For Immediate Release:
May 20, 2008
NEW JERSEY REALTORS® EMPHASIZE HOUSING MESSAGE ON CAPITOL HILL
(Edison, NJ) Members of the New Jersey
Association of REALTORS® (NJAR®) joined with
their colleagues from around the country
last week in Washington, D.C. at the
NATIONAL ASSOCIATION OF REALTORS® (NAR)
Midyear Legislative Meetings & Trade Expo.
During the meetings, New Jersey REALTORS®
met with their congressional
representatives' offices to express their
concerns on a variety of issues impacting
property owners and the real estate
industry, including the Foreclosure
Prevention Act.
"As REALTORS®, we are deeply invested in
our communities," said 2008 NJAR® President
Drew Fishman, CRS. "We are fierce advocates
of the American dream of homeownership. That
is why it's so vital for us to come together
with REALTORS® from all over the country to
share our concerns and ideas with
policymakers in Washington."
Advocating for the enactment of H.R.
3221, The Foreclosure Prevention Act, was a
top priority for NJAR® members at the
midyear meetings. NJAR® met with the New
Jersey delegation and urged congressional
representatives to act promptly to resolve
the differences between the House of
Representatives and Senate versions of the
legislation.
The measure will modernize the Federal
Housing Administration's (FHA) mortgage loan
insurance program by giving home buyers
access to more affordable loan options.
Additionally, it will permanently increase
the government sponsored enterprises (Fannie
Mae and Freddie Mac) and FHA loan limits.
The legislation also establishes a
first-time home buyer tax credit and
bolsters consumer confidence by
strengthening oversight of government loan
programs.
"For areas like New Jersey where home
prices are higher, increasing the loans
limits is an especially important component
of the legislation," said NJAR® Executive
Vice President Jarrod Grasso, RCE. "We are
hopeful that Congress will work together to
pass a comprehensive bill that includes
commonsense reforms that will give residents
of the Garden State access to more
affordable and secure FHA loans."
While in Washington D.C., New Jersey
REALTORS® also addressed the health
insurance challenges facing the
self-employed and small business community.
NJAR® indicated its support of H.R. 5918,
the Small Business Health Insurance Options
Program Act of 2008 (SHOP) sponsored by
Representative John Barrow (D-GA), saying it
makes health insurance more affordable,
predictable and accessible for small
businesses and the self-employed.
"It's unacceptable that the self-employed
and small business communities often have to
settle for second rate health care coverage
- if they can obtain any at all," Grasso
said. "Sadly, a significant portion of
NJAR®'s membership goes without health care
coverage because they cannot afford it.
Congress must correct the disparity in
health care coverage by working to pass
small business health care reform
legislation."
NJAR® also called for legislative changes
that would greatly improve the effectiveness
of the Veterans Home Loan Guaranty Program.
Those enhancements include increasing the
loan limits in high cost areas and easing
refinancing requirements. NJAR® asked the
New Jersey delegation for their support of
H.R. 4884 sponsored by Representative Bob
Filner (D-CA), as it would accomplish the
necessary changes.
"The VA Home Loan Guaranty Program is a
terrific program that helps veterans
throughout the country become homeowners,"
Fishman added. "However, it's important that
Congress address the weaknesses in the
current program. The changes we are calling
for will increase housing opportunities for
more veterans in New Jersey, where securing
an affordable home loan can be difficult."
The New Jersey Association of
REALTORS®, with approximately 53,000
REALTOR® and REALTOR-ASSOCIATE® members, is
one of the largest trade organizations in
the state. NJAR®'s membership is comprised
of real estate professionals who subscribe
to a strict Code of Ethics and are members
of the national and local REALTOR®
organizations. As the leading advocate for
the real estate industry and private
property rights in New Jersey, NJAR® is
committed to protecting the dream of
homeownership. For more information, please
visit
www.njar.com.
# # #
