Amazing turnout here at 7:30 am for the Federal Issues meeting. Standing room only in a huge room. Many hot topics like flood insurance, short sale tax forgiveness, FHA, and other financing programs. Great comments and insight into how laws are made and the challenge of getting things done in DC. We have a great team at NAR DC.
State and Local Issues
This is a committee I have been wanting to visit for a while. They do very interesting work connecting various parts of the country, and when there is a trend NAR can take action. I just heard a report on the state and local tax issue—mostly about where they are trying to raise taxes and other places the are eliminating the mortgage interest deduction or adding tax on real estate services. NAR has commissioned a 200-page report that is now available on REALTOR.com.
Community Rating System and NFIP
Did you know that CRS means something different when it comes to flood insurance? Community Rating System is a way that a community can get discounts off flood insurance by taking certain actions. Some of these actions can be taken by REALTOR® associations. Hey REALTORS®, do this for your community! The biggest crime is that many areas have not signed up for this program. Flooding can happen anywhere, from sides of mountains to miles from creeks to the obvious rivers and ocean fronts. CRS is a must do!
PPR, LU, and the ECM
At the Private Property Rights, Land Use and Environmental Committee Meeting. Report now from the PAG (President’s Advisory Group) on why flood insurance has shot up and what we can do about it. Other topics are fascinating, too. Couple good leaders here in Donna Smith and Max Gurvitch.