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Minnesota: Legislature Completes its Work-On Time! (May 18, 2008)

Saint Paul - Governor Tim Pawlenty and legislative leaders have agreed on a plan to balance the state budget without raising taxes while providing significant tax relief for Minnesotans. The agreement erases a projected $935 million deficit and includes the Governor's plan for a property tax cap and tax relief for veterans and military members.

Governor Tim Pawlenty's Press Release

http://www.governor.state.mn.us/mediacenter/pressreleases/PROD008934.html

Governor and Legislative Leaders Press Conference (Audio)

http://media.libsyn.com/media/pawlenty/5.18.08_Session_Conclusion.mp3

What Might REALTORS® Want to Know?

· Takes $500 million from the state's reserve fund, leaving $153 million.

· No 50% state deed tax increase

· Hennepin and Ramsey got a mortgage registry and deed tax surcharge. Anoka, Dakota and St. Louis counties did not.

· Real Estate Recovery Fund Dollars: Original proposal was to seize 1.35 million – our efforts got them to reduce that by half-million to $850,000.

· Increases the maximum state refund tied to property taxes. The refund amount is based on income and property taxes payable for 2009.

· Imposes a levy limit of 3.9 percent on local governments. But it allows for exemptions tied to police and fire services, areas dealing with high mortgage foreclosure rates and for counties hit with federal grant reductions.

· Adds more than $60 million to the state aid given to local governments.

· Requires a study of state aid to local governments that must be completed by December 2010.

· Approves $70 million for the Central Corridor light rail line running between Minneapolis and St. Paul.

Governor Tim Pawlenty Vetoes MN Subprime Borrower Relief Act of 2008 (May 29, 2008)

The bill (HF 3612/SF 3396*) would have guaranteed a (1) year deferment of foreclosure proceedings for eligible foreclosed owner occupant borrowers for which: (1) the closing of the loan occurred after January 1, 2001, and prior to August 1, 2007; and (2) either is a subprime loan, or is a loan with negative amortization for which the required minimum payment of principal and interest increased after the date the loan was originated. An eligible foreclosed loan does not include a loan originated by a state or federally charted bank, savings bank, or credit union, or an organization majority owned by one or more credit unions. To be eligible, foreclosed borrowers would have to an adjusted gross income of less than $250,000 annual income per year. The law would have required payments to the lesser of: (1) the monthly payment of principal and interest on the date the loan was originated; or (2) 65 percent of the monthly payment of principal and interest at the time the borrower defaulted prior to foreclosure.

Chief in opposition was the Minnesota Bankers Association, who testified at the State Capitol that a similar law in the State of Georgia caused the entire lending industry exit the state (not provide or offer any new lending services). Also in opposition was the Minnesota Association of REALTORS(R) (MNAR) who knew the collapse of the mortgage finance industry would have disastrous effects on the real estate industry and the ability of REALTORS(R) to provide professional services to buyers and sellers. The bill was supported primarily by the Minnesota Housing Partnership and other similar organizations.

Click here to Read Governor Tim Pawlenty's Veto Message

Click here to Read text of the bill as presented.

Housing Forum for REALTORS® a Success! (May 9, 2008)

On Friday, May 9th North Metro REALTORS® Association hosted a Minnesota REALTORS® Housing Forum with special guest U.S. Representative Michele Bachmann, R-MN-6th. Members from across the region gathered for the opportunity to learn about and discuss federal programs aimed at helping homeowners and the housing market.

Invited guests included Dexter Sydney, who is the Minneapolis Office Field Director for the U.S. Department of Housing and Urban Development, and Anita Olson, an FHA Representative. Dexter led the group through an overview of the HUD’s programs and materials focusing on mostly first time homebuyers. HUD has helped more than 34 million people become homeowners since 1934.

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NMRA Members Visit Members of Congress in Washington, DC (May 12- 17, 2008) - Members of the North Metro REALTORS® Association attended the NAR Mid-Year Meetings and met with Minnesota Senators and Representatives.

The North Metro REALTORS® Association (NMRA), chartered in 1956, represents nearly 3,000 members in all aspects of residential and commercial real estate. Although primarily based in the North Metro area, NMRA represents REALTORS® throughout the Twin Cities and Central Minnesota.

The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® (NAR) and subscribes to its strict Code of Ethics. NAR was founded in 1908 and is now America's largest trade association, representing over 1 million members. Members of NAR are also members of local and state REALTOR® associations, such as NMRA and the Minnesota Association of REALTORS®.