Illinois REALTORS® have been busy urging members of Congress to re-authorize the National Flood Insurance Program (NFIP).
According to results Thursday afternoon, 11 percent of the association’s members had taken action by sending a message to their congressional representatives. Among local Illinois REALTOR® associations, several have surpassed 20 percent member participation in the Call for Action. They include:
- The Oak Park Association of REALTORS®
- Rockford REALTORS®
- Peoria Area Association of REALTORS®
- Quad Cities Association of REALTORS®
If the NFIP is allowed to expire on Sept. 30, 22,000 communities nationwide would be affected. In those communities flood insurance premiums could soar, making the cost of owning a home much more costly.
Take part now.
- Answer the Call for Action by responding to texts and emails you have been getting from NAR, or click here.
- Read about the program and what needs to be done to protect it here.
- See how your association is doing in having members respond to the Call for Action.
As of early Monday, nearly 10 percent of Illinois REALTORS® members have responded to a Call for Action urging Congress to renew the National Flood Insurance Program (NFIP).
NAR launched the Call for Action last week to urge lawmakers to pass a bill which would extend the program for another six years. NFIP is critical for the association’s membership because without the federally-backed program, flood insurance premiums would soar in communities nationwide.
Do your part by following directions outlined in REALTOR® Party mobile alerts, emails or by going to the REALTOR® Party webpage to send messages to policymakers. In previous Calls for Action, more than 20 percent of Illinois REALTORS®‘ membership has participated.
REALTORS® can also ask their congressional representatives to push for more accurate flood maps and better risk mitigation policies which would help keep rates affordable.
With the National Flood Insurance Program set to expire September 30, Jon Broadbooks and Neil Malone discuss the importance of this program, and why it’s so critical that REALTORS® answer the call in helping make sure the program is extended.
Watch the video, then go to realtoractioncenter.com to answer the call and help preserve this important program.
The National Association of REALTORS® (NAR) has issued a Call for Action asking REALTORS® to contact Congress and send the message loud and clear that two federal tax proposals being considered would have a negative impact on real estate, which in turn, affects those in the industry by slowing the housing market recovery.
What are the proposals? According to NAR:
- One would require ALL owners of rental properties to file an IRS Form 1099 for all contractors they do business with if they pay that contractor $600 or more in a given year. It would apply to even the smallest landlord, creating unnecessary burden and tax preparation expense for those who have, or might be considering, real estate investments.
- The other would tax “carried interest” at ordinary income rates instead of capital gains. Carried interest rules govern how general partners in real estate investments pay taxes when the investment is sold. The proposal is particularly onerous because it would set a precedent that certain real estate investment gains would no longer qualify for capital gains treatment.
If you haven’t answered the Call for Action, do so now and help the REALTOR® voice be heard!