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Important Information
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Please review below what the Legislative
Committee has posted! Last night, the Senate passed the National Flood Insurance
Program Extension Act of 2010 (H.R. 5569), an extension of the National Flood
Insurance Program until September 30, 2010. This will allow transactions to move
forward. The bill is retroactive and covers the lapse period from June 1, 2010,
to the date of enactment of the extension. NAR members sent more than 250,000
letters to Members of Congress encouraging them to extend the program. Additionally, Congress passed an extension of the closing
deadline for the Homebuyer Tax Credit, the Homebuyer Assistance and Improvement
Act (H.R. 5623). The extension applies only to transactions that have ratified
contracts in place as of April 30, 2010, that have not yet closed. The
legislation is designed to create a seamless extension; the new closing deadline
for eligible transactions is now September 30, 2010. There will be no gap
between June 30 and the date the President signs the bill into law. Extending
the tax credit closing deadline will help provide additional stability to real
estate markets across the nation. Our Government Affairs team worked closely with Congressional
leaders on both sides of the aisle to enact this important legislation. NAR is still working on restoring the 502 single-family rural
housing loan guarantee program. Language is included in H.R. 4899, the Emergency Supplemental Appropriations bill, that is
currently in conference between the House and Senate. We expect the House to
pass that bill shortly and are hopeful the Senate will do the same when they
return the week of July 12. When that bill passes, the program will be restored
through the end of the fiscal year. For additional information on the tax credit extension, the
flood insurance program and rural housing please visit
http://takeaction.realtoractioncenter.com/ct/m7AF81Y1QLXM/ We appreciate your commitment and involvement on these
important REALTOR Party issues and appreciate your continued support. Sincerely, NAR Government Affairs and Community & Political Affairs
Divisions
Our Mission
The purpose of the Scioto Valley Association of REALTORS® is to serve the needs
of
our members and to advocate public policies beneficial to the real estate
industry. To be the leading force advancing the real estate industry
and preserving private property rights in Ohio.
Vision Statement The Scioto Valley Association of REALTORS®
exists to support all segments of its members and affiliates.
Through collective efforts with the Ohio Association of REALTORS® and the National Association of REALTORS®, SVAR: The Scioto Valley Association of REALTORS®,
in principle and in practice, requires honesty, integrity, accessibility and
results.
Contact Information
Telephone
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 Last
Updated: August 30, 2010 |
