• The Equal Opportunity Cultural Diversity Committee recommended policy at the 2007 Midyear meetings that NAR support the concept of visitable housing. This recommendation was referred back to committee by the Board of Directors to allow time for a Working Group to develop a recommendation for NAR policy.
• Visitable housing is housing in which someone can host a guest who has mobility impairments. Often people with mobility impairments are limited from access by stairs, hallways and doors that are too narrow for a wheelchair, or lack of a useable bathroom. Visitability does not mean accessibility as defined in the Fair Housing Act or the Americans with Disabilities Act.
• C.A.R. and NARhave no policy on visitable housing.
• Proposed Policy Recommendation
  That NAR believes that visitability, the ability to host visitors with mobility impairments, can be important in homes.
  
  That NAR believes that any visitability policy should be defined as voluntary. Further, NAR believes that the market is the best mechanism to produce visitable housing and opposes any federal visitability mandates.
  
  For the purposesof this policy, the key features of visitability apply to one level of the home. These are a no-step entry, passage doorways that provide at least 32” clearance, and a minimum of a useable half bathroom with a sink and water closet.

• The Conventional Finance and Lending Committee will be addressing the issue of bankruptcy reform and specifically whether or not primary mortgages should be included in Chapter 13 proceedings.
• Currently, mortgages on primary residences cannot be included in Chapter 13 bankruptcy proceedings.  However, mortgages on second homes and investment homes are allowed to be included.
• This issue was last seriously reviewed in the 1990’s. At that time, NAR and C.A.R. were againstthe concept, specifically the cramdown provisions. 
• This issue is being addressed again because in the early 1990’s, loans were predominantly fixed rate mortgages, and ALT-A loans and exploding ARMS were not predominant on the market.  Needless to say, times and mortgages have changed dramatically since the last time this issue was taken up by REALTORS®. 
• C.A.R.’s Federal Issues Committee discussed this issue at the October 2007 meetings and at that time there was no new policy taken on the issue.

• The NAR Insurance Task Force is charged with looking at ALL NAR insurance policy, including:
  
  o      Disaster
  o      Flood
  o      Property Casualty
  o      Health
• We expected a report at these meetings, but the Task Force is not likely to report to NAR’s Leadership Team until December, so the final report will likely be presented at the May meetings.

• This will be brought up in two different committees.  Business Issues will look at the issue of the Silver Card Visa again, whilethe Public Policy Coordinating Committee will take the lead on the Immigration Principles recommended by the PAG.
• Some of the recommendations include:
  
  o      NAR pursue the adoption of a Silver Card Visa and create a conference committee or working group to examine alternatives and companion solutions to the Visa.
  o      Supporting “a timely federal resolution of illegal immigration that includes (A) securing U.S. borders to prevent illegal entry, (B) allowing for the flow of labor to accommodate the needs of the U.S. economy, and (C) settling the status ofillegal immigrants in a way that acknowledges the reality of their presence, their role in the economy and their historic contributions to U.S. society.”
  o      The principles state, “NAR believes the interests of its members are best served by stable, prosperous, thriving and secure communities.”  This is the underlying basis for the PAG’s reasoning to REALTORS® getting involved in the immigration issue.

• C.A.R. took no policy at our October Meetings on Carried Interest.  Both the taxation and the Federal Issues Committee chose not to take policy on the issue.
• Attention became focused on carried interest partially due to a private equity firm, Blackstone, having an IPO and announcing the extraordinarily large amounts of profits that Blackstone was able to realize using carried interest.  This prompted Congress to examine the practice of carried interest and whether or not it should continue at capital gain rates or be changed to normal income rates, which is what current legislation is attempting to do. 

F. Flood Insurance; The Removal of Subsidies on Non-Primary Residences (Oppose) Land Use& Environment

o Land Use will review the issue of removing flood insurance subsidies on Non-Primary Residences.
o  NAR and C.A.R. currently support keeping the subsidies. 
o  There is strong growing bipartisan support for the elimination of this subsidy which only applies to properties built pre-Flood Insurance Rate Maps.III. New BusinessIV. Adjournment