Current News from NAR...

With these issues addressed, I asked NAR Chief Lobbyist, Jerry Giovaniello, what Congress is likely to do when it returns from recess later this month. He mentioned three issues that we are watching closely.

First, we have been keeping an eye on financial reform legislation. We 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, opening the door for new regulations for appraisals.
Rest assured that NAR would have a seat at the table on those discussions.
Currently lawmakers are trying to resolve other differences in the financial reform legislation. We hope to 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. When that bill passes, the program will be restored through the end of the fiscal year.

Third, we are monitoring the debate on carried interest, which affects commercial real estate. There was a proposal in a recent bill that would tax carried interest at a regular income tax rate, instead of its present capital gains tax rate. Now is NOT the time to raise taxes on real estate, and especially not on commercial real estate, which continues to struggle.

We’re making great progress, but we have a lot left to do.
I ask all of you to visit the Government Affairs page on Realtor.org and stay on top of the issues that are important to your businesses.