Thanks to the efforts of C.A.R. members, REALTORS® have stopped the mortgage tax hidden in H.R. 22, the Surface Transportation Reauthorization and Reform Act of 2015. The bill was signed by President Obama on Friday without an extension of the higher guarantee-fees set to expire in 2021. The extension of guarantee fees, which were a disguised tax, would have gone to pay for transportation infrastructure projects and could have cost average California home buyers more than $8,100 over the life of their mortgage on a new home purchase or refinance and further erode housing affordability.
C.A.R. members have called and written their Members of Congress since the Call-for-Action began in August. Since then, with the help and support of Association Executives and Government Affairs Directors, more than 30,000 C.A.R. members, a full 20% of C.A.R.’s membership, have contacted their Members of Congress--more than any other state association of REALTORS®. This great victory was made possible by the combined efforts of all 50 state associations, local associations, and the NATIONAL ASSOCIATION OF REALTORS®.