posted Jul 31, 2009 7:23 AM by Meggie Devereux
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LEGISLATIVE & REGULATORY NEWS
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Leaders of the tax-writing committees have announced that they will not take up expiring provisions, including the first-time homebuyer tax credit, until they have disposed of the health reform legislation. Thus, extension and possible expansion of the $8000 tax credit are unlikely to be considered until about October. NAR encourages its members to complete pending transactions as soon as possible because of the potential for uncertainty as the December 1 expiration date approaches. In-Depth: 2009 First-Time Home Buyer Tax Credit. | |
posted Jul 30, 2009 1:10 PM by Meggie Devereux
New Truth in Lending Act (TILA) federal disclosure rules for lenders take effect July 30, and closings could take longer as a result. The changes to "Reg. Z" add borrower review periods and require lenders to notify borrowers of any annual percentage rate (APR) changes of more than 0.125 percent. Borrowers then get an additional review period. For more info contact Jeff Lischer,
Information courtesy of NAR, Internal New Service |
posted Jul 22, 2009 11:37 AM by Meggie Devereux
Daily Real Estate News | July 22, 2009 |
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Before the U.S. House of Representatives passed climate change legislation last month, the NATIONAL ASSOCIATION OF REALTORS® was working hard to dissuade lawmakers from including provisions that would add to the cost of homeownership, which could be particularly damaging during a recession. In the end, the proposal to require all houses to go through "energy audits" at the time of sale, among other mandates, was left out of the American Clean Energy and Security Act, much to the relief of the real estate industry. Attention on the energy bill now shifts to the Senate. Read more about NAR's efforts on these measures at the Speaking of Real Estate blog.
| — REALTOR ® Magazine Online | |
posted Jul 21, 2009 11:50 AM by Meggie Devereux
Daily Real Estate News | July 21, 2009 |
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The House Appropriations Committee approved an extension of the $729,750 loan limits for Fannie Mae, Freddie Mac, and Federal Housing Administration financing in high-cost areas through September 2010.
Without this extension, the loan limits revert at the end of the year to $417,000 in the highest-cost areas.
The spending bill also would extend FHA’s Home Equity Conversion Mortgage reverse mortgage program for seniors. And it provides $70 million to continue pre-purchase counseling for prospective home buyers and counseling for families facing foreclosure.
Source: Inman News (07/21/2009)
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posted Jul 10, 2009 12:51 PM by Meggie Devereux
On July 9th, in a private signing ceremony, Governor Nixon signed Senate Bill 231 into law, to take effect on August 28th, 2009. The law provides that, except for willful, wanton, or malicious acts, landlords are not liable to any tenant for any loss or damages to household goods, furnishings, fixtures, or any other personal property under a court-ordered execution for possession of the premises.
If, after the sheriff completes the court-ordered execution, property is left by the tenant in or at the dwelling that is identified as the property of a third party, the landlord shall send notice to the third party by certified mail with return receipt requested. The third party has the opportunity to recover the property within five business days of the date the notice is received. If the landlord is unable to notify the third party, the landlord may dispose of the property and is not liable for the loss or damage.
To read the full bill text, open the attachment below.
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posted Jul 6, 2009 12:56 PM by Meggie Devereux
Save the Dates – RPAC has 2 Great Summer Events!
· The Annual RPAC Trivia has set a date, August 18th, 2009 at SLAR
o Great Sponsorship Opportunities
o Only $20 for drinks, prizes and RPAC Credit
o Test your Trivia Knowledge and Support RPAC!
· First Annual SLARPAC Mini Golf Tournament, September 16th, 2009 at Tower Tee
o Need a great night out with the kids? Join us for the first ever SLARPAC Mini Golf tournament
o Tickets are only $10 for unlimited play!
o Great sponsorship opportunities at every level
· Contact the Legislative Department at SLAR to become a sponsor, donate prizes or to register today, 314-576-0033. See you there!
(see attached flyers to register or to become a sponsor!) |
posted Jun 30, 2009 9:53 AM by Meggie Devereux
The U.S. House of Representatives approved H.R. 2454, the American Clean Energy and Security Act by Reps. Waxman (D-CA) and Markey (D-MA). The bill, re-numbered H.R. 2998, includes NAR-supported provisions which were championed by Rep. Perlmutter (D-CO) that exempt existing homes and buildings from the bill's energy labeling program.
After multiple meetings to discuss the Waxman-Markey bill, the NAR Land Use, Property Rights and Environment Committee directed NAR staff to concentrate on the real estate provisions in the bill. As a result, NAR issued calls for action and made this a talking point for Capitol Hill visits during its recent Midyear meeting. Overall, Realtors succeeded in making a number of positive changes to the bill. Thanks to Realtors, the House-approved bill:
- Limits the energy labeling provisions to new construction only;
- Prohibits the Environmental Protection Agency from regulating carbon emissions from residential and commercial buildings under the Clean Air Act;
- Eliminates an early proposal to bolster a private right of action so that citizens could sue over minor climate risks under the Clean Air Act; that proposal is no longer in the bill as passed by the House;
- Provides property owners with significant financial incentives, matching grants and the tools to make property improvements and reduce their energy bills; and
- Establishes a multitude of green building incentives for HUD housing, including a loan program for renewable energy, block grants and credit for upgrades in mortgage underwriting.
