There are two primary concerns that C.A.R. has stressed to the California delegation. The first is maintaining the current loan limit of $729,750. The second is to continue allowing HUD to set the loan limits at 125% of an area’s median home price. The Senate is proposing to reduce this to 110% of an areas median home price for FHA and 100% of an areas median home price for the GSEs. The House is proposing to make permanent the current 125% rule.
While the House could pass and send to the President’s desk the Senate passed bill, the more likely scenario is that the House will make amendments in consultation with the Senate, and send it back to the Senate for what will hopefully be the final vote before going to the President’s desk. Almost everyone in Congress does not want to break for the August recess without a Housing Bill passed. Other provisions included in the Senate Housing Bill are GSE reform, FHA reform, FHA rescue plan, a mortgage revenue bond increase, and first-time homebuyer tax credit.
C.A.R. Opposes Bill to Add Excessive Costs to Transactions- C.A.R. OPPOSES AB 2204 (De La Torre), which would require county recorders to review every deed or other related documents, including CC&Rs, and remove restrictions from historic title record before the transfer of property can be recorded. County recorders would then be authorized to charge a fee for the review and editing of these documents. C.A.R. opposes this ill-advised measure because AB 2204 would add $500 - $1000 in costs to transactions without actually protecting anyone from discrimination.
Existing law already invalidates any provision in a deed of real property that restricts the right of a person to sell, lease, rent, use, or occupy the property based on race, color, religion, sex, marital status, national origin, ancestry, familial status, disability, source of income, or sexual orientation.
AB 2204 has been approved by the Assembly and is currently making its way through the Senate. C.A.R. expects a vote by the entire Senate as soon as next month. Please stay tuned for a Red Alert.
C.A.R. Field Representatives Available to Speak at Your Association or Office Meeting- C.A.R. has a team of grassroots field representatives who travel the state speaking at local association events and real estate office meetings to provide the most recent legislative updates and information about how to get involved in C.A.R.'s legislative and political programs. Our field representatives can also provide training for local associations in the areas of REALTOR(r) Action Fund fundraising, grass roots programs and Get out the Vote, among various topics. If you are interested in having your regional field representative come speak to an event in your area or have questions about the program, please contact DeAnn Kerr at deannk@car.org