Realty Reality: legislation

Showing posts with label legislation. Show all posts

Thursday, June 05, 2008

Permit Extension Act Approved by Assembly Committee

The Assembly New Jersey Housing and Local Government Committee unanimously approved the Permit Extension Act, A2867.

The bill aims to boost New Jersey's real estate sector and extends for six years the life of building permits for commercial and residential development projects. NJAR® is part of a coalition in support of the legislation.

It now heads to the Assembly Environment and Solid Waste Committee for further review.

Source: NJAR

Visit my web site for additional services and support: LawrenceYerkes.com [NJ/PA]

and visit Besthomes-NJ.com to find the latest New Jersey Real Estate property listings (Residential, Commercial, Multi-Family, Farm, Land).

Home Buyer Tax Credit Will Aid Housing Recovery

The National Association of Realtors®(NAR) testified today that a temporary tax credit would be the best incentive to move hesitant home buyers into the market. NAR based its support on the success of a 1975 temporary tax credit designed to "clear an over-supply of newly constructed homes during an economic downturn."

More details...

Friday, May 09, 2008

Eminent Domain Bill Still In Committee

The Senate Community and Urban Affairs Committee held a hearing concerning eminent domain legislation, S757 - Rice (D28) on May 5, 2008. The bill did not receive enough votes to pass the committee, but will be placed for a vote again on Thursday, May 15.

The bill revises current procedures for the use of eminent domain in municipal redevelopment programs. (Source: NJAR)

Visit my web site for real estate services and support: LawrenceYerkes.com [NJ/PA]

and visit Besthomes-NJ.com to find the latest New Jersey Real Estate property listings (Residential, Commercial, Multi-Family, Farm, Land).

Friday, April 11, 2008

Senate Passes Bill to Ease Foreclosure Housing Crisis

The Senate passed the Foreclosure Prevention Act on Thursday that combines large tax breaks for homebuilders and a $7,000 tax credit for people who buy foreclosed properties, as well as grants for communities to purchase and fix up abandoned homes. Opponents argue that this tax credit would unfairly reward purchases that would have happened anyway while possibly devaluing other homes. The bill likely will be significantly redrawn by critics in the House. (AP, April 10, 2008, MSNBC.com)

Read more about the tax credit. . .

Tuesday, March 04, 2008

Potential New RESPA Changes Revealed

A 6-page summary of proposed RESPA changes has been obtained and is available online for you to review:

6-page RESPA Changes Summary (dated 2/28/08) [pdf]

Source: RESPAnews/The Legal Description

Monday, February 25, 2008

Warning NJ Drivers: Don't Drink and Drive and Now: Don't Text and Drive

Starting March 1, 2008 a new version of New Jersey's law against cell phone usage while driving will go into effect.

It will ban the hand-held use of all cell phone and electronic communication devices (e.g., Blackberry) while driving for talking, text messaging and emailing, except in emergencies. You will still be able to use hands-free and Bluetooth devices.

The new law makes violation of this law a primary offense. Prior to March 1st, New Jersey law made talking on a cell phone a secondary offense -- meaning a driver had to be caught committing a first offense in order to be cited for use of a cell phone. Now you can be stopped specifically for this offense.

A person who violates the no cell phone usage law will be fined $100.

Ref: NJ 2007 S1099: Pamphlet Law (2 pages) PDF Format HTML Format

To find out about similar cell phone laws in other states (and countries) in which you plan on driving, here are some additional references:

GHSA: State Cell Phone Driving Laws (chart)
IIHS: Cell Phone Laws (chart)
Cellar-News: Countries (and states in USA) that ban cell phone use while driving

Visit my web site for additional services and support: LawrenceYerkes.com

and visit Besthomes-NJ.com to find the latest New Jersey Real Estate property listings (Residential, Commercial, Multi-Family, Farm, Land).

Friday, February 22, 2008

NJAR Secures Amendments to Overcrowding Legislation

On February 14, 2008, the New Jersey Senate Community and Urban Affairs Committee passed S164 - Bucco (R25), Gill (D34) with NJAR® amendments. The bill allows a municipality to impose upon landlords and/or tenants who have violated occupancy requirements an overcrowding fine.

During the last legislative session, NJAR® secured amendments excluding seasonal rental units from the bill, as well as amendments stating that tenants can also be fined for violating occupancy requirements, and when tenants would be responsible for an overcrowding violation.

At the committee hearing on February 14, NJAR® also secured an amendment to extend the implementation of the law for six months, in order to allow time to make the updated contracts and rental agreements available to NJAR® members.

