During the May Realtors® Legislative Meetings and Trade Expo, New Jersey Realtors® and its members met with members of Congress in Washington, D.C.
U.S. Senator Bob Menendez was among the Members of Congress that NJ Realtors® met with. The Senator was enthused to meet with Realtors® and gain firsthand knowledge and insight into issues affecting the New Jersey real estate market.
Realtor® members of New Jersey’s local boards/associations also participated in the hill visits by attending Congressional meetings with representatives from the districts their boards service. Members of Congress were interested in learning how federal real estate policies impact the market in their congressional districts. Among the issues discussed was the support of the “Housing Opportunity Through Modernization Act,” which makes much needed reforms to the Federal Housing Administration condominium loan program, as well as the federal assisted housing programs and Rural Housing Service loan programs.
Another top priority for Realtors® across the country,—and especially in New Jersey—is to preserve the Mortgage Interest Deduction and real estate tax benefits. Members of the congressional delegation agreed these tax benefits were amongst top priority in continuing the nation’s economic recovery. Realtors® reminded their Representatives that 1031’s are an important part of the tax code and is critical to New Jersey’s economy.