I received this email from NAR Government Affairs and thought it was important to pass along. I also think it is important that not only should our association send this letter, but commercial brokers as well. The letter is as follows:
" Several state associations have expressed concerns about commercial real estate liquidity. NAR shares these concerns and have drafted a letter for state and local associations to send to their members of Congress. Please use this letter as you see fit. The letter can be signed and should be on association (company) letter head. If you have any questions contact Megan Booth MBooth@realtors.org or Vijay Yadlapati VYadlapati@realtors.org ." The letter is as follows and a link will be provided at the bottom so that you might download it and send it off.
February 22, 2010
Dear Representative (Insert member of Congress. You can google that information)
A crisis is looming in the commercial real estate market. This will not just be a disaster for commercial real estate investors and property owners - but for the entire economy. Commercial real estate supports more than nine million jobs and generates billions of dollars in federal, state and local tax revenue. ( Company or your name) is very concerned about this growing problem, and believes that solutions are needed to avoid this potential crisis.
We support H.R. 3380, the "Promoting Lending to America's Small Businesses Act of 2009" introduced by Reps. Kanjorski (D-PA) and Royce (R-CA) that would increase the cap on credit union commercial lending to 25% of total assets. During previous crisis' consumers and businesses have relied on credit unions to fill in the gaps where banks cannot serve them. But today they are hampered by a lending cap of 12.25% of total assets.
We also believe there are a number of other proposals that are worthy of serious consideration. These include solutions to the equity gap which prevent properties with an otherwise performing loan from refinancing when the property has a value of less than the current debt. Improved cash flow for investors/owners of commercial real estate would help to fend off some of the challenges the market faces. The most effective means of improving cash flow on real property is to provide more generous depreciation allowances. We believe that some combination of accelerated depreciation (or shorter recovery periods) and passive loss relief would be significant investor incentives.
In addition, we urge an extension of the Troubled Asset Loan Facility (TALF). TALF assisted with the first issue of new commercial mortgage backed securities (CMBS) in more than 18 months just last November. TALF authority for legacy ( previously issued ) CMBS expires March 31st, 2010. The authority for new issues expires June 30th, 2010. TALF has played a valuable role in restoring investor confidence. We believe that TALF should be given additional time so that it may continue to jumpstart the private commercial mortgage markets.
There is no easy solution to the commercial liquidity crisis and there is no silver bullet to address all types of properties. However, doing nothing will certainly spell disaster. We urge Congress to look at all viable solutions and take immediate steps to address this serious problem that can impact every community in our nation.
Sincerely,
Now, to download this letter go to http://go-to.realtor.org/r/GKGA4R/B528B/S3Y2HC/CHCNF/NL9DE/LE/h/
Sign and send it to your Congressional Representative today
Tuesday, February 23, 2010
Friday, February 5, 2010
REALTORS Core Health Insurance Information
Did you know that 30% of all NAR members are without health insurance? It's true according to a recent survey conducted by the Association. NAR has teamed up with SASid (Smart and Simple insurance development) and created the REALTORS Core Health Insurance (RCHI) program. The program not only features guaranteed coverage , but also offers affordable plan options and members have the freedom to choose their provider.
Here are the most frequently asked questions:
How can RCHI help?
RCHI provides opportunities to those who have struggled to gain coverage by providing guaranteed-acceptance and accessible medical insurance. It also makes existing coverage more affordable by allowing members to adjust their current deductible and supplementing it with an RCHI plan.
What is the difference between Major Medical and Limited Medical Insurance?
It is important to understand the difference between Major Medical (comprehensive coverage) and Limited Medical Insurance. Major Medical provides catastrophic coverage and high limits of coverage (typically $1 million or more). Limited Medical (RCHI) provides the guarantee of affordable insurance but limits its its coverage to everyday illnesses and accidents. In addition, the maximum benefits paid in each medical situation are capped.
What is a PPO and what doctors does it include?
A Preferred Provider Organization (PPO) is a network of doctors and hospitals that contract with an insurance company or employer to provide employees with services at competitive rates. Covered members and dependants can use any licensed medical provider. Those who attend a medical provider who is a part of the Beech Street Network will be available for additional savings. To check if a medical provider is part of a Beech Street Network, go to www.beechstreet.com .
Are medications covered?
All plans include a discount prescription drug card. Members can save up to 50% on generic brands and up to 15% on brand names.