While H.R. 2998 includes many positive changes, NAR will have additional opportunities to make further changes to address unresolved issues, such as the bill's building energy code targets. The Senate must still pass its version of an energy and climate bill. There would be a House-Senate conference committee to reconcile differences between the House and Senate bills. The timing for a vote in the Senate is not clear as the Environment and Public Works Committee still must develop the climate provisions to "cap and trade" carbon emissions. The Senate Energy and Natural Resources Committee has approved the energy provisions (to which climate provisions would be coupled), which include building standards that are more realistic and preserve state flexibility to develop and enforce building codes. While the bill as approved by the House represents a significant improvement over the bill that was introduced, NAR will continue to work to address these issues as the legislative process continues.
An NAR summary of climate issues, which summarizes NAR policy, may be accessed on Realtor.org. Here is the link:
http://www.realtor.org/fedistrk.nsf/c2c6e17e27e92119852572f8005cd953/4c238a3be8220682852573d4006f1dfc?OpenDocument
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posted Jun 29, 2009 7:49 AM by Meggie Devereux
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updated Jun 29, 2009 7:55 AM
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The St. Louis City Board of Aldermen is considering Board Bill #105, introduced by Alderwoman Kacie Starr Triplett, 6th Ward, an ordinance that would require the registration of vacant residential properties. The St. Louis Association of REALTORS has been working with our elected officials on this potential ordinance.
The fee for the annual registration would be $50 for the first year, $150 for the second and $250 for the third year. At this time it is unclear whether this fee and the accompanying fines would be considered new fees and subject to the Hancock Amendment. The “vacant” building designation can be given if a Neighborhood Stabilization Officer has made a visual inspection or through a full building inspection, however it is unclear whether or not the building division will have the authority to go inside the property for a full inspection.
The timeline would be as follows: The vacancy designation is set and a notice mailed to the owner of record with the City of St. Louis, the owner would then have 15 days to appeal that designation, 30 days to board up the property properly and 60 days to register the building with the City Building division for the fees noted above. The definition of owner includes creditors, mortgage companies but excludes charitable, educational or religious organizations.
The registry of vacant buildings will be available on line for the public to see .
The pending ordinance also places a new requirement on mortgage holders to notify the City regarding their intention to foreclose or to register vacant building with fines of $100 a day for failure to register which would be a lienable item. The other fines are $250 for failure to register for property owners other than creditors. For violations of other parts of the ordinance the fines can be levied from $200 – 500 a day.
Board Bill #117, sponsored by Alderwoman Jennifer Florida, 15th Ward Alderwoman, would create the City of St. Louis Rental Registration Program to collect information to identify existing rental properties. The annual registration would expire June 1st of each year and no property with any outstanding fines or fees owed to the City would be allowed to register thus prohibiting them from potentially getting occupancy permits. The registration form would call for a long list of information. The ordinance would also allow for interior inspections that could be initiated by a tenant or neighbor. Currently those inspections are only done at the change of tenancy. Other requirements contained in the bill are that the owner or his agent who lives within certain counties be available to respond to an emergency on a 24-hour basis. That contact for emergencies cannot be a post office box, a mailing address or an 800 number.
To ensure the safety of all residents of rental property one meeting a year with city officials will be required with a property inspection required as well. If any security or other issues or identified a remedial plan may need to be set up to address them. It also calls for every owner or local agent of twenty or more units to attend a city-sponsored training program about crime prevention and safety matters.
Violation of this pending ordinance could be from $150 – 500 for each violation with each day constituting a separate violation. In the even t the City denies or revokes the registration the tenants shall be informed of their decision and told to find other housing.
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posted Jun 29, 2009 7:37 AM by Meggie Devereux
NAR Creates Flyer Using the First-Time Home Buyer Tax Credit with FHA Loans NAR has received many inquiries from our members regarding how first-time homebuyers can use the tax credit with Federal Housing Administration (FHA) loans. NAR created a flyer to help members understand how the tax credit can be used in their respective state. The flyer identifies how to use the tax credit in one of the 11 states where housing finance agencies offer a product that monetizes the tax credit for FHA loans. It also provides some guidance for all other states where such programs do not currently exist. |
posted Jun 1, 2009 1:21 PM by Meggie Devereux
The Downtown Living Tour is this Saturday, June 6, from noon to 5:30 pm. The tour this spring is free. Registration will be at Old Post Office Plaza and the tour will include 18 residential properties, include both condominiums and apartments. Registration will also have live music.
The tour is sponsored by Wells Fargo Home Mortgage, St. Louis Association of Realtors, Webster University - Old Post Office Campus, and the Riverfront Times. |
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