The Cap is Scrapped!
The cap on the Sadowski Trust fund has been scrapped! It took five years to accomplish, but Florida Realtors lobbyists and members of the Florida Housing Coalition were able to convince lawmakers to remove the $243 million cap imposed on the affordable housing trust funds in 2005. HB 639/SB 912 passed the Legislature today and now go to the governor for approval.
The William E. Sadowski Affordable Housing Act, enacted in 1992, created a dedicated revenue source for affordable housing by increasing the documentary stamp tax paid on all real estate transactions and applying the monies to State and Local Housing Trust Funds.
This increase in doc stamp taxes was supported by a diverse coalition, including Florida Realtors and the Florida Home Builders Association, because the funds were to be used exclusively for housing.
The documentary stamp tax was chosen as the revenue generating vehicle because of the nexus between the cost of housing and the need for housing assistance for very low, low, and moderate income Floridians.
When the Florida real estate market was on the rise, the collection in doc stamps also rose. But instead of using the increase in trust fund dollars to fill the housing gap, not all monies were appropriated. So legislators “capped” the fund at approximately $243 million annually beginning in 2007.
In addition to working with legislators to ‘scrap the cap,’ of the Florida Housing Coalition also deflected efforts to permanently redirect funds generated for housing to general revenue.
“Ensuring that doc stamps will still be directed to affordable housing, their intended purpose, is a huge win for Florida families and for the Florida Realtors organization, which played a big part in the creation of the Sadowski Affordable Trust Fund in 1992,” says John Sebree, vice president of public policy for Florida Realtors. “And, we owe a tremendous amount of credit to Rep. Aubuchon and Sen. Bennett for sponsoring these bills and restoring trust in the housing trust funds.”
• Posted on Wednesday, May 04, 2011 at 07:53 by admin
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FHA Monthly Premium Increased by .25 per cent
FHA has increased the mortgage insurance premium (MIP) by 25 basis points for loans with case numbers assigned on or after April 18, 2011. This increase, which
is the third in the last 12 months, is necessary to restore the agency’s finances, which remain under a required 2 percent reserve, FHA says. NAR opposes the increase, which will cost the average buyer an additional $30 per month.
Existing borrowers are not impacted. The upfront MIP will remain unchanged at 1.0 percent.
• Posted on Thursday, February 24, 2011 at 10:03 by admin
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Governor vetoes HB 545
TALLAHASSEE, Fla. – June 2, 2010 Governor Crist vetoed HB 545, a Realtor-supported measure that would have repealed an onerous disclosure for coastal property owners.
"We had not heard from one group or individual who was opposed to HB 545, so we are quite surprised the governor would veto the bill and expose hundreds of thousands of property owners to safety issues and higher premiums, and increase legal liability and litigation for sellers and real estate practitioners," said John Sebree, vice president of public policy for the Florida Realtors. "We're talking with the bill sponsor to see if there are enough votes in the Florida House and Senate to override the veto. It's a long shot, but one worth taking considering the damage this bill will cause when it takes effect Jan. 1, 2011."
HB 545 by Rep. Pat Patterson (R-DeLand) sought to repeal the windstorm mitigation disclosure – one of the last remnants of the My Safe Florida Home program, which expired in 2009 due to lack of funding. Effective Jan. 1, 2011, sellers of home located in wind-borne debris regions must provide buyers with the building's hurricane resistance rating and three improvement plans, including costs. Inspectors are not registered with the state and the inspection process has been widely criticized for "widespread, fraudulent and unethical behavior," according to a study by the Florida Commission on Hurricane Loss Projection Methodology.
"The inspection process is rife with fraud and provides buyers with inaccurate information 55-80 percent of the time," said Trey Goldman, Florida Realtors' legislative counsel. "The veto will ultimately result in a less efficient insurance market, higher premiums for everyone and possibly the loss of life if homeowners fail to evacuate during hurricanes because they mistakenly believe their homes are more wind resistant than they really are."
