Ken Eckart Seeks Realtor Support of House Bill by way of "Texting" your support
Posted by Kim Delany on Jun 23, 2016
Welcome to the launch of a new NAR Call For Action (CFA). The CFA will launch later today with a rolling process of text messages, broker involvement, and then general membership. The purpose of this CFA is to encourage SENATORS to take action on HR 3700, the Housing Opportunities through Modernization Act which passed the House on a unanimous vote of 427-0 in February. This was also a talking point by WAR delegates for the MCAR May meetings. Below is the announcement of House passage. Your participation is appreciated.
In February the House of Representatives passed H.R. 3700, the “Housing Opportunity Through Modernization Act”, sponsored by Reps. Luetkemeyer (R-MO) and Cleaver (D-MO), by a remarkable unanimous roll call vote of 427-0. This important, widely supported legislation will expand housing opportunities for first-time homebuyers and low-income rental housing residents, ease restrictions on existing homeowners and landlords, streamline rural housing programs, and save taxpayers money. The more than one million members of the National Association of REALTORS® believe this is a win/win, and urge you to bring HR 3700 to the floor for immediate passage. H.R. 3700 contains a number of provisions that will ease restrictions on the purchase of condominiums. Today, less than 10% of condominiums nationwide are eligible for purchase with FHA mortgage insurance. This leaves first-time homebuyers, urban dwellers and seniors wanting to downsize without access to what is often the most affordable homeownership option. H.R. 3700 makes common sense adjustments to these burdensome restrictions, will expand housing opportunities, and will protect taxpayers. This legislation also makes needed reforms to the U.S. Department of Housing and Urban Development’s (HUD) rental assistance programs. H.R 3700 would ease administrative burdens for housing agencies and owners, while delivering fairer and more efficient assistance to low-income families. The reforms also expand access to housing for needy families, while increasing opportunities for families to transition into self-sufficiency. H.R. 3700 permanently authorizes the Rural Housing Service (RHS) use of direct endorsement lenders to approve RHS loans. FHA and VA home loan programs already utilize this approach which speeds the process and reduces the burden on the agencies. This bill was supported by 427 bipartisan Members of the House of Representatives. It makes commonsense reforms to federal housing programs, and the Congressional Budget Office reports it will reduce spending by $311 million over the 2017-2021 period. NAR urges you to pass H.R. 3700 and send this legislation to the President’s desk.
Sincerely, Tom Salomone 2016 President, National Association of REALTORS®