The bill now heads to the full Senate.

Source: NJAR

Wednesday, January 09, 2008

New Jersey's 213th Legislature Begins

On January 8, 2008, members of the 213th New Jersey Legislature were sworn into office.

Visit the Legislature's website and click on your municipality to find your new legislators.

Tuesday, January 08, 2008

Legislature Approves NJ Governor's School Funding Plan

On Monday, January 7, 2008, the New Jersey Legislature approved, by a slim margin, Governor Corzine's proposed school funding plan, which will boost education aid for the 2009 fiscal year by $532 million. The plan proposes a new distribution of school aid, with districts receiving aid based upon student need, regardless of the schools' location within or outside of an Abbott district.

The source of the funding will still be primarily generated through property taxes. Visit the State's website and click your district number to determine the property tax figures anticipated for your municipality. Read the elements of the proposed school funding plan. You can also read the January 8 Star-Ledger article, which describes the impact of the school funding formula on New Jersey residents.

(Source: NJAR)

Sunday, January 06, 2008

Lead Paint Legislation Signed by NJ Governor

On January 4, 2008, Governor Corzine signed into law legislation, A3263 - Payne (D29), Stanley (D28) Truitt (D28) [PDF], that will expand the scope of lead paint inspection requirements for multiple dwelling units to also include single-family and two-family rental dwelling units.

Currently, state law provides that multiple dwellings are inspected at least once every five years for lead paint hazards. According to the law, the Department of Community Affairs will charge a fee sufficient to cover the cost of inspections, provided that the fee does not exceed one-third of the inspection fee for a three-unit multiple dwelling. The law, which is effective immediately, includes exemptions for owner-occupied two-family residential properties, properties that have been certified to be free of lead-based paint or of having a lead-free interior by a certified inspector, properties that were constructed during or after 1978, and seasonal rental units that are rented for less than six months' duration each year.

(Source: NJAR)

Friday, January 04, 2008

NJ Governor To Hold Town Meetings In January 2008

New Jersey Governor Corzine will be holding 21 town hall meetings throughout the state to discuss financial restructuring and debt reduction in New Jersey.

The meetings, starting January 12, 2008, will be open to the public, but you must RSVP to attend.

View the meeting schedule so far.

Each listing includes a link or telephone number to RSVP.

(Source: NJAR)

Thursday, January 03, 2008

EIA: Energy Outlook Update to Address Impacts of Recent Energy Legislation

The Energy Information Administration (EIA) will be updating recently released projections of U.S. energy demand and supply through 2030 to reflect the provisions of the Energy Independence and Security Act of 2007, which was signed into law on December 19, 2007. Specifically, the Annual Energy Outlook 2008 (AEO2008) reference case, which is often used as the baseline for analyses of proposed policy changes and had originally reflected existing laws and policies as of October 2007, will be revised to reflect the estimated impacts of this new law on future energy use.

“The Congress has passed, and the President has signed, energy legislation containing many provisions that will significantly impact both the level and mix of energy produced and consumed in the U.S. over the next 25 years,” said Guy Caruso, EIA’s Administrator. Initial review of the new law by EIA staff suggests that new fuel economy standards for motor vehicles, the mandate for a substantial increase in the use of biofuels, and new efficiency standards for appliances and lighting are likely to have particularly important impacts on energy projections.

The AEO2008 revised reference case projections of U.S. energy use should be much more useful to EIA’s energy analysis customers in government and the private sector over the year-long “shelf life” of the AEO2008 than the original projections which do not reflect the new energy law. The updated AEO2008 reference case will also serve as a more appropriate baseline for energy analysis requests that are already pending at EIA as well as requests received over the coming year.

The updated reference case should be available in late February. The necessary updates are expected to delay publication of the complete AEO2008, which includes numerous side cases and sensitivity analyses, until April 2008.

Source: EIA-2008-01

Thursday, December 27, 2007

New Terrorism Insurance Law Will Protect Commercial Market

WASHINGTON - The commercial real estate market and the health of the nation’s economy as a whole will benefit from the reauthorization of the federal government’s terrorism risk insurance program, which President George W. Bush signed into law on 12/26. The National Association of Realtors®(NAR) has long advocated for passage of the Terrorism Risk Insurance Revision (TRIA) Extension Act to maintain a strong commercial market.

"As the leading advocate for real estate issues, NAR commends President Bush and Congress for enacting the federal terrorism insurance backstop [H.R. 2761]," said NAR President Richard Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif. The potential unavailability of terrorism risk insurance would have had a devastating impact on many commercial financing agreements and could have negatively affected the commercial real estate market."

