NAR touts commercial victories in 2011

As the end-of-year wrapups continue, NAR has one celebrating its major victories for the commercial market.

Here’s the short version:

The National Flood Insurance Program didn’t lapse, and NAR is continuing to press for a long-term (five-year) extension.

FHA loan limits were extended, and remain at 125% of median local home prices. “While that doesn’t impact commercial real estate directly, our industry depends on a thriving workforce and housing market, so this is an issue that all commercial practitioners will benefit from,” said NAR treasurer Bill Armstrong.

The House began hearings on the NAR-supported Credit Union Member Business Lending Bill. It would raise the cap on what credit unions could lend to their business members from 12.15% to 27.5% of total assets (for well-capitalized credit unions). Result: More capital for small businesses in commercial buildings.

The Small Business Administration, with NAR’s support, created a new commercial refinance program that allows small businesses to refinance certain owner-occupied commercial real estate loans. Originally it would only cover CRE mortgages maturing by end of 2012, but NAR pushed for — and won — an extension for at least some of those loans.

You can read more at The Source, or listen to Bill Armstrong’s audio on the issues.

About Andrew Kantor

Andrew is VAR's editor and information manager, and -- lessee now -- a former reporter for the Roanoke Times, former technology columnist for USA Today, and a former magazine editor for a bunch of places. He hails from New York with stops in Connecticut, New Jersey, Cincinnati, Columbus, and Roanoke.
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