N.A.R. Call to Action- The Congressional Tax Cut and Jobs Act Dramatically Weakens Home-ownership Incentives
The Congressional Tax Cut and Jobs Act Dramatically Weakens Homeownership Incentives
Act Now! We’re Almost Out of Time!C.A.R. and NAR are STRONGLY OPPOSING the Congressional Tax Cut and Jobs Act that was released this week. C.A.R. opposes the proposal because it dramatically weakens the tax code incentives for homeownership.
ACTION ITEMAsk your Member of Congress to oppose this and any tax reform proposal that dramatically weakens the incentive for homeownership.
Ask your Representative to OPPOSE this reform proposal because it dramatically weakens tax incentives for owning a home.
Enter Your PIN: 182028921or the PIN number FOUND HERE followed by the # sign to be connected to your Member of Congress's office.Call from 6:00 AM to 2:00 PM Pacific Time Weekdays When staff answers the phone, you can use the following script:"Hi, this is (insert your name). I'm a constituent and a REALTOR®. Please ask my Representative to OPPOSE this and ANY tax reform proposal that WEAKENS THE INCENTIVE TO OWN HOMES." C.A.R. OPPOSES the Tax Cut and Jobs Act Because: We must reverse the decline in California’s homeownership rate. For over 100 years Congress has incentivized homeownership with the tax code; currently through the mortgage interest deduction. Any effort at reforming the tax code should maintain and prioritize this incentive. The current proposal only pays lip service to incentivizing homeownership. The proposed changes will result in only top earners itemizing their deductions. Therefore, the vast majority of people will no longer receive any tax incentive to purchase a home. So, while the proposal keeps the mortgage interest deduction, the incentive effect of the deduction for Americans to become homeowners disappears. It weakens the mortgage interest deduction.
- It caps the mortgage interest deduction to the interest on a mortgage principle of $500,000.
- Homeowners would no longer be able to deduct the interest they pay on home equity loans.
- The deductibility would be eliminated for second homes and limited to loans on a family’s primary residence.
The C.A.R. Reports are a series of reports written by NSDCAR C.A.R. Directors. Three times a year C.A.R. Directors representing the North San Diego County Association of REALTORS® attend C.A.R. Meetings to stay up-to-date on industry updates and changes.Click on the Topics Below to read the corresponding report: Section 1
YPN Fall 2017 Report:What has the Young Professionals Network been up to this year? CAR YPN had a busy year. The theme of the year was Elevate, Educate and Engage. As the Chair of the statewide committee, it was important to me to thread the theme into the meetings throughout the year by collaborating with other CAR committees like the Education Foundation and the Expo committee. In January we started with the Elevate theme where hosted a panel of YPN current and past Local Association Presidents. Learning how these individuals got into leadership positions early in their careers and what worked best for them as young professionals. In the Spring, we hosted the first ever “How to YPN” workshop where members from local associations got together to discuss topics related to starting a YPN committee as well as how to host successful events and increasing participation through the organization with community-focused events. This workshop was focused around the Educate segment of the theme. Most recently in the Fall, the meetings were held here in our hometown of San Diego. The last part of the theme was Engage which translated into the unconference conference called REBarcamp. What is a REBarcamp? It’s an attendee-driven conference where people got to learn about what interested them most and the agenda was decided the day of the event. We had over 150 attendees and more than 50 topics were submitted, which developed into 24 jam-packed sessions. Some of the topics discussed were, Investing: Setting yourself up for retirement; Video/Photography: How to win the listing and market yourself; Doubling your business from your database. The six hours were filled with learning, connecting and lots of conversations. During the lunch session, we recognized C.A.R.’s Rising Stars and C.A.R. YPN Awards. The winners were the following: Rookie of the Year, Sarah Kenney from Ventura County Coastal AOR Team MVP of the Year, Eric Wu from Orange County AOR Network of the Year, Orange County AOR YPNer of the Year, Anthony Vulin from Beverly Hills Greater LA AOR If you are interested in getting involved with YPN, NSDCAR has their own committee and typically hosts events every other month. Back to the Top Section 2
