Last month, C.A.R.’s Leadership Team and I were in Washington, D.C., meeting with members of Congress, the Federal Housing Administration (FHA), the Federal Housing Finance Agency (FHFA), Fannie Mae, Freddie Mac, the Department of Veterans Affairs, and the Consumer Financial Protection Bureau (CFPB) to discuss the issues most important to your business.
At the Capitol, we discussed protecting real estate tax incentives, such as the mortgage interest deduction and like-kind exchanges (aka 1031 exchanges), as well as mortgage finance reform to ensure that California’s homebuyers will have access to safe and affordable mortgages. We asked Congress to pass a long-term reauthorization of the National Flood Insurance Program so that there will be no gaps in policy coverage, which would bring uncertainty to the housing market.
In our meetings with regulators, we talked about increasing opportunities for homeownership. Lastly, we talked about California’s use of the Property Assessed Clean Energy program (PACE) and its impact on transactions and mortgage availability.
At the state level, C.A.R.’s 2017 legislative agenda has been set. This year, C.A.R. will be sponsoring eight bills, including the following:
- SB 173 (Dodd) CalBRE “Department” Status Restoration – In 2012, the Brown Administration made changes to the state’s organizational structure in an effort to streamline government practices. These changes included moving the Department of Real Estate to the Business, Consumer Services, and Housing Agency (BCSH) to function under the Department of Consumer Affairs as a Bureau. This bill returns CalBRE to its standing as the Department of Real Estate within BCSH.
- AB 690 (Quirk-Silva) Homeowners Association (HOA) Management Company Disclosures: Fees & Conflicts of Interest – AB 690, among other things, requires HOAs to deliver, within the annual budget report, an itemized estimate of fees that may be charged by a professional management company for documents necessary to facilitate a real estate transaction. Pending amendments clarify that sellers may request to purchase some or all of these documents, but shall not be required to purchase ALL of the documents listed on this form. Management companies will also be required to disclose any conflicts of interest when initiating a management contract or presenting bids for service to the HOA board. C.A.R. is sponsoring AB 690 to help unit owners prepare for costs associated with the transfer of real property and to ensure that the board of directors has the tools necessary to make informed decisions regarding proposed service providers.
- AB 1333 (Dababneh) Property Owner Notification: Proposed Taxes and Bonds – Under current law, resident property owners receive notice of proposed taxes and bonds with receipt of their ballot pamphlet while non-resident property owners do not receive any notice whatsoever. This bill requires a city, county or special district (e.g., hospital district) to provide an electronic notice to all property owners within seven days of a proposed tax or bond qualifying for the ballot.
May is just a few weeks away, and that means C.A.R.’s Legislative Day 2017 and the Midyear Luncheon are just around the corner. I’m thrilled to invite you to attend this year’s annual Legislative Day in Sacramento on Wed., May 3. Legislative Day is an opportunity to hear from top political speakers. This year, Gov. Jerry Brown will be speaking to us to share his thoughts on the economy and the state budget. You’ll also learn about how legislation impacts your business, your clients, and the real estate industry; meet with your state legislators; network with other REALTORS® and have a great time doing it all.
Check out this short video of testimonials from REALTORS® sharing how Legislative Day has impacted them. Special thanks to Oakland/Berkeley and Bay East AORs for providing some of the footage. For more information about Legislative Day. To register for Legislative Day, contact your local association of REALTORS®. For more information, contact DeAnn Kerr at firstname.lastname@example.org
While you’re in Sacramento, plan to attend the Midyear Luncheon with C.A.R. CEO Joel Singer on Thursday, May 4, at the Sacramento Convention Center. Joel will discuss demographics, migration, and Trump’s Housing Policy and their impact on housing affordability in California. Register and get your tickets now to take advantage of early-bird ticket pricing of $60 and save!
I hope to see you in Sacramento!
CALIFORNIA ASSOCIATION OF REALTORS®