• Posted on Thursday, June 03, 2010 at 16:28 by admin
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Open House Search Released!
Now you can search for Open Houses online, 24x7, complete with all the MLS data, photos, and more! Just click the link and see what homes will be Open this weekend or next!
• Posted on Wednesday, April 21, 2010 at 08:37 by admin
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New Shopping For Your Home Loan Booklet
HUD has a released a new booklet for consumers, "Shopping For Your Home Loan." It's a great resource - dowload your copy here
• Posted on Monday, December 28, 2009 at 08:57 by admin
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New HAFA Guidelines
The U.S. Treasury Department has released guidelines and forms for its new Home Affordable Foreclosure Alternatives Program (HAFA). HAFA is part of the Home Affordable Modification Program (HAMP). HAFA provides incentives in connection with a short sale or a deed-in-lieu of foreclosure (DIL) used to avoid foreclosure on a loan eligible for modification under the HAMP program. For details, click here
• Posted on Monday, December 07, 2009 at 09:05 by admin
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Chinese Drywall Forms Available
CHINESE DRYWALL FORMS NOW AVAILABLE
Two forms are available from FAR to assist Realtors working with buyers and sellers of property potentially affected by Chinese drywall:
Chinese/Defective Drywall Addendum to Contract (CDA-1)
This is a form to be used if a buyer desires to perform a Chinese/defective drywall inspection. The Addendum allows the buyer to cancel the contract if the inspection reveals the presence of Chinese/defective drywall and the cost to repair/replace the defective drywall or damage resulting from the defective drywall exceeds a predetermined amount.
Seller's Real Property Disclosure Statement (SRPD-4)
FAR modified paragraph 5 of this form with language addressing Chinese/defective drywall issues. Sellers may use this form to disclose facts relating to the condition of the property and to disclose defects or facts that materially affect the value of the property but that are not readily observable by or known to the buyer.
Both forms are available in the Forms Basic and TransactionDesk areas of floridarealtors.org. As always, please direct legal questions to FAR's Legal Hotline: 407-438-1409.
• Posted on Tuesday, April 28, 2009 at 16:37 by admin
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New $8,000 Tax Credit for 1st Time Homebuyers
Homebuyer Tax Credit – The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.
See the details
• Posted on Sunday, February 22, 2009 at 10:31 by admin
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New Condo Form Available
Beginning Jan. 1, 2009, condo sellers (who are not developers) must provide prospective buyers a disclosure from the Florida Department of Business and Professional Regulation (DBPR) which details the rights and responsibilities of condominium boards and unit owners, voting rights, meeting notices and other governance matters. This disclosure, known as the Condominium Governance Form, is now available in PDF form here
Also note that two standard business forms -- the FAR Residential Sale and Purchase Contract: Comprehensive Addendum (FARA-10) and the Comprehensive Rider to the FAR/BAR Contract for Sale and Purchase (FBCR-10) -- have been updated to reference the 2009 disclosure requirement. You'll find the newest versions of these forms on floridarealtors.org. From the home page, select "Forms Basic" or "Forms Online Gold," or login to the Transaction Desk™. Questions about the disclosure? Please contact FAR's Legal Hotline at (407) 438-1409.
• Posted on Thursday, December 18, 2008 at 14:16 by admin
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News-Journal To Publish Real Estate Tabloid
Starting in the spring of 2009, The News-Journal will begin publishing a new product called "The REsource." Designed in partnership with the Daytona Beach Area Realtors and the Volusia Home Builders Association, this new REsource will give you a way to get reach over 219,000 readers in Volusia and Flagler county every other week.
This new section will publish every other Friday appealing to all readers on the day they are making their weekend plans. Most importantly, REsource will feature positive and informative articles written by the DBAAR and VHBA. For rates and information on why this is the most cost effective Real Estate REsource on the market, please contact your News- Journal Account Executive.
For details, click here
• Posted on Wednesday, November 26, 2008 at 11:09 by admin
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