Legal Action Fund Report 2017:
Legal Action Fund Trustees - Carolyn D'AgostaThese are the most recent Legal Action Fund Trustees approved filing amicus briefs since the May 2017 meetings. The First Case: Laymon vs.J. Rockcliff, Inc.. A California Court of Appeal compelled arbitration against a seller who sought disgorgement of commission paid to a broker. The case involved the interpreted arbitration clauses in a prior C.A.R. Residential Listing Agreement and RPA agreements of, 2007and 2010. C.A.R. requested the publication of this case since it favored enforceability of arbitration clauses and reinforced the public policy supporting such broad interpretations. The Court granted the petition to publish the case. Second Case: Jacques Jacobs et al. vs. Coldwell Banker Residential Brokerage Co. A potential buyer was viewing a property that had multiple warnings posted about an empty swimming pool. The plaintiff fell into the empty swimming pool after standing on a defective diving board to look over the fence. The injured plaintiff sued the listing agent. After review of the matter, the Court of Appeal ruled in favor of the listing agent, who had posted multiple warnings about the potentially dangerous condition. The Court reasoned the action of the plaintiff and risks were not foreseeable. C.A.R. requested publication of the case, which was granted. Third Case: Citizens for Enforcement of Parkland Covenants vs. City of Palos Verdes Estates. The City held property in a uniquely structured homeowner association. Its' Board of Directors decided to sell land to a private party contrary to the CC&Rs. C.A.R. filed an amicus brief supporting the enforcement of the CC & R's, which required processes and voting before selling the land. Fourth Case: Carol Gilbert, Inc. vs. City of San Francisco Ellis-0' Farrell Parking. This case involved the enforceability of a commission when a final agreement was not entered into but where a tenant that was ready, willing; and able to complete the lease. The court held the commission agreement was enforceable and, if published, this case could have provided guidance after the 2012 RealPro case, which held that the sales price specified in the listing agreement was merely an invitation to submit offers, and a broker who brought the seller a full price offer, was not entitled to commission. C.A.R. wrote a letter brief requesting publication, but the Court declined to publish this case. Fifth Case: Surfrider Foundation vs. Martins Beach. C.A.R. had previously joined an amicus brief submitted by Pacific Legal Foundation in a case in which the California Coastal Commission determined that putting a gate on a beach access path requires a development permit. The public had been using the path for beach access. The Appellate Court ruled that locking a gate and removing signs about the hours a private road is open, requires a permit as a "development", under the Coastal Commission Act. The Trustees authorized joining the Pacific Legal Foundation's Brief or filing their own letter of support of the Martin's Beach's petition to obtain a hearing before the California Supreme Court. Back to the Top Section 3
MLS Policy Committee ReportCALIFORNIA ASSOCIATION OF REALTORS Board of Directors MLS Policy Committee Can you hear me now? With the advent of and the increasing popularity of Amazon Alexa products, NAR has proposed a revision to the Model MLS Rules to work in conjunction with Voiceter Pro, LLC. This would allow consumers to search for properties for sale with a voice command using the Alexa app. You would still have to send all of the required disclosures directly to the consumer to comply with IDX rules at a later time. Action Item: Approved by the BOD “That, upon approval by NAR, the CAR Model MLS Rules be revised to adopt NAR’s mandate that delivery of listing information be permitted in IDX via audio devices as set forth in the Issues Briefing Paper and that Staff make any necessary related additional corrective and/or correlating changes to the Model MLS Rules and Model Citation Policy.” You want me to meet you when? It is often the case that an inspector or some other authorized individual wants to meet you at a property but the timing is not convenient. With this new revision to the Model MLS Rules, you will be allowed to issue temporary lockbox codes to enabled lockboxes that will allow them to enter the property for a specified period of time. Then the temporary code would expire and could no longer be used. Action Item: Approved by the BOD “That, upon final approval by NAR, the CAR Model MLS Rules be revised to adopt NAR’s mandatory revisions to the MLS Lockbox Policy, and a discretionary one to enable the issuance of temporary codes, as set forth in the Issues Briefing Paper and that staff make any necessary related additional corrective and/or correlating changes to the Model MLS Rules and Model Citation Policy.” Back to the Top Section 4
