The 2014 NAR Legislative and Regulatory Year in Review document gives you a quick overview of the issues NAR tackled in 2014.
On December 16, 2014, the Senate passed H.R. 5771, the Tax Increase Prevention Act of 2014, by a vote of 76-16.
Despite having a bipartisan compromise bill, the Senate failed to reauthorize the Terrorism Risk Insurance Act (TRIA) before it adjourned for the remainder of the year, resulting in the program expiring on December 31, 2014.
NAR continues to push FHA to lower the mortgage premiums.
The Federal Emergency Management Agency (FEMA) recently announced the launch of the Interim Office of the Flood Insurance Advocate, led by the Acting Flood Insurance Advocate, David Stearrett. NAR strongly supported the creation of the Advocate's Office during congressional debate of the Homeowner Flood Insurance Affordability Act (HFIAA).
The Fiscal Year 2015 Omnibus Appropriations bill contained a provision which prohibits HUD, FHA, or Ginnie Mae's involvement in the eminent domain scheme developed by Mortgage Resolution Partners and considered by more than a dozen municipalities across the country.
Session had mixed results for REALTORS®.
The U.S. Senate’s alarming failure to renew the federal terrorism risk insurance program before adjournment will stall commercial real estate development around the country.
The package of tax extensions approved by Congress includes important provisions that will help distressed homeowners and commercial property investors with transactions made during 2014.
On December 9, 2014, the U.S. Senate Banking Subcommittee on Housing, Transportation, and Community Development held a hearing entitled, “Inequality, Opportunity, and the Housing Market.”