REALTORS from across the nation, including leaders of the Staten Island Board of Realtors, recently converged on Washington, D.C. to exercise the most fundamental right granted by the Constitution; “The right of the people peaceably to assemble and to petition the Government for a redress of grievances.”
 
SIBOR President Dawn Carpenter and CEO Sandy Krueger joined nearly 10,000 other REALTORS from across the country in our nation’s capitol to exercise this basic fundamental right on behalf of all 1.2 million members of the National Association of Realtors (NAR) and more than 75 million homeowners.  Elements of the 2008 NAR Federal Legislative Advocacy Agenda are not grievances in the traditional definition, but are requests to address issues of critical importance for the future of the real estate industry.
 
Carpenter pressed the case for additional housing stimulus measures to Staten Island Congressman Vito Fossella saying, “Working with our REALTOR party congressional allies, NAR successfully included a housing component into the administration’s Economic Stimulus Package.  These measures, including increased FHA loan limits and increased Conforming Loan Limits for Freddie Mac and Fannie Mae, have helped many Island families avoid foreclosure, refinance mortgages and brought increased stability to the borough’s real estate market.”
 
Unfortunately, these increases will expire December 31, 2008 unless Congress enacts permanent increases.  The primary mission of REALTORS visiting members of Congress was to stress the importance of enacting a Housing Stimulus Package.
 
The three elements of the package are:
 
     1.     FHA Reform legislation would make FHA a more flexible and widely-utilized program for borrowers and lenders making higher loan limits permanent.
     2.     GSE Reform legislation preserving the housing mission of Fannie Mae, Freddie Mac and the Federal Home Loan Bank system making higher loan limits permanent.
     3.     Homebuyer Tax Credit would widely be available for prospective homebuyers assuring credit is available for any property purchased as a principal residence.


 
Moving legislation through Congress is a challenging task.  That’s why Sandy Krueger has a positive outlook and believes, “We have achieved significant progress on the Housing Stimulus Package and will continue to press Congress to get the legislation to the President’s desk for signature into law.”
 
Other goals NAR is working to achieve involve improving access to affordable insurance through the re-authorization of the National Flood Insurance Program (NFIP) and Property and Casualty Insurance legislation that enhance the availability and affordability of homeowner’s insurance.  
 
As REALTORS kicked-off the Midyear Legislative Meetings, word came from Capitol Hill that the United States Senate had passed a bill reauthorizing the National Flood Insurance Program (NFIP) for five years. Once the House and the Senate reconcile the differences in their versions of the bill, President Bush can sign it into law.
 
With more than 28% of all REALTORS uninsured, enacting a Small Business Health Insurance Program to make insurance widely available and more affordable remains an important priority for the NAR.  For over a year, NAR has been leading a bi-partisan effort to develop legislation that could break the deadlock that has stalled past efforts to facilitate access to health benefits for small business owners, their employees and the self-employed.
 
Determining the fate of legislation, especially during an election year, is an inexact science, however this legislation is a reminder to Congress that NAR will continue to make health care a top priority.
 
Dawn Carpenter concludes, “We still have a lot to accomplish before the end of this Congress.  We have to stand ready to defend against potential attacks on the favorable real estate policies currently in place.  All together, NAR, our state and local association partners and members have a route toward continued success and the resources and resolve necessary to get there.”