On May 15, the leadership of the Middlesex County Association of REALTORS (MCAR): Roberta (Bobbie) Galkin, president; John Zennario, president-elect; Dorothy Bellas, secretary/treasurer; and Nicole Banbor, executive officer, met with New Jersey Congressmen Rush Holt and Frank Pallone Jr. at the U.S. Capitol in Washington, D.C. during the Realtor Midyear Legislative Meetings to discuss issues that affect homeownership.
The issues discussed were:
— opposing change or elimination of the mortgage interest deduction, which is utilized by 75 percent of homeowners nationwide.
— opposing elimination of the property tax deduction which is many homeowner’s largest tax deduction.
— maintaining the capital gains exclusion of the first $250,000 for individuals and the first $500,000 for a married couple to allow homeowners to build equity and save for retirement. — supporting modification to the “qualified mortgage” definition of the “points and fees” which is limited to 3 percent of the loan amount and base the requirement on the ability to repay.
— refraining from FHA reform legislation that restricts homebuyer access to affordable mortgages.
— restructuring the secondary mortgage market of Fannie Mae and Freddie Mac to make affordable mortgages available to consumers in all markets.
Members of the Mercer County Association of Realtors and members of the Monmouth County Association of Realtors joined MCAR with their meeting with Congressman Holt and with Congressman Pallone, respectively. Representatives from the New Jersey Association of Realtors were also present at the meetings.