File Storm 2017; how new forms and revision will affect your businessThere are 14 revisions to the standard forms in Zipforms to be released in December 2017. A few of the more notable forms are the Addendum, Residential Listing Agreement, and Statewide Buyer and Seller Advisory (SBSA). Addendum: There will be a section at the bottom of the form indicating that the Addendum has been presented and another section that the Addendum has been rejected. The verbiage at the bottom of the form stated that the parties were agreeing when in some cases the parties were not agreeing on the terms of the Addendum. Residential Listing Agreement: There has been verbiage added notifying the seller that they must disclose any audio or video recording equipment on the premise and that the person accessing the property could be recorded. Main more additional changes were made to the December release. SBSA: A 13th page has been added breaking down all of the sections of the SBSA, the hope is that this will be a time that the buyer can review all of the sections, therefore keeping the initials off the bottom of each page. New Forms POSA: Pre-Occupancy Storage Agreement TEAM Agreement (agreement between sales associates when forming a team.) FOTO: Creates exclusive agreements between broker and photographer to the licensing of the photo for the property. Bed Bug Disclosure Back to the Top Section 5
Transaction and Regulatory ReportInspectors, appraisals, and floods, oh my.... CAR has a long-standing love/hate relationship with the Home Inspectors that Clients utilize. There are good ones, and bad ones...and we seldom know what we get until the inspection is conducted. CAR has stood on the side of staying out of the decision to require that Home Inspectors get licensed because we have always believed that they should govern themselves. Assembly Member, Dababneh, however, has put a bill forth requiring that Home Inspectors be licensed General Contractors. CAR is taking a "watch" approach to this bill as it moves through the legislature so that we can remain a part of the discussion and provide our input. Appraisals are taking on a life of their own. You may or may not be aware, that under certain circumstances, Fannie Mae, Freddie Mac, FHA and VA are planning on utilizing "automated valuation models" in lieu of appraisals. Lenders currently use AVM's on portfolio lending. There are reasonably strict guidelines for the use of this AVM, such as 20% down, indexing the minimum threshold for requiring appraisals to 135% of the state's annual median home price and uniformity of subject matter, which means that it will not be used in rural areas. The proponents of this policy believe that it will save consumers more money and will speed up the transaction time. The opponents of the policy are concerned over the ability to counter a low AVM and what happens in a changing marketplace, where prices are rising or falling. Only time will tell. CAR, in conjunction with NAR, supports discontinuing National Flood Insurance Program coverage for excessive lifetime claim properties. These properties exist in a flood zone and have been rebuilt twice before. The property owner would receive a buy-out from the insurance provider, in lieu of another payout. Currently, NFIP brings in $3.5 billion in premiums but the expected claims are $5 billion in a typical year. NFIP has had to borrow from taxpayers to cover the shortfall. This reform will enable the National Flood Insurance Program to continue for the next 5 years. May your days be full of reputable home inspectors, on the mark appraisals and listings that don't need an ark:-) Back to the Top Section 6
Business TechnologyPssssst!!! Be the first to know about new technology! Key Takeaways:
- The California Association of Realtors tries to stay ahead of the trend on new and innovative technology for Realtors by hosting the Business Technology forum
- This report will summarize the three finalists who presented at the forum
- Make sure to check them out via CAR’s website as more often than not you can use these companies for free as a member benefit
