Event Coverage
SILVAR Leadership at NAR REALTORS® Legislative Meetings in D.C.
The National Association of REALTORS® (NAR) held its Hill visit lobbying days this week with REALTORS® from around the country converging on the Capitol to advocate on behalf of homeownership and private property rights. The SILVAR delegation met with U.S. Representatives Anna Eshoo, Jackie Speier, and Ro Khanna.
Members covered a breadth of issues at these small group lobbying meetings, including tax reform, flood insurance, and the preservation of sustainable homeownership. For the full talking points, click here.
On tax reform, REALTORS® urged the members of Congress to preserve the importance of homeownership in the tax structure. Though no tax reform legislation has been introduced in Congress yet, NAR is concerned by proposals being discussed by the President and Congress. Under proposals that limit the mortgage interest deduction (MID) and repeal the property tax deduction, homeowners earning between $50,000 and $200,000 would see their taxes go up by $815, whereas similarly situated renters would see tax cuts of $516. NAR is concerned that any proposal that limits the tax incentives for homeownership would dramatically reduce the value of the existing housing stock and could potentially lead to a crash.
SILVAR members also advocated for a multiyear reauthorization with reforms of the National Flood Insurance Program (NFIP). Authority for the NFIP expires on September 30, 2017. If the program were to lapse, then the NFIP would not be able to renew policies in 22,000 communities and an estimated 40,000 property sales per month would lapse. NAR believes that the private sector cannot guarantee access to affordable flood insurance to the five million NFIP policy holders.
NAR has also put together a package of bills under the header of "Protecting Sustainable Homeownership." Under this header is a bill to extend consumer disclosures to Property Assessed Clean Energy (PACE) companies. PACE loans are spreading in this region. Borrowers pay back debt borrowed to make environmental upgrades through their tax bill. These programs have been rife with abuse from contractors overselling what is needed, lack good disclosures to the borrowers, and have prepayment penalties. Lenders are also refusing to loan to homes with a PACE lien.
NAR likewise included in this category the elimination of g-fees. These are fees placed on homeowners to fund other government functions, such as transportation infrastructure.
Finally, though there is no official proposal to eliminate the secondary mortgage market, members of the current administration have suggested an interest in doing so. NAR adamantly opposes the elimination of Fannie Mae and Freddie Mac. NAR believes Fannie and Freddie should be reformed and not be under conservatorship. REALTORS® advocated to the members of Congress that without the ability to sell mortgages on the secondary market, the 30-year fixed mortgage for all but the wealthy will be eliminated.
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The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
For further information, please email or call the SILVAR office at (408) 200-0100.