NJ Realtors®’ work doesn’t stop at the state level. Federally, we work with the National Association of Realtors® and have appointed Federal Political Coordinators, who are Realtors® that serve as liaisons between New Jersey’s congressional delegation and the Realtor® organization. The FPCs and NJ Realtors® government affairs staff are continuously monitoring federal issues on Capitol Hill and conduct numerous trips to Washington, D.C. to advocate on behalf of our more than 58,000 members.
Each of our 12 representatives and two senators has a dedicated FPC and contact team. If you have a relationship with a member of Congress or are interested in joining one of the contact teams, contact Catherine Best, Director of Government Affairs, at 609-341-7105 for more information.
Learn more about federal issues that affect Realtors® and private property owners:
On December 22, 2017, President Trump signed the “Tax Cuts and Jobs Act". All individual provisions of the measure are generally effective starting with the 2018 tax filing year and expire on December 31, 2025, unless otherwise noted. New Jersey Realtors® has strongly advocated for the restoration of the State and Local Tax (SALT) deduction given that New Jersey continues to have some of the highest property taxes in the country. New Jersey Realtors® also monitors the budget process to ensure funds are included to provide property tax relief for New Jersey’s families. Click here to learn more.
Real estate professionals and consumers depend on strong fair housing laws and practices for our communities and economy to thrive. Discrimination distorts the housing market and closes the door on the American dream of homeownership for qualified buyers. Click here to read more.
What is the National Flood Insurance Program (NFIP)?
The National Flood Insurance Program (NFIP) provides hundreds of thousands of dollars of flood coverage where required for a federally-backed mortgage in 22,000 communities nationwide. It also provides an alternative to taxpayer-funded disaster assistance, which typically means a few thousand dollars per household and an SBA loan that must repaid with the mortgage. Read more.
1031 Like-Kind Exchanges have been a part of real estate for more than one hundred years. A way to trade properties instead of going through the traditional buying and selling process, like-kind exchanges also often result in the ability to defer capital gains taxes. These transactions are complicated and have many special rules, which can impact taxes – sometimes significantly. Learn more here.
Fannie Mae and Freddie Mac (government-sponsored enterprises or GSEs) play a key role in the secondary mortgage market, which is crucial in providing capital for mortgage lending. During the housing finance sector's collapse, private capital withdrew from having a significant, competing role with the GSEs. Without the government’s support of the GSEs and FHA-insured loans, which currently constitute a large portion of the market space, there would be almost no capital available for mortgage lending. This would severely restrict, if not curtail, home sales and any supporting ancillary home sales services. Learn more.
The value of the mortgage interest deduction depends on the amount of your mortgage, your interest rate, how far along you are in paying off your mortgage, and your tax bracket. The deduction can help homeowners reduce their taxes, thus making homeownership more affordable.
Learn more here.
In 2024, the Department of Veterans Affairs announced a temporary policy allowing VA buyers to compensate their buyer broker directly. The Department is still determining whether a formal rule-making process is necessary. “The VA home loan guaranty program is a vital homeownership tool that provides veterans with a centralized, affordable, and accessible method of purchasing homes as a benefit they earned for their service to our nation,” according to the National Association of REALTORS®. Under previous VA policies, veterans using the home loan benefit were prohibited from compensating their professional representative directly. This policy put VA buyers at a disadvantage in situations where offers of compensation are not offered from a seller, potentially forcing them to forego professional representation, choose a different loan product, or exit the market entirely.
Realtors® can obtain the Military Relocation Professional (MRP) certification to better prepare them to work with active military, their families, and veterans. The program educates Realtors® on how to help military homebuyers find the best housing solutions to meet their needs and take full advantage of available benefits.
The National Association of REALTORS® (NAR) represents over one million residential REALTORS® and commercial practitioners involved in all facets of the industry as brokers, sales agents, property managers, appraisers, and counselors. As the largest professional trade association in the United States, NAR advocates policy initiatives that promote and protect a fundamentally sound and dynamic U.S. real estate market fostering vibrant communities. Learn more.
