Washington Report

Advocacy Updates from Washington D.C.

At the conclusion of 2011, Congress passed and forwarded to the President for his signature the “Temporary Payroll Tax Cut Continuation Act of 2011”. The primary purpose of this legislation was to extend temporarily: (1) payroll tax relief, (2) unemployment compensation provisions, and (3) healthcare provisions. The estimated costs of the temporary extensions is $192.5 billion.

This week the National Association of REALTORS® (NAR) met with senior staff for the US Department of Housing and Urban Development’s (HUD) Real Estate Owned (REO) Department.

Moe Veissi, the 2012 President of the National Association of Realtors, sent a letter to Shaun Donovan, Secretary of Housing and Urban Development (HUD) requesting that investors be permitted to participate in the Federal Housing Administration’s (FHA) Section 203(k) Rehabilitation Mortgage Insurance Program to purchase vacant and foreclosed properties in need of significant rehabilitation.

In this issue: FHA Extends Anti-Flipping Waiver through 2012; Housing Taxed to Pay-for Extension of Existing Tax, Medicare, and Unemployment Benefits.

In this issue: Limited Time to Appeal FHA Loan Limits; NAR Supports Bill for Homeless Children; NAR Supports Making Investor Visa Regional Center Program Permanent; NAR Signs onto Accounting Coalition Letter; House Subcommittee Passes RESPA Home Warranty Clarification Act; Rural Development Announces Fee Changes for Refinance Mortgages.

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