Edison, NJ – Member of the New Jersey Association of REALTORS® (NJAR®) joined with their colleagues from around the country last week in Washington, D.C. at the NATIONAL ASSOCIATION OF REALTORS® (NAR) Midyear Legislative Meetings & Trade Expo. During the meetings, New Jersey REALTORS® met with their congressional representatives’ offices to express their concerns on a variety of issues impacting property owners and the real estate industry, including the Foreclosure Prevention Act.
“As REALTORS®, we are deeply invested in our communities,” said 2008 NJAR® President Drew Fishman, CRS. “We are fierce advocates of the American dream of homeownership. That is why it’s so vital for us to come together with REALTORS® from all over the country to share our concerns and ideas with policymakers in Washington.”
Advocating for the enactment of H.R. 3221, The Foreclosure Prevention Act, was a top priority for NJAR® members at the midyear meetings. NJAR® met with the New Jersey delegation and urged congressional representatives to act promptly to resolve the differences between the House of Representatives and Senate versions of the legislation.
The measure will modernize the Federal Housing Administration’s (FHA) mortgage loan insurance program by giving home buyers access to more affordable loan options. Additionally, it will permanently increase the government sponsored enterprises (Fannie Mae and Freddie Mac) and FHA loan limits. The legislation also establishes a first-time home buyer tax credit and bolsters consumer confidence by strengthening oversight of government loan programs.
“For areas like New Jersey where home prices are higher, increasing the loans limits is an especially important component of the legislation,” said NJAR® Executive Vice President Jarrod Grasso, RCE. “We are hopeful that Congress will work together to pass a comprehensive bill that includes commonsense reforms that will give residents of the Garden State access to more affordable and secure FHA loans.”
While in Washington D.C., New Jersey REALTORS® also addressed the health insurance challenges facing the self-employed and small business community. NJAR® indicated its support of H.R. 5918, the Small Business Health Insurance Options Program Act of 2008 (SHOP) sponsored by Representative John Barrow (D-GA), saying it makes health insurance more affordable, predictable and accessible for small businesses and the self-employed.
“It’s unacceptable that the self-employed and small business communities often have to settle for second rate health care coverage – if they can obtain any at all,” Grasso said. “Sadly, a significant portion of NJAR®‘s membership goes without health care coverage because they cannot afford it. Congress must correct the disparity in health care coverage by working to pass small business health care reform legislation.”
NJAR® also called for legislative changes that would greatly improve the effectiveness of the Veterans Home Loan Guaranty Program. Those enhancements include increasing the loan limits in high cost areas and easing refinancing requirements. NJAR® asked the New Jersey delegation for their support of H.R. 4884 sponsored by Representative Bob Filner (D-CA), as it would accomplish the necessary changes.
“The VA Home Loan Guaranty Program is a terrific program that helps veterans throughout the country become homeowners,” Fishman added. “However, it’s important that Congress address the weaknesses in the current program. The changes we are calling for will increase housing opportunities for more veterans in New Jersey, where securing an affordable home loan can be difficult.”
The New Jersey Association of REALTORS®, with approximately 53,000 REALTOR® and REALTOR-ASSOCIATE® members, is one of the largest trade organizations in the state. NJAR®‘s membership is comprised of real estate professionals who subscribe to a strict Code of Ethics and are members of the national and local REALTOR® organizations. As the leading advocate for the real estate industry and private property rights in New Jersey, NJAR® is committed to protecting the dream of homeownership. For more information, please visit www.njar.com.
