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NAR joined the Mortgage Bankers Association and the National Association of Home Builders in early October to send a letter to Fed Chairman Jerome Powell, declaring further rate increases could invite a recession. NAR has been proactive in raising awareness of the detrimental impacts of 23-year-high mortgage rates on an already strained housing market.
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NAR hosted an Affordable Workforce Housing Symposium on October 10 in Columbus, Ohio. The CHIPS and Science Act has unleashed tremendous investment in the Columbus metro area, with the potential to create more than 3,000 new direct jobs and 7,000 construction jobs. The event included three panel discussions comprised of participants from federal agencies, local businesses, and community leaders on how to ensure this economic growth is sustainable for the region and its workforce.
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NAR praised the White House's Action to Create More Affordable Housing by Converting Commercial Properties to Residential Use when it released the plan at the end of October. “America is facing a more than $4 trillion underinvestment in housing that has left us short some 5.5 million homes,” said NAR President Tracy Kasper. “With many office buildings sitting empty, converting underused commercial space into multifamily housing is an innovative, tangible, and sensible solution that will also address housing affordability, which is currently at a historic low.”
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NAR unveiled a state flood disclosure tracker in November, working with the Legal Research Center to conduct a complete, thorough, and accurate survey of existing disclosure requirements in all 50 states and D.C. The tracker aims to educate the public and Congress as it considers legislative proposals to reform the National Flood Insurance Program (NFIP).
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As of October 31, RPAC fundraising reached 89% of its national goal with more than $45 million raised at all three levels of the association, and 120% of its federal disbursements allocation goal with nearly $12 million raised at the national level. RPAC has 9,625 Major Investors, 1,907 President’s Circle members, and a 35% participation rate.
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Arizona REALTORS® Rally to Repeal Regressive Rental Tax
Arizona rental households had been paying an average of $51 per month in transaction privilege taxes, a burden that negatively affected the state’s property managers and renters alike. With housing affordability an increasing concern, Arizona REALTORS® redoubled their efforts to successfully repeal the tax with support from an Issues Mobilization Grant from the REALTOR® Party.
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L.E.A.D. Courses Enhance Your Leadership Impact
Whether you're currently in a leadership role or aspire to be, the REALTOR® L.E.A.D. Courses will empower you with resources, strategies, and solutions to tackle the challenges of the future. Enroll now to position yourself strategically, leave a lasting legacy, and contribute positively to your association.
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