The GAD Top Three | February 13th, 2023
First-Time Homebuyer Savings Account Tax Form Released, New Multifamily Radon Standards, and Michigan REALTORS® Legislative Initiatives for 2023-2024
Welcome back to The GAD Top 3! A weekly highlight of the 3 local, state or national real estate public policy happenings that your Aspire North GAD (or Government Affairs Director) Connor Miller wants to make you aware of. This week is led by the release of the Michigan First-Time Home Buyer Savings Tax Form, the FHFA’s New Radon Standards for multifamily properties, and Michigan REALTORS Legislative Initiatives for 2023-2024.
1. First-Time Homebuyer Savings Account Tax Form Released
You may remember that just over a year ago Michigan House Bill 4290 and Michigan Senate Bill 145 were signed into law by Governor Whitmer creating the Michigan First-Time Home Buyer Savings Account (FHSA) Program. Under this new law, first-time home buyers and Michigan residents who have not individually or jointly owned or purchased a single-family residence in the past 3 years can create an FHSA account for themselves or can be the beneficiary of an account. The account holder can then deduct most, if not all, of their contributions to an FHSA from their state income tax and enjoy tax-free gains on their account. However, the one missing component was a tax form from treasuries that would allow these deductions. Well not anymore! Check out the 2022 Michigan First-Time Home Buyer Savings Program Tax Form. Reach out to me (Connor) with any questions as I am working with Michigan REALTORS to put together some simple messaging to help you and our association to promote this great program helping increase the ability of first-time home buyers to purchase their first home!
2. New Multifamily Radon Standards
The Federal Housing Finance Agency (FHFA) recently announced changes to Fannie Mae and Freddie Mac’s multifamily radon standards. NAR commented on this proposal in 2021 to express concerns about the cost and regulatory burden of these requirements. The new standards will go into effect for loan applications received after June 30, 2023. View more information here.
3. Michigan REALTORS® Legislative Initiatives for 2023-2024
Michigan REALTORS has released their Legislative Initiatives for 2023-2024. This document establishes the legislative priorities that will be worked on at the state level by Michigan REALTORS over the next two years. The Aspire North REALTORS Public Policy Committee is working on its own legislative priorities, some of which may mirror those established by Michigan REALTORS. If Real Estate is Your Profession, then Politics is Your Business and we invite all interested members to reach out with any questions or comments on Michigan REALTORS Legislative Initiatives; and to consider involvement in the Aspire North REALTORS Public Policy Committee. You can send your questions and comments to me at email@example.com or by phone at 231-944-8315.