Traverse City Proposals 1 and 2 Education Event, FinCEN Issues New Anti-Money Laundering Rule for Real Estate, Biden-Harris Administration Announces Actions to Increase Housing Supply
First on the GAD Top Three this week, Aspire North REALTORS® hosts an education event on Traverse City Proposals 1 and 2, which will be on the November 5th ballot, Tax Increment Financing (TIF), and how use of the TIF tool in Traverse City will change if these two proposals are passed by voters this fall. Second, we'll look at the final ruling passed last week by the Financial Crimes Enforcement Network which requires certain real estate professionals to report information for non-financed residential real estate transactions and transfers of real estate to trusts or legal entities. Third, NAR commends the Biden-Harris administration's announcement of actions to help increase the supply of affordable housing.
1. Traverse City Proposals 1 and 2 Education Event
On Friday, September 20th from 2 pm to 3:30 pm, Aspire North REALTORS will be hosting an educational event to hear from experts who use Tax Increment Financing (TIF) every day on how Traverse City Proposals 1 and 2, if passed by voters, will change the use of the TIF tool and how we govern in Traverse City. Harry Burkholder (Traverse City Downtown Development Authority Executive Director) and Raymond Minervini with The Minervini Group) will cover the effects these two Traverse City Charter Amendments, if passed by city voters, would have on Traverse City, our greater region, and future generations.
This event is primarily for Traverse City voters, however, interested Traverse City business owners and Aspire North REALTORS members are welcome to attend to learn more about Traverse City Proposals 1 & 2 which will be on the Traverse City ballot this November. To learn more about Traverse City Proposals 1 and 2, check out the GAD Top 3 on June 10th, July 1st, and July 22nd.
2. FinCEN Issues New Anti-Money Laundering Rule for Real Estate
On Wednesday, Sept. 4th the Financial Crimes Enforcement Network (FinCEN), a Bureau within the U.S. Treasury Department issued a final anti-money laundering rule for the real estate industry. The final rule requires certain real estate professionals to report information for non-financed residential real estate transactions and transfers of real estate to trusts or legal entities. The rule imposes a cascading reporting regime, which requires closing or settlement agents to provide certain transaction information and details. Alternatively, the real professionals can also designate a specific professional to be responsible for reporting. FinCEN explained that it expects reports to be filed primarily by settlement agents, title agents, insurance agents, or attorneys; however real estate agents are not explicitly exempt from reporting under the rule. The rule also imposes recordkeeping requirements as well. The rule goes into effect on January 1st, 2026.
In addition to the rule, FinCEN issued two resources, the FinCEN Residential Real Estate Rule Fact Sheet and a Frequently Asked Questions document.
NAR will continue to monitor this rule and provide updates, educational resources, and guidance to members. Read FinCEN's Press Release
3. Biden-Harris Administration Announces Actions to Increase Housing Supply
The Biden-Harris administration announced several actions to help increase the supply of affordable housing. Furthering on the administration’s June announcement, which NAR supported, and which awarded $85 million in grants through the Department of Housing and Urban Development’s (HUD) Pathways to Removing Obstacles (PRO) Housing program; August 14th’s actions included an additional $100 million in grant funding to assist state and local governments with identifying and overcoming barriers to housing development.
The administration’s fact sheet to creating more affordable housing included several other items, including solutions to interest rate predictability for multifamily development, streamlined processes through the Department of Transportation for loans near transit centers, and a commitment to finalizing its rule for updating the Manufactured Home Construction and Safety Standards.
NAR commends the Biden-Harris administration for continuing to take important steps to address the nation’s critical housing supply shortage.