The terrorism insurance program, initiated after the September 11, 2001, terrorist attacks, has helped stabilize the commercial real estate industry. The new law will extend the program for seven years, covers both foreign and domestic acts of terrorism, retains the "trigger level" at $100 million of damages at which point federal assistance kicks in, and establishes a blue ribbon commission tasked with recommending a long-term private market solution.

"TRIA reauthorization will strengthen the economic security of the commercial real estate market by reducing the uncertainty of terrorism coverage availability and by covering many forms of terrorist activity," Gaylord said.

According to NAR, the best long-term solution should focus on what private markets have been unwilling or unable to do. "The ideal solution must allow businesses to purchase insurance for the most catastrophic conventional terrorism risks; provide adequate insurance capacity in all major commercial real estate markets, particularly in high-risk urban areas; and provide meaningful insurance against all types of terrorism risks," said Gaylord. "We believe this law does much of that."

The National Association of Realtors®, "The Voice for Real Estate," is America’s largest trade association, representing more than 1.3 million members involved in all aspects of residential and commercial real estate industries.

For additional information about the TRIA and H.R. 2761 (and other federal legislation) check out the following links:
GovTracks.us
LOC-Thomas
VoteSmart
OpenCongress
CBO Cost Estimate (PDF)

Saturday, December 15, 2007

Proposed Fire Supression Regulation Will Impose New Costs

NJAR® counsel submitted comments on behalf of the Association concerning the New Jersey Department of Community Affairs’ (DCA) amendments to the State Fire Prevention Code. One of the amendments to N.J.A.C. 5:70-4.17 requires existing highrise buildings of Group B (business or office) and Group R-2 (residential) to be equipped with an approved automatic fire suppression system installed in accordance with the Uniform Construction Code. The proposed rule allows four years for highrise building owners and tenants to comply.

The comments illustrate the enormous costs that Group B and R-2 property owners and possibly tenants would face in retrofitting their buildings with approved fire suppression systems and emphasize that retrofitting the buildings is not necessary according to the International Fire Code.

For more details, view the the rule proposal.

Source: NJAR

Thursday, December 13, 2007

Expanded Lead Paint Legislation Heads to NJ Governor

If you are a property owner and landlord renting single-family and two-family residential units, you will soon be subject to inspections for lead-based paint just as three-or-more-unit dwellings are currently required once the governor signs new legislation that was recently sent his way...

The New Jersey Senate and Assembly have approved legislation that will expand the scope of lead paint inspection requirements for multiple dwelling units to also include single-family and two-family rental dwelling units. The bill now heads to the Governor's desk.

Currently, state law provides that multiple dwellings are inspected at least once every five years for lead paint hazards.

According to the bill, A3263/S2622, the Department of Community Affairs (DCA) will charge a fee sufficient to cover the cost of inspections, provided that the fee does not exceed one-third of the inspection fee for a three-unit multiple dwelling. T

he bill includes exemptions for owner-occupied two-family residential properties, properties that have been certified to be free of lead-based paint or of having a lead-free interior by a certified inspector, properties that were constructed during or after 1978, and seasonal rental units that are rented for less than six months duration each year.

Source: NJAR

State Convenes Hearing on Affordable Housing

The Assembly Housing and Local Government Committee held its first meeting on the 12-point affordable housing plan presented by Committee Chair Jerry Green (D22), Assembly Speaker Joseph Roberts (D5) and Assembly Majority Leader Bonnie Watson Coleman (D15). Department of Community Affairs Commissioner Joseph Doria testified regarding the amount of undeveloped land in New Jersey and its relation to the lack of affordable housing. He focused particularly on the need to ease the environmental rules and regulations in order to construct more affordable housing.

Read the December 11 Star-Ledger article on the meeting.

Source: NJAR

Friday, November 30, 2007

NJ Highlands Council Releases New Master Plan

The New Jersey Highlands Council has released a revised regional master plan (RMP) to oversee development and preserve the natural resources of the Highlands region. There will be three hearings and a comment period for public response to the plan.

New Jersey Senate Holds Eminent Domain Legislation

The New Jersey Senate Community and Urban Affairs Committee held a hearing on November 29, 2007. Discussion centered on S1975 – Rice (D28) [PDF], which was held for further review after extensive testimony. (Source: NJAR)

Wednesday, September 26, 2007

Elimination of "Phantom Tax" On Foreclosures Is Good For Consumers Say NAR

WASHINGTON - The National Association of Realtors® (NAR) praised the House Ways and Means Committee for taking positive action on September 26th on the Mortgage Cancellation Tax Relief Act, H.R. 3648. Since the early 1990s, NAR has actively pursued repealing the current law, which forces individuals to pay an income tax on mortgages that have been forgiven or foreclosed.

