Access to Home Ownership Top of Mind in Washington - Tucson Association of REALTORS®

Making homeownership more accessible has been one of NAR’s top advocacy priorities for years, and REALTORS^® are ensuring it’s top of mind for policymakers, too.

Since NAR released its groundbreaking report in 2021 revealing America’s underbuilding gap of at least 5.5 million housing units, REALTORS^® have led the call for a once-in-a-generation response to solve this crisis.

The urgency was evident at NAR’s annual Policy Forum, hosted last Thursday, February 8, in Washington, D.C. The capacity crowd included housing and economic experts, policymakers, and industry stakeholders committed to addressing the challenges hindering homebuyers.

From the historic inventory shortage to high interest rates, regulatory obstacles, fees, and lending issues, the panelists outlined the current housing market landscape and discussed how technology, innovation, and legislative policies can help keep homeownership within reach.

NAR continues to advocate for multiple legislative solutions to make homeownership more accessible, including:

The bipartisan Neighborhood Homes Investment Act, which attracts private investment for building and rehabilitating owner-occupied homes through tax credits.
The bipartisan Choice In Affordable Housing Act, which creates incentives for housing provider participation in HUD’s Housing Choice Voucher (HCV) program.
The bipartisan Credit Access and Inclusion Act, which expands credit reporting for Americans with limited credit histories.
The Yes in My Backyard (YIMBY) Act, which encourages communities to build affordable housing through the Community Development Block Grant (CDBG) program.
The bipartisan More Homes on the Market Act, which incentivizes more long-term owners to sell their homes by increasing the maximum amount of capital gains a homeowner can exclude on the sale of a principal residence and annually adjusting it for inflation.
The Affordable Housing Credit Improvement Act or legislative provisions to expand the Low-Income Housing Tax Credit and encourage investment in creating and preserving affordable housing.
Increasing the $10,000 cap on the state and local tax (SALT) deduction and eliminating the penalty for married taxpayers filing jointly.

At the end of January, those final two priorities gained momentum when the U.S. House of Representatives passed a long-shot bipartisan tax bill. While business-related tax incentives and the child tax credit are the focus of this legislation, it also includes expansion of the Low-Income Housing Tax Credit among other pro-real estate provisions. Additionally, it greased the wheels on a long-stalled vote to increase the SALT deduction.

The complicated politics of these issues make it difficult to predict whether the tax bill can pass the Senate, and whether the standalone SALT bill will be considered on the House floor. However, the inclusion of these items in ongoing conversations on tax reform demonstrates the strength of REALTOR^® advocacy in ensuring lawmakers understand the importance of these policies.

Of course, we also continue to work with Congress to extend the authority of the National Flood Insurance Program (NFIP) and ensure other vital housing programs do not lapse as the next government funding deadlines approach on March 1 and 8.

NAR will continue advocating for solutions to protect and expand homeownership. We can’t wait to see many of you in Washington D.C. in May for the REALTORS^® Legislative Meetings, where we will return to Capitol Hill and share with lawmakers how pro-real estate policies benefit their constituents and the American economy. Mark your calendars – registration opens Feb. 14!

Thank you for the crucial role you play in expanding the American Dream.