Relentless actions benefit the real estate industry

By Nunzio Del Greco The Bronx-Manhattan North Association of Realtors (BMAR) is relentless in sponsoring meaningful programs, services and networking opportunities for the benefit of the real estate industry and business community. Relentless is a term which I live by professionally and personally. By definition, it is the persistence to persevere in spite of challenges or difficulty. Today's real estate market provides some challenges and difficulties to test the character and endurance of even seasoned real estate agents. The key to persevere in this market is to be relentless in the ethical pursuit of closing more deals. Membership in this Realtor Association and taking advantage of the valuable services available will move professionals forward on their quest for long term success. I take great pleasure in taking daily action in fine tuning everything we do to better serve the real estate industry and business community. My perspective is achievement by evolution. Our programs, services and networking opportunities continue to evolve and change as we take positive actions when appropriate. After each major networking event or publication, I review, analyze and come up with constructive actions to make things better. I am fortunate to have an enthusiastic staff, over 25 standing and special committees, and a supportive leadership team to motivate us to continue to be relentless. This association has a culture of inclusiveness. Members are encouraged to serve on the many committees in the association. With my three teenage children to assist in becoming responsible adults, I attempt to instill the same concept and work ethic of being relentless in their academic study and in sports. Daily challenges will never cease and that is a crucial part of life. I trust that my tireless efforts will be fruitful in the future. My yoga and Qi Gong practice are a big help in keeping me balanced. Time will tell but I am practicing on enjoying every moment and having fun being relentless. Established in 1924, BMAR is the local chapter for the New York State Association of Realtors and the National Association of Realtors. I am pleased to report that the efforts on the local, state and national level have yielded significant legislative accomplishments including, banks in real estate. Congress passed a two-year ban prohibiting national banks from engaging in real estate brokerage and property management. Freddie Mac/Fannie Mae Reform: The House of Representatives passed HR 1427, strengthening oversight of Fannie Mae and Freddie Mac. The bill increased the conforming loan limit to the lower 150% of conforming ($625,500) or median home price in that area. NAR will continue to advocate for an increase in the conforming loan limits to provide liquidity in all mortgage markets nationwide as the Senate takes up the matter later this year. NAR supported legislation to reform the FHA loan program was approved by the House and Senate. Both measures lower the down payment requirements and increase the loan limits on mortgages that FHA insures. In 2008, NAR will work closely with the House-Senate conference committee that will work on a final compromise measure to ensure that FHA once again is a viable product in mortgage markets nationwide. Affordable Housing Trust Fund: NAR successfully lobbied the house to approve HR 2895, creating a National Housing Trust Fund to help build, refurbish or maintain 1.5 million affordable-housing units over 10 years. The Senate will take up the issue again in 2008. The fund would be financed from income generated by Fannie Mae and Freddie Mac as well as the FHA home equity conversion mortgage program. Methamphetamine and real property: NAR worked with congress to enact legislation, HR 365 signed by the President. This new law authorizes the development of federal guidelines for clean-up of meth-contaminated properties. NAR also successfully sought language directing the Drug Enforcement Administration (DEA) to re-examine and develop criteria for properties included on the DEA's web list of meth-contaminated properties. Mortgage cancellation: NAR achieved a significant victory with the successful enactment of mortgage forgiveness debt relief legislation, HR 3648. Signed into law by the President, the new law limits the tax exemption for debt forgiveness to three years and leaves intact existing provisions for claiming a deduction on gains from sale of a second home. Carried interest: NAR successfully convinced Congress to shelve a planned tax increase for real estate partnerships. NAR communicated the proposal's potentially harmful effects on real estate and the economy to the Senate Finance Committee. The so-called "carried interest" proposal failed to advance. Appraisal/mortgage reform: The House of Representatives approved legislation, HR 3915 to reform mortgage and anti-predatory lending practices. The Senate is expecting to take up legislation on the matter in 2008. NAR successfully advocated a carve-out exempting persons only engaged in real estate activities from the licensing registry. Terrorism insurance: NAR achieved a major victory benefiting commercial real estate when the President signed HR2761, a measure to reauthorize the federal terrorism insurance backstop for seven years. Flood insurance: NAR secured passage of comprehensive NFIP reform legislation, HR 3121, in the House and successfully lobbied four important amendments during committee consideration of the bill. In the Senate, NAR worked closely with the banking committee to ensure passage of the Senate flood insurance bill, S 2284. The bill is pending floor consideration. Natural disaster insurance: NAR achieved passage of legislation in the House, HR 3355, and the Senate Banking Committee, S.2286, that address the related problems of a lack of available and affordable property insurance in disaster prone areas. In 2008 NAR will continue to work closely with Congress on this issue. Small business health coverage: In 2007, NAR continued to raise the importance of passage of legislation to correct the inequities in the nation's health insurance delivery system. NAR continues to work on development of legislation with the House and Senate in 2008. Clearly, our relentless actions benefit the real estate industry. For more information on the valuable programs, services and networking opportunities, contact the association staff or visit: www.bmar.org. The next major networking event is the 84th Annual Banquet scheduled for April 3, 2008. The featured speakers are NYC comptroller William Thompson, Jr. and NYC Police commissioner Raymond Kelly. Nunzio Del Greco, RCE, is the CEO of the Bronx-Manhattan North Association of Realtors, Bronx, N.Y.