April brings PSF Kick-Off to AAR
Political Survival Fund lets collective voice of REALTORS® be heard
The Political Survival Fund is a monetary fund comprised of voluntary contributions from REALTORS® that supports or opposes candidates and issues impacting the real estate industry.
But where do those PSF dollars go, and are they really helping the REALTOR® cause?
PSF funds helped the local, state and national REALTOR® associations achieve success on many issues impacting the industry throughout 2009.
National issues
Banks in real estate. After eight years of continuous struggle to convince Congress that banks should not be allowed in the real estate brokerage business, NAR achieved its objective. On March 11, the Omnibus Appropriations Bill was signed into law, and with it a declaration that going forward, neither real estate brokerage nor real estate management can be classified as a financial activity.
Mortgage reform and anti-predatory lending. On May 7, the House of Representatives passed the Mortgage Reform and Anti-Predatory Lending Act of 2009. NAR supported this bill because it acts to protect both the consumer and the housing sector. NAR secured a significant victory by “carving out” real estate brokerage and management activity from the bill’s broad definition of “mortgage originator” which, unchecked, could have encompassed significant portions of your daily customer service activities.
RESPA rules. NAR successfully urged HUD to make significant changes to the final RESPA rule that included 1) elimination of the “closing script”; 2) creation of a 30-day cure period; and 3) improved uniform formatting of GFE/HUD-1.
First–time home buyer, current homeowner tax credits. NAR was instrumental in establishing the original First-Time Home Buyer Tax Credit and its later extension; it was also instrumental in securing up to a $6,500 credit for current homeowners purchasing a new or existing home between Nov. 7, 2009 and April 30, 2010.
Mortgage Interest Deduction. NAR continues its 100 percent opposition to the provision in the 2011 Federal Budget (as it did in the 2010 Federal Budget) that changes the Mortgage Interest Deduction by reducing the amount of mortgage deductibility on families earning over $250,000 and on single tax payers earning over $200,000. This proposed change would result in further erosion of home prices and home values.
HVCC. NAR continues to be involved in ongoing concerns with HVCC.
For more information on these and other issues that affect your business from a national standpoint, go to www.realtor.org and click on Governmental Affairs. You will find how the PSF dollars sent to NAR are being effectively used to protect your industry.
State issues
The 2010 Colorado state legislature is in full session with several bills that can help or hinder your business. AAR members are fortunate to have three active members on the CAR State Legislative Policy Committee to watch out for REALTOR® interests. Sunny Banka, Metro Brokers – Sunny Homes & Associates, chairs the committee this year. Bob LeGare, Bob LeGare, Broker, and John Mitchell, Metro Brokers – Mitchell Realty Services, serve as members. Their many volunteer hours help ensure a political climate favorable to the real estate industry.
Moratory interest. CAR successfully opposed a bill to award moratory interest to claimants in residential construction defect cases from the time the property closes until the time judgment is rendered. The additional costs of litigation would ultimately have been passed along to potential homeowners, threatening affordable housing.
Carbon monoxide alarms. When the bill requiring the installation of carbon monoxide alarms in residential homes passed, REALTORS® successfully secured language which protects property owners and their agents from liability if the alarm is installed in accordance with the manufacturer’s instructions.
Energy billing and usage history. CAR successfully organized a statewide “call for action” to express concern over a bill which would have required that a seller provide a buyer 12 months of energy billing and usage history for a property within five days of the property’s sale. CAR believed this to be an unnecessary mandate which could have left buyers with a false sense of assurance relating to the home’s energy usage.
Impact fees. REALTORS® helped defeat a bill which sought to expand the authority of a local government to charge impact fees on new development within its jurisdiction. Had this bill passed, it would have created more uncertainty in the development process.
Statewide tax. CAR continues to stay ahead of efforts to mandate a statewide tax on the transfer of real estate. They are also working to maintain a regulatory environment that protects consumers, but one that also allows REALTORS® as small business owners to flourish.
Local issues
Vacant Property Registration Ordinance. AAR’s Government Affairs Committee worked from the beginning with the City of Aurora regarding the Vacant Property Registration Ordinance. AAR’s involvement resulted in three positive REALTOR® outcomes: 1) Establishment of a Sunset Review; 2) a review of Neighborhood Standards Policy; and 3) a commitment from the City that it will send status letters to title companies that state “as of a certain date, the following are violations or there are no violations or abatement issues.”
Centennial land use policies. Government Affairs Committee members have been active in the City of Centennial’s development of land use policies. Numerous meetings have been held and REALTOR® issues presented.
Aurora budget issues. The City of Aurora has faced serious budget challenges in the past year. Members of the Government Affairs Committee have testified at meetings and been actively involved in the Citizen’s Advisory Budget Committee to insure that REALTOR® interests are protected. Decisions made on a local basis directly impact your ability to have a successful real estate business and career.
PSF funds ensure that REALTORS® maintain a strong voice in all segments of government, from laws made and candidates elected in the national and state arenas to local issues that affect agents’ ability to do business successfully at home. Each PSF dollar does make a difference, and AAR hopes that all Association members make their fair share contribution to the PSF in 2010.
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