PROView - August 2008 - (Page 6) PROActive Governmental Affairs Update By Brian Shuford, Director of Governmental Affairs PRO’s Public Policy Committee is gearing up for a busy late summer and fall season. As many of you have already heard, NAR successfully helped pass a housing stimulus and relief bill. The Florida Association of REALTORS® has committed $1,000,000 towards the passage of Amendment 5, slated for the ballots on November 4 this year. 2008 elections are right around the corner and we are doing everything we can to elect PRO’s slate of recommended candidates and to support Amendment 5. On top of all this, Pinellas County is looking into a possible inclusionary housing ordinance. Federal Housing Bill As many of you may have already heard, President Bush signed the Housing and Economic Recovery Act of 2008 on July 30, 2008. The bill is designed to stabilize Freddie Mac and Fannie May which insure almost 40% of all mortgages in the United States. In addition, the legislation will also: • Create a $7,500 first time homebuyer credit Only those programs that are funded directly from the seller or other party to the transaction are prohibited. Down-payment assistance from family members, government programs, or charities that are not seller-funded is still permitted. For a more detailed picture of what the bill does please visit: http://www.realtor.org/gapublic.nsf/pages/ hr_3221_key_provisions?OpenDocument The successful completion of the Housing Stimulus Bill is a huge victory for REALTORS® and it shows what can be done when we support RPAC and respond to NAR’s calls to actions. If you are not already signed up to receive NAR’s invitations join the Action Center and political advocacy actions, please register at www. naractioncenter.com. With more than twenty-eight percent of all REALTORS® uninsured, enacting a Small Business Health Insurance Program to make insurance more widely available and more affordable remains an important priority for NAR. For the past fifteen months NAR has been leading a bipartisan effort to develop legislation that could break the deadlock that has stalled past efforts to facilitate access to health benefits for small-business owners, their employees and the selfemployed. The culmination of that effort is the Small Business Health Act Options Program Act of 2008 (SHOP). Determining the fate of major legislation, especially during an election year, is an inexact science, but this legislation is a reminder to Congress that NAR will continue to make health care a top priority and it is for these very reasons it is important to support RPAC. Florida Amendment 5 Amendment 5 will be on the ballot on November 4 this year. The Amendment, if passed, will in part replace school funding, which is now funded by property tax revenues. Instead, a 1% increase in state sales tax would help make up for the difference. August 2008 The future of the real estate profession and the future of Florida’s tax structure are at stake. Your voice power and influence are needed to help pass Amendment 5. • Create a refinance program for homebuyers with problematic subprime loans. Lenders would write down qualified mortgages to 85% of the current appraised value and qualified borrowers would get a new FHA 30-year fixed mortgage at 90% of appraised value. Borrowers would have to share 50% of all future appreciation with FHA. The loan limit for this program is $550,440 nationwide. Program is effective on October 1, 2008. • Establish seller-funded down payment assistance programs The legislation would prohibit seller-funded downpayment assistance, or assistance from someone who financially benefits from the transaction. Other forms of assistance — such as family members, government-sponsored programs, or gifts from non-profits would still be permitted. The Housing bill signed does not eliminate all down-payment assistance programs from eligibility for FHA insurance. 6 PINELLAS REALTOR® ORGANIZATION http://www.realtor.org/gapublic.nsf/pages/hr_3221_key_provisions?OpenDocument http://www.realtor.org/gapublic.nsf/pages/hr_3221_key_provisions?OpenDocument http://www.naractioncenter.com http://www.naractioncenter.com
Table of Contents Feed for the Digital Edition of PROView - August 2008 PROView- August 2008 Contents Chairman’s Notes Feature Story PROActive PRO News Marketplace Analysis Home Sales Report MLS Update New REALTOR® and Affiliate Members MLS Mind Your Manners Calendar of Events & Programs Money-Saving Gas Tips PROView - August 2008 PROView - August 2008 - PROView- August 2008 (Page Cover1) PROView - August 2008 - PROView- August 2008 (Page Cover2) PROView - August 2008 - Contents (Page 1) PROView - August 2008 - Chairman’s Notes (Page 2) PROView - August 2008 - Chairman’s Notes (Page 3) PROView - August 2008 - Feature Story (Page 4) PROView - August 2008 - Feature Story (Page 5) PROView - August 2008 - PROActive (Page 6) PROView - August 2008 - PROActive (Page 7) PROView - August 2008 - PROActive (Page 8) PROView - August 2008 - PROActive (Page 9) PROView - August 2008 - PRO News (Page 10) PROView - August 2008 - PRO News (Page 11) PROView - August 2008 - Marketplace Analysis (Page 12) PROView - August 2008 - Home Sales Report (Page 13) PROView - August 2008 - MLS Update (Page 14) PROView - August 2008 - New REALTOR® and Affiliate Members (Page 15) PROView - August 2008 - MLS Mind Your Manners (Page 16) PROView - August 2008 - Calendar of Events & Programs (Page 17) PROView - August 2008 - Calendar of Events & Programs (Page 18) PROView - August 2008 - Calendar of Events & Programs (Page 19) PROView - August 2008 - Money-Saving Gas Tips (Page 20) PROView - August 2008 - Money-Saving Gas Tips (Page 21) PROView - August 2008 - Money-Saving Gas Tips (Page Cover4)
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