REALTOR® Party News – August 2024

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REALTOR® Party News – August 2024

In This Issue 

  • Priority issues updated for August and beyond.
  • NAR rallies against rent control proposal.
  • Housing in the spotlight at both political conventions.
  • FHA changes 203(k) rehabilitation mortgage insurance program.
  • Register for upcoming practice changes and advocacy webinars.
  • Out now: New Advocacy Scoop podcast on NAR’s commercial advocacy.

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NAR First Vice President Kevin Brown opens the 2024 Government Affairs Directors’ (GAD) Institute in Spokane, Washington on July 17. The 40th anniversary event brought together more than 300 GADs from state and local associations across the country for in-depth discussions and strategy sessions on REALTOR® advocacy issues.

What You Need to Know

NAR Updates Priority Issues for August and Beyond

The NAR Advocacy team issued updated talking points and resources on legislative priorities for the August congressional district/state work period.

New priority bills include:

  • Revitalizing Downtowns and Main Streets Act, which incentivizes the conversion of commercial buildings into residential units by providing a temporary investment tax credit.
  • VA Housing Loan Forever Act, which allows certain descendants of veterans to take advantage of their unused VA home loan benefit.
  • Yes In My Backyard (YIMBY) Act, which encourages state and local governments to remove barriers to housing development.

Visit FlyIn.realtor to learn more about all of the solutions NAR is advocating for to increase access to homeownership, expand housing supply, and ensure access to professional representation.

NAR Rallies Against Rent Control Proposal 

Rent control is a rare instance where the research is fairly conclusive: It doesn’t work. The only way to keep cities affordable for working-class families is to focus on housing supply. NAR advocates for federal legislation and policies to help eliminate discriminatory land use policies and remove barriers to housing production.

Last month, when President Biden announced a rent cap proposal, NAR immediately voiced strong objection through a statement and a coalition letter. The Housing Solutions Coalition, of which NAR is a founding member, submitted testimony to a U.S. House panel on the importance of advancing housing affordability and opposing rent control measures.

For state and local associations facing rent control proposals in their communities, NAR offers resources to push back on these misguided policies.

NAR Puts Housing in the Spotlight at Political Conventions

NAR is partnering with POLITICO to bring conversations on top housing issues to both political conventions this summer.

At the Republican National Convention in Milwaukee in July, the event featured multiple panels of government and industry leaders sharing their perspectives on how to address the nation’s housing challenges. NAR Chief Advocacy Officer Shannon McGahn led an executive discussion on the bipartisan solutions REALTORS® are advancing to make housing more accessible and affordable.

NAR will conduct a similar event with POLITICO at the Democratic National Convention in Chicago next week.

FHA Changes 203(k) Rehabilitation Mortgage Insurance Program

The Federal Housing Administration (FHA) recently announced changes to their 203(k) rehabilitation mortgage insurance program. NAR advocated for modernizing this program to ensure it keeps up with market trends and is more accessible and streamlined for home buyers.

As the nation continues to face a significant inventory shortage, NAR commends FHA for making these changes to enable more low- to moderate-income buyers to purchase homes in a broader range of the market while also revitalizing housing stock.

Reminder: NAR Practice Changes Webinar

NAR is offering live, interactive webinars to help members and associations navigate the upcoming practice changes. If you have not yet joined a session, please consider attending the final webinar this Thursday, August 15, from 3-4 pm CT. The registration link and other settlement resources are available at Facts.realtor.

 

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RPAC Update

As of July 31, RPAC fundraising reached 67% of its national goal with $33.46 million raised at all three levels of the association, and 93% of its federal disbursements allocation goal with $9.28 million raised at the national level. RPAC has 6,446 Major Investors and a 30% participation rate. .

 

The REALTOR® Party At Work

2024 Election HQ

Of 354 primary contests, RPAC-supported candidates in 331 congressional districts have advanced to the general election. The Opportunity Race Program has supported 55 candidates, with 51 winning their primaries.

REALTOR® Party Success Stories

REALTOR® Party Resource Spotlight

Transforming Neighborhoods Webinar
Join the Transforming Neighborhoods: Help Your Community Solve a Challenging Real Estate Problem webinar on September 11 at 2 PM ET to learn how NAR’s partnership with CRE Consulting Corps can help associations tackle disinvestment, housing gaps, and more. Learn about grant opportunities and the application process to be a catalyst for change in your community.

Save the date for other upcoming webinars:

  • Ask An Appraiser (Sept. 10, 2 PM ET)
  • Fair & Attainable Housing Ideas Forum (Sept. 18, 2 PM ET)
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REALTOR® Party Playlist

Advocacy Scoop: Red is for Commercial
NAR is the largest commercial real estate organization with over 165,000 commercial members. This month’s episode dives into commercial real estate advocacy, from protecting 1031 like-kind exchanges to promoting opportunity zones. Listeners will learn about NAR’s fight against the “Ugly 11” tax measures and how we’re preserving property conversions.


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