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January 2017 Government Affairs Update Archive

Government Affairs Update for January 27, 2017


New Yorkers call on Governor Cuomo and Legislature to assist first-time homebuyers
According to results from a Homeownership Poll conducted by the Siena Research Institute (SRI), 84 percent of New York voters supported the NY First Home proposal that would create a tax-free savings account to help New Yorkers save for a first home. Support for the program was bi-partisan and spread across the entire state.  Click here for more details.

New York City issues meeting set for Feb. 16
On Thursday,Feb. 16, the New York City Issues Working Group will be meeting to offer an opportunity for REALTOR members residing in NYC and its surrounding communities to discuss NYC-centric REALTOR issues. If you are interested in attending, please contact Scott Henderson at 518-463-0300 Ext.216 to RSVP. Learn more here.

New York State still sitting on $2 billion in yet-to-be released housing funds
 
Last year, the allocation of $2 billion in housing funds was approved by the state Legislature. After Gov. Andrew Cuomo and legislative leaders couldn't reach an agreement on how to administer the funds, Cuomo unilaterally signed a memorandum of understanding to release the funds in September. But the two legislative leaders, who would also have to sign the memo, were not parties to the agreement and have still not agreed to a plan on how to spend the funds. Learn more here.

Assembly Democrats plan millionaires' tax expansion
Last week, Assembly Democrats released their proposal for expanding the “millionaires' tax” on high-income earners, creating new tax brackets for the highest earner of the state.  In addition to extending the tax, the conference wants to tax those with annual earnings from $1 million to $5 million at an 8.82 percent rate.  Click here for more details on the Assembly Democrats “millionaires’ tax” proposal”

President Trump blocks Federal Housing Administration plan to cut mortgage fees
The Trump administration’s Department of Housing and Urban Development has suspended a fee cut recently enacted by the Obama Administration on mortgage fees.  The act blocked by Trump would have reduced annual premiums for mortgage insurance from 0.85 percent to 0.60 percent on mortgages secured by the Federal Housing Administration (FHA).  Click here for more information.

Government Affairs Update for January 20, 2017

 

Governor Cuomo unveils 2017-18 state budget 
On Tuesday, Jan. 17, Gov. Andrew Cuomo unveiled his spending plan for the 2017-18 fiscal year.  Included in the $152 billion budget is a plan to provide free tuition to SUNY schools for students of families making less than $100,000 per year, as well as a proposal to legalize ridesharing services such as Uber and Lyft outside of New York City.  Also included is a proposal to extend the “Millionaires Tax” on earners making $1 million or more, an expansion of the Buffalo Billion program, as well as several infrastructure plans including overhauling JFK Airport and the creation of a Transit and Economic Development Hub in the Town of Woodbury.  Click here for more details on the Executive Budget.  

Governor Cuomo calls for private well testing in budget
Included in Gov. Andrew Cuomo’s 2017-18 Executive Budget is a proposal to require water quality testing upon the sale of residential property served by a private well.  NYSAR will be taking a formal position on the proposal after a further examination of the governor’s budget.

New York City issues meeting                       
On Thursday, Feb. 16, the New York City Issues Working Group will be meeting to offer an opportunity for REALTOR members residing in New York City and its surrounding communities to meet and discuss NYC-centric REALTOR issues.  If you are interested in attending, please contact Scott Henderson at 518-463-0300 ext.216 to RSVP.  Click here for more details. 

Governor Cuomo introduces revamped 421-a proposal to Legislature
Last week, Gov. Andrew Cuomo announced that he has sent state lawmakers a bill to replace the expired 421a property tax abatement program, which seeks to incentivize affordable housing construction in New York City.  The legislation, which the governor has called “Affordable New York,” would need to be passed by both houses and signed by the governor to become effective.  Click here for more details.  

Save the date: NYSAR’s 2017 Lobby Day is Tuesday, May 23
NYSAR is proud to announce that the 2017 Lobby Day will be held on Tuesday, May 23 at the Hilton Albany.  Please stay tuned for more details! 

Government Affairs Update for January 13, 2017

 

Governor Cuomo calls for private well testing 
Included in Gov. Andrew Cuomo’s 2017 State of the State agenda is a proposal to require water quality testing upon the sale of a home served by a well. NYSAR will be taking a formal position on the proposal after more specifics are released in the governor’s budget, which is expected to be released in the coming weeks.  

Save the date: NYSAR’s 2017 Lobby Day is Tuesday, May 23
NYSAR is proud to announce that the 2017 Lobby Day will be held on Tuesday, May 23 at the Hilton Albany.  Please stay tuned for more details!  

HUD lowers FHA mortgage insurance premiums by a quarter point
Mortgage insurance premiums on FHA-backed loans will be lower by 25 basis points on loans endorsed starting January 27, the Federal Housing Administration announced today.  The move is expected to save the average home buyer $500 a year in insurance costs.  Click here to read more about this premium change.

Home sale prices in Brooklyn, Queens hit new highs in fourth quarter
According to data from Douglas Elliman and the Corcoran Group, home sales in Queens and Brooklyn hit record highs in the last quarter of 2016.  Brooklyn’s record $947,333 and Queens $573,455 average sale price was the highest ever.  Click here for more details on last quarters home sales.

Ben Carson details his vision for the Department of Housing and Urban Development
At his Senate confirmation hearing last week, Ben Carson outlined his vision for HUD, suggesting that the private sector should play a larger role in addressing poverty and systemic inequities.  Click here for more information on Carson’s confirmation hearing.  
 

Government Affairs Update for January 9, 2017

 

Governor Cuomo kicks off State of the State tour
Yesterday, Gov. Andrew Cuomo launched a six-city tour of the state to unveil his 2017 agenda, starting in Manhattan where he called for reform of the state's criminal justice system as well as offering free tuition at SUNY schools for families making less than $125,000 annually.  Click here for more details on the State of the State.  

Assemblyman Cymbrowitz appointed chair of Housing Committee
Last week, Assemblyman Steven Cymbrowitz of Brooklyn was appointed Chair of the Assembly Housing Committee by Speaker Carl Heastie. Cymbrowitz chaired the Assembly’s Aging Committee since 2015 and previously served as chair of the Alcoholism and Drug Abuse Committee. Click here for more details on the appointment.  

Senator Klein announces Republican alliance for 2017
Last week, Independent Democratic Conference (IDC) leader Senator Jeff Klein officially announced that his conference will once again continue to partner with the Senate Republicans, creating a majority coalition between the IDC and the Senate GOP.  Click here for more information.

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