The Washington Report covers legislative and regulatory policy activities, and is compiled by NAR's Advocacy Group policy staff. To receive this content via email, subscribe to NAR's Member's Edge newsletter.
The Senate Finance Committee released its task force reports on expiring tax provisions, including the Section 179D Energy Efficient Commercial Buildings Deduction, a positive step toward reauthorization of the 179D deduction.
The FHFA released a final rule that governs a new process by which the GSEs must review credit score models (e.g. FICO). The final rule aligns with many of the recommendations NAR raised in its letter to the FHFA on the topic.
This ruling, which culminates years of collaboration between HUD and NAR, will help reverse recent declines in condo sales and ensure the FHA is fulfilling its primary mission to the American people.
The Financial Crimes Enforcement Network (FinCEN), a bureau within the Department of Treasury, hosted an inaugural meeting with real estate industry leaders at its office in Vienna, Virginia to discuss the impact of money laundering in real estate, the Geographic Targeting Orders (GTOs), and business email compromise scams (wire fraud).
NAR sent a letter of support for the SAFE Banking Act to the Committee. The cannabis industry is especially tied to real estate – it requires land, warehouses, storefronts, etc., and many REALTORS® have clients that are in some way connected to it.
The Department of Homeland Security (DHS) issued a Final Rule to reform and modernize the EB-5 program increasing the required minimum investment amounts and reforms targeted employment area (TEA) designations.
HUD suspends effective date of Mortgagee Letter clarifying requirements for government entities providing down payment assistance to FHA borrowers.
NAR supports a full funding for the upcoming 2020 Census to ensure and accurate and complete count.
The National Credit Union Administration (NCUA) Board a final rule increasing the threshold below which appraisals are not required for commercial real estate transactions from $250,000 to $1,000,000.
NAR sent a letter to Representative Gottheimer in support of provisions two through six of the Accurate Access to Credit Information Act of 2019.