What sets REALTORS® apart is our ability to build relationships and consensus – we do this every day to help our clients achieve their dreams of property ownership. Those skills are also the foundation of our advocacy success. Read more about how we’re strengthening relationships with elected officials at every level of government, and how your association can be part of this vital work.
ICYMI: NAR President Tracy Kasper issued a video message from NAR President Tracy Kasper on the challenging and distressing circumstances NAR has been navigating over recent weeks and the plans for moving forward.
What You Need to Know
NAR spearheaded a coalition letter to congressional leaders on September 8 urging an immediate extension of the National Flood Insurance Program (NFIP) before its September 30 expiration. The letter noted that an NFIP lapse would threaten 1,300 property sales each day.
The 3.5% down payment requirement makes FHA-insured loans an important financial tool, helping more buyers achieve homeownership. Yet many sellers and their agents may decide not to accept offers from FHA buyers based on pervasive myths about this type of financing. Federal Housing Commissioner Julia Gordon recently sat down with REALTOR® Magazine to discuss how FHA is dispelling misperceptions and broadening access to homeownership.
NAR recently responded to the FHFA’s request for information on tenant protections in Fannie Mae- or Freddie Mac-backed multifamily rental properties. The letter stressed the need for policies that address the root causes of high rents, including removing barriers to affordable housing construction, incentivizing participation in the Housing Choice Voucher program, and funding existing HUD programs. It also outlined the dangers of further regulation on GSE-backed properties, which comprise an estimated 26% of the U.S. multifamily rental market.
Almost 60% of metro areas posted home price gains in the second quarter of 2023. For a typical starter home valued at $342,200 with a 10% down payment loan, the monthly mortgage payment grew to $2,012, up 9.9% from the previous quarter ($1,830).
As of August 31, RPAC fundraising reached 75% of its national goal with nearly $38 million raised at all three levels of the association, and 103% of its federal disbursements allocation goal with $10.3 million raised at the national level. RPAC currently has 7,648 Major Investors, 1,848 President’s Circle members, and a 33% participation rate.
The REALTOR® Party At Work
Don’t forget to bookmark NAR’s Washington Report for the latest policy updates.
For centuries in Maine, the title to the intertidal zone has always belonged to the “upland property owner.” This zone is also valuable to commercial and industrial interests, and the state government has periodically attempted a taking; to date, REALTORS® have successfully championed the rights of private property owners. When the issue threatened this past spring, the Maine Association of REALTORS® again defended those rights with the help of a REALTOR® Party Issues Mobilization Grant.
Oklahoma City Metropolitan Association of REALTORS® Launches Campaign to Educate Members and Public About Homelessness
With support from the REALTOR® Party’s Issues Polling program, the Oklahoma City Metropolitan Association of REALTORS® (OKCMAR) conducted a membership survey about issues affecting local REALTORS®. Homelessness in the region was the top concern for more than 60% of respondents, and they urged their association to do something about it. Using REALTOR® Party Housing Opportunity Grants, OKCMAR launched “The Way Home,” a major initiative establishing the REALTORS® as leaders in the fight to end homelessness in Oklahoma City.
When a Homeowners Association (HOA) in a town about an hour north of Dallas banned property owners from accepting Section 8 vouchers, Texas REALTORS® responded swiftly and decisively, leading a coalition that met with legislators to craft a bill preventing HOAs from denying members the right to accept whatever form of payment they chose. In doing so, they preserved a critical source of affordable housing and demonstrated that REALTORS® will not tolerate discrimination.
Resources & Opportunities
Join us for the premiere of Planning & Zoning Resource: Advocating for your Community’s Future on September 19 from 11 am to 6 pm ET. You’ll learn the basic components and processes of the planning and zoning phases of real estate development and how these phases can lead us to a better way of developing communities, including smart growth and boosting housing supply.
Questions? Contact Hugh Morris at 202-383-1278.
Legislative and regulatory proposals that may do harm to property rights often arise quickly and require expert analysis. The Land Use Initiative will analyze proposed planning and zoning-related measures that impact the transfer of real property to help state and local associations advocate on behalf of members. Learn how the Knoxville Area Association of REALTORS® defeated detrimental zoning proposals using this and other REALTOR® Party resources.
The Vote, Act, Invest Advocacy Resource Guide includes resources and tools that can help associations reach their advocacy goals and meet Core Standards requirements. State and local REALTOR® association staff can request printed copies for events and conferences by contacting Ted Wright. Requests for printed guides must be submitted two weeks prior to the event.
Join us on October 4 for our Ask an Appraiser Webinar, a 60-minute, live Q&A discussion with a panel of seasoned REALTOR® appraisers as they field questions about all aspects of the real estate industry and appraisal process. Build your expertise and knowledge to provide invaluable support to your clients.