rsps government affairs update
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8/9/2019 RSPS Government Affairs Update
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Russell W. Riggs
Senior Policy Representative
National Association of REALTORS®
Washington, D.C.
April 9, 2015
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Presentation Topics
Government Affairs and Advocacy: An Important
Member benefit
Legislative and Regulatory Issues Affecting theResort and Second Home Real Estate Sector
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NAR Government Affairs:
Important Member Benefit
Lobbyists, Research, Legislative Regulatory
RPAC – Largest in Country
Funds Raised through Dues Going to LocalGrassroots
Land Use Initiative
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Legislative and Regulatory Issues
National Flood Insurance Program
H-2B Visa Program EB-5 Regional Center Pilot Program
Condo Financing Challenges
Proposed Water Regulations
Tax Reform
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National Flood Insurance Program
(NFIP) Biggert-Waters Legislation passed in 2012 –
Reauthorized NFIP through 2017
Reforms improved the financial and actuarialfoundation of the program, including: Maintain comprehensive coverage and program access
Eliminate subsidized insurance rates on properties withrepeated flood losses and claims and new policies
Eliminates rate subsides on older primary and secondhomes over 5 years
Reimburse appeal expenses when successfullychallenging a flood map
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NFIP, cont. BW 12 was well-intentioned, BUT…
Affordability
Will higher rates make some properties unaffordable?
Unintended Consequences
Rates going from $500 to $10,000 and possibly higher – did Congress really intend this result?
Disclosure/Liability Concerns
Loss of Property Values – According to Rand, a $500premium increase = $10,000 property value decrease
FEMA has been slow, unresponsive as it implementedBW 12
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NFIP, cont. Homeowners Flood Insurance Affordability Act –
Amends BW 12
Slows increases from earlier bill
Reinstates grandfathering
Improves appeals process
Adds Surcharges
Affordability Study, Privatization Study Discussions already underway for reauthorization
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H-2B Visa Program Resort areas needs these seasonal workers for
operations/maintenance
Workers allowed only after employers try to fill jobs with Americans
Coordination with DHS, other federal agencies
Not an immigration program, but is caught up in the
broader debate
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EB-5 Regional Center Pilot Program
The EB-5 Immigrant Investor Program encourages jobcreation and investment by foreign investors.
Investments + jobs = a permanent green card
Foreign investors invest through a Regional Center, which promotes economic growth and job creation.
Since 2003, EB-5 Regional Centers have invested over$3.1 billion, creating over 65,000 jobs.
EB-5 Regional Center Pilot Program expires 9/15. HR1616 would reform the program and make the PilotProgram permanent. NAR strongly supports thislegislation.
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Condo FinancingGSE’s, FHA and lenders have all tightened
lending standards
Stricter standards include owner occupancy,pre-loan sales, condo commercial space andcondotels
This impacts condo projects nationwide,especially resort areas
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Waters of the U.S. CWA regulates “Navigable” waters – EPA/Corps
want to regulate all waters
EPA/Corps of Engineers Prop. Reg at OMB Includes waters now excluded from CWA
Comments closed end of 2014 – over 1 Million
NAR opposed: “Only Congress can decide” Work with broad coalition of stakeholders
Congressional Approps. Strategy
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Tax ReformMID, 1031s, etc – all tax credits, incentives
are on the table
Strong letter with coalition of real estate anddevelopments organizations
On-going education on the importance of
MID, 1031sDiscussions on-going but no votes in 2015.
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Be sure to visit www.realtor.org for the most up-to-date information regarding the many policies
that affect the real estate industry and
REALTORS®, andhow NAR’s responding to these issues.
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http://www.realtor.org/http://www.realtor.org/
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