Fighting for California Homeownership
During this time of year, people are focused on politics and elections. But do you ever wonder about how our elected officials do as lawmakers? It’s important, because every year, thousands of bills are debated in Sacramento and Washington D.C. that impact your ability to buy or sell a home.
The good news is that your local REALTOR® is paying attention, fighting for homeownership. When REALTORS® fight, families win. Here are a few of the more notable successes during the 2016 legislative session.
Homeownership Bills Signed Into Law
• Expanding access to financing: HR 3700 – REALTORS® supported federal legislation which expands homeownership by making it easier to use FHA financing to purchase condominiums. This is great for first-time homebuyers because FHA credit standards are more favorable and require lower down payments. This makes it easier for people to get a mortgage, start building equity and take advantage of the ability to lower their tax bill by writing off mortgage interest.
• Property tax disclosures: AB 2476 – Another REALTOR® sponsored bill that ensures property owners, not living at that address, are still notified when government wants to increase parcel taxes.
• Transparency in lending: AB 2693 – The REALTOR® sponsored homeowner protection bill establishes a three-day right to cancel and requires a disclosure of risks and consequences associated with Property Assessed Clean Energy (PACE) loans.
Anti-Homeownership Bill that REALTORS® Defeated
• Stopped a new sales tax on services: SB 1445 – REALTORS® defeated this bill, which would have imposed a tax on real estate transaction services (i.e., escrow services, disclosure and inspection reports, loan origination) and made it harder for Californians to buy a home.
Your REALTOR® does much more than help make sure you can buy or sell a home. They meet with lawmakers and fight for your rights.