success of the housing stimulus bill that Congress passed last month. The law aimed to jump-start the housing market with a new homeownership tax credit, expanded FHA financing, and a permanent increase in the conforming loan limits.

Tax reform, particularly if there’s a Democratic administration, will likely be a top agenda item, and that will require careful watching by real estate interests because with “pay-go” rules Congress could look to real estate tax provisions to help offset tax changes elsewhere. “Pay-go” rules refer to budgetary restrictions that require any tax changes that reduce federal tax revenues in one area to be offset by tax-revenue changes elsewhere.

“We want to make sure the tax incentives stay for real estate homeownership,” Giovaniello says.

As energy costs continue to rise, green topics and urban planning will also continue to be thrust into the political spotlight. “Infrastructure and the environment will be more closely examined and interweaved next year,” Giovaniello predicted. “Congress has already been on a
green platform. I think there is an awareness that the future has to be green as far as jobs, environment, and roads.”

To reinforce the importance of housing being a top priority within government, NAR submits policy statements on key housing issues in the platform proceedings for both Democrat and Republican parties. Each party adopts a national platform, which serves as an official statement of the party’s positions on the issues and is adopted by the party’s national convention delegates every four years.

“[Our policy positions submitted to the platform committees are] a gentle reminder of the place of housing in America, with strong communities and incentives for housing,” Giovaniello says. “Both parties have agreed with that over the years. But we think it’s important to be in that platform statement to remind people of what we’re about.”

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