As the federal and state governments address the COVID-19 (coronavirus) crisis, NAR is advocating for the interests of commercial real estate in relief packages and stimulus plans. NAR's commercial real estate membership includes specialists in multifamily properties, small businesses, retail/restaurants, warehouses, and offices, among others - all sectors being impacted by the crisis. As Congress and the Administration consider relief measures for the country, NAR has requested that:
- 1031 Like-Kind Exchange deadlines be extended through the period of the crisis;
- The Qualified Opportunity Fund working capital safe harbor be extended through the crisis;
- Including relief for multifamily property owners in any packages/relief measures that address tenant relief/eviction foreclosures; and
- Specific relief for small businesses throughout the country which have to temporarily close down and/or layoff employees as a result of the crisis, by supporting the "Keeping Workers Paid and Employed Act," cosponsored by Senators Rubio (R-FL) and Collins (R-ME).
NAR continues to monitor this crisis and provide frequent updates on federal actions as well as resources for members. Please visit nar.realtor/coronavirus for the latest updates.