Your RAPAC dollars are continuously working at the national and state levels to promote and protect private property rights and to support us as REALTORS.
A couple of major updates from the Mid-Year Legislative Meetings and Conference in Washington D.C.:
NAR (National Association of REALTORS) is working very closely with Congress on National Flood Insurance reform. The main drive with their efforts is to get Congress to approve the underwriting of flood insurance by private (non-government) businesses. This will hopefully free the market up for some competitive pricing as compared to the governments fixed rates. Some flood insurance policies have gone from a few hundred dollars a year to several thousand. You can imagine how this is affecting not only those in homes requiring flood insurance but those wanting to purchase homes in designated flood zones.
Another positive push is with FHA and attempts to get them to loosen their condo underwriting restrictions. With entry-level, affordable housing, getting harder and harder to find across this nation, easing restrictions on FHA loans for condominiums would definitely provide more home ownership opportunities for those seeking affordable housing.
At the state level, AAR (Arizona Association of REALTORS) has had a successful year. Our RAPAC efforts defeated legislation that would have required real estate brokers to obtain additional business licenses in each jurisdiction that they operate. This action saved hundreds of dollars for most brokers.
RAPAC has been able to keep a “Professional Services” tax off the books. This, put quite simply, would be a sales tax on all of your transactions. This would be taken off the top; not after your broker’s cut and not on your Schedule C tax return. It would be a straight tax on transactions. For example, if you sold a $200,000 home and received a typical 3% commission ($6,000), you would pay a tax off the top of approximately $336. Now calculate that out for all of your transactions. This is why you should be an investor in RAPAC; you can invest a little to protect a lot! Would you invest $1000 to save $3000, $4000, or $5000+? I do and so should you.
We continue to need Major Investors ($1000 or more), members that have the most to gain and LOSE by the actions of our state legislators. What we need most of all is just the simple participation of ALL of our members. RAPAC helps 100% of REALTORS; 100% of REALTORS should support RAPAC. From as little as a Fair Share investment of $30 to amounts that are reflective of how legislative actions would directly affect your income, we need all of our members to invest.
For investment information or to get a check submitted, please contact any of our RAPAC committee members listed below, or the Association office.
Required Notice: Contributions are not deductible for federal income tax purposes. Contributions to RAPAC are voluntary and are used for political purposes. You may refuse to contribute without reprisal. 70% of each contribution is used by RAPAC to support state and local candidates. The balance is sent to the National RPAC to support federal candidates and is charged against your limits under 2.U.S.C.441a.