This legislation would limit rent increases to 7% plus the change in inflation, and excludes new construction for 15 years and landlords can raise rents when ever they want if the tenant leaves voluntarily. California and Illinois property owners are fighting similar legislation and tenant advocacy groups across the country and in Kansas City would like to see similar legislation. Currently Missouri and Kansas have regulations prohibiting rent control The National Multifamily Housing Council has a lot of resources on rent control on their website. Go to https://www.nmhc.org/advocacy/ advocacy-topics/ and look for Rent Control.
SELLER FINANCE The Seller Finance Coalition continued to make significant progress towards regulatory relief for our industry in 2018. The Seller Finance Enhancement Act (HR 1360) was introduced in the Financial Services Committee by Congressman Roger Williams and 23 bipartisan cosponsors. Unfortunately the clock ran out on us before the bill went to mark-up in the committee but we are pleased with the input and direction we received from all our cosponsors. 2019 is shaping up to be a very interesting year to say the least especially from a legislative perspective and your continued support is going to be key to helping push our efforts. We have a two-pronged approach heading into this new session of Congress.
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First, we are looking to reintroduce The Seller Finance Enhancement Act in the House Financial Services Committee with a Democratic lead sponsor to join our Republican lead sponsor Roger Williams. Secondly, we are working to introduce a companion bill on the Senate side through the Banking Committee. We are working for bipartisan lead sponsors for that bill as well.
These two efforts will take all of us working together on a grassroots level both at home and in D.C. We will be hosting our Annual National Flyin on April 30th and May 1st to hear from various legislators and hit the Hill telling our stories. I
MAREI.org
encourage all of our members and others you can invite to join us in D.C. SellerFinanceCoalition.org
HUD REDUCING TIME OF NOTICE FOR INSPECTIONS IN APARTMENTS The U.S. Department of Housing and Urban Development (HUD) recently announced it was dramatically reducing the advance notice it provides to public housing authorities (PHAs) and private owners of HUD-subsidized apartment developments before their housing is inspected to ensure it is decent, safe and healthy. HUD’s new standard provides PHAs and private owners of HUD-assisted housing 14 calendar days’ notice before an inspection, a dramatic reduction from the current notice which can frequently extend up to four months. The notice was part of a wholesale reexamination of REAC’s inspection process that Secretary Carson launched shortly after taking office. HUD will be consulting with PHAs and property owners over the next several months to discuss other improvements to REAC’s process. RealEstateInvestingToday.com
KCRAR MARKET UPDATE JANUARY 2019 Despite a strong U.S. economy, historically low unemployment and steady wage growth, home sales began to slow across the nation late last year. Blame was given to a combination of high prices and a steady stream of interest rate hikes by the Federal Reserve. This month, the Fed responded to the growing affordability conundrum. In a move described as a patient approach to further rate changes, the Fed did not increase rates during January 2019. While the home affordability topic will continue to set the tone for the 2019 housing market, early signs point to an improving inventory situation, including in several markets that are beginning to show regular year-over-year percentage increases. As motivated sellers attempt to get a jump on annual goals, many new listings enter the market immediately after the turn of a calendar year. If home price appreciation falls more in line with wage growth, and rates can hold firm, consumer confidence and affordability are likely to improve. http://kcrar.com/statistics
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