Volume 6, Issue 15: June 14, 2013
LEGISLATIVE ACTION DAY! Join the Delaware Association of REALTORS® this Tuesday, June 18th, at Legislative Hall in Dover for our Annual Legislative Action Day and Luncheon, from 11:30am to 1:30pm. Don't miss out on your chance to meet the Legislators who impact your business. Lunch is free and will be catered by Where Pigs Fly. Please remember to bring a picture ID to pass through security. To RSVP or for more information, contact Maria Evans at (302) 734-4444 or firstname.lastname@example.org. Time is running out...register today!
The Delaware State Housing Authority Announces First Time Homebuyer Federal Tax Credit: The Delaware First Time Homebuyer Federal Tax Credit provides a federal income tax credit of up to $2,000 a year for as long as the homebuyer occupies the home and has a mortgage. Please read more about this program HERE.
Will Delaware Expand the Rental Tax Charged on Hotel Stays to Rental Properties? Read the latest HERE.
Governor Markell Signs HB 29: The Commercial Lien Legislation: Read HB 29 HERE.
Pictured are: Center: Governor Jack Markell
Left to Right: Peter Davisson (Jackson Cross Partners, LLC), Phil McGinnis (McGinnis Commercial Real Estate Company), Representative Bryon Short,
Andrew P. Taylor, ESQ. (Cooch and Taylor, P.A.) and Gregory Ellis (Patterson-Woods Commercial Properties/CORFAC International).
Federal News In Case You Missed It:
Fannie Mae Introduces Tool to Stream-Line Short Sale Process! Click HERE for more information!
Bill Would Slow Loss of Some Flood Ins. Subsidies: The phase-out of federal flood insurance subsidies for homes with "grandfathered" premium rates will be delayed for a year under an amendment that's been attached to a bill making homeland security appropriations. The phase-out of subsidies, part of flood insurance reform enacted last year, has caused concern among some property owners and lawmakers. Phase-out of premium subsidies for some other types of properties would continue as scheduled, although NAR is working with lawmakers about securing a longer delay for grandfathered properties and extending it to other types of properties. For more info contact Austin Perez, 202/383-1046.
Downturn Didn't Dim Ownership for Young: Young households are buying homes at a greater rate than baby boomers and Gen Xers did when they were at a comparable age, says a study by a researcher at Washington State University. The findings suggest news articles that say the downturn turned off the young to home ownership aren't fully capturing young households' positive home ownership views. Access study and 4-minute video.
Bill Would Standardize Energy Efficiency Valuation: NAR-backed legislation to standardize the valuation of energy efficiency in the appraisal and mortgage underwriting processes has been introduced in the Senate. The "Sensible Accounting to Value Energy (S.A.V.E.) Act," S. 1106, would try to encourage the use of energy efficient materials in new and existing homes without negatively affecting older homes. For more info contact Tony Hutchinson, 202/383-1120.
Changes Add Flexibility to QM 'Ability-to-Pay' Rule: NAR is generally supportive of the latest changes to the Qualified Mortgage (QM) "ability to pay" rule by the Consumer Financial Protection Bureau. CFPB's changes would help give lenders more flexibility in originating QM safe harbor loans and add a reasonable criterion for loan applicants, but NAR in a letter to the agency says it wants to see some clarifying language on a number of matters still. CFPB has said it plans to keep looking at its QM rule before it takes effect next year to be sure it protects consumers and taxpayers without reducing loan availability to responsible applicants. For more info, contact Charlie Dawson, 202/383-7522.