Board of Directors: Brief Update from AAR and NAR
March 28, 2018
Dear Alabama Board of Directors,
On behalf of President Sid Pugh, we are writing to provide a few brief updates with you from AAR and NAR.
- First Time Home Buyer Savings Account: On Thursday last week, the legislature passed the First Time Home Buyers Savings Account Bill. The bill now moves to Governor Ivey to be signed into law. The bill will help first time home buyers save money towards the purchase of their first home. The bill creates tax-free savings accounts that a first-time buyer can use for down payment and closing costs. An individual can save up to $5,000 per year/ a couple can save up to $10,000. More information can be found here and will be published in the coming weeks. If signed into law, this will be a great program to market to consumers.
- More information and updates will come in the next update to the Board of Directors.
From our National Association, NAR provided several important updates during the AEI Conference in Charlotte, NC that you will want to be aware of:
- NAR Budget Proposal. The biggest news to come out of the AEI meetings was the presentation of the proposed 2019 NAR budget and information about the restructuring NAR has done under the new administration.
- If you will recall NAR published a Future of the REALTOR® Party PAG Report in the winter of 2017 following the Realtor Party Training in December. More information on the PAG report is here. The PAG report called for a potential dues increase to support ongoing advocacy efforts for our members. The estimated dues increase did not have a definitive number at that time.
- On Thursday March 22, NAR published the proposed 2019 budget to NAR Directors.
- On Saturday March 24, NAR’s budget team and Treasurer Tom Riley, presented the proposal in detail to state and local Association Executives from across the country. A handout they provided is attached for your review.
- NAR worked to narrow the proposed dues increased to $30. $17 of that going towards REALTOR® Party programs, and $13 towards operational expenses.
- NAR’s budget will be presented at NAR’s Mid Year Meetings in Washington DC in May. More information can be found on NAR’s website here.
- NAR/DOJ/Anti-Trust: The other significant news from the AEI meetings was a report from NAR’s general counsel Katie Johnson regarding NAR’s ongoing efforts working the Department of Justice on revisiting the consent decree pertaining to anti-competitive practices in real estate.
- The current consent decree was entered into in 2008 and expires in November this year. NAR and the DOJ are in discussions about next steps following the expiration of the decree.
- NAR and the DOJ are also working on a joint education program later this spring to further educate our members on avoiding anti-competitive practices in real estate.
- NAR’s website has more information here. We’ll circulate more information as it is available.
Hope everyone is having a great spring and has a great week.