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The rescinded guidance includes requiring entities to prove the property in question was within the jurisdiction where the government entity has authority to provide assistance.
The rule would allow small businesses to band together to offer retirement plans to employees, which would save on retirement plan costs.
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.