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This week I get the pleasure of writing to you from our nation’s capital. Greater Chattanooga Realtors joined more than 9,000 Realtors nationwide to further our work with Congress. The primary purpose of the annual Realtors Legislative Meetings is to advance policy initiatives that strengthen the ability of Americans to buy, invest, own, and sell commercial and residential real estate. The importance of our advocacy work has become increasingly clear over the last several years. These meetings allow Realtors to build on that momentum and continue the critical policy conversations with our lawmakers and industry leaders.
The objectives of our 2023 Legislative Meetings are:
- Improving access to homeownership,
- Increasing housing inventory, and
- Streamlining affordable housing programs
Realtors believe all Americans should have the opportunity to achieve homeownership, which is the pathway to economic well-being and intergenerational wealth. Unfortunately, a 50-year record shortage of affordable homes severely limits access to the residential real estate market. A recent study by the National Association of Realtors (NAR) estimates that over the last 20 years, the U.S. has developed an “underbuilding gap” of at least 5.5 million housing units. This gap equates to a more than $4 trillion underinvestment in housing.
To help tackle these issues, this week Realtor took time with our elected officials to convey our support for the following:
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The More Homes on the Market Act (H.R. 1321) will incentivize more owners to sell their homes by increasing the maximum amount of capital gains a homeowner can exclude on the sale of a principal residence and annually adjusting it for inflation. Bipartisan legislation on this issue has been introduced in the House of Representatives.
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The Neighborhood Homes Investment Act (S. 657) will attract private investment for building and rehabilitating owner-occupied homes by offering tax credits that create a pathway to neighborhood stability through sustainable homeownership. Providing this powerful incentive to build and rehabilitate homes for low- and moderate-income homeowners can fill the gap in areas where it is often more expensive to develop or rehabilitate than appraisal values will support. Bipartisan legislation on this issue has been introduced in the Senate.
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The Choice in Affordable Housing Act (S.32) will create incentives for housing provider participation in the Department of Housing and Urban Development’s (HUD) Housing Choice Voucher (HCV) program. Realtors encourage legislators to increase funding to assist homeless veterans living on tribal land, update HUD’s methodology for determining rents paid to participating housing providers, and reduce burdensome inspection delays. Bipartisan legislation on this issue has been introduced in the Senate.
- In addition to these Acts, Realtors support invectives to convert unused commercial buildings to residential and mixed-use properties. Such incentives are crucial because many commercial properties can be adapted to better suit the needs of communities and create job opportunities, including adding multifamily and affordable housing, warehouse and industrial properties, and mixed-use spaces.
So why do we take the time to make this annual visit to the nation’s capital? No matter the political party, REALTORS® work across the aisle to help make housing more accessible to a greater number of people. As members of America’s largest trade association, Realtors know the importance of making our voices and the voices of homeowners heard. Realtors work for their clients and communities every day, all over the country. That’s Who We R®.