September 2017 Government Affairs Update Archive

Government Affairs Update for Sept. 29, 2017

NAR launches public campaign opposing federal tax reform framework
NAR is launching a public ad campaign opposing the federal tax reform framework. NAR’s press release can be found here. Stay tuned for more information and spread the word on social media.

Governor Cuomo says tax reform plan would cost NY taxpayers $17.5 billion
Governor Cuomo released an analysis showing that the federal tax reform proposal to eliminate the state and local tax deduction would increase the tax liability for 3.3 million New Yorkers by $17.5 billion, resulting in taxpayers paying, on average, an increase of $5,300. A breakdown of the analysis can be found here.

State Assembly shuffles committee leadership roles for 2018
Notable changes issued by Assembly Speaker Carl Heastie are Assemblyman Jeffrey Dinowitz, D-Bronx, has been named chair of the Judiciary Committee, replacing Assemblywoman Helene Weinstein, D-Brooklyn, who was tapped to chair the Assembly Ways and Means Committee. More committee changes can be found here.

Republican Assemblymember Peter Lopez picked as new EPA regional administrator
Assemblyman Peter Lopez, R-Schoharie County, has been selected as the U.S. Environmental Protection Agency’s new Region 2 administrator. Region 2 covers New York, New Jersey, Puerto Rico and the U.S. Virgin Islands. Read more here.

Sign up for REALTOR text message alerts
Text the word ‘NYREALTOR’ to 30644 to register for REALTOR Party mobile alerts to answer important Calls for Action to help protect REALTORS and our industry.

Government Affairs Update for Sept. 22, 2017

NAR joins coalition to protect the state and local tax deduction
The National Association of REALTORS joined state and local elected officials to launch the Americans Against Double Taxationcampaign to preserve the state and local tax deduction as part of ongoing tax reform discussions. This federal tax deduction is claimed by 43 million Americans every year and is critical to New York homeowners. You can read the release here.
Federal issues to be discussed at Legislative Policy Forum Tuesday, Sept. 26
Attend this year’s Legislative Policy Forum at the Fall Business Meetings at Turning Stone Resort on Tuesday, Sept. 26, for a discussion on state and federal issues affecting our industry. Our guest speaker is Zack Rubin-McCarry, representative from the National Association of REALTORS. 

NAR study shows student debt delaying millennial homeownership by 7 years
Among the 80 percent of millennials in the survey who said they do not own a home, 83 percent believe their student loan debt has affected their ability to buy. Read more on this study here. Saving for a first home in NY should be more affordable and accessible, which is why NYSAR supports NY First Home – tell Governor Cuomo to sign NY First Home into law today!

Total tax savings from mortgage interest deduction in NY is $4.32 billion
According to statistics from the IRS and U.S. Census, 1.96 million NY taxpayers claimed the Mortgage Interest Deduction (MID) in 2014, saving the average NY taxpayer $2,200 in taxes. During ongoing tax reform discussions, NAR continues to urge Congress to maintain the benefit and integrity of the MID as well as retaining the deduction for state and local taxes (including property taxes), which are all vital for New York homeowners. Learn more about the federal tax reform issue here.

NAR reacts to Federal Reserve decision to unwind its balance sheet
NAR Chief Economist Lawrence Yun’s commented on the Federal Reserve’s unwinding of their balance sheet come October, and what that will mean for mortgage rates through 2018 saying, “As the Federal Reserve indicated today, the huge purchases of mortgage-backed securities and U.S. government bonds could not have continued and will unwind beginning next month…That means that mortgage rates would rise up only modestly over time…The 30-year fixed rate may rise to slightly above 4% by the end of this year, and may only reach 4.7% by the end of 2018.”

Sign up for REALTOR text message alerts
Text the word ‘NYREALTOR’ to 30644 to register for REALTOR Party mobile alerts to answer important Calls for Action to help protect REALTORS and our industry.

Government Affairs Update for Sept. 15, 2017

CFPB final rule goes into effect Oct. 10, 2017
The Consumer Financial Protection Bureau’s (CFPB) final rule amending the “Know Before You Owe” (KBYO or TRID) mortgage disclosure rule goes into effect on Oct. 10, 2017, and mandatory compliance is required by Oct. 1, 2018. As advocated for by NAR, the final rule clarifies the ability to share the closing disclosure (CD) with third parties - a victory for real estate professionals nationwide. Learn more.
NAR testifies before Senate Finance Committee on tax reform
Iona Harrison, chair of NAR’s Federal Taxation Committee, testified before the Senate Finance Committee on Sept. 14 to advocate for responsible tax reform. Harrison also warned lawmakers of the negative consequences of any proposals that limit or nullify critical tax incentives for homeowners such as the elimination of the state and local tax deduction and the doubling of the standard deduction. Learn more

New York 2017 Primary Election results

New York’s Primary Election was Tuesday, Sept. 12. Assemblyman Francisco Moya of Queens and Assemblyman Mark Gjonaj and state Sen. Ruben Diaz Sr. of the Bronx won their Democratic primaries for New York City Council, which opens up their seats in the State Assembly and Senate. Read primary results in New York City here. There were also competitive primaries in other parts of the state for mayor, county executive and other local offices you can read about here.

