Capitol Connection – May 9, 2020
The Latest from NAR
FHFA Responds to NAR’s Letter Requesting Support for Mortgage Liquidity
NAR received a letter from the FHFA in response to NAR’s letter send to the Treasury, Federal Reserve Board, and FHFA on March 27th requesting their support to improve liquidity in the mortgage market.
IRS Grants 1031 Deadline Relief
The 45-day and the 180-day deadlines under Section 1031, which fall between April 1 and July 14, 2020, are automatically delayed until July 15, 2020.
NAR Comments on Regulator’s CRA Proposal
NAR submitted a comment in response to the Office of the Comptroller of the Currency (OCC) and Federal Deposit Insurance Corporation’s notice of proposed rulemaking (NPRM) on modernization of the community reinvestment act (CRA).
COVID-19: NAR Asks Regulators to Use Powers to Solve Servicing Issues
NAR is asking the Federal Reserve Board and Federal Housing Finance Agency to use their direct funding from the Treasury to support mortgage servicers and to clear the log jam in the mortgage funding process that has arisen due to potential widespread forbearance.
FHFA Directs Fannie and Freddie to Allow Appraisal Alternatives
FHFA directed Fannie Mae and Freddie Mac to allow the use of appraisal alternatives to reduce the need for appraisers to conduct interior property inspections for eligible mortgages through May 17, 2020.
COVID-19 Status Update
Local Jurisdictions Move into Safer at Home Phase
While the state Order has transitioned to a Safer at Home policy that provides guidance for real estate showings (see the full Public Health Order 20-28), some counties have opted to extend their stay-at-home orders that may impact your ability to provide showings. These local health orders supersede the state’s Safer at Home mandates and guidelines which went into effect on April 27.
Cities and counties who had extended, more restrictive Stay at Home orders through May 8, such as Adams, Arapahoe, Boulder, Broomfield, Denver, Gilpin, and Jefferson Counties, will transition to safer at home policies starting today, May 9. If you have specific questions about your area, we encourage you to contact your local REALTOR® Association and your local government affairs teams for further definition on the restrictions in your area of the state
We highly encourage every REALTOR® to become familiar with the restrictions within their individual local/county executive orders and what it means for their real estate business.
Legal Bites: New Buyer & Seller COVID-19 Advisories as of May
7
CAR General Counsel Scott Peterson discusses the state’s new Safer at Home
Order and Local County Updates as well as New Buyer & Seller COVID-19
Advisory Forms. Click
here to watch.
- COVID-19 Buyer Advisory: https://coloradorealtors.com/wp-content/uploads/2020/05/Buyer-COVID19-Advisory.pdf
- COVID-19 Seller Advisory: https://coloradorealtors.com/wp-content/uploads/2020/05/Seller-COVID19-Advisory.pdf
CAR Foundation Disaster Relief Grant Program
The CAR Foundation is preparing to review applicants to distribute $125,000 in disaster relief funds statewide. These funds will be announced and distributed by May 15th. The current grant cycle for $125,000 is open now and the deadline is June 1st. Any nonprofit organizations providing safe and affordable housing are encouraged to apply. If you know of a great nonprofit that would benefit from this program, please contact Stacey Brown.
Government Affairs Update
Virtual Meetings with U.S. Senators Cory Gardner (May 13) and
Michael Bennet (May 14)
Every year during NAR’s Midyear Legislative Meetings in Washington D.C.,
Colorado REALTORS® sit down with our members of Congress to discuss the issues
important to our industry. However, due to COVID-19, this year we will be
hosting meetings virtually. Please join us and Colorado’s U.S. Senators to hear
about the work they are doing on behalf of Coloradans and the real estate
industry.
- U.S. Senator Cory Gardner – Wednesday, May 13 at 3 p.m. – Register here.
- U.S. Senator Michael Bennet – Thursday, May 14 at 10 a.m. –Register here.
These virtual meetings will be limited to 500 participants; therefore, registration is on a first come, first served basis.
To view NAR’s Midyear Legislative Meetings schedule and to register for upcoming sessions, please click here.
Webinar: Navigating COVID-19: Best Practices for Property Managers and Landlords (May 14)
On Thursday, May 14 at 1:30 p.m., hear from industry experts about the best practices for property management during COVID-19, what you need to know in order to be in compliance with executive and federal orders, and other tips to assist landlords and property managers operate their businesses and manage their properties in the best manner during these challenging times. Register here.
Census Data Allows the Industry to Forecast Growth, Evaluate Consumer Needs
For REALTORS®, participation in the Census allows the industry to forecast growth locally and nationally, evaluate consumer needs and housing demands, analyze migration trends to identify potential clientele, and determine areas of the state that are likely to be the most vulnerable in the event of natural disasters. REALTORS® can look to the economic impact data collected on new residential sales, new residential construction, rental vacancy rates, and homeownership rates to help drive their daily business operations and as a means to educate decision makers on state and regional housing affordability, housing patterns, and residential financing. So, it is important that REALTORS® lead the way and promote participation.
Strict federal law protects our responses and Census Bureau employees take a lifelong pledge of confidentiality to keep information private. The questionnaire takes 10 minutes. We challenge you to take the 2020 Census questionnaire today!
Have you completed your 2020 Census questionnaire? CAR wants to know how many Colorado REALTORS® have participated so far. Click here to let CAR know you’ve completed yours.
RPAC Webinar Opportunity –
Ready to learn more about virtual engagement and outreach? Do you want to make virtual meetings more fun? Are you planning online events? Join us on Tuesday, May 19 at 10:00 a.m. for our RPAC Virtual Engagement and Outreach Webinar. We will discuss strategies for RPAC fundraising, outreach, and education during this time of social distancing. These strategies can also be applied to your business. Register here.>> Looking to make your investment today? Click here to invest in RPAC.
Safer at Home Allows Time for Wildfire Season Preparation for More than Half of State’s Residents Living in WUI
May 2 marked the 7th annual Wildfire Community Preparedness Day and kickoff to Wildfire Awareness Month. While COVID-19 has changed facets of Coloradans’ personal and professional lives and required residents everywhere to stay at home, for more than half of the state’s population who live in a wildfire prone area, the stay at home and safer at home mandates present an opportunity to prepare for the upcoming wildfire season. Read more here.
To further support Wildfire Awareness Month, wildfire, insurance and REALTOR® professionals are encouraging the nearly 3 million Colorado residents living in the wildland-urban interface (WUI) to prepare their homes and communities for wildfire in the weeks ahead. The National Fire Protection Association (NFPA) will host two, free one-hour webinars offering homeowners guidance on how to prepare their homes to withstand a wildfire and how to prepare their finances to recover from a loss.