“NAR is encouraged by today’s House Ways and Means Committee vote to adopt this measure and send it to the full House for consideration,” said NAR President Pat V. Combs of Grand Rapids, Mich. “Changing the IRS code for these situations will relieve a tax burden for families who are already in financial distress and are most likely unable to pay additional taxes.”

With many families affected by resetting interest rates on subprime mortgages and the ongoing rise in foreclosures, NAR has been working to help more homeowners and their families keep their homes. “Clearly it is unfair to tax people on phantom income when they most likely have no cash with which to pay that tax,” said Combs. “Realtors® don’t just sell homes; we build communities, and NAR is committed to efforts that will help make the nightmare of losing a home less burdensome for families.”

The current tax code requires a lender who forgives debt to provide a Form 1099 to the IRS stating the amount the borrower has been forgiven. This disclosure applies whether a short sale, foreclosure, deed in lieu of foreclosure or any similar arrangement relieves the borrower of the obligation to pay some portion of his or her debt. If the property is sold at foreclosure or is sold for less than the amount borrowed, that difference is considered income and is subject to the tax.

H.R. 3648 would ensure that any mortgage debt secured by a principal residence will not be taxed. “NAR stands strongly with Chairman Rangel, D-N.Y., and Ranking Member McCrery, R-La. Their relief proposal addresses a fundamental unfairness that affects the lives of those who find themselves in truly unfortunate circumstances. We must all work together to prevent the dream of homeownership from becoming a nightmare,” said Combs.

The legislation includes a provision to safeguard against abuses. The provision, similar to one that already exists for commercial real estate owners, would treat commercial and residential property equally. In addition, NAR supports the proposed offset, which tightens the requirements for taking advantage of some tax benefits while retaining all of them.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.

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Visit my web site for additional services and support: LawrenceYerkes.com

and visit Besthomes-NJ.com to find the latest New Jersey Real Estate property listings (Residential, Commercial, Multi-Family, Farm, Land).

Wednesday, September 19, 2007

NAR Applauds House Passage of Terrorism Insurance Bill

WASHINGTON - In this month that marks the sixth anniversary of the September 11 terrorist attacks, the National Association of REALTORS®(NAR) commends the U.S. House of Representatives for reauthorizing the federal government’s terrorism risk insurance program. Today’s vote will help maintain a strong commercial real estate market and the health of the nation’s economy.

NAR has long supported the Terrorism Risk Insurance Revision Extension Act, and NAR President Pat V. Combs praised the passage of H.R. 2761 by the full House. "We hope to see the legislation implemented quickly," said Combs. "The potential unavailability of terrorism risk insurance could have a devastating impact on many commercial financing agreements and would negatively impact the commercial real estate market."

The terrorism insurance program was initiated after the September 11, 2001, terrorist attacks. H.R. 2761 extends the program for 15 years; makes coverage available for nuclear, biological, chemical or radiological (NBCR) attacks; and requires the Treasury Department to report on the terrorism insurance market every two years, including an analysis of terrorism insurance pricing impacts on commercial real estate. It also establishes a blue-ribbon commission tasked with recommending a long-term private market solution.

"Today’s vote recognizes that terrorism continues to be an unpredictable threat, a fact that’s as true in 2007 as it was when Congress enacted the Terrorism Risk Insurance Act in 2002," Combs said. "The reauthorization of TRIA will strengthen the economic security of the commercial real estate market by reducing the uncertainty of terrorism coverage availability, and by covering most conceivable forms of terrorist activity."

"We are especially thankful to Reps. Gregory W. Meeks, D-N.Y., and Paul E. Kanjorski, D-Pa., for their support and understanding of the commercial real estate industry’s importance to the economy and the need to find a long-term solution," Combs said.

Earlier in the year NAR testified that the proper long-term solution should focus on what private markets have been unwilling or unable to do. "The ideal solution must enable businesses to purchase insurance for the most catastrophic conventional terrorism risks; provide adequate insurance capacity in all major commercial real estate markets, particularly in high-risk, urban areas; and provide meaningful insurance against the so-called NBCR risks," said Combs. "We believe this bill does that."

The National Association of REALTORS®, "The Voice for Real Estate," is America’s largest trade association, representing more than 1.3 million members involved in all aspects of residential and commercial real estate industries.

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