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Is NAR seeking to push for Carson’s nomination to head HUD?

(POLITICS) Ben Carson’s initial appointment to HUD was controversial given his lack of experience in housing, but what is the pulse now and is NAR for or against him?

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NAR strongly backs Dr. Carson’s nomination

When President-Elect Donald Trump put forth Dr. Ben Carson’s name as the nominee for Secretary of Housing and Urban Development, NAR President William E. Brown said, “While we’ve made great strides in recent years, far more can be done to put the dream of homeownership in reach for more Americans.”

At the time of nomination, the National Association of Realtors (the largest trade organization in the nation) offered a positive tone regarding Dr. Carson and said the industry looks forward to working with him. But does that hold true today?

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The confirmation hearings yesterday were far less controversial than one would expect, especially in light of how many initially reacted to his nomination. Given his lack of experience in housing, questions seemed to often center around protecting the LGBT community and veterans, both of which he pledged to support.

In fact, Dr. Carson said the Fair Housing Act is “one of the best pieces of legislation we’ve ever had in this country,” promising to issue a “world-class plan” for housing upon his confirmation.

NAR’s position on Dr. Carson

As we await the Senate Committee on Banking to make a decision regarding Dr.  Carson’s confirmation, we look to NAR for a pulse of what the real estate industry feels regarding the process and potential nomination, and all signs are positive.

President Brown tells us, “Dr. Carson has shown a clear commitment to ensuring all Americans have access to a safe and affordable place they can call home. With that in mind, we’re urging members of the U.S. Senate to swiftly confirm him as Secretary of HUD.”

“It’s no small task setting policies that support homeownership and real estate investment,” Brown continued, “and Dr. Carson is to be commended for taking on the challenge. We look forward to working with Dr. Carson in his new capacity on behalf of that important mission.”

In a letter obtained exclusively by The Real Daily, NAR further urges the Committee to expedite Dr. Carson’s nomination:

 Dear Chairman Crapo and Ranking Member Brown: The 1.2 million members of the National Association of REALTORS® (NAR) offer our support for Dr. Ben Carson as the Secretary of the Department of Housing and Urban Development (HUD). NAR urges the Senate Banking Committee to approve his nomination and move it quickly to the floor of the Senate. His innate understanding of the key role that housing plays in the health of individuals and communities will be a great asset at HUD. HUD programs play a critical role in ensuring that all Americans have access to a safe, decent, affordable home. HUD’s FHA mortgage insurance program provides access to reliable, safe mortgage financing to all qualified borrowers in all economic times. In particular, FHA provides valuable access to first time homebuyers and minorities. In FY 2016, first-time homebuyers represented 82 percent of all FHA purchase originations, and over 33 percent of FHA endorsements went to minority buyers. NAR believes that small changes like the recent premium reduction can strengthen the program, and provide greater access to financing needed to increase our historically low homeownership rate. In his confirmation hearing, Dr. Carson strongly supported the mission of the FHA and the need for such a program. At the same time, HUD’s multifamily programs provide affordable rental housing for millions of families nationwide. The private sector simply does not provide enough affordable housing on its own, and without the subsidies provided to residents, these families would find it difficult, if not impossible, to find safe, decent housing. Dr. Carson has stated his support for rental assistance and the important role it plays for low-income families. He also has voiced his support for the Low-Income Housing Tax Credit, which has been the sole tool for private development of affordable housing. The National Association of REALTORS® looks forward to working with Dr. Carson in his new role, and urges your immediate support for his confirmation. Sincerely, William E. Brown 2017 President, National Association of REALTORS®

#CarsonHUD

Tara Steele is the News Director at The American Genius, covering entrepreneur, real estate, technology news and everything in between. If you'd like to reach Tara with a question, comment, press release or hot news tip, simply click the link below.

Politics

Evictions are mounting, affecting renters and landlords

(POLITICS) Eviction moratoriums both ending and extending are causing ripple effects of economic trouble for renters and landlords.

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The United States continues to struggle to find a balance between public health protections to slow the spread of coronavirus and economic measures to prevent Americans from bankruptcy as a result.

While eviction bans initially provided relief for renters who lost jobs and couldn’t afford rent payments, the effects bounced up to property owners who lost those payments. Though the first coronavirus stimulus package renter protections extended to landlords, property owners say banks are still expecting mortgage payments as the relief expires. Many worry the expiration of the additional $600 added to unemployment will exacerbate the problem.

In Texas, the statewide eviction moratorium ended in May. Unlike other major cities which chose to use funds from the federal coronavirus stimulus package to pay for legal representation for tenants, Houston let local protections for tenants expire with the moratorium.

In Houston, there is little recourse for tenants served with an eviction notice. Tenants only have five days to appeal, and there is no legal defense for a tenant who can’t pay at least one month’s rent to the court registry. As a result, tenants facing eviction often surrender and leave. Unfortunately, the result is tenants moving in temporarily with friends and family while they look for new housing, causing overcrowding and presenting a health risk to everyone involved. The CDC has specifically named “poverty and crowding” as a top risk factor for COVID-19.

