Properties Magazine January 2013 : Page 40

CABOR CORNER Issues in the real estate industry Supporting Acts A JOANNE ZETTL s 2012 came to a close, the National Association of Realtors (NAR) joined forces with the National Association of Home Builders (NAHB) in encouraging the United States Senate to quickly pass S. 2231, the “Small Business Lending Enhancement Act of 2012,” sponsored by Senator Udall (D-CO) and S. 3522, the “Responsible Homeowner Refinancing Act of 2012,” introduced by Senators Menendez (D-NJ) and Boxer (D-CA). S. 2231 increases the cap on member business lending (MBL) from 12.25% to 27.5% of total assets for well-capitalized credit unions, and will create a new source of capital to refinance commercial loans. S. 3522 offers relief to homeowners who continue to meet their mortgage obliga-tion during this economic downturn. In December, the two organizations sent a letter to members of the U.S. Senate expressing NAR’s and the Home Builders’ belief that enactment of both pieces of legislation, whether individually or as part of a larger package, are crucial to the recovery of the fragile commercial and residential real estate markets. Specifically, the groups stated in the letter that “nearly $1 trillion of com-mercial real estate loans with balloon mortgages will mature over the next few years, with a very limited option to refinance. If not addressed, the swelling wave of maturities could place further stress on our nation’s already fragile financial markets and overall economy.” NAR will continue to advocate for passage of the “Small Business Lending Enhancement Act,” in addition to the “Responsible Homeowner Refinancing Act.” Presently, both pieces of legislation are awaiting further action in the Senate. For the most up-to-date commer-cial advocacy information, visit the webpage for Commercial Realtors on NAR’s website, www.realtor.org/com-mercial. As always, CABOR’s staff is happy to assist with any questions you may have, as well. P Joanne Zettl is the Chairman of the Cleveland Area Board of Realtors (CABOR). CABOR is the voice of real estate in Northeast Ohio, serving the community, real estate professionals who sell real property, and businesses that work in or with the real estate industry. CABOR provides a variety of services to its professional members including edu-cation, insurance, affinity programs and legislative representation, as well as membership in the Ohio Association of Realtors (OAR) and the National Association of Realtors (NAR). For more informa-tion, visit www.CABOR.com. 40 Properties | January 2013

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