NAR Supports New Legislation Protecting Independent Contractor Status, NAR Comments on Proposed Lead Regulations, and NAR Submits Letter to FHA to Unlock Greater Housing Inventory
National real estate updates take over this week as the National Association of REALTORS® continues its efforts to support our industry on many fronts. Not only is our state association, Michigan REALTORS, working to protect real estate agents' status as independent contractors the National Association of REALTORS® is supporting legislation to protect real estate agents' independent contractor status at a federal level, NAR is offering comments on the potential strengthening of lead regulations by the Environmental Protection Agency (EPA), and NAR is urging the Federal Housing Administration to revise their policy to increase inventory for buyers.
1. NAR Supports New Legislation Protecting Independent Contractor Status
On September 12, 2023, the “Direct Seller and Real Estate Agent Harmonization Act,” (H.R. 5419) was introduced by Reps. Walberg (R-MI), Cuellar (D-TX), Cardenas (D-CA), and Moore (R-UT), on behalf of the millions of direct sellers and real estate agents around the country who are classified as independent contractors. Learn more about the bill here and what NAR is doing to support it.
2. NAR Comments on Proposed Lead Regulations
NAR, in coalition with other real estate stakeholders, has submitted comments on the EPA's proposed regulations to strengthen requirements for the removal of lead-based paint dust in homes and childcare facilities built before 1978. Under the proposed rules, any amount of lead dust on floors and windowsills would require additional testing and abatement, paid for by the property owner. Compliance with the rule is triggered by a finding by a healthcare professional that a child in the property has elevated blood lead levels (BLL), as set forth by the Centers for Disease Control. NAR comments focused on concerns that the proposed rule will have significant negative impacts on all aspects of the housing and real estate market, including affordable housing which would have direct negative health impacts. Learn more here.
3. NAR Submits Letter to FHA to Unlock Greater Housing Inventory
The National Association of REALTORS® submitted a letter to the Department of Housing and Urban Development (HUD) and Federal Housing Administration (FHA), urging them to consider policy actions that would immediately unlock a portion of the inventory for buyers with FHA-insured loans. Specifically, the letter asks FHA to consider revisions to the 90-day anti-flipping rule, condominium requirements, and policies for assumable mortgages. Read the letter here.