Century 21 Real Estate Takes a Leadership Position on Capitol Hill Meeting
With Congressional Leaders to Advocate for Nation’s Home Buyers and Sellers
C21 Affiliated Brokers and Agents Ask Congress to Take Action on Several Key Legislative Issues
March 04, 2015 // Franchising.com // MADISON, N.J. – Century 21 Real Estate today announced that approximately 500 independent brokers and agents affiliated with the Century 21® System recently took to Capitol Hill to advocate on behalf of the nation’s home buyers and sellers. Century 21 took this leadership position to further establish strong relationships with congressional leaders and build the strength of its collective voice as the franchisor with the largest global network of offices in the residential real estate industry.
“Our voice on behalf of our nation’s real estate owners and consumers is one of the most powerful tools we have,” said Rick Davidson, president & CEO, Century 21 Real Estate LLC, who, having been on the Hill numerous other times, led the C21® contingent in its efforts to drive home the important issues facing the industry. “This was a terrific opportunity to support the National Association of REALTORS® (NAR) and to build on the strength of our own voice with legislators by offering ways to create a more stable, efficient and attainable housing market for all Americans.”
A primary issue for Century 21 System members was to urge Congress to act quickly on HR 1002, introduced by Representatives Tom Reed (R-NY) and Charles Rangel (D-NY) and S 351, introduced by Senator Dean Heller (R-NV). These bills would retroactively extend the provisions of The Mortgage Debt Relief Act of 2007 to cover a period from January 1, 2014, to December 31, 2016. Among the provisions included in the “extenders” package are:
- Tax relief for mortgage debt forgiveness
- 15-year cost recovery for qualified leasehold improvements
- Election to expense certain qualified real property
- Deduction for energy efficient commercial buildings
“These bills will provide continued tax relief where Americans are forced to walk away from their homes and under current legislation are required to pay taxes on the mortgage debt foregiven,” explained Davidson. “Every day we fail to act, more and more distressed homeowners may choose to default into foreclosure simply abandon their property which in turn destabilizes communities, drives down values in surrounding neighborhoods and will help slow the still-fragile housing market recovery.”
While on Capitol Hill, Century 21 System members participated in 275 Congressional meetings with the elected officials from their districts. At those meetings, C21 brokers urged Congress to consider two other issues of concern, including:
- Mortgage Interest Deductibility – Century 21 System members asked Congress to preserve the current Mortgage Interest Deductibility (MID) and consider indexing it for inflation, noting NAR research that shows changes to the MID could critically erode home prices and the value of homes by as much as 15 percent or some $2.5 trillion nationwide, and that MID has not been indexed for inflation since its inception in 1987.
- Three Percent (3%) Cap on Fees and Points - As a result of a problematic definition in the Dodd-Frank Wall Street Reform Act, many affiliated loans, particularly those made to low-and moderate-income borrowers, would not qualify as qualified mortgages and would be unlikely to be made, or would only be available at higher rates, due to heighted liability risks. Century 21 System members encouraged legislators to amend the “Truth in Lending Act” so to improve upon the definitions provided for points and fees in connection with a mortgage transaction.
“Supporting MID and amending the 3% language is crucial for our nation’s homeowners and those who aspire to secure the American Dream,” added Davidson. “Real estate’s impact on the economy is significant, and we need to continue moving this current housing recovery forward.”
About Century 21 Real Estate LLC
Century 21 Real Estate LLC (Century21.com) is comprised of approximately 6,900 independently owned and operated franchised broker offices in 78 countries and territories worldwide with more than 101,000 independent sales professionals. The Century 21® System provides brand marks, marketing, communications and innovative technology solutions that help enable its franchisees and their independent agents to attract and engage prospects, nurture customers, and deliver a positive real estate transaction experience.
Century 21 Real Estate was ranked highest in overall customer satisfaction by the J.D. Power 2014 Home Buyer/Seller Satisfaction StudySM. Specifically, Century 21® Real Estate swept the awards by receiving the highest ranking among national real estate companies across all four customer satisfaction segments in the study, including: First-Time Home-Buyer Satisfaction, Repeat Home-Buyer Satisfaction, First-Time Home-Seller Satisfaction and Repeat Home-Seller Satisfaction.
The Century 21® brand, as identified by consumers from a list of real estate agencies in the Millward Brown 2014 Ad Tracking Study, is the most recognized brand name in real estate, and the industry leader in brand awareness – a position it has held since 1999.
The Century 21 Real Estate national website -- Century21.com – is the number one “most visited” real estate franchise website, attracting more unique visitors than any other real estate franchise brand site since January 2013, according to comScore, Inc., a global leader in digital measurement and analytics.
C21® System members are active members of the communities in which they live and work, having raised over $111 million in total contributions to Easter Seals since 1979.
To find answers to your real estate questions, please visit the Web site that best meets your needs: Century21.com, Century21Global.com, commercial.Century21.com, Century21.com/finehomes, and Century21espanol.com.
Century 21 Real Estate LLC is a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services.
© 2015 Century 21 Real Estate LLC. All Rights Reserved. Century 21®, the Century 21 Logo are registered service marks owned by Century 21 Real Estate LLC. Century 21 Real Estate LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each office is independently owned and operated.
SOURCE Century 21