Read on to learn what’s happening in Salem and on Capitol Hill that could impact your business and your clients’ property rights, as well as what OAR and NAR are doing to represent you before elected officials at the state and federal levels.

 

State Issues and Updates

Thank You for Making Your Voice Heard in Salem

The Oregon Legislature's adjournment on July 7 marked the end of a contentious session that was not short on debate or controversy. Your participation in calls for action was critical in protecting the Oregon real estate industry this session. A special thanks to those who contacted legislators, testified on key issues and shared concerns with key committees and staff. OAR worked hard to advance key policies and oppose others, such as HB 2004-B, which could have been detrimental to the housing supply. Thank you for making your voice heard - learn more 

 

Federal Issues and Updates

Commercial NFIP Priorities Sent to Senate

On July 14, NAR, in coalition with other commercial real estate trade groups, sent a letter to the Senate Committee on Banking, Housing, & Urban Affairs, providing them with a list of ways the National Flood Insurance Program (NFIP) can be improved to be more responsive and effective for commercial real estate. The Senate Banking Committee is currently working on drafting reauthorizing legislation for the NFIP, which is set to expire on September 30. 
The letter asks for six things:

  • Maintain the commercial "opt-out" provision, as passed by the House Financial services Committee, in Senate legislation;
  • Include optional business interruption coverage;
  • Allow for multiple structures to be covered under a single policy;
  • Help FEMA develop more accurate mapping;
  • Develop more effective pre-flood mitigation options for commercial real estate; and
  • Allow for replacement cost value, instead of actual cash value, for commercial and multifamily structures.

NAR has been actively working with both the House and Senate as they work to draft legislation reauthorizing this important program before it expires, and will continue to communicate to them our priorities as the process moves forward. Read the Coalition Letter

NAR Comments on FHFA "Duty to Serve" Rule

On July 10, 2017 NAR submitted comments to the FHFA regarding the Agency's proposed “Duty to Serve Underserved Markets” Plans. Ensuring the continued availability of affordable mortgage credit to all qualified borrowers is an obligation of both Fannie Mae and Freddie Mac. Without the affirmative obligation of either of the Enterprises to facilitate the financing of affordable housing for low- and moderate-income families consistent with sustainable homeownership, access to credit in some of these markets would remain limited. As the Enterprises implement their proposed Plans, their efforts do not need to compromise safe and sound lending standards. Support of fair and affordable mortgages to a full range of qualified households in the market is achievable. Read NAR's Letter