Tax ReportTAXATION AND GOVERNMENT FINANCING COMMITTEE San Diego October 12th, 2017 1.Little Red Riding Hood Can’t Visit Grandma Because Grandma Has No Cottage!! What can we do about it? The committee considered whether C.A.R. should sponsor legislation to have a bond put on the ballot for funding the building of “Auxiliary Dwelling Units.” Discussion was the cost of bonds, the road blocks cities have put up despite state regulations, and even thinking about structuring a bond to mirror CalVet financing. Granny flats, auxiliary units, guest house, or whatever you call the structure, building them is one of the potential ways of easing the house shortage a little. More information can be found at the briefing paper at Another briefing paper addressing the issues raised is to be presented in January. http://www.car.org/meetings/carmeetings/committee-materials-archive/2017fall/Taxcover/ and click on State Funds For Building Auxilliary Dwelling IBP 2.Cities putting their hands in your pocket again? Some cities are trying by billing licensees for a business license if you have listed or sold a property or maintain an office in your home in that city …despite where your actual office is and your broker pays for a business license calculated on how many licensees work in that office. C.A.R. will form a work group to find out how widespread this practice is becoming and whether some areas are more aggressive than others. Based on the report, the committee will consider its options. The information we were given to this point can be found at http://www.car.org/meetings/carmeetings/committee-materials-archive/2017fall/Taxcover/ and click on Business License Taxes IBP and SB 247 Professional and Business Licenses IBP. 3.Talk is cheap… except when you’re dealing with issues that affect real estate, our business and our clients. The committee has asked for money to hire legal experts to review court decisions that could have negative impact on how cities, schools, etc. levy taxes on parcels. A briefing paper was provided for this meeting and now more information is needed before the committee can take any action. Want more info, go to http://www.car.org/meetings/carmeetings/committee-materials-archive/2017fall/Taxcover/ and click on Uniform Application of Parcel Taxes IBP. Back to the Top Section 8
Legislation ReportLEGISLATION COMMITTEE San Diego October 12th, 2017 1.Remember Tom Sawyer Painting A Fence? He really didn’t. He got everybody else to do the work. In this meeting, most of the work was business centered on other committee’s work. You should read the Homeownership report and/or the information at http://www.car.org/meetings/carmeetings/committee-materials-archive/2017fall/HOHCcover/ and click on Housing Element Reform IBP to find out about the legislation C.A.R. will SUPPORT to penalize cities and counties that fail to implement their housing element by restricting access to state funds…the housing shortage is a major concern of C.A.R. The Transaction and Regulatory Committee proposed a watching a bill that would require Home Inspectors to be licensed as general contractors. The briefing paper is at http://www.car.org/meetings/carmeetings/committee-materials-archive/2017fall/TransCover/ click on Agenda and go to page 2 III.A.1. Home Inspectors. 2.Is Real Estate Going Retro? I guess you can say that. Just when everybody was getting use to CalBRE, we will be DRE, the Department of Real Estate once again. It’s good news/bad news…the good news is that it will be a department again with funding that will allow hiring more investigators and upgrading programs and technology…the bad news for the bad players is that it will have the funding and there will be more resources to pursue complaints and those bad players. Back to the Top Section 9
LEGAL AFFAIRS FORUMSan Diego October 13th, 201 1.Instant Gratification Not Fast Enough?? Try C.A.R. Legal’s Quick Guides. On one page you get a nuts-and-bolts summary of the topic. If you want or need more information, go to the Q & A for that issue…just a few of these handy guides are “Licensees Duty to Inspect Residential Property”, “Contingencies and Cancellation”,” Team Names”, and “The 2018 Advertising Rules”. You can follow-up with the Q & As on each of the issues. Quick Guides can be found at http://www.car.org/riskmanagement/tools/?highlight=legal%20quick%20guides Q & As can be found at http://www.car.org/riskmanagement/qa/all?highlight=legal%20q&a 2.Watching Jurassic Park or The Flintstones did you ever want your own Dinosaur? One of Gov Hutchinson’s favorite new laws gives Californians just that…the state dinosaur is the Augustynolophus morrisi. But there are laws that will affect real estate:
- The 2018 Advertising Rules
- The new CalBRE form for Brokers to identify all Broker Associates in the office. Effective January 1st, 2018 the form must be filed for all Broker Associates within an office. The form can be found at
- Beginning January 1, 2018, a licensee may petition CalBRE to remove a past disciplinary action record from his or her online profile after 10 years. CalBRE retains discretion to grant the petition.
