What you need to know about the new .REALTOR Domain – December 16, 2013

Report from National Conference – November 27, 2013

Call For Action – November 20, 2013

Legislation Delays Flood Insurance Increases – October 31, 2013

AREC Report – October 18, 2013

Joni Schneider Named 2013 ROTY – September 30, 2013

HUD Removes Dual Agency Restrictions – September 28, 2013

What Does a Gov’t Shutdown Mean to REALTORS – September 1, 2013

Re-Proposed QRM Rule a Victory – August 28, 2013

AREC Report – August 8, 2013

Casting Call For New HGTV Show – July 3, 2013

Alaska Real Estate Commission Proposed Changes – July 2, 2013

Alaskans Discuss Housing Issues in DC – May 24, 2013

NAR May Director’s Meeting – May 24, 2013

Overview of SB21 – Tax Restructuring Bill – May 11, 2013

End of Session Report From Juneau – May 9, 2013

REALTORS Urge Congress to Preserve Homeownership Tax Policies – April 26, 2013

2013 Legislative Summit in Juneau – April 24, 2013

Alaska Real Estate Commission Update – March 29, 2013

Top Ownership Tax Questions Answered – March 20, 2013

NAR 2013 Legislative Priorities – March 3, 2013

Anadromous Fish Ordinance Impacts Private Property – February 21, 2013

Why The Mortgage Interest Deduction is Vital – February 20, 2013

What To Except From Juneau This Legislative Session – January 27, 2013

How The Mortgage Interest Deduction Is Vital To The Housing Market – January 22, 2013

RPR’s All Member Launch – What You Need To Know – January 13, 2013

Mortgage Forgiveness Tax Treatment Gets One More Year – January 13, 2013

Impact of the Fiscal Cliff Legislation – January 10, 2013

Realtors® Applaud House Passage of “Housing Opportunity Through Modernization Act”

WASHINGTON (February 2, 2016) — The U.S. House of Representatives voted today to advance legislation that will expand opportunities for homeownership. H.R. 3700, the “Housing Opportunity Through Modernization Act,” includes a number of initiatives that have strong support from the National Association of Realtors®, who hailed the vote as important progress for home buyers and sellers.

“This legislation will put homeownership in reach for more families, and we applaud Congress’s work to take us there,” said NAR President Tom Salomone, broker-owner of Real Estate II Inc. in Coral Springs, Florida. “We look forward to seeing it advance through the legislative process and to the President’s desk, so it can be signed into law.”

NAR testified last year in support of H.R. 3700 before the U.S. House Financial Services Subcommittee on Housing and Insurance. In particular, NAR championed the inclusion of reforms to current Federal Housing Administration restrictions on condominium financing.

Condominiums are among the most affordable homeownership options for first-time homebuyers, as well as lower income borrowers, but barriers to safe, affordable mortgage credit for condos still exist. H.R. 3700 takes a number of steps to address those concerns.

These include efforts to make FHA’s recertification process “substantially less burdensome,” improving a process that is often costly and which condo developments must repeat every 24 months. H.R. 3700 also lowers FHA’s current owner-occupancy requirement from 50 percent to 35 percent and requires FHA to replace existing policy on transfer fees with the less-restrictive model already in place at the Federal Housing Finance Agency.

Additionally, the “Housing Opportunity Through Modernization Act” streamlines the process for exemptions to FHA’s rule requiring that condominium projects have no more than 25 percent of the space dedicated to commercial use. This effort is in line with the Department of Housing and Urban Development’s initiative to promote neighborhoods with a mix of residential housing, businesses and access to public transportation.

Finally, H.R. 3700 includes further support for rural housing loans and multifamily housing initiatives.

“There is tremendous demand for affordable housing, and H.R. 3700 offers fresh opportunities for creditworthy borrowers to become homeowners when they choose to,” said Salomone. “NAR thanks Congressman Blaine Luetkemeyer, R-Mo, for introducing the bill, as well as leaders in the House for making it a priority. We look forward to working with our partners at all levels to advance this legislation in support of homeownership.”

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

Contact Information

Alaska Association of REALTORS®
4205 Minnesota Drive
Anchorage, Alaska 99503

Phone (907) 563-7133
FAX (907) 561-1779
Toll-Free (800) 478-3763