For Immediate Release
May 19, 2009
NEW JERSEY REALTORS® TAKE THEIR
CASE TO CAPITOL HILL
(Edison, NJ) Members from the New Jersey Association of REALTORS® (NJAR®) were among more than 8,000 REALTORS® from across the country who recently attended the NATIONAL ASSOCIATION OF REALTORS® (NAR) annual Midyear Legislative Meetings & Trade Expo in Washington, D.C., May 11-16. During the conference, New Jersey REALTORS® also took time to meet with their congressional representatives to voice their positions on federal issues that impact New Jersey's real estate market.
"The Midyear Meetings provide a wonderful forum for NJAR® members to voice their support for a healthy and vibrant real estate marketplace," said 2009 NJAR® President Diane Dilzell, CRS and e-PRO. "It is also a tremendous opportunity for us to encourage federal lawmakers to make stabilizing the real estate market a priority. During these difficult economic times, it's critical that we keep an open dialogue with our national leaders on the best ways to strengthen the Garden State's housing industry."
During the NAR Real Estate Summit on May 12, NJAR® members were encouraged by U.S. Department of Housing and Urban Development Secretary Shaun Donovan's announcement that the Federal Housing Administration (FHA) is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a down payment. According to Donovan, the FHA's approved lenders will be permitted to "monetize" the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately and put the tax credit toward a down payment on their home.
"We applaud FHA's decision to allow eligible home buyers to use this tax credit as part of their down payment," said NJAR® Executive Vice President Jarrod Grasso, RCE. "Allowing consumers greater flexibility in the way they utilize the tax credit is great way to jumpstart the economy, as it will bring more buyers to the closing table."
During meetings with congressional representatives, NJAR® members pressed their concerns on a variety of issues affecting homeowners, potential home buyers and real estate in general. Among their top concerns is preserving the Mortgage Interest Deduction (MID) and advocating against any proposal that reduces or limits the MID. REALTORS® noted reducing and/or limiting the MID would undermine consumer confidence in the housing market at a time when the goal is to stabilize housing prices and sustain homeownership.
"Given the current state of the economy, any proposal to slash the Mortgage Interest Deduction could have a negative impact on New Jersey's real estate market," added Grasso. "The real estate industry is the economic engine driving our economy and it's inappropriate to reduce incentives for buying or refinancing a home."
NJAR® members also used the meetings on Capitol Hill to stress the importance of the tax credit and urge members of Congress to work together to pass legislation that extends and expands its use. As it stands, the tax credit is set to expire on November 30, 2009.
Although much of the conference focused on the economy, attendees also pushed for small business healthcare reform. REALTORS® expressed their strong support for legislation (S.979/H.R.2360) that establishes a nationwide health insurance purchasing pool for small businesses and the self-employed. REALTORS® urged lawmakers to support the Small Business Health Options Program (SHOP) Act because it makes healthcare more affordable by allowing the self-employed and small businesses to band together across state lines to obtain cheaper insurance plans. The bill also provides tax credits for the self-employed and small business owners to offset insurance costs.
Dilzell concluded, "We come back year after year because the legislative meetings allow us the opportunity to advocate on behalf of property owners and encourage the revitalization of the all sectors of the real estate market. In the end, our ultimate goal is to help more people achieve their dream of homeownership while growing our businesses."
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The New Jersey Association of REALTORS®, with approximately 50,000 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.
