Access to Homeownership Top of Mind in Washington
Making homeownership more accessible has been one of NAR’s top advocacy priorities for years, and REALTORS® are ensuring it’s top of mind for policymakers, too. Since NAR released its groundbreaking report on the housing shortage in 2021, REALTORS® have led the call for a once-in-a-generation response to solve this crisis. Read more about last week’s Policy Forum, our ongoing legislative priorities, and recent congressional action on housing issues.
ICYMI: Advocacy Update
Last week, NAR President Kevin Sears discussed the association’s recent advocacy efforts with Chief Advocacy Officer Shannon McGahn. Check out the video direct from Capitol Hill.
What You Need to Know
NAR submitted 2 letters to the U.S. Department of Labor (DOL) expressing concerns about the new Employee or Independent Contractor Classification Under the Fair Labor Standards Act rule and how it may impact real estate professionals. NAR is requesting that DOL delay implementation until the agency issues additional guidance. NAR has also requested industry-specific guidance that considers the Internal Revenue Code carve-out for real estate agents, and that recognizes state laws governing how real estate professionals should be classified.
NAR commented on an advanced notice of proposed rulemaking (AS02) from the U.S. Department of Veterans Affairs (VA) on the VA’s minimum property requirements (MPRs). The MPRs are intended to ensure that VA borrowers have safe and secure housing, but REALTORS® have observed that they can put VA buyers at a disadvantage. NAR recommends adopting a framework of minimum standards similar to those of Fannie Mae and Freddie Mac to eliminate confusion and competitive disadvantages.
NAR wrote to the Federal Reserve, Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation on their proposed amendments to bank capital standards for large banks, also known as Basel III Endgame. The letter urges the agencies to repropose or retract the amendments, especially given the lack of statistical analysis and support for the proposed changes.
NAR unveiled its 6th iteration of the “That’s Who We R” national advertising campaign, offering consumers a first-hand look at what REALTORS® can do for them. The campaign highlights what sets REALTORS® apart in a crowded real estate industry: commitment to the Code of Ethics, access to specialized resources, and above all, unmatched expertise in the markets and communities in which they live and work.
$15.3M
As of January 31, RPAC fundraising reached 30% of its national goal with $15.3 million raised at all three levels of the association, and 24% of its federal disbursements allocation goal with $2.4 million raised at the national level. RPAC has 468 Major Investors and a 20% participation rate.
The REALTOR® Party At Work
Don’t forget to bookmark NAR’s Washington Report for the latest policy updates.
Austin REALTORS® Work to Increase Missing Middle Housing
The City of Austin approved the Home Options for Middle-income Empowerment (HOME) Resolution last year with strong support from the Austin REALTORS®. Backed by a variety of REALTOR® Party resources, the association is undertaking multiple efforts to build momentum on increasing missing middle housing.
Gallatin Association of REALTORS® Produces Regional Housing Report
The Gallatin (Mont.) Association of REALTORS® produced an annual housing report to help members, policymakers, housing advocates, and the media make sense of the region’s housing climate and anticipate future needs. The report has positioned the association as the primary resource for housing data in the fast-growing area and was made possible in part by a Consumer Advocacy Outreach Grant from the REALTOR® Party.
Phoenix REALTORS® Support Increasing Inventory Through Accessory Dwelling Units
The City of Phoenix has passed an ambitious plan to increase its housing inventory in the next few years, and accessory dwelling units (ADUs) will be a key component. When the City Council rolled out its new ordinance governing ADUs, Phoenix REALTORS® turned to the Land Use Initiative for help making an informed decision on supporting it.
Resources & Opportunities
REALTOR® Party Revamps Comms Platforms
New year, new look! Check out our modernized REALTOR® Party website and follow us on social (Facebook/Instagram/X) at @NARRealtorParty. Make sure to include #REALTORParty in your social posts so we can amplify your association’s efforts.
Land Use Initiative: Expert Advocacy Help When You Need It
Advocate for or against unexpected real estate measures with the REALTOR® Party’s Land Use Initiative. Receive expert analysis on property rights, regulatory burdens, housing supply, and financial fairness implications, along with talking points to support your position. Need inspiration? Learn how the New Orleans Metropolitan Association of REALTORS® minimized the impact of new rental regulations through the Land Use Initiative and Advocacy Everywhere.
Questions? Contact Christine Windle.
Harness the Power of Growth Polling
Do you want to understand how your community feels about various growth and development issues? Use the Growth Polling program to help formulate land use-related policies that reflect the needs of your community. Share results to foster relationships, influence policy, and build goodwill.
Questions? Contact Hugh Morris.
Plant Advocacy Seeds with Placemaking
Gain political capital, increase influence, and enhance the REALTOR® image when your association collaborates with local leaders on a Placemaking project such as a community garden, playground, parklet or dog park. The REALTOR® Party supports these efforts through grants and a range of inspirational resources including a toolkit and the Spaces to Places blog.
Questions? Contact Hannah Dannenfelser.
American Property Owners Alliance Supports Affordable Housing Legislation
The American Property Owners Alliance (APOA) is leading an effort to mobilize property owners to support the swift passage of the Affordable Housing Credit Improvement Act in the Senate. This legislation, included in the bipartisan tax package passed last month by the House, would expand the existing Low-Income Housing Tax Credit (LIHTC) to encourage investment in the development and preservation of affordable housing. Learn more about APOA and its work to protect property ownership.
President’s Circle Round One Launches
Round one of the 2024 President’s Circle Program has launched, featuring the national party congressional and senatorial committees or NAR Federal Political Coordinators’ (FPCs’) direct contribution to their respective member of Congress. Round one contributions are limited to $500 and must be made through the President’s Circle site to count toward your 2024 President’s Circle total.
Questions? Contact Jenn Nguyen.
How to Navigate Eco-Friendly Homebuying
Learn the basics of selling sustainable homes with NAR’s Sustainability 101 course. You’ll gain valuable knowledge on how energy efficiency translates into cost savings and why sustainable development is the key to a durable home. Enroll now to offer even more value to your clients and help them make informed decisions.
Share Your Story of Giving Back
As true change agents and community leaders, REALTORS® cultivate compassion, volunteer, and take action. Everyday acts of kindness help build stronger communities and make our neighborhoods thrive. Share your story so we can feature all the good you do on our social media channels and showcase REALTORS®’ impact to the world.
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