for action and invest in RPAC; it is what separates us from other groups. The recent CNBC segment sheds light about REALTORS® Associations nationwide and the impact our Associations has on policy to the betterment of our communities.
There are a number of issues currently before us as well. First, we have been keeping an eye on financial reform legislation. NAR succeeded in getting a more flexible option for seller financing in that bill. Additionally, the bill would effectively end the Home Valuation Code of Conduct (HVCC), opening the door for new regulations for appraisals. Currently lawmakers are trying to resolve other differences in the financial reform legislation. Hopefully we will see a final bill when Congress returns from the break.
Second, NAR is still working on restoring the 502 single-family rural housing loan guarantee program. There is a bill that is currently in conference between the House and Senate that would provide funding.The REALTORS® Associations at the national, state and local levels are strong because of our involvement, our RPAC investments and because we our issues are about protecting and enhancing responsible home ownership.
Among the issues being addressed on the state and local level, we are working with our Idaho Congressional delegation on the issue of HUD using and exclusive escrow agent and in negotiated rulemaking with the DEQ regarding antidegradation (water quality standards); finding a balance between keeping water quality standards while protecting private property rights.
It was fitting we had so achieved so many successes just before Independence Day reminding me of the importance of the REALTOR® Associations in protecting the American dream of home ownership.