- If a landlord has knowledge of the property being in a flood zone, the tenant must be notified and if the landlord’s insurance has no coverage for the tenant and personal property that must also be disclosed with a recommendation to get coverage.
- You cannot discriminate against anyone for immigration status, ask about status, or use the status to intimate. If disclosure of status is required because of a Federal Program, you must disclose but you cannot use that information elsewhere.
Federal Committee ReportFederal Committee San Diego October 12th, 2017 1.Nothing’s certain except Death and Taxes… And right now there’s no real certainty of what the tax bill will look like. We know what issues are addressed in the recent proposal, but how it will look in the end is unknown. One issue not addressed in this latest proposal is the future of 1031 exchanges…previous drafts of changes for consideration called for elimination with changes made to accounting procedures. Time will tell? 2.If it’s not against the law…go for it!! That may seem like a great approach except most of what controls our daily lives are not the laws but the regulations. Charles Dawson, N.A.R. Managing Director of Regulatory Policy and Industrial Relations explained Legislation is a “broad brush” and Regulations defines and clarifies the “guts” and how to implement it when lawmakers couldn’t or didn’t want to come up with a plan. It’s unbelievable how many regulations control what we do and how we live. You can go to https://www.nar.realtor/political-advocacy/federal-advocacy where you can find 2016 NAR Legislative & Regulatory Year in Review as well as Top Federal Issues We're Watching, Advocacy News, or use the link provided with Bills and Regulations to search for specific bills or categories of bills. 3.Ever feel like Homer Simpson and his “Can’t Someone Else Just Do It? That’s what I felt like in Federal Issues this meeting. For you to get a sense of all we did, you need to read the reports from The Transaction & Regulatory Committee and/or go to the information provided about Flood Insurance Availability at http://www.car.org/meetings/carmeetings/committee-materials-archive/2017fall/TransCover/ and click on Flood Insurance IBP or click on Appraisals: Increasing the De Minimis IBP for information on changing “De Minimis” appraisal thresholds. The Investment Housing report and/or the materials provided to us will let you learn more about Government Sponsored Enterprises’ Guarantee of Institutional Investors Single-Family Residential Rentals at http://www.car.org/meetings/carmeetings/committee-materials-archive/2017fall/ihccover/ and click on GSE Guarantee of Institutional Investors IBP. Back to the Top Section 12
HOUSING - Homeownership ReportOctober 2017 C.A.R. BOD Meetings in San Diego Raylene Brundage, Pacific Sotheby’s International Realty 858-735-8787 – RayleneBrundage@gmail.com The overall message and emphasis of The Home Ownership-Committee is about the overall problem in California with unaffordable housing. C.A.R. is looking for every opportunity to have an impact on this problem. There were Four Action Items the committee brought forward to the general Director body to pass. They are: 1.That C.A.R. “SPONSOR” or “CO-SPONSOR” legislation in 2018 to increase the vote requirement from a simple majority to a super majority for anti-development ballot measures. This measure is to ensure that a super majority must defeat anti-development ballot measures. With voter apathy, anti-development ballot measures can be defeated more easily with special interest organizations’ votes. 2.That C.A.R. “SUPPORT” legislation to restrict access to state resources if a local government fails to implement their housing element. This is to ensure when cities do not implement their plans, which commonly means not approving or delaying permits for building outlined in their plans, there will be a penalty. There has been none previously. 3.That C.A.R. “SPONSOR” legislation to statutorily define "affordable owner-occupied workforce housing" and "affordable workforce housing" as housing for households earning up to 120% AMI and allow for consideration of a higher AMI for "high-cost areas." 4.That C.A.R. “FAVOR” AB 1157 (Mullin) to allow capital school expenditures to also include the construction, reconstruction or renovation of rental housing for school district employees. The purpose of this proposal is to allow expenditures to go toward creating housing for teachers and other school district employees due to the lack of available or affordable housing. Back to the Top Section 13
