Adams 12 School District Mulls Referendum

The North Metro Denver REALTOR® Association (NMDRA) is closely monitoring an idea being considered by the Adams 12 School District in Adams County. The District will meet August 20^th to consider placing a Mill Levy Override and/or a Bond Issue on the November Ballot.

The voters of this district approved both Mill Levy Overrides and Bond purchases in 2000 and 2004. Preliminary polling data suggests that similar issues could pass this year, provided the school district gives adequate reasoning for the need for more money. Adams 12 continually produces some of the area’s most successful results in scholastic achievement, and if passed will use money from this referendum to build two new elementary schools and support programming needs within the entire district. NMDRA will continue to monitor this issue closely.

CAR Opposes Transfer Tax Ballot Question

The CAR Board of Directors voted to oppose Amendment 103 (Colorado Housing Investment Fund/Transfer Tax) per the recommendation of the Issues Mobilization Committee.  Amendment 103 concerns the increase in the documentary fee on real estate transactions to fund affordable housing. While CAR supports affordable housing and has a viable non-profit foundation like CARHOF, CAR feels the biggest impediments for people to afford to buy homes are the down payment and closing costs, which would increase if this measure is approved.  For more information contact Rachel Nance of CAR at 303-790-7099.

Primary Election Recommendations Released Soon

The Douglas/Elbert REALTOR® Association (DERA), South Metro Denver REALTOR® Association (SMDRA), North Metro Denver REALTOR® Association (NMDRA), and the Denver Board of REALTORS® (DBR) completed their candidate interviews for contested races in the upcoming primary election. These recommendations will soon be forwarded on to the REALTOR® Small Donor Committee (RSDC) and will be made public as soon as they are final. REALTOR® Associations make recommendations to assist members in their evaluation of candidates. Real estate issues and positions on these topics are given primary consideration when recommending candidates. As always, all members are encouraged to vote and give support to the candidates who rate highest on real estate issues.

Work Slows On FHA/GSE Reform In Congress

Since late last week, the Senate has been considering a housing bill that includes FHA reform (with permanent loan limits to 110% of local area median home price, capped at $625,500), Government Sponsored Entity (GSE) reform (with permanent loan limits to 100% of local area median home price, capped at $625,500), FHA foreclosure rescue, development of a National Affordable Housing Trust Fund, and an $8000 Homebuyer Tax Credit.  The bill has stalled due to a procedural vote in the Senate.  Senate Majority Leader, Harry Reid (D-NV), has indicated that there will be no further action on the legislation until July 8 at the very earliest.  Meanwhile, the House is still arguing for NAR-supported higher loan limits and several other amendments that the Senate has refused.

REALTORS® Meet with Congressman Perlmutter

This week, members of JCAR, NMDRA, and AAR will meet with Congressman Ed Perlmutter of Colorado’s Seventh Congressional District. Congressman Perlmutter has become a great friend of REALTORS® in his two years in office, and the meeting this week is to reinforce REALTOR® positions on issues such as FHA/GSE reform, Small Business Health Care Plans, mortgage interest deductibility, and keeping banks out of real estate. The National Association of REALTORS® is encouraging associations around the country to conduct meetings such as this over the summer to make certain our members of Congress understand the importance of real estate to the economy and make certain the American dream of home ownership is available to all.