The House is scheduled to vote up or down on an amended version of H.R. 3370, the Flood Insurance Affordability Act, during the first week of March. The original bill text has been stripped and replaced by substitute language that considerably strengthens the bill. The amended bill will be considered under an expedited set of "suspended rules" procedures that limits debate and amendments, and requires a two-thirds majority to pass. This is a critical vote on a top REALTOR issue. 

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In its January 2014 U.S. Residential & Foreclosure Sales Report, RealtyTrac Inc. reported that New York State residential properties sold at an estimated annualized pace of 145,492 in January, remaining level with December and rising 4 percent from January 2013.

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On Wednesday, February 26, Chairman of the House Ways and Means Committee Dave Camp (R-MI) released his long-awaited discussion draft for comprehensive reform of the tax code. The National Association of REALTORS (NAR) has issued a statement in opposition to the draft stating: "We are extremely disappointed with several of the provisions contained in U.S. House Ways and Means Chairman Dave Camp’s tax reform draft released today, namely proposed limits on the mortgage interest deduction and capital gains, and the repeal of deductions for state and local property taxes. These proposed changes to the taxation of real estate will impact every single American, either directly or indirectly.

"NAR will carefully analyze the details of the chairman’s plan so we can best educate Congress and the public about how this plan would impact the owners, consumers and producers of both residential and commercial real estate."

For more information on the latest developments relative to the draft tax reform proposal, click here.

A class action lawsuit was filed last week in Manhattan State Supreme Court claiming New York City’s property tax system is unconstitutional because it discriminates against minorities and unfairly favors owners of cooperatives, condos and single-family homes.

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The NYSAR Health Plan has been completely revamped for 2014, providing you with a variety of options to suit your lifestyle and budget. In an effort to help you navigate the Affordable Care Act and the resulting changes to the NYSAR Health Plan, NYSAR and USI Affinity will be offering a Health Care Reform webinar covering: the new regulations and requirements; individual employer mandates; penalties for not purchasing coverage; and on exchange/off exchange access.

The webinar will be held Tuesday, March 11, at 2:30 p.m. for members in upstate New York and beyond. Click here to register. For members of the Metropolitan region, there will be a separate webinar on Tuesday, March 18, at 2:30 p.m. Click here to register.

REALTOR Institute 406 – "Price it Right – Understanding the Appraisal Process" – will be offered March 13 at the Columbia Greene Board of REALTORS in Hudson, NY. This course teaches you the role and responsibilities of the appraiser in order to foster a smooth real estate transaction and offer your clients a higher level of professionalism.

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REALTOR Institute 403 – "Financing to Increase Homeownership" – will be offered March 13 at the Elmira-Corning Board of REALTORS in Corning, NY. This course shows you how to research products, qualify buyers and explain the best financing options for your clients.

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REALTOR Institute 404 – "Serving Real Estate Investors" – will be offered March 14 at the Greater Capital Association of REALTORS in Albany, NY. In this course, you'll learn how to complete financial calculations, explain conceptsused in evaluating real estate as an investment, and help clients negotiate, purchase, finance, manage and sell commercial and/or investment property.

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Energy Plus® is leaving its mark on the energy industry through its special cash back rewards program. Enroll your home with Energy Plus® and receive 3 percent cash back and a $25 enrollment bonus after two months of active service, and 5 percent cash back and a $50 bonus for a business account. Enrolling with Energy Plus® is easy and there are no monthly service fees, cancellation fees, or long-term commitments. Stop missing out on what you deserve and start earning cash back rewards. Click here to enroll today.

With the changes resulting from the Affordable Care Act, NYSAR knows that understanding your health insurance options is more confusing than ever before. Fortunately, NYSAR Member Perks partner and insurance administrator USI Affinity is here to help guide and support all NYSAR members towards making the best health care decisions. Get your questions answered today by calling USI Affinity at 888.834.3713. To watch the NYSAR Health Plan Update video from the Mid-Winter Business Meetings, click here.

The February RPAC auction item is the Keurig K140 Brewing System. The K140 Brewing System brews a perfect cup of coffee, tea, hot cocoa or iced beverage in under one minute at the touch of a button. Bidding closes today, Tuesday, March 4.

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Local boards across the state are busy hosting RPAC fundraising events over the next several weeks. Beat that cabin fever and join your REALTOR colleagues at one of these events. Click here for more information.