REALTORS® Win With Federal Funding Bill
August 13, 2020
Work is getting done in Washington, DC! In the midst of all that is going on in Congress, the House and Senate both passed a federal spending bill that contains several REALTOR® wins and is now set to be signed by the President.
In a historic week in Washington, while most Americans were focused on a single issue, members of Congress quietly passed legislation funding part of the government through Fiscal year 2020. This funding bill contained three specific items that are favorable for the real estate industry.
National Flood Insurance Program
A nine-month extension of the NFIP’s authority will ensure policies can be issued and renewed through September 30, 2020. NAR is urging Congress to use the additional time afforded by this extension to work toward consensus on the NFIP Reauthorization Act. REALTORS® have thrown their public support behind the bill, which includes significant reforms and a 5-year program reauthorization, stating that it strikes a delicate balance between NFIP sustainability and affordability.
More on NFIP
Terrorism Risk Insurance Program
The Terrorism Risk Insurance Program was reauthorized for seven years, representing a particular victory for NAR’s commercial members. Key aspects of the industry would be threatened in the program’s absence, as terrorism risk insurance is often required to secure necessary financing for commercial transactions. NAR had repeatedly called on Congress to reauthorize TRIP before its scheduled expiration in 2020.
More on TRIP
Included in the package are temporary extensions of three tax provisions directly impacting the real estate industry: 1) the exclusion of forgiven mortgage debt from gross income, meaning that owners of primary residences who sold them short and had part of their mortgage debt written off will not have to pay tax on the amount forgiven; 2) the deductibility of premiums for mortgage insurance; and 3) the deduction of the cost of improvements to commercial buildings that make them energy efficient. These provisions had all expired at the end of 2017, but the bill extends them, retroactive to the beginning of 2018, and through the end of 2020.
More on Taxes
About the PBOR Market Brief
The Paulding Board of REALTORS® (PBOR) Market Brief is compiled by First Multiple Listing Service (FMLS). For more information on details of this month's report, please contact the Board at 770.866.1397.
*Each month, the numbers reported for the previous month are updated to reflect additional recordings.
About the Paulding Board of REALTORS®
The Paulding Board of REALTORS® (PBOR) has been an instrumental factor in the growth of real estate in Paulding County, Georgia for more than a decade. PBOR serves as a central source of information for its members, with mainly focusing on real estate education, the promotion of professionalism in the industry and representing REALTORS® members with legislative initiatives to create positive change for the real estate community.
About First Multiple Listing Service
First Multiple Listing Service (FMLS) is the premier data services provider for real estate professionals in Georgia. FMLS was founded in 1957 by a group of Brokers who wanted to share their listings and connect buyers and sellers. Today FMLS is the largest MLS in Georgia & the 4th largest MLS in the United States, serving nearly 54,000 real estate Agents & Brokers. For additional information or to start a discussion about how to partner with FMLS please contact email@example.com.