REALTOR® Party News – April 2024

In This Issue 

• April is Fair Housing Month: Learn about available resources.
• NAR seeks clarity on home buyer access to mortgage credit and urges the VA to revise a policy that disadvantages VA buyers.
• DOL’s worker classification rule takes effect; NAR continues to protect REALTORS®’ ability to be classified as independent contractors.
• NAR testifies before Congress on dire lack of housing inventory.
• Chicago voters defeat transfer tax proposal after advocacy blitz.

Watch: Kevin Sears and Shannon McGahn preview Hill visits at RLM.

What You Need to Know

Fair Housing Month Resources

• Watch the recording of Many Rivers to Cross: America’s Ongoing Fair Housing Journey
• Learn about NAR’s 2024 Fair Housing Champions
• Use the Fair Housing Month toolkit
• Attend upcoming Fair Housing Month events

Protecting Buyer Financing

Veterans using the VA home loan benefit are currently prohibited from compensating their professional representative directly, putting these buyers at a disadvantage when offers of compensation are not provided by a seller. NAR is urging the VA to revise its policies on allowable fees and ensure veterans don’t get left behind in the market.

NAR and the Mortgage Bankers Association (MBA) also sent a letter to the Federal Housing Finance Agency (FHFA), Federal Housing Authority (FHA), Fannie Mae, and Freddie Mac seeking confirmation that sellers’ payment of buyers agents’ commissions will continue to be excluded from the limits on interested party contributions. FHA quickly confirmed that this customary practice would continue.

Safeguarding Independent Contractor Status 

The U.S. Department of Labor’s (DOL) final rule regarding how workers are classified under the Fair Labor Standards Act (FLSA) took effect March 11. NAR met with DOL officials last month to discuss the rule’s impact on the real estate industry. NAR also shared concerns about how the federal rule may impact state worker classification laws.

NAR will continue to ensure real estate professionals retain the ability to be classified as independent contractors.

Highlighting Affordability Challenges Before Congress

NAR’s Deputy Chief Economist and Vice President of Research Dr. Jessica Lautz testified on the dire lack of housing affordability and inventory before the House Financial Services Subcommittee on Housing and Insurance on March 20. Citing NAR research on the inventory deficit, Lautz also highlighted REALTORS®’ work to make homeownership available to all.

Defeating Harmful Transfer Tax Proposal in Chicago

The ballots have been counted, and thanks to an uphill fight led by the Illinois REALTORS® and supported by NAR, voters soundly defeated a detrimental real estate transfer tax proposal in Chicago.

The tax hike, which was positioned as a way to address housing affordability and rising rates of homelessness, was expected to easily pass mere months ago. Following a massive effort by REALTORS® to educate voters on how the proposal would harm those it was purported to help, Chicagoans rejected the measure in the March 19 primary election.

RPAC Update As of March 31, RPAC fundraising reached 45% of its national goal with $22.5 million raised at all three levels of the association, and 57% of its federal disbursements allocation goal with $5.67 million raised at the national level. RPAC has 2,750 Major Investors and a 26% participation rate.

The REALTOR® Party At Work

2024 Election HQ

Of the 151 congressional districts that have held federal primary elections to date, RPAC-supported candidates in 137 congressional districts have advanced to the general election. The Opportunity Race Program supported 27 candidates, with 26 winning their primaries.

REALTOR® Party Success Stories

• Charleston Trident AOR® conference addresses how artificial intelligence affects fair housing
• Long Island Board of REALTORS® fair housing campaign focuses on access for people with disabilities
• Oregon REALTORS® host annual fair housing summit
• Wisconsin REALTORS® rally support for legislation addressing discriminatory deed language
• Canopy REALTOR® Association constructs community garden as part of neighborhood revitalization

REALTOR® Party Resource Spotlight

Community Outreach Grants: Funding Extended!
Community Outreach Grants help state and local REALTOR® associations enhance communities and improve affordability and livability. Associations can access grant applications through October 15 or until capacity is reached. Need ideas? Explore success stories or schedule a grant planning meeting.

Link Library

• FlyIn.realtor: Advocacy talking points
• 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