With short-term deals recently struck to fund the government and extend the debt ceiling, the spooky season for congressional deadlines now shifts to December. Read more about the latest deliberations and NAR President Charlie Oppler’s recent meeting with President Biden.
By the Numbers
NAR President Charlie Oppler joined President Biden and other business leaders at the White House last week to discuss the urgent need to raise or suspend the debt ceiling. More than $8.6 trillion in mortgage debt is backed by the federal government, making the real estate sector highly susceptible to market instability due to a potential debt default.
On October 1, FEMA began implementing its new flood insurance pricing methodology – Risk Rating 2.0: Equity in Action – following nearly a decade of work with NAR and other stakeholders to revamp the National Flood Insurance Program. This system will produce more accurate, equitable, and science-based rates that better reflect the specific flood risk of each individual home.
Sixty percent of non-homeowning millennials say student loan debt is delaying their ability to buy a home, by far the most affected population, according to a new poll released by NAR. They often must choose between investing in their retirement, purchasing a home, getting married, starting a family, or general savings.
The youngest adults in the housing market – Gen Z – feel the strongest about one day becoming homeowners. Nearly 84% recently surveyed say that owning a home is a major component of achieving the American dream, according to a new survey from Cinch Home Services, a home warranty firm.
The REALTOR® Party At Work
Highlighted here are a few of the many REALTOR® Party success stories across the nation. These and others are cataloged in the Success Stories section on REALTORParty.realtor.
For a municipality whose primary revenue source is a Transient Occupancy Tax, the City of Big Bear Lake, California, would seem to have been shooting itself in the foot when the City Council found itself facing a vote to cap short-term rental permits. The Big Bear Association of REALTORS® used the REALTOR® Party’s Advocacy Everywhere program to oppose the threat and protect the rights of homeowners.
Texas REALTORS® has been working to reform the state’s property tax system for decades. Following years of effort and a major Issues Mobilization campaign supported by the REALTOR® Party, one In the months leading up to its 2021 centenary, the Colorado Association of REALTORS® worked with Habitat for Humanity to achieve a powerful slate of legislation – dubbed “A Century of Opportunity” – that will improve homeownership access for all Coloradans. The association used an Issues Mobilization Grant to fund extensive statewide focus groups and the Advocacy Everywhere program to issue a Call For Action to members.
The Rogue Valley Association of REALTORS® was poised to begin a major Wildfire Safety Campaign in the City of Ashland, Oregon, in Spring 2020. The pandemic and a massive wildfire forced them to delay, but the REALTORS® knew the campaign was more necessary than ever. One year later, with the help of a REALTOR® Party Consumer Advocacy Grant, they carried out their original plans with several unexpected benefits.
Virginia REALTORS® challenged the state’s more than 36,000 REALTOR® members to complete Fairhaven, NAR’s interactive fair housing tool, and honored the top five associations with the highest percentage of Fairhaven completion during its annual convention and centennial celebration. Virginia’s challenge quickly gained national attention and inspired other state associations to follow suit.
Resources & Opportunities
Apply for Smart Growth, Housing Opportunity, Fair Housing, Placemaking and Rural Outreach grants by Friday, October 15. The 10 percent financial contribution requirement is waived for any association that requests reimbursement through December 31. Read success stories or sign up for a 30-minute one-on-one meeting with staff experts via Zoom.
Congress has allocated more than $46 billion in emergency rental assistance relief for struggling renters and housing providers. With Housing Opportunity Grants, your association can host a forum to help landlords and tenants understand the application process. View the Housing Opportunity Toolkit (page 9) and NAR’s rental assistance page for more information.
Our recent six-part webinar series on transforming neighborhoods focused on equitable revitalization strategies and opportunities to build partnerships among REALTORS®, local government, and community stakeholders. Read REALTOR® Magazine coverage: Housing Equity in Practice, Not Just Theory, How to Help Revitalize Your Neighborhood, How to Address Problem Vacancies in Your Neighborhood, How to Bring Problem Properties Back to Productive Use, Land Banks on the Rise, and How Art Can Help Revitalize Neighborhoods, or watch the sessions online.
Questions? Contact Wendy Penn at 202-383-7504.
Get the latest updates and information on advocacy grants, programs, resources, and educational opportunities with the Interactive REALTOR® Party Resource Guide. A new design, dynamic search functions, and integrated Realtor Party Tracker data offer a complete view of the REALTOR® Party at work in communities nationwide. Bookmark this invaluable online resource today.