16 percent of NY REALTORS are not registered to vote
Need to change your voting address or register to vote? Find your local county board of elections here. The deadline to register to vote for the upcoming Nov. 7, 2017 General Election is Oct. 13, 2017. 

Government Affairs Update for Sept. 8, 2017

Congress approves three-month extension of NFIP
The U.S. Senate and House of Representatives voted to pass a three-month extension of the National Flood Insurance Program (NFIP), and President Donald Trump is expected to sign the bill into law Friday, Sept. 8. This legislation ensures that the NFIP will not lapse on Sept. 30, 2017, and will be extended until Dec. 8, 2017. NAR will continue legislative advocacy efforts for the 21st Century Flood Reform Act until a long-term reauthorization and reform bill is enacted.
Ten percent of NY REALTORS answered the Call for Action on flood legislation
A little more than 10 percent of New York REALTORS answered the NAR Call for Action to renew the National Flood Insurance Program (NFIP). Thank you for your action. You can see the number of REALTORS who answered the call by local board or association here

Primary Election Day is Tuesday, Sept.12
If you are registered to a political party, don’t forget to vote in this year’s primary election on Tuesday, Sept. 12, 2017. Find your local county board of elections website for information on your polling place and candidates running for office. 

House to consider bill to change TRID rules
The House of Representatives could consider legislation that would bring several changes to the TILA-RESPA Integrated Disclosure rule or TRID. The draft bill would expand the time period granted to a creditor to cure a good-faith violation on a loan estimate or closing disclosure from 60 to 210 days, and would also amend RESPA to “allow for the calculation of a simultaneous issue discount when disclosing title insurance premiums.” More on this story can be found here.

Government Affairs Update for Sept. 1, 2017

Senator Schumer joins call to renew federal Flood Insurance Program
U.S. Senator Chuck Schumer recently called on Congress to renew the National Flood Insurance Program (NFIP), which is set to expire Sept. 30, 2017. Learn more. If you have not done so yet, please take the minute to Take Action on this important REALTOR issue here.
Oppose cease and desist in areas of Queens and Bronx
In July, the New York State Department of State (DOS) released proposed regulations that will impose “Cease and Desist” zones in parts of Queens and the Bronx. If adopted as proposed, real estate licensees will be prohibited from soliciting an owner of real property for the sale, lease or listing of property if that owner has filed a cease and desist notice with the DOS. Respond to the Call for Action here

Primary Election Day is Tuesday, Sept.12
If you are registered to a political party, don’t forget to vote in this year’s primary election on Tuesday, Sept. 12, 2017. Find your local county board of elections website for information on your polling place and candidates running for office. 

Tell Congress to reauthorize the National Flood Insurance Program 

The National Association of REALTORS has issued a Call for Action asking all REALTORS to urge the House of Representatives to bring up and pass H.R. 2874, the 21st Century NFIP Reform Act. H.R. 2874 reauthorizes the NFIP and makes a number of critical improvements to the NFIP including: increased funds for mitigation activities; caps on overall premium increases; improved claim and mapping processes; and removing hurdles for more private market participation in the flood insurance market. If Congress fails to take action to reauthorize the NFIP, it will expire by Sept. 30. Respond to the Call for Action today

Mario M. Cuomo Bridge opens
On Thursday, Aug. 24 Gov. Andrew Cuomo formally opened one span of the new Mario M. Cuomo Bridge.  Formerly known as the Governor Malcolm Wilson Tappan Zee bridge, the new $4 billion span will connect Rockland and Westchester counties.  More on the grand opening can be found here.

Assemblyman Farrell announces retirement
After serving 42 years in the New York State Assembly, Assemblyman Denny Farrell who represents northern Manhattan, announced this week he will retire on Sept. 5, 2017.  Farrell is the long-serving Chairman of the Assembly’s Ways and Means committee and has been in office during the terms of six governor’s.  More on his career and trhe announcement here.

NYS Board of Elections files suit against Senate IDC Committees
The Albany Times Union reported this week that Risa Sugarman, counsel for the New York State Board of Elections, filed a suit earlier this month that seeks to curb certain fundraising committees established by the Senate Independent Democratic Committee (IDC).  The suit is challenging a campaign agreement between the state Independence Party Committee and the IDC that provides the IDC with greater contribution limits and flexibility in supporting other candidates, specifically IDC members.  More on this story here.
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