Issue Updates

Issue Updates: Revised July 28, 2010

FOR THE RECORD:

There is no tax on homes or property sales included in the Healthcare Legislation.

A Washington state newspaper did a poor job of researching what was included in the healthcare bill and ran with a story detailing a real estate transfer tax of 3.8%,  that they later had to retract. It had already gotten flung far and wide, so we’ve been trying to counter-act the effect of the email. Click here for the NAR piece that was sent out to clarify.

There is no requirement for persons selling their homes to obtain a license.

There is no requirement for energy audits for existing home sales.

The US House of Representatives passed an Energy bill which earlier versions included these items. That was only the House and that bill was deemed DOA when it reached the Senate. The Senate will most likely not pick up an Energy bill until after the elections and start of the new Congress in 2011. At that point the House and Senate will have to start with new legislation.

What does Financial Overhaul do for REALTORS®?

Since the beginning of the 111th Congress in early 2009, NAR has been working closely with the Members and staffs of the House Financial Services Committee and the Senate Banking Committee to ensure that Wall Street Reform legislation did not adversely affect Realtors. Click here for a summary of the issues of particular interest to REALTORS®

US Congressional Leaders Come Home in August to Reach Out and to Campaign

With critical issues on the table, why do our congressional leaders go home to their districts in August. Read this month’s Eye on Washington for the scoop.

 

Election Watch:

Local pundits and political junkies are salivating, and their got good right. In November, the country will get to speak out at the voting booths, about financial bailouts, about the healthcare bill, about political corruption in state government, and everything else they are angry about. Will there be coat tails? Will they be LONG coat tails? It all depends on turn-out. The greater the turn-out the more trouble incumbents are in. In Congress and in the state of NC, the Democrats are in control (all houses and the executive branches), therefore they will be blamed for the economy, unemployment, corruption, healthcare bill, etc… but will the anger and unrest be enough to counter the sizeable financial advantage that the democrats have? Nationally recognized political expert Charlie Cook uses his experience and research to look at this question. Click here to read Charlie’s report.

 

Local Races to Keep an Eye On:

 

Wake County Commissioner

Steve Rao/Tony Gurley: Steve is out of the gate with impressive fundraising in the first cycle. Tony is well known, but will need to reach out and reconnect with his base.

Paul Coble/Jack Nichols: Get your tickets early this race is going to be fun to watch. Two savvy veterans of the political arena. Former Raleigh Mayor and native Paul Coble challenged by Jack Nichols, the chairman of the Wake county democratic party.

General Assembly:

Jennifer Weiss/Don Frantz: Early polling shows a considerable edge to the Cary town councilman, however, with Weiss in the inner circle of the NC Speaker of the House, Joe Hackney, you can expect the party will shore up her campaign nicely. Mail pieces are already getting nasty.

Grier Martin/Steve Henion: This district is truly a swing district. Before Martin took the seat, it belonged to Don Munford and before him, Art Pope. This is not a safe democratic district. This fact, coupled with the unrest of voters with incumbents, puts this seat into play big time.

If you are interested in participating our interviews with these candidates, please contact Charlene Logan at CharleneL@tricc.org or Tara Robbins at TaraL@rrar.com

 

 

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Tax Credit Closing Deadline extended to September 30th - Military Families Can Take Advantage of the Tax Credit until April 2011

In June of 2010 Congress approved the extension of the closing deadline associated with the Firs Time Homebuyer Tax Credit. The new closing deadline is September 30th. Buyers still must have been under contract by April 30th however.

Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit. Thus, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2011. If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase.

Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. It applies to any individual (and, if married, the individual’s spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010. For more information click here 

 

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New EPA Lead-Based Paint Renovation Rule Now in Effect

Under the Residential Lead-based Hazard Reduction Act of 1992, Congress required EPA to develop regulations to address renovation, repair and painting (RRP) activities in single and multi-family housing built before 1978.  The purpose of the new rule is to reduce children's exposure to dust containing lead paint created during the course of these activities.  This rule was promulgated in 2009, and goes into effect on April 22, 2010. These rules require contractors and renovators to get trained and certified in EPA's new lead-based paint work practices.   The rules apply only to licensed contractors – do-it-yourselfers will still be able to do RRP work on their own without being trained or certified and without getting fined. 

