REALTOR® Efforts Help Secure Rental Assistance in COVID-19 Relief Legislation

The National Association of REALTORS® secured key victories in COVID-19 relief legislation that cleared the U.S. Senate & House of Representatives overnight, including various key tax extenders, additional support for the Paycheck Protection Program and funding for rental assistance. Roughly 38% of NAR’s 1.4 million members own at least one rental property throughout the U.S.

“NAR has been one of the loudest voices in Washington advocating for rental assistance these past few months,” said NAR President Charlie Oppler, a REALTOR® from Franklin Lakes, N.J., and the CEO of Prominent Properties Sotheby’s International Realty. “While REALTORS® worked to ensure thousands of American families would not go homeless, it was clear that broad, ongoing eviction moratoriums were jeopardizing the very housing opportunities we were trying to protect.

“More than 40% of rental units nationally are owned by ‘mom and pop’-operated small businesses, many of which have been struggling to pay their bills and keep a roof over their tenants’ heads. Rental assistance helps stabilize that housing and keep families in their homes, and we’re grateful that Congress could secure this and other critical relief measures in this legislation.”

 More specifically, the agreement:

  • Provides $25 billion to the states through September 30, 2022, for rental assistance and allows landlords to apply for funds on behalf of tenants.
    • Includes payments for rent as well as utilities and other expenses related to housing
  • Provides a new round of direct stimulus payments of $600 to most Americans
  • Extends all unemployment assistance
  • Provides hundreds of billions in additional funding for the Paycheck Protection Program and for Economic Injury Disaster Loans
    • Allows certain eligible businesses to receive a second PPP loan
    • Creates a simplified forgiveness process for most PPP borrowers
  • Extends for five years the exclusion from income for mortgage debt forgiveness and permanently extends the energy-efficient commercial buildings deduction
  • Increases fair housing funding

In-depth analysis of these provisions created for REALTORS® is available at nar.realtor/coronavirus#section-181292.

The National Association of REALTORS® is America’s largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.

SOURCE

/by

NAR Virtual Economic and Real Estate Forecast Summit

On December 10th, NAR held a virtual Economic and Real Estate Summit that provided a year-end review and outlook on the post-election real estate market and the economy.

Summit Discussion Topics included:

  • 2020 year-end review of real estate market performance
  • 2021 and beyond real estate market expectations
  • Challenges and risks facing the real estate industry
  • Residential and commercial real estate markets
  • Topical public policy measures

If you missed the live event, you can now view the 3-hour recording online! So get comfy and watch on as NAR Chief Economist Lawrence Yun and 12 leading real estate and banking economists and researchers arrive at a consensus real estate market forecast for 2021 and beyond!

SOURCE

/by

2020 NAR-DOJ Agreement Regarding MLS Rules

Last week, NAR reached an agreement with the U.S. Department of Justice (DOJ) to make certain changes to the Code of Ethics and MLS policies regarding providing information about commissions and MLS participation. Although the exact language of the proposed settlement is still being finalized, most of the changes seek to more explicitly state what is already the spirit and intent of NAR’s Code of Ethics and MLS policies regarding providing information about commissions and MLS participation.

Summary of Outcomes

In accordance with the MLS system’s long-standing focus on creating an efficient, transparent marketplace for home buyers and sellers, the amount of compensation offered to buyers’ agents for each MLS listing will be made publicly available. Publicly accessible MLS data feeds will include offers of compensation, and buyers’ agents will have an affirmative obligation to provide such information to their clients for homes of interest.

Relatedly, the rule changes re-affirm that MLSs and brokerages, as always, must provide consumers all properties that fit their criteria regardless of compensation offered or the name of the listing brokerage.

While NAR has long encouraged buyers’ agents to explain how they expect to be paid, typically through offers of cooperative compensation from sellers’ agents, there will be a rule that more definitively states that buyers’ agents cannot represent that their services are free to clients.

Finally, with the seller’s prior approval, a licensed real estate agent will have access to the lockboxes of properties listed on an MLS even if the agent does not subscribe to the MLS.

What Happens Next

NAR will work with the DOJ to agree on exact rule changes within 45 days, then the Board of Directors will have to approve the new rules. The Court overseeing the settlement must formally approve the agreement, at which point we anticipate that the new rules will take effect. NAR will keep members apprised of official rule changes as more details become available.

In entering this agreement with the DOJ, NAR admits no liability, wrongdoing or truth of any allegations by the DOJ. The agreement does not subject NAR to any fines or any payments.

Click here to find answers to frequently asked questions.

 

SOURCE

/by