This week I am here at the National Association of REALTORS® Mid-Year Legislative Meetings in Washington, D.C. Also here are several WeMAR members, members of WCR, AAR staff and leadership and NAR staff and leadership. The theme of this annual meeting is Government Policy and the REALTOR® perspective.
REALTORS® bring a unique view to issues as we represent small business, property owners, tenants and communities as part of our everyday life.
Because we cross so many interest areas, we are uniquely qualified to speak on a range of issues and topics, something Washington D.C. needs. No matter the topic or issue, Federal policy impacts states and local governments, residents and citizens in ways federal agencies and elected officials cannot and do not understand or anticipate.REALTORS® are in a position to bring credible information on local and state impact and needs to the federal agencies and elected officials.
Today and tomorrow, members will be visiting their legislators. Yesterday, I attended a briefing on NARs goals for this year’s visits.
First of all, we don’t have any “asks” per se. Our goal is to have a conversation with the legislator and let them know our concerns and support for adequate infrastructure, reform and reauthorization of flood insurance, data privacy and the evolution of technology for business and customers, association health plans and the availability of affordable health insurance for Independent Contractors like REALTORS, GSE reform and access to credit, extension of Mortgage Debt Relief, Fair Housing and Opportunity Zones.
NAR has a new advocacy structure and leadership team headed by Shannon McGahn – Sr. vice president of Government Affairs. NAR now has two lobbyists for House Republicans, two lobbyists for House Democrats, and one lobbyist for each Republican or Democrat Senator. In addition, there are NAR legislative liaisons who update us and act as a convenient way for local and state associations to contact NAR on advocacy issues or ask questions concerning legislation. Arizona’s liaison is Jack Greacen who visited WeMAR in January 2019. If you missed that event, you can access our discussion with Jack at www.wemargad.org. Click on Videos.
NAR is hoping we see Flood Insurance renewed this week and begin to see real bipartisan efforts to make needed reforms to the program this year.
WeMARGAD.org has articles dating back a year on Opportunity Zones. Update guidance was received in April 2019, but there is still need for further guidance so that investors and small business owners know exactly how to proceed with their investment. Because Treasury has been slow to promulgate rules and guidance, investors are hesitant and Opportunity Zones are not being accessed as much as they might have been. NAR supports an extension of the timelines so that investors may gain the guidance they need from Treasury and invest with confidence.
WeMAR has been working closely with cities in our jurisdiction. We have also sent letters explaining the issue to legislators last March. We have provided information and been a resource to both local and federal elected officials as we strive to inform them of the issues facing investors. You can access articles on Opportunity Zones at www.wemargad.org. Search Topics for Opportunity Zones to access all the articles.
Mortgage Debt Forgiveness is another issue NAR is interested in. Currently, the House of Representatives is working on an extension. We hopefully will see this in the Fall legislation. For those who may not remember the problem, Currently under federal law, the IRS taxes homeowners who are foreclosed on or who sell their house in a short sale on the difference between their mortgage amount and the short sale sales proceeds or the foreclosure amount. As you can imagine, a homeowner who is in economic distress cannot pay tax on this amount and frequently ends up behind in their taxes. The same holds true for loan modifications.
We saw the massive economic devastation this can bring to individuals and families, in some cases these distressed homeowners may never recover from these losses. During the crisis, Congress provided tax forgiveness for distressed homeowners, but this is a yearly congressional action and not always accomplished. By formulating this action as part of law, the yearly uncertainty will become a thing of the past.
GSE reform is a large topic and NAR has great resources on the GSE’s (Fannie and Freddie), the issues these agencies face, the purpose they serve in providing affordable mortgages, and proposals for reform. You can access this information at www.nar.realtor.
In addition to these conversation items, WeMAR will be updating legislators and their staffs on the impact of these and other issues on property owners, business owner and WeMAR members here in Arizona.
Overall our message to legislators and their staffs is: we are a resource, how can we help you do your job better? What information or insight can we provide so that you the legislator are as well informed as possible on topics such as these?
Check out more information on NAR’s mid year legislative conference at www.nar.realtor and consider joining us next year here in Washington DC.
WeMAR GAD: Advocating for private property rights, the right to private contract and YOUR business!