RPAC Washington Update: February 2024

Advocacy on the Road

Catch up with NAR President Kevin Sears and Chief Advocacy Officer, Shannon McGhan in this latest video where they discuss recent advocacy efforts around key REALTOR(R) issues including flood insurance and government funding.

NAR Submits 2 Letters to the Dept. of Labor on Independent Contractor Rule

NAR submitted 2 letters to the U.S. Department of Labor (DOL) expressing concerns about the new Employee or Independent Contractor Classification Under the Fair Labor Standards Act rule and how it may impact real estate professionals. NAR is requesting that DOL delay implementation until the agency issues additional guidance. NAR has also requested industry-specific guidance that considers the Internal Revenue Code carve-out for real estate agents, and that recognizes state laws governing how real estate professionals should be classified. Read More…

NAR Submits Comments to Veterans Affairs Advocating for a Framework of Minimum Standards

Last week, NAR submitted comments in response to an advanced notice of proposed rulemaking (ANPR) from the U.S. Department of Veterans Affairs (VA). The ANPR dealt with the VA’s minimum property requirements (MPRs). The MPRs are intended to ensure that VA borrowers have safe and secure housing. However, REALTORS® have observed that they can be/are perceived by many as being onerous, unnecessary, and push costs onto sellers. As a result, many sellers avoid buyers using VA financing putting these buyers at a disadvantage relative to buyers using financing from Fannie Mae or Freddie Mac. NAR recommended adopting a framework of minimum standards that are similar to those of Fannie Mae and Freddie Mac. Read More…

American Property Owners Alliance Supports Affordable Housing Legislation

The American Property Owners Alliance (APOA) is leading an effort to mobilize property owners to support the swift passage of the Affordable Housing Credit Improvement Act in the Senate. This legislation, included in the bipartisan tax package passed last month by the House, would expand the existing Low-Income Housing Tax Credit (LIHTC) to encourage investment in the development and preservation of affordable housing. Learn more about APOA and its work to protect private property rights.