REALTOR® Party News – June 2024

In This Issue 

• BREAKING NEWS: VA announces temporary policy allowing VA home buyers to compensate their buyer broker directly.
• June is Homeownership Month: Check out NAR advocacy resources.
• Housing Supply Accelerator Playbook helps communities move from awareness to action on increasing housing opportunities.
• FHA increases allowable fees for assumable loans.
• New Jersey court case creates model for protecting independent contractor status.

Congratulations to NAR’s own Joe Ventrone on receiving the Carl A.S. Coan, Sr., Lifetime Achievement Award for Public Service at the National Housing Conference’s Housing Visionary Awards Gala on June 5. Many NAR leaders and staff, past and present, attended the event to recognize Joe’s accomplishments and lasting influence. Read more.

What You Need to Know

VA Announces Temporary Policy Allowing VA Buyers to Compensate their Buyer Broker Directly

After thousands of NAR members advocated in D.C. for veteran home buyers to maintain access to professional representation, a VA official signaled last month that the agency planned to temporarily lift its ban on buyers directly compensating their agent. Today, the VA issued the temporary policy, which will ensure veterans are not put at a disadvantage while the agency determines when a formal rulemaking process is necessary.

NAR launched an all-hands advocacy effort on this issue, working with Congress and the VA committees, meeting with the VA, collaborating with industry partners, and holding hundreds of Hill meetings at RLM.

While applauding this important win, we continue to work toward a permanent solution. Last month, the NAR Advocacy team helped ensure language was included in a manager’s amendment to the House Appropriations bill directing the VA to determine whether the original policy negatively impacts veteran home buyers. NAR is also sending a letter to the House VA Economic Opportunity Subcommittee ahead of a hearing this week, encouraging members to advance legislation to ensure existing VA policies do not disadvantage veterans.

Homeownership Month Resources

• Bookmark and share NAR’s Homeownership Month landing page at NAR.realtor/HomeownershipMonth. The page focuses on advocacy efforts to increase access to homeownership and also includes social graphics, event information, related NAR research, and resources.
• Join the REALTOR® Party Homeownership Month webinar on June 20 at 2 pm ET to explore how REALTOR® associations are maximizing Housing Opportunity Grants to expand housing access.
• Check out PropertyAction.realtor’s consumer financial literacy campaign called Plant Roots Grow Wealth.
• Engage with the American Property Owners Alliance’s social media campaign, #OurHousingStory, to echo the need for action on housing affordability.
• Help raise $1 million for the REALTORS® Relief Foundation to provide housing relief after disasters.
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Housing Supply Accelerator Playbook Launches 

The Housing Supply Accelerator Playbook is a new roadmap for communities to effectively navigate their housing supply challenges, offering a menu of options that can be tailored by local stakeholders. Produced by the American Planning Association and the National League of Cities, the Playbook’s development was supported by NAR, the National Association of Home Builders, and the Mortgage Bankers Association.

Read our latest blog post on this customizable resource and how local and state REALTOR® associations’ efforts helped inform it.

FHA Increases Allowable Fees for Assumable Loans

In May, the Federal Housing Administration (FHA) doubled the allowable fees for assumable loans from $900 to $1,800. Assumable loans create opportunities for those with FHA mortgages who are struggling to sell their homes in high interest rate environments, and for consumers who wish to purchase but are sidelined because of higher monthly payments. But many practitioners report delayed transaction times, as the time and work needed to underwrite and process the assumption does not correlate to the amount servicers are able to charge.

NAR advocated for this change to help facilitate the transaction and assist home buyers and sellers.

N.J. Case Creates Model for Protecting Independent Contractor Status

Last month, New Jersey REALTORS®’ advocacy and legal efforts, supported by NAR, resulted in a favorable court ruling to protect members’ independent contractor status. Not only will the decision likely help ward off future issues in the state, but it could offer a precedent for other states as well. Read more about this victory in REALTOR® Magazine.

RPAC Update As of May 31, RPAC fundraising reached 58% of its national goal with $28.9 million raised at all three levels of the association, and 70% of its federal disbursements allocation goal with $7 million raised at the national level. RPAC has 4,684 Major Investors and a 28% participation rate.

The REALTOR® Party At Work

2024 Election HQ

Of 249 primary contests, RPAC-supported candidates in 228 congressional districts have advanced to the general election. The Opportunity Race Program has supported 49 candidates, with 47 winning their primaries.

NEW: Check out this video highlighting the Opportunity Race Program’s successes so far in 2024.

REALTOR® Party Success Stories

• Northwest Vermont REALTOR® Association Promotes Reforms to Dated Land Use Policy Stifling Housing Production
• Oregon REALTORS® Conduct “People for an Affordable Oregon” Campaign in Support of Key Housing Legislation
• Utah Association of REALTORS® Creates Compelling Social Media Campaign to Support Major Legislation Boosting New Housing

REALTOR® Party Resource Spotlight

Issues Mobilization Grants
Issues Mobilization Grants provide financial assistance to state and local REALTOR® associations to support effective advocacy campaigns and ballot initiatives on public policy issues. In May, an Issues Mobilization Grant and NAR’s Consumer Advocacy Program helped Missouri REALTORS® secure passage of land bank legislation that will allow St. Louis and other municipalities to redevelop vacant properties and boost housing supply.

REALTOR® Party Playlist

Advocacy Scoop Podcast: Episode 4 Out Now!
This special episode was recorded live at the REALTORS® Legislative Meetings in Washington, D.C. Shannon and Patrick provide a mid-year advocacy update, including advocacy work surrounding the settlement agreement and its impact on the Department of Veterans Affairs Home Loan Guaranty Program, and much more!

Link Library

• FlyIn.realtor: Advocacy talking points and priorities
• RealtorParty.realtor: REALTOR® Party grants and resources
• NAR.realtor/AdvocacyWins: Compilations of advocacy successes
• Washington Report: Policy updates
• Facts.realtor and Competition.realtor: Settlement information and resources