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8/2/2019 Resort Policy Update/Townhall Meeting
1/21
Russell W. Riggs
Senior Regulatory Representative
National Association Of REALTORSWashington, DC
March 20, 2012
Kiawah Island, SC
8/2/2019 Resort Policy Update/Townhall Meeting
2/21
Presentation Topics
2
1. 2011 Investment and Vacation Home Buyers
Survey
2. Government Affairs and Advocacy: AnImportant Member Benefit
3. Legislative and Regulatory Issues Affecting
the Resort and 2nd Home Real Estate Sector
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2011 Investment and Vacation
Home Buyers SurveyMethodology:
Online panel
Based on representative panel of U.S. households
1,895 households respondedrepresents 1,926 home
purchases
3
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Share of Home Sales
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Share of Sales 2010-2003
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Age Vacation and Investment Buyers 2005-
2010
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Income Vacation and Investment Buyers 2005-
2010
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How Buyer Purchased the Home
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Investment and Vacation Buyers Used a
Mortgage 2007-2011
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Outlook of Buyers
52% of investment buyers and
34% of vacation buyers are likely
to buy again in the next 2 years
80% of vacation buyers and 77%
of investment buyers think its a
good time to purchase real estate
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NAR Government Affairs:
Important Member Benefit
11
- Lobbyists, Research, Legislative
Regulatory- RPAC- Largest in the Country
- Funds Raised Through the Dues
Increase Going to LocalGrassroots
- Land Use Initiative
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Legislative and Regulatory Issues
12
- National Flood Insurance Program
- H-2B Visa Program
- VISIT-USA Act
- Property Insurance
- Condo Financing Challenges
- Sackett vs. EPASupreme Court Case
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National Flood Insurance Program
13
- NFIP authorized until May 31, 2012
- Still working on long-term reform/reauthorization bill
-Mid-Year Talking Point and a CFA
- Contentious Issues Will Include:- Subsidies and Map Updates
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H-2B Visa Program
14
- Resort Areas Need These Seasonal Workers forOperations/maintenance
- Workers Allowed Only After Employers Try toFill Jobs W/Americans
- Coordination with DHS, other federal agencies
- Not an immigration program, but is caught up inthe broader debate
-Recent Rule would have caused big problems
NAR opposed and Congress Stopped it
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VISIT USA ACT
15
- S. 1746Schumer (D-NY) and Lee (R-UT). Bill creates two real estate-
related visas.
Creates Canadian retiree visa that would allow Canadians older than 50 years
of age who own a U.S. home or have a signed lease for the time of their
proposed stay to obtain a non-immigrant resident visa.
Canadian Visa would allow retiree, spouse, minor children to spend up to
240 days, living in the U.S.
Creates a non-immigrant visa for those who make at least $500,000 cash
purchase of a residence in the United States.
If more than one property is purchased, one must be listed as their primaryresidence.
This visa would allow the individual, their spouse and minor children to live
in the U.S.
Bill does require the visa holder to spend at least 180 days in the states.
This Does Not Create a Path for Citizenship
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VISIT USA ACT
16
Internal NAR Working Group Has Been
Appointed
Both Schumer and Lee Have Expressed
Interest in NAR Perspectives and Making
Appropriate Changes
Passage Will Be Difficult in Current PoliticalEnvironment
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Affordable and Available
Property Insurance
17
- Property insurance premiums have
increased in many areas
-Availability has decreasedInsurers are
pulling out of markets, increasing premiums
and not renewing policies.
- These circumstances impact housing
affordabilityespecially in resort areas.
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Current Approaches to Resolve the
Problem
18
- Combine Wind/Flood Ins.
-Federal guarantees
- Tax Credit
- Blue Ribbon Commission
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Condo Financing- GSEs, FHA and lenders have all
tightened lending standards
- Stricter standards include owneroccupancy, pre-loan sales, condo
commercial space and condo-tels
- This impacts condo projects
nationwide, especially resort areas
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Condo Financing
NAR Action- Current policy directs NAR to address all issues
associated with housing financeincluding condofinancing
- In all meetings and communications with FHA, GSEsand lenders, condo financing concerns are raised
- NAR has raised this issue numerous times intestimony before Congress over the past year
- NAR has received clarification from the GSEsregarding the waiver and appeals process.
- GSEs have also responded positively to our requestto streamline regulations
20
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Sackett vs. EPA Supreme Court on when homeowners are allowed to take
EPA to court
Oral arguments held on Jan. 9, 2012
NAR submitted an Amicus Brief in support of the Sacketts Sacketts were building a house on Priest Lake but were
stopped by EPA because of wetlands
Justices were sympatheticCan you imagine this
happening in the United States. Justice Alito Decision is anticipated late spring
Why is this Important? Case will test the scope of EPA
authority under the Clean Water Act.21