However, not all evictions are the result of unpaid rent. Marie Baptiste, a landlord in Randolph, Massachusetts reported to the Boston Globe that she has lost recourse against a tenant who not only stopped paying rent long before the pandemic started, but caused water damage and a rat infestation. The tenant argues the structural problems were her reason for withholding rent.

Consequently, Baptiste says she is now $19,000 in the hole for this property, and can do nothing about it. In July, Governor Charlie Baker extended the eviction moratorium to mid-October. In a survey conducted by MassLandlords, one-fifth of landlords are uncertain how they will keep up with mortgage payments. Many fear they will be forced to sell or face foreclosure without relief.

Without protections for both tenants and individual property owners, the eviction moratoriums could have long-term consequences for housing in large cities. Urban centers, already struggling with rent inflation and lack of affordable units as large developers take over, could see this problem exacerbated for years to come. It is imperative that the next stimulus package consider how relief for both renters and property owners can be leveraged to prevent these challenges.

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Politics

COVID-19: NAR’s fight for independent contractor relief

(POLITICS) Economic relief is on its way for the self-employed and independent contractors like Realtors, with NAR pushing politicians to pay attention.

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Earlier this week the U.S. Senate passed an unprecedented $2 trillion COVID-19 economic relief package. The bill is now in the U.S. House and is expect to be signed by the President without any issues.

Self-employed and independent contractors have been anxious about the bill since talks began. It would not be the first time theses types of workers were left out of key economic legislation. As the majority of the nation’s realtors are self-employed or commission-based, they have been hit hard by the economic effects of COVID-19.

Just last week home buyer disinterest tripled; few are looking to buy a home right now and social distancing restrictions have made it difficult to attract new clients or show property.

Realtors want to do their part to stop the spread of the virus, but just like everyone else, they need support during this difficult time.

During the last several weeks, the National Association of Realtors (NAR) has been in constant discussion with lawmakers to ensure that these groups are taken into account for the economic relief package.

NAR Senior VP of Government Affairs, Shannon McGahn stated, “We have worked closely with Congressional leaders and the administration during the past several weeks to ensure all three bills bring relief to the self-employed, independent contractors, and small businesses. The real estate industry is responsible for millions of jobs and is key to our national recovery.”

The economic relief package includes $350 billion for the Small Business Administration 7(a) loan program. Under the terms, eligible small businesses, which in this case are those that have 500 employees or fewer, can receive up to $10 million toward mortgage interest, rents, utilities, and payroll costs. A portion of these loans will be forgivable.

In addition to relief through the loan program, self-employed and independent contractors will be able to take advantage of unemployment insurance benefits. This program could cover benefits for up to 39 weeks, a huge relief as many find themselves and their businesses suddenly devoid of cashflow.

This is the third relief package to be signed into law, with a fourth expected to be signed in the coming months. These are stressful COVID-19 times and no bill will ever be perfect, but some relief is on its way. 
 

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Politics

COVID-19: Senate passes the relief bill, now it’s in the House’s hands

(POLITICS) Many people heard that the Senate passed a relief bill, but don’t quite understand that it’s not a done deal. Now the House gets to add their input.

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The House can’t seem to agree on the COVID-19 relief bill. Yesterday, the Senate and the White House came to an agreement on a $2 trillion economic stimulus package. Today, House Speaker Nancy Pelosi has publicly stated that the House will be reviewing the bill, but there is no commitment as to whether the bill will pass or not. The Hill reported that some House Democrats are concerned that they have not provided any input.

What’s in the measure?

According to CBS News, the actual text of the measure hasn’t been released, but they did get information from Minority Leader Chuck Schumer about some of the contents:

  • Expanded unemployment benefits to boost the maximum benefit and to give laid-off workers full pay for four months
  • Direct payments to individuals making less than $99,000
  • $130 billion for hospitals
  • $367 billion in loans for small business
  • $150 billion for state and local governments
  • $500 billion for large businesses
  • Creates an oversight board to govern large loans
  • Prohibitions to prevent President Trump and family from getting federal relief

Will the measure pass?

Pelosi has said that this relief bill is a big improvement over the Republican’s first proposal. It seems as if she is working hard to move the measure through the House, but given the current state of politics, it’s hard to believe that anything will be done without some debate. 

Many Democrats have pushed for a food stamp increase, which is not in the current measure. However, the Democrats did win on the oversight board that protects the employees of the companies who are getting loans. Money for states was another Democrat victory in the current measure.

If the bill can pass the House unanimously, lawmakers won’t have to vote on the floor.

If the House can’t agree, the House will need to reconvene and amend the Senate measure or pass their own measure.

Under the COVID-19 travel restrictions and quarantine issues, it might be difficult to get anything done quickly. The urgency is real, but so is the responsibility. Representatives want the money to do what Congress intends, not for CEO compensation or stock buyouts.

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