Federal Issues & Legislation

Tax Reform, What it Means
Federal

While NAR remains concerned that the overall structure of the final bill diminishes the tax benefits of homeownership and will cause adverse impacts in some markets, the advocacy of NAR members, as well as consumers, helped NAR to gain some important improvements throughout the legislative process. The final legislation will benefit many homeowners, homebuyers, real estate investors, and NAR members as a result.

Tax Reform Passes Congress
Federal

Lawmakers in the House and Senate passed tax reform legislation and as expected, President Trump swiftly signed the bill into law.

FHA Prohibits PACE Loans
Federal

On Dec. 7, 2017, the Department of Housing and Urban Development (HUD) announced that HUD will no longer insure mortgages encumbered with a Property Assessed Clean Energy (PACE) assessment. This reversal of HUD policy is a victory for the National Association of REALTORS® whose members sounded concern that PACE liens would take a first-lien position over FHA in instances of default or foreclosure, undermining the government's collateral position and disrupting the secured lending process.

It is Not Too Late to Influence Congress on Tax Reform
Federal

Thanks to our members’ engagement, REALTORS have helped positively influence tax reform in some key areas.  For example, both the House and Senate have agreed to maintain deductibility of state and local property taxes up to $10,000, and to maintain Section 1031 tax-deferred exchanges in their present form for real estate investments.

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