S.P.F. ReportWHAT IS SPF? AND WHAT DOES IT DO? The Strategic Planning and Finance Committee (SPF) is a committee that watches over the budget approves programs to enhance being a Realtor. Approves an advertising budget to show the difference between being an agent and being a Realtor. 2018 New/Existing programs (Your Member Benefits) Why I pay my dues. In 2018, 45 hours of free C.E., free e-Signatures, zipForm® Mobile, and document storage (zipVault®) continue as member benefits. The proposed 2018 budget represents a deficit of $123,500 which is being funded from reserves, without any increase in membership dues. As noted above, the level of reserves remains well above what would be considered prudent at 13.7 months. Five years ago, the Board of Directors deliberately decided to provide members with an expanded array of high touch services and programs. This is reflected to a lesser degree in the 2018 budget. Strategic Plan: 2018-2020 New Programs for 2018 1.Development of New Advertising Commercials The current Champions of Home ad campaign is now in its third year of media rotation. As such, it is time to create new TV commercials to prevent wear out and expand upon the campaign theme to include other timely issues, such as housing affordability. The campaign will be refreshed with new commercials while retaining the overall brand theme "Who's Your REALTOR?". The proposed program will allow the development of two new TV spots covering different demographics for buyers and sellers, to begin airing in 2018. Additionally, the augmentation funds production of a slate of new radio commercials for 2018, as well as new digital ads. Consumer, focus groups to validate creative messaging will also be conducted. Total Net Cost: ($340,000) 2.Housing Affordability Crisis This allocation to the C.A.R. Management program is a contingency fund that will be accessed only if a Ballot Initiative proposal is approved by the Board of Directors at the October 2017 meeting. If C.A.R. does go forward with one of the alternatives, initiatives addressing California's growing housing affordability crisis will require extensive effort and a coordination of resources at the local level. Total Net Cost: ($200,000) 3.C.A.R. Legal Products and Services C.A.R. Corporate Legal and Member Legal Services are programs that generate valuable legal data and related information associated with real estate transactions. This information will be studied, explored and mined in order to identify product and service opportunities (both member benefits and fee-based services) to assist members in the area of legal risk management. Total Net Cost: ($145,800) 4.WomanUp!® Back for a second year, this program provides the resources to identify, mentor, develop and connect women in real estate with the goal of supporting their future success in the business. It seeks to create a community where mentors and female leaders can communicate, collaborate, promote and support each other. Women are underrepresented in leadership positions in business overall and in the real estate brokerage industry in particular. This program includes a two-day conference, additional research and interviews, and the launch of a mentoring network and speaker's bureau. Total Net Cost: ($141,600) 5.Chatbot and Enhanced Support This augmentation funds an outside legal contract attorney to populate the content of the chatbot that will provide automated answers to legal questions. Already in beta test, this augmentation provides for up to 100 topics to populate this interactive tool. It adds one staff position to provide support services and be a resource for expanded activities including webinars, reports, metrics, newsletter content, website maintenance, and other projects. Total Net Cost: ($89,800) 6.Financial Literacy Outreach This program provides the resources for C.A.R. to develop collateral materials for California REALTORS® to educate prospective first-time homebuyers, clients who have had a prior foreclosure or short sale, and Baby Boomers interested in helping their children or grandchildren become responsible homeowners. Total Net Cost: ($71,200) 7.Innovators Workshop This program provides a venue for inventors to pitch their new ideas and have C.A.R. evaluate them for a potential partnership, access to C.A.R. resources or acquisition. An external Innovators Workshop Advisory Group (IWAG) has been assembled from representatives to the C.A.R. Business Technology Forum and other volunteers to provide an external evaluation of each idea as experts in their respective fields of brokerages, local associations, REALTORS®, and other private businesses. Finalist(s) are selected by IWAG to make in-person presentations to the Business Technology Forum where live voting occurs to engage interest in the product/service and determine support for having C.A.R. invest further time and resources in the finalist submission(s). Total Net Cost: ($66,000) 8. Enhanced Leadership Conference Provide resources to enhance the annual C.A.R. Leadership Conference for incoming members of the Executive Committee, Regional Chairs, Committee Chairs, Committee Vice Chairs, Committee Issue Chairs, and the Strategic Planning and Finance Committee. Total Net Cost: ($58,600) 9.Office Managers This program creates a direct link with Office Managers by providing resources, tools, tips, professional development, and networking opportunities. It also provides an opportunity for C.A.R. to learn from these key players who are often the first to confront market opportunities and challenges. Maintaining a close partnership with this community will be important for the flow of information between C.A.R., brokers and agents. Total Net Cost: ($19,600) 10.Digital/Social Media Education This augmentation proposes that one-day conferences be developed to offer attendees the opportunity to gain practical, hands-on knowledge about how to work within the digital space. The opportunity to monetize these standalone events will be explored. Total Net Cost: ($1,500) Back to the Top
