NAR Supports Pilot Program to Incentivize Counseling
NAR sent a letter to Rep. Karen Bass (D-CA) supporting the "Homeownership Preservation Education Act of 2012".
This legislation would direct FHA to create a pilot program that would provide first-time homebuyers with an opportunity to reduce their insurance premiums by participating in homeownership counseling. The pilot program would be limited to one-year and FHA would be required to report to Congress on the program's progress.
The legislation has been referred to the House Financial Services Committee.