Government Affairs Monthly Report
|Council Approves 500K for Next Housing Project
Members of the Steamboat Springs City Council voted this past week to award the Yampa Valley Housing Authority $500,000 for its next housing development in the city.
The approval came with a stipulation that the Routt County Board of Commissioners also allocate funds toward the project. The funds would come from the existing Community Housing Fund, which currently has a balance of more than $660,000.
Ahead of discussion on the matter, Kim Weber, city finance director, reviewed requests made by council at the March 10 meeting to explore other options for using the Community Housing Fund, with little success. After exploring various ideas, it was the staffs direction that the city fund the Housing Authoritys most recent request to support its 2022 project.
That need for this project was shown in the recent applications for the new Alpenglow development behind Walgreens off of U.S. Highway 40. Jason Peasley, executive director of the Yampa Valley Housing Authority, said for the 72 units available in that development which is expected to be ready in July or August 390 households have applied for the lottery to secure a unit.
The Housing Authority has committed to producing 600 affordable housing units over the next decade. It is Peasleys goal to fill up the organizations pipeline of projects and keep delivering supply.
It is another public-private partnership with Overland Property Group, which partnered with the Housing Authority on previous housing projects such as Alpenglow and The Reserves.
With roughly a $25 million price tag, the project will house 80 units targeted at households making 30% to 80% of the annual median income. Construction would begin in 2021 with expected unit delivery in 2022
State News - Sign-up to Participate in Candidate Interviews
When: Tuesday, June 16 (10-11 a.m.)
The REALTOR® Party actively promotes the election of candidates who understand the vital role real estate plays in our economy, and who uphold and advance private property rights. The REALTOR® party speaks with one voice to advance candidates and public policies that build strong communities and promote a vibrant business environment.
Identifying REALTOR® Champions is a duty not to be taken lightly. CAR has developed a course to prepare you with the tools necessary to best conduct candidate interviews and evaluate campaign strategies on behalf of CAR. This course will prepare you with the knowledge of relevant real estate industry issues and CAR's standing positions on policies. Upon completion of the course, you will be deemed a designated representative of your local association and called upon by CAR to conduct candidate interviews within your district.
Sign up today by sending an email to email@example.com to represent your local association and community in the state's candidate interview process.
CAR's Pledges to Be a Part of the Solution to Strengthen Communities
The Colorado Association of REALTORS® does not condone violence or destruction of any kind. However, we absolutely stand peacefully hand in hand with all those who seek respect, fairness, and the right to equality that America has promised for centuries and that, even now, has not been delivered to all citizens.
We are an organization whose members and customers are made up of a diverse group of people from every walk of life and every race and ethnicity. We will continue to work to be a part of the solution to strengthen the values that bind us together, and to rebuild our communities to ensure that all families and individuals have a right to live safely and securely in our state.
National News - PPP Flexibility Act Passes Congress, Becomes Law
On June 3, the Senate passed the PPP Flexibility Act by unanimous consent. This bill, which the House passed last week by a vote of 417-1, amends the CARES Act to give more flexibility to PPP borrowers in how they can use their loan proceeds. Specifically, the bill makes the following positive changes to the program:
- Extends the PPP program through the end of this year. The application deadline remains June 30, 2020.
- Increases the amount of time borrowers have to use their loans from 8 to 24-weeks (borrowers who use it in 8 will not be penalized).
- Decreases the mandatory payroll amount of the loan from 75% to 60%.
- Extends the forbearance period for a PPP loan from six-months to a year.
- Extends the re-hire exemption for businesses from June 30 to December 31.
The bill was quickly signed into law by President Trump. The SBA and Treasury will need to issue new guidance and new forms to reflect these changes to the program, which we anticipate will be top priorities for them. NAR is updating its resources to reflect these changes and will keep you apprised as we learn more from the Treasury and SBA going forward.
FHA Premium Legislation
Senators Peters (D-MI) and Cornyn (R-TX) have introduced S. 3639, the Housing Financial Literacy Act of 2019(link is external). This bill will permit first time buyers who have gone through approved counseling to lower their FHA mortgage insurance premiums. S. 3639 will help homebuyers gain a greater understanding of mortgage and homeownership responsibilities while improving housing affordability. FHAs current premiums are significantly higher than what is necessary to cover the risks of losses, and NAR strongly supports efforts to reduce FHA premiums.
This legislation is a companion bill to H.R. 2162(link is external), introduced by Reps. Beatty (D-OH) and Stivers (R-OH), which passed the House last year.