REALTOR® Efforts Help Secure Rental Assistance in COVID-19 Relief Legislation
Louisiana REALTORS • December 22, 2020
Source:
National Association of REALTORS®
The National Association of Realtors® secured key victories in COVID-19 relief legislation that cleared the U.S. Senate & House of Representatives overnight, including various key tax extenders, additional support for the Paycheck Protection Program and funding for rental assistance. Roughly 38% of NAR's 1.4 million members own at least one rental property throughout the U.S.
"NAR has been one of the loudest voices in Washington advocating for rental assistance these past few months," said NAR President Charlie Oppler, a Realtor® from Franklin Lakes, N.J., and the CEO of Prominent Properties Sotheby's International Realty. "While Realtors® worked to ensure thousands of American families would not go homeless, it was clear that broad, ongoing eviction moratoriums were jeopardizing the very housing opportunities we were trying to protect.
"More than 40% of rental units nationally are owned by 'mom and pop'-operated small businesses, many of which have been struggling to pay their bills and keep a roof over their tenants' heads. Rental assistance helps stabilize that housing and keep families in their homes, and we're grateful that Congress could secure this and other critical relief measures in this legislation."
More specifically, the agreement:
- Provides $25 billion to the states through September 30, 2022, for rental assistance and allows landlords to apply for funds on behalf of tenants.
- Includes payments for rent as well as utilities and other expenses related to housing
- Provides a new round of direct stimulus payments of $600 to most Americans
- Extends all unemployment assistance including the Pandemic Unemployment Assistance (PUA), through April 19, 2021, with a $300 weekly boost in payments through March 14.
- Unemployment benefits are extended to the self-employed
- Provides hundreds of billions in additional funding for the Paycheck Protection Program and for Economic Injury Disaster Loans
- Allows certain eligible businesses to receive a second PPP loan
- Creates a simplified forgiveness process for most PPP borrowers
- Allows for deductibility of business expenses paid for with PPP funds
- Extends for five years the exclusion from income for mortgage debt forgiveness and permanently extends the energy-efficient commercial buildings deduction
- Increases fair housing funding
- Provides $7 billion to states for broadband expansion, including $300 million for rural broadband
- Provides new money for schools and vaccine distribution
- Congressional leaders will begin consideration of the agreement Monday alongside a $1.4 trillion spending bill to fund the government through September 2021.
In-depth analysis of these provisions created for REALTORS® is available here: NAR's Federal Advocacy Responses to COVID-19.
What qualifies as affordable housing in Louisiana? Learn about AMI, HUD income tiers, and housing support programs for clients.
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Week 10 brought meaningful movement on several Louisiana REALTORS® priorities affecting real estate, property rights and insurance. And Week 11 is shaping up to be one of the most important stretches of the session. The biggest developments last week were the final Senate passage of HB 468 by Rep. Troy Hebert with amendments, movement of HB 1027 by Rep. Hebert to the Governor for executive approval, continued Senate progress on HB 1187 and HB 1166 , and final legislative action on SB 180 . REALTOR® Day at the Capitol also came at an important time, giving members the opportunity to reinforce industry priorities with legislators as several key bills neared final passage or awaited committee, concurrence or floor action. Just as importantly, the Louisiana REALTORS® legislative package has now cleared most of its major hurdles, and barring any late-session surprises, the remaining package’s bills should be headed to the Governor’s desk shortly. On the core real estate package, HB 468 , the wholesale regulation bill, remains the most immediate priority. The Senate passed the bill 34-0 on May 12 with amendments, and it now returns to the House for concurrence. That places it in a fast-moving posture, and members should be prepared for quick House action once concurrence is called. HB 1027 , the appraiser liability bill, has now moved into final executive posture after passing the Senate 35-0 without amendments and being sent to the Governor. Together, those two bills represent major wins for consumer protection, market integrity and greater certainty in the real estate transaction process. Insurance remains one of the busiest and most important policy areas as we head into Week 11. HB 1187 , dealing with Louisiana Citizens for emergency assessments, was reported favorably by the Senate Insurance Committee and is now pending Legislative Bureau for review in the Senate. HB 759 , addressing fortified roof endorsement offers, remains one of the more important insurance and mitigation bills still in play and is positioned for Senate floor action. HB 408 , which would prohibit insurers from non-renewing residential policies when homeowners timely mitigate risks, remains pending in House Insurance, as does HB 1210 , which would create a mandatory pre-suit claim review process for residential property insurance. Additional insurance measures, including HB 850 on Standard Fire Policy cancellation notices, HB 1162 on contractor verification in insurance claims, and SB 241 on adjuster and appraiser license-number disclosure, also remain active. These bills continue to matter because insurance affordability, mitigation, claims handling and policy stability remain central to property ownership and transaction viability across Louisiana. On disclosure and regulatory matters, HB 1166 by Rep. Kim Carver , requiring disclosures for vacant residential property and carrying out the adopted LREC reform amendment, was reported favorably by the Senate Commerce Committee and is now pending with the Legislative Bureau for review in the Senate. That keeps the bill in a strong position for Senate floor movement and makes it one of the key bills to watch in Week 11. SB 180 , allowing a surviving spouse of a deceased disabled veteran to transfer an expanded property tax exemption under certain circumstances, has completed legislative action and is now in final processing. Week 10 and the run into Week 11 also reflected an important defensive win for Louisiana REALTORS®. Our team successfully worked to block and tackle HB 617 and HB 750 to ensure real estate and nonprofit activity were not swept into overly broad consumer protection frameworks. On HB 617 , Louisiana REALTORS® opposed the bill as drafted and worked to posture it so that real estate professionals would not be caught up in a fee-disclosure framework that does not fit the realities of real estate transactions. On HB 750 , we worked to ensure the bill would not be interpreted to reach real estate or nonprofit operations in a way that could create unintended compliance burdens for leases, property management arrangements, association activity, or recurring charges authorized under those structures. That effort helped keep broad subscription-style language from bleeding into housing and nonprofit operations where it plainly does not belong. Civil justice and broader property rights measures also remain active entering Week 11. HB 437 , dealing with expert witness fees, and HB 1089 , creating CARE Accounts for certain damages arising from delictual actions, remain pending in Senate Judiciary A and remain high-priority tort reform measures to watch. HB 472, the rent stabilization bill, remains involuntarily deferred and stays on the watch list for any attempted revival through another vehicle or amendment. Additional redevelopment and tax-related measures, such as HB 214 and HB 217, also remain relevant to the broader conversation on blight, reinvestment and neighborhood stabilization. A few additional housing and valuation bills are also worth noting HB 292 on security deposits, HB 297 on early lease termination in stalking and cyberstalking situations, and HB 300 on appraisal thresholds for bank-owned property have all advanced and remain part of the broader housing policy landscape. The practical takeaway is straightforward: Week 11 will likely move fast, and late-session maneuvering can matter as much as headline floor votes. Louisiana REALTORS® should be prepared for House concurrence on HB 468 , further Senate movement on HB 1166 and HB 1187 , continued action on insurance and tort reform, and the possibility of late amendments or procedural pivots on bills affecting real estate transactions, private property rights, housing affordability, nonprofits, property managers and the broader real estate industry. The package is in strong shape, but this is the point in the session when the finish line comes into view and traffic gets thick. Please view the weekly bill tracking report provided by our lobbying team over at Harris, DeVille and Associates.
