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Thursday, July 9, 2020

Three for Thursday 7/9/20 – Government Affairs Update

According to research from The Brookings Institute, Columbus is more reliant on income tax revenue than any other city in the country. Cincinnati, Toledo, and Cleveland all make the top five, as well.

In those cities, commuters from outlying cities or townships help fund services. But with more people working at home during the pandemic, it's harder to figure out where income tax revenue should go.

  • This will be an issue to monitor as we watch how the loss of tax revenue impacts city budgets and potential attempts to make up loss of revenue. We will be watching this issue closely.

Federal –

  • NAR Applauds Numerous Championed Provisions in THUD Appropriations Bill via NAR
    • The National Association of Realtors® applauded the House Appropriations Subcommittee on Transportation, Housing and Urban Development and Related Agencies for including various protections for America’s homeowners and the U.S. real estate industry in its Fiscal Year 2021 spending bill. The measure, which cleared the subcommittee on Wednesday afternoon, provides increased investments in HUD’s Fair Housing Initiatives Program and its Fair Housing Assistance Program. It also safeguards housing protections for LGBT Americans and funds a host of transportation infrastructure programs with the potential to spur domestic economic growth.

Bonus –

    • The impacts of COVID-19 were swift and unexpected, leaving many people in a financial emergency. If you are struggling to pay your mortgage or expect that you will have trouble in the coming months with your credit rating, seek help, now.
  • A new guide from NAR called Protect Your Investment is designed to assist homeowners impacted by COVID-19. Protect Your Investment offers guidance on working with trusted professionals like REALTORS® and housing counselors at HUD-approved agencies. The guide also provides information about payment options offered by lenders and tips for avoiding scams.
  • Are you concerned about how a financial hardship due to COVID-19 may affect your credit? Another new guide from NAR, Protect Your Credit, can help. It outlines the provisions to protect consumers’ credit scores under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
  • The guide also explains how consumers can obtain a free credit report and what steps to take if you find inaccuracies in the report. Protect Your Credit is the perfect companion piece to Protect Your Investment, which offers guidance to homeowners struggling to meet their mortgage obligations due to COVID-19.

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