By Ernie Cowan- NSDCAR Vice President of Government Affairs
LAWMAKERS RALLY VOTES TO PASS HOUSING PACKAGEIn the waning hours of the 2017 legislative session, state lawmakers rallied the votes necessary to reach agreement on a package of housing bills designed to help alleviate the state’s historic housing crisis. The Legislature’s vote to approve the package will provide up to $4.1 billion in bond funding, plus another $250 million annually from a real estate transaction fee, altogether the largest amount of state financing for affordable housing in California history. The package is projected to generate an estimated 70,000 housing units by 2022. The vote followed amendments to Senate Bills 2 and 3, which were the subject of intense negotiation as leaders statewide sought to stimulate development and respond to growing public pressure to improve housing affordability. Both SB2 and SB3 required a two-thirds approval by the Assembly to pass.
Building Homes and Jobs ActThe Building Homes and Jobs Act (SB 2), authored by Sen. Atkins (D-San Diego), will create a permanent revenue source to fund affordable housing by charging $75 to $225 in document fees on real estate transactions, such as mortgage refinancing. Home and commercial property sales are exempt from the fee. SB 2 is expected to generate approximately $5 billion over the next five years when matched with federal, local, and private funds. SB 2 was amended August 29th to provide greater local control over the funds. In 2018, half the funds will be made available to local governments to support community planning and half to the Department of Housing and Community Development to fund programs for people experiencing or at risk of homelessness. Beginning in 2019, local governments will receive 70% of the funds, with the remaining 30% appropriated to the California Housing Finance Agency to create mixed-income multifamily residential housing for lower to moderate income households. “There is no single silver bullet that will solve the crisis; however, SB 2 is a step in the right direction,” said Atkins following the bill’s passage. “It will generate new, ongoing funding to create permanent supportive housing for people who are experiencing chronic homelessness, providing them with services they need to address their physical and mental health issues and relieving pressure on our courts, jails, and emergency rooms.”
This may affect you! AB 1650 (Sponsored by C.A.R.) Makes significant changes to the State’s Business and Professions Code. It expands what must be included in real estate-related advertising materials and creates uniform advertising standards across a variety of media and types. Click Here for PDF outline of the new rules Click Here for C.A.R.'s web page dedicated to the change
NSDCAR has been working closely with REALTORS®, active in Carlsbad, to address the enforcement of sign regulations in the city. So far, we have been unable to reach agreement on regulations that would allow for the placement of open house signs on public property during open house hours. In addition, there appears to be continued abuse, by a few members of the real estate industry, of the number of open house signs being placed; the hours they are on display; the fact that many signs are not related to an actual open house; and the fact that signs are illegally placed in public right-of-way. This has resulted in an increase in citizen complaints and as a result, effective April 17, the City of Carlsbad began an enforcement campaign based on “the letter of the law”. This means if your signs are placed in the public right-of-way; there are excessive numbers, or they are not directly associated with an open house, they will be removed. Continued violation could result in citations or legal action. Currently, the city is warning violators after the first violation, but then imposing a $100 fine for continued violations. We urge you to understand and follow the city sign regulations to avoid these actions. Unfortunately, the action by the City of Carlsbad is the result of continued abuse of city sign regulations. Please spread the word with your agents about complying with local sign regulations. NSDCAR and the Carlsbad REALTOR® working group will continue to address this issue. Please see the attached flyer that clearly explains where signs can be placed. Click Here to See Positioning Flyer