Living in the Lehigh Valley

NAR Legislative Priorities

NAR Legislative Priorities
Capital
 
 
National Association of REALTORS®
2010 Advocacy Agenda
 

As the largest professional trade association in the United States, the NATIONAL ASSOCIATION OF REALTORS® represents more than 1.2 million residential and commercial REALTORS® involved in all facets of the industry as brokers, salespeople, property managers, appraisers and counselors. NAR advocates policy initiatives that will result in the continued creation of a fundamentally sound and dynamic U.S. real estate market fostering vibrant communities in which to live and work.

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Mortgage Interest Deduction/Capital Gains:

Aggressively oppose any and all proposals that would reduce the value of the mortgage interest deduction or that would erode the $250,000/$500,000 capital gains exclusion on the sale of a principal residence.

Visit NAR's homepage on Mortgage Interest Deduction>

Fannie Mae/Freddie Mac Restructuring/FHA Insurance Program/Loan Limits/Financial Services Regulatory Reform/FHA Condominium Rules:

Advocate policies that would ensure that there is adequate liquidity in the mortgage market while providing for the safety and soundness of the government sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, and the Federal Housing Administration (FHA). This includes restructuring of the GSEs and proposed initiatives that will protect the FHA's capital reserve requirement while continuing to provide homeownership opportunities for underserved and unserved markets.

Visit:
www.realtor.org/fha
www.realtor.org/gses

Short Sales:

Continue efforts to improve the short sales process; monitor implementation of the Home Affordable Foreclosure Avoidance Program (HAFA) that incorporates NAR's suggestions for a uniform process, standard forms, and deadlines; take action to assure that servicers, investors, and second lien holders make the HAFA program a success; and seek an extension to the tax code provision (scheduled to expire at the end of 2012) that provides relief from taxation on certain mortgage debt that is forgiven by a lender.

Visit www.realtor.org/shortsales

Commercial Real Estate Lending:

Urge the adoption of federal policies that promote increased lending and access to credit in commercial mortgage markets.

Read NAR's Issue Summary>

Eminent Domain:

Support efforts to ensure that when the government exercises its eminent domain authority, the taking is for a legitimate public purpose and that just compensation is provided to the property owner.

Visit NAR's Private Property Rights/Eminent Domain homepage>

Appraisal Issues:

Support efforts to implement enhancements to recent appraisal rules, particularly the Home Valuation Code of Conduct. Support efforts to regulate appraisal management companies at the state level, preferably through FIRREA.

Visit www.realtor.org/hvcc>

National Flood Insurance and Affordable Property Insurance:

Urge Congress to strengthen U.S. policies and programs, including the National Flood Insurance Program, to support nationwide access to affordable property insurance.

Visit NAR's Natural Disaster/Flood Insurance homepage>

Small Business Health Coverage:

Represent the interests of Realtors® and other self‐employed individuals and small employers as Congress continues efforts to increase access to affordable health insurance coverage and control rising health care costs.

Visit www.realtor.org/healthreform

Depreciation - Tenant Improvements:

Press for renewal, extension and a permanent rule that would permit a 15‐year cost recovery period (depreciation) for leasehold improvements. (The prior provision expired on December 31, 2009.)

Read NAR's Issue Summary>

Wetlands/Clean Water Act/Water Issues:

Oppose federal legislation that would delete "navigable" from the definition of waters subject to Clean Water Act wetlands permits and thereby potentially extend the federal government's reach to backyard ponds and roadside ditches.

Read NAR's Issue Summary>

Transportation Reauthorization Funding:

Support transportation reauthorization legislation that provides funding to an array of transportation modes that reflect the needs of all transportation users and emphasizes repair and maintenance over development of new capacity.

Updated April 2010