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2.13.08
OPEN RECORDS BILL WILL NOT
HAMPER YOUR BUSINESS
After a long two weeks, we are proud to announce a victory concerning the Open Records legislation (SB 1) being debated in the Pennsylvania General Assembly.
As originally introduced, the Open Records legislation being considered contained a provision that would prohibit purchased public data from being sold or provided to another for commercial purposes. This would have prohibited LVAR's Multiple Listing Service (MLS) from purchasing crucial data (tax assessment, housing characteristic, mortgage and other property data), and would hinder how REALTORS® provide service to their clients.
A Call-to-Action (CTA) on this issue was sent to LVAR members late last week. Over 345 LVAR members (5,300 REALTORS® statewide) responded to the CTA and sent an e-mail to their State Legislator. Because of this tremendous effort, we were successful in getting the House to adopt an amendment to remove the terrible provision that would have prohibitedMLS’s from purchasing crucial data from counties.
The amendment was adopted unanimously, with the support of all ten of the Lehigh Valley’s State Representatives. SB 1 heads back to the Senate, which is expected to vote on the bill this week.
A special thanks to those of you who responded to the CTA! This is great example of grassroots activism translating into a public policy victory!
Economic Stimulus Package contains
GSE and FHA Loan Limit Increases
REALTORS® have been working hard to urge Congress to provide relief to the housing market as part of the economic stimulus plan being considered. In a huge victory for the housing market, the U.S. Senate and House passed an economic stimulus package on February 7, which has been sent to President Bush for his signature. The President indicated he would sign the bill. The economic stimulus package includes several important housing provisions, including increases in the loan limits for Fannie Mae and Freddie Mac and also FHA.
Included in the package are:
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The FHA limit will increase to as much as $729,750 in high cost areas (to 125% of local median home prices) for loans approved on or before December 31, 2008.
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In addition, the measure gives the Secretary of HUD the discretion to raise any individual area loan limit by an amount not to exceed $100,000.
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The GSE limit will be increased up to $729,750 for loans originated after July 1, 2007 to December 31, 2008.
Currently Fannie Mae and Freddie Mac are capped at $417,000. It appears the formula mirror that used by FHA, with GSE loan limits increasing to 125% of the local median home price, but not to exceed $729,750. Click here to read more. Simply log-in with your Realtor.org password to access the information.
A special thanks to those REALTORS® who responded to the Call-to-Action on this important issue. You deserve credit for ensuring that the housing market remains an important priority during the slowing economy.
2.13.08
ALLENTOWN MAYOR MEETS WITH LVAR
GOVERNMENT AFFAIRS COMMITTEE
Members of the GAC shown above (from left to right) – George Raad; Frank Renaldi Jr (Vice-Chair); Allentown Mayor Ed Pawlowksi; Luis Campos (Chair); David Ellis.
The LVAR Government Affairs Committee (GAC) is continuing to work on establishing an open dialogue and building strong relationships with elected officials across the Lehigh Valley.
Allentown Mayor Ed Pawlowski (D) made his second visit in less than a year with the GAC as this month’s Roundtable Series special guest. Mayor Pawlowski had an in-depth discussion with the GAC regarding the many development projects in the City. He reported that along with improving the financial stability of the City and turning an $8 million deficit into a $6 million surplus, there are no plans to increase property taxes until 2013. The Mayor also highlighted his focus on a four part public safety strategy: invest in technology to fight crime; re-engage the community; target crime hot spots; and restructure the police department. When asked by a member of the GAC if he plans to increase the realty transfer tax during his term, the Mayor said “no.”
The Roundtable Series serve as a forum for local elected officials to share with our members’ first-hand information on ongoing economic development and revitalization projects, local politics, and other real estate related matters in their respective municipalities. The meetings also serve as an opportunity for REALTORS® to show elected officials that we are organized and interested in the being a part of the public policy making process. By cultivating meaningful relationships, REALTORS® have the opportunity to build vibrant, safe and livable communities in partnership with elected officials. REALTORS® also can shape the debate on the many issues impacting their business. |