When does coverage begin?
Coverage becomes effective the next day (12:01am) following the date the completed enrollment form is received and approved, or a specified date in the future, provided that full premium for the coverage has been received.
Who is eligible for the RCHI plans?
All NAR members, and their eligible dependants, can obtain a plan. the following are qualifying dependants:
Here are the most frequently asked questions:
How can RCHI help?
RCHI provides opportunities to those who have struggled to gain coverage by providing guaranteed-acceptance and accessible medical insurance. It also makes existing coverage more affordable by allowing members to adjust their current deductible and supplementing it with an RCHI plan.
What is the difference between Major Medical and Limited Medical Insurance?
It is important to understand the difference between Major Medical (comprehensive coverage) and Limited Medical Insurance. Major Medical provides catastrophic coverage and high limits of coverage (typically $1 million or more). Limited Medical (RCHI) provides the guarantee of affordable insurance but limits its its coverage to everyday illnesses and accidents. In addition, the maximum benefits paid in each medical situation are capped.
What is a PPO and what doctors does it include?
A Preferred Provider Organization (PPO) is a network of doctors and hospitals that contract with an insurance company or employer to provide employees with services at competitive rates. Covered members and dependants can use any licensed medical provider. Those who attend a medical provider who is a part of the Beech Street Network will be available for additional savings. To check if a medical provider is part of a Beech Street Network, go to www.beechstreet.com .
Are medications covered?
All plans include a discount prescription drug card. Members can save up to 50% on generic brands and up to 15% on brand names.
When does coverage begin?
Coverage becomes effective the next day (12:01am) following the date the completed enrollment form is received and approved, or a specified date in the future, provided that full premium for the coverage has been received.
Who is eligible for the RCHI plans?
All NAR members, and their eligible dependants, can obtain a plan. the following are qualifying dependants:
- their lawful spouse; and
- their unmarried child or children who:
- Reside in their home for more than six months a year
- Chiefly relies on you for support and maintenance; and Who is under 19 years of age (the Limiting Age).
Thursday, February 4, 2010
Interface Carolina Conference
On April 29th there will be a new, one day, real estate networking conference for North and South Carolina held at the Ballantyne Hotel & Lodge in Charlotte. TCAR members will get a $75 discount off of the $175 fee.
Headline speaker will be Mark Vitner, Managing Director and Senior Economist for Wells Fargo Securities, LLC. His commentaries have been featured in the New York Times, the Wall Street Journal and Business Week. He was recently named one of 2009 North Carolina Power Players 50 most powerful people in business, by Business Leader Media.
Mr Vitner will discuss the overall state of the national economy in 2010 and how it will effect the local economies in North and South Carolina. He will look at each individual state and answer questions such as:
- What are the primary drivers behind each state's economy and how are these impacting the local commercial real estate market?
- What is the outlook for commercial construction in 2010?
- What is the projected job growth in our region this year?
- When should we really expect a full recovery?
Other topics include the current state of the market, office and multifamily markets, InterFace Up-Close-a converstaion with industry icons and the next big thing- what the region's economic drivers of tomorrow will be.
Go to www.interfaceconferencegroup.com to register and make sure you enter the TCAR promotional code: tcar100 in order to get your discount. If you need more information, contact Lindsey Marcec at 404-832-8262 or email lindsey@francepublications.com .
Headline speaker will be Mark Vitner, Managing Director and Senior Economist for Wells Fargo Securities, LLC. His commentaries have been featured in the New York Times, the Wall Street Journal and Business Week. He was recently named one of 2009 North Carolina Power Players 50 most powerful people in business, by Business Leader Media.
Mr Vitner will discuss the overall state of the national economy in 2010 and how it will effect the local economies in North and South Carolina. He will look at each individual state and answer questions such as:
- What are the primary drivers behind each state's economy and how are these impacting the local commercial real estate market?
- What is the outlook for commercial construction in 2010?
- What is the projected job growth in our region this year?
- When should we really expect a full recovery?
Other topics include the current state of the market, office and multifamily markets, InterFace Up-Close-a converstaion with industry icons and the next big thing- what the region's economic drivers of tomorrow will be.
Go to www.interfaceconferencegroup.com to register and make sure you enter the TCAR promotional code: tcar100 in order to get your discount. If you need more information, contact Lindsey Marcec at 404-832-8262 or email lindsey@francepublications.com .
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