Click here to view the short video and to get the details and exemptions to the new rule.

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Transportation Update:
In February the Government Affairs Committee hosted an educational session on transportation projects in the Triangle. The speaker was the Regional Transportation Alliance (RTA) Executive Director, Joe Milazzo. Mr. Milazzo updates REALTORS® frequently as a service of membership in the RTA.  His timely information and insight is invaluable. To see the latest on the Triangle connector or ‘East End’ connector, click here:www.letsgetmoving.org/connector.pdf

 

If you missed the UNC-TV program "Blueprint North Carolina: Planning for the Future" that aired on February 9, 2010, the video is now available for viewing. Topics covered included 1) Traffic congestion; 2) Triangle Connector to I-85; 3) 540/Turnpike; and 4) Transit

Direct link to streaming video: http://flash.unctv.org/specials/blueprintnc2.html  

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Sign Update: CARY

During the February 25th meeting of the Cary Town Council, the Council unanimously agreed to expand the number of times a homeowner may conduct an Open House, with off-site signage. Since the sign program’s inception the town required a limitation on the signage mandating no more than two events per year per property using the off-site signage. Homeowners and their REALTORS® may conduct as many Open House events as they like, but they could until last week, only place off-site signage for two per year. We understand that this expansion was in part due to the market conditions in the Triangle, where while, better than other places, are still suffering.

 

Concurrently, RRAR government affairs staff is serving on the Town’s Sign Ordinance Evaluation task force, which is scheduled to meet until the end of May and then provide recommendations to the Council for updates and modifications to the ordinance. For more information you may contact Tara Lightner Robbins at 654-5406 or TaraL@rrar.com

 

 

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Federal Short Sale Regulations Take Effect April 5th
Tired of waiting for mortgage servicers to respond to your offers on short sale properties? New regulations forcing compliance from mortgage servicers take effect April 5th and should expedite some of the horror stories we hear about waiting for months to hear back! There are new required uniform forms, uniform processes and deadlines! Thats right DEADLINES by which the services must respond. Servicers are also required to determine whether or not they can keep home owners in the home by restructuring the mortgage, and also must establish and provide the seller a value so that the seller knows the range in which to list the home. To hear the other highlights of the Home Affordability Foreclosure Alternatives (HAFA) program, click here to listen to a brief 8 minute video.To view of download a brochure about the HAFA program, click here.

 

 

 

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$2.4 million less than the FY 2010 Adopted Budget

No tax increase; maintains tax rate at 53.4 cents

• Fully funds the Wake County Public School System request for FY11, also the same level of funding as FY10.
• Maintains the existing operating hours and existing branches for libraries.
• Provides funding for the fall 2010 opening of the Mental Health Continuum of Care Facilities, as well as a full year’s operation of the Animal Care, Control and Adoption Center expansion and the Sheriff’s training facility.
• Continues the County’s commitment to more vulnerable populations – protecting senior citizens, providing services for uninsured families, and offering safety and support to domestic violence victims and survivors.
• Provides funding for the opening of two new EMS facilities, one on Durant Road and one co-located with the new Fire Station in Garner; and, reflects the increased revenues and expenses as Wake County assumes EMS services in the Garner and Holly Springs areas.
• Maintains the same number of sworn law enforcement positions in the Sheriff’s Office.

• 58 position eliminations, of which 28 are filled positions
• Detention officers and Sheriff’s deputies will not be affected
• Parks and libraries will maintain all current locations and hours
• Consolidating Finance and Budget and Management Services into one department
• Recognize savings by revising dozens of contracts, including leases, janitorial services, EMS billing and technology support
• No pay increases for employees