L E G I S L AT I V E U P D AT E
NATIONAL FLOOD INSURANCE PROGRAM NAR and New Jersey Realtors® believe Congress should pass a long-term reauthorization of the NFIP and include meaningful reforms that open the door to private market flood insurance and modernize flood mapping and mitigation investments. Flood insurance is required for a mortgage in more than 20,000 communities nationwide and as of June 2016, this represents 5.08 million policies. New Jersey ranks fourth in the nation in the number of NFIP policies in effect and third in the total value of claims paid. While there is a growing private market for flood insurance, millions of small businesses and homeowners currently depend on the NFIP to protect their property against flooding, the most costly and common natural disaster in the United States. Without flood insurance, property owners would have to rely on the federal government for taxpayer-funded disaster relief after major floods.
RPAC
OF NEW
JERSEY RPAC Dollars Raised as of April 4, 2022:
$508,054.06
2022 RPAC Goal: $1,093,250.00 $819,937.50 $546,625.00 $273,312.50
N E W J E R S E Y L E G I S L AT I V E B I L L S A2233 – Greenwald (D6), Calabrese (D36)/ S518 – Cruz-Perez (D5), Beach (D6) Eliminates one percent tax on purchasers of Class 4A commercial property transferred for consideration in excess of $1 million. New Jersey Realtors® Position:
STRONG SUPPORT
We strongly support this bill to stimulate New Jersey’s commercial real estate market by eliminating the one percent buyer’s fee. Bill History: 1/11/2022 – Introduced in Senate and referred to Senate Budget and Appropriations Committee 2/7/2022 – Introduced in Assembly and referred to Assembly Commerce and Economic Development Committee 3/14/2022 – Reported out of Assembly Committee and referred to Assembly Appropriations Committee
A2266 – Murphy (D7) Establishes five-year housing advisory plan. New Jersey Realtors® Position:
SUPPORT
We support this bill so the State can have proper long term planning for New Jersey residential housing needs. Bill History: 2/7/2022 – Introduced in Assembly and referred to Assembly Housing Committee
S231 – Pennacchio (R26) Establishes home elevation fund and dedicates up to $5 million of realty transfer fee revenue annually for this purpose. New Jersey Realtors® Position:
MONITOR
We are monitoring this bill since the appropriations portion is being funded through revenue from the realty transfer fee. Bill History: 1/11/2022 – Introduced in Senate and referred to Senate Environment and Energy Committee
NEW JERSEY REALTOR® | MAY/JUNE 2022 | 9
