REALTORS® Lobby Members of Congress on Housing, Finance, Insurance & Tax Issues
Last week, REALTOR® members traveled to Washington, DC to advocate for important real estate issues with Members of Congress. The issues that were discussed included the following:
- Preserving Real Estate Related Tax Policies – retaining the Mortgage Interest Deduction, Property Tax Deduction and Section 1031 Like-Kind Exchanges.
- Open Access to Condominiums & Rural Housing Service Loans – NAR supports H.R. 3700, the “Housing Opportunity Through Modernization Act,” which passed unanimously in the House but needs the Senate to bring H.R. 3700 to the Floor. H.R. 3700 contains provisions to east FHA restrictions on condo sale & purchase; provides permanent authority for approved lenders to approve Rural Housing Service Loans; and makes reforms to federally assisted housing programs.
- Provide Private Flood Insurance Options – NAR supports H.R. 2901, the “Flood Insurance Market Parity and Modernization Act, which passed unanimously in the House but needs the Senate to pass the House bill. H.R. 2901 would compliment the National Flood Insurance Program (NFIP) by allowing consumers to purchase flood insurance in the private market and allows consumers the freedom (without penalty) to move freely between the NFIP and private coverage.
- Don’t Raise the Cost of Homeownership – REALTORS® asked House members to support H.R. 4898, the “Risk Management and Homeownership Stability Act,” and Senators to support S. 752 (companion legislation to H.R. 4893). This legislation would prohibit guarantee fees from being extended, increased and diverted for unrelated government spending so that homeowners are not charged more for their mortgages.