NAR pushes to expand agent health insurance options
The trade group met with federal officials about solutions. Plus, state AGs sue over lender rule change; new accessible housing bills introduced in D.C.
Key points:
- NAR is urging the federal government to expand the health insurance options available to real estate professionals, with recent survey data indicating that over 1 in 10 Realtors are uninsured.
- Ten state attorneys general are suing the federal government over a recent decision nixing a requirement that mortgage lenders pay interest on money put into escrow accounts by borrowers.
- New legislation recently proposed on Capitol Hill seeks to expand accessible housing options for senior homeowners and people with disabilities.
Recently in Washington, D.C., the National Association of Realtors met with Trump administration officials in support of a proposed rule that, if adopted, could expand health insurance options available to real estate professionals.
Also in the nation's capital in recent days, an independent bureau with the U.S. Department of Treasury has been sued by 10 state attorneys general over a May rule change, and a New York senator has introduced legislation that she said is intended to support the expansion of accessible housing options.
NAR pushes for more agent health insurance options
Last week, NAR met with White House, U.S. Department of Labor (DOL) and U.S. Department of Health and Human Services officials about possible strategies to expand the health insurance options that are available to self-employed individuals who work in real estate.
NAR data indicates that 14% of Realtors do not have health insurance, with most of those citing high costs as the reason.
In an Aug. 12 blog post, NAR noted that there is a possible rule change in progress at the DOL that may, if implemented, give self-employed workers access to Association Health Plans. NAR wants to "ensure any future rule includes" those who work in real estate, the post explained.
"We support a rule that allows real estate professionals and other self-employed individuals to participate in high-quality, affordable health plans offered through trade associations," NAR EVP and Chief Advocacy Officer Shannon McGahn said.
"AHPs can complement existing coverage options — not replace them — by providing another choice for self-employed professionals who remain uninsured because the cost of coverage is simply out of reach," McGahn added.
10 state AGs fight move to 'take money away from homeowners'
Oregon Attorney General Dan Rayfield and New York Attorney General Letitia James are spearheading an effort to challenge a recent federal action that they argued in a news release would "take money away from homeowners and put it right into the pockets of big banks."
Rayfield and James were joined by the attorneys general in California, Connecticut, Maine, Maryland, Massachusetts, Minnesota, Rhode Island and Vermont. The group is opposing a May decision by the Office of the Comptroller of the Currency tossing a requirement that mortgage lenders pay interest on the money that borrowers put into escrow accounts.
The case was filed last week in the U.S. District Court in Portland.
2 bills seek to support accessible housing expansion
Earlier this month on Capitol Hill, Sen. Kirsten Gillibrand, a New York Democrat, introduced legislation that she said is aimed at supporting efforts to expand accessible housing access.
One bill, called the Senior Accessible Housing Tax Credit Act, would make a tax credit available to senior homeowners who modify their homes so that they can safely continue living there as they grow older. Another bill, called the Visitable Inclusive Tax Credits for Accessible Living (VITAL) Act, would seek to boost the construction of affordable homes that have accessibility features.
The former would "help seniors age with dignity by assisting with the cost of home modifications related to mobility needs," Gillibrand said in a news release, while the latter would "help ensure that affordable housing meets the mobility and accessibility needs" of both seniors and people with disabilities.