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6.27.09
U.S. Houses Passes Climate Bill with Energy Labeling Exemption
The U.S. House of Representatives approved H.R. 2454, the American Clean Energy and Security Act by Reps. Waxman (D‐CA) and Markey (D‐MA). The bill, re‐numbered H.R. 2998, includes NAR‐supported provisions which were championed by Rep. Perlmutter (D‐CO) that exempt existing homes and buildings from the bill's energy labeling program. After multiple meetings to discuss the Waxman‐Markey bill, the NAR Land Use, Property Rights and Environment Committee directed NAR staff to concentrate on the real estate provisions in the bill. As a result, NAR issued calls for action and made this a talking point for Capitol Hill visits during its recent Midyear meeting. Overall, Realtors succeeded in making a number of positive changes to the bill. Thanks to Realtors, the House‐approved bill:
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Limits the energy labeling provisions to new construction only;
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Prohibits the Environmental Protection Agency from regulating carbon emissions from residential and commercial buildings under the Clean Air Act;
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Eliminates an early proposal to bolster a private right of action so that citizens could sue over minor climate risks under the Clean Air Act; that proposal is no longer in the bill as passed by the House;
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Provides property owners with significant financial incentives, matching grants and the tools to make property improvements and reduce their energy bills; and
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Establishes a multitude of green building incentives for HUD housing, including a loan program for renewable energy, block grants and credit for upgrades in mortgage underwriting.
While H.R. 2998 includes many positive changes, NAR will have additional opportunities to make further changes to address unresolved issues, such as the bill's building energy code targets. The Senate must still pass its version of an energy and climate bill. There would be a House‐Senate conference committee to reconcile differences between the House and Senate bills. The timing for a vote in the Senate is not clear as the Environment and Public Works Committee still must develop the climate provisions to "cap and trade" carbon emissions. The Senate Energy and Natural Resources Committee has approved the energy provisions (to which climate provisions would be coupled), which include building standards that are more realistic and preserve state flexibility to develop and enforce building codes. While the bill as approved by the House represents a significant improvement over the bill that was introduced, NAR will continue to work to address these issues as the legislative process continues.
6.24.09
HVCC Rules raise concern for REALTORS®
NAR is taking a close look at a new standard adopted by Fannie Mae/Freddie Mac that establishes standards for the solicitation, selection and compensation of appraisers. The Home Valuation Code of Conduct (HVCC), effective May 1, 2009, affects REALTORS®, appraisers, lenders, mortgage brokers and consumers and extends only to mortgages that are GSE-owned or guaranteed.
According to NAR, the standard has the potential to delay or eliminate numbers of home sales. Many members believe that it is resulting in lower appraised values and affecting home sales. Additionally, the lower valuations are costing home buyers and sellers extra money and time. The Code has been in effect for almost two months and its implementation is causing a great deal of confusion in the real estate industry. To that end, NAR is working with both Chambers in Congress to have a bill introduced to impose an 18 month moratorium on the HVCC in order for the real estate market to sort itself out before these new rules would take effect.
You can read more about the HVCC and its impact on the real estate industry by visiting www.realtor.org/hvcc.
6.5.09
STATE REPRESENTATIVE GARY DAY (R) MEETS WITH LVAR GOVERNMENT AFFAIRS COMMITTEE
Shown above (from left to right) – Frank Renaldi, GAC Chairman; Representative Gary Day; Tiffany Hayward, GAC Vice-Chair; Sue Seidel, LVAR President
This month’s Government Affairs Committee (GAC) roundtable series featured State Representative Gary Day (R). Day represents the 187th Legislative District, which includes portions of Lehigh County and Berks County. In Lehigh County, the district includes North Whitehall, Upper Macungie, Heidelberg, Lynn, Lowhill and Weisenberg. Representative Day’s was elected in November of 2008 and is serving his first year in the House.
Representative Day provided an insider perspective on the State budget negotiations, including his growing frustration with the delayed budget process. Day believes there may be a push by Democrats to increase the Personal Income Tax to fill the $3 billion deficit. He also believes an agreement will not be reached by the June 30 budget deadline, and that they will be in negotiations throughout the summer.
The Roundtable Series serve as a forum for elected officials to share with our members’ first-hand information on ongoing economic development and revitalization projects, local politics, and other real estate related matters. The meetings also serve as an opportunity for REALTORS® to show elected officials that we are organized and interested in the being a part of the public policy making process. By cultivating meaningful relationships, REALTORS® have the opportunity to build vibrant, safe and livable communities in partnership with elected officials. |