Legislative Update: July 2, 2019

Legislative Update: July 2, 2019

Legislative Update: July 2, 2019

Budget includes bipartisan housing items

By BOB QUINN
Vice President of Government Affairs

A number of items relevant to the real estate industry have been included in the proposed state budget (House Bill 2) which has now passed out of both the House and Senate. It is anticipated that the Governor will veto HB 2, although both sides have expressed confidence that a compromise is within reach regarding the business tax rates, which are at the heart of the dispute.

House Bill 2 includes:

  • $3,000,000 for a lead paint hazard remediation fund to make loans to owners of properties for the costs of remediation of lead paint hazards. Any rental property where the household income is no more than 90 percent of the median income for the metropolitan area or county in which the housing is located would be eligible. The fund is administered under the New Hampshire Housing Finance Authority.
  • $5,000,000 for the fiscal year ending June 30, 2020 to the Housing Finance Authority for use in the Affordable Housing Fund. Starting in October 2020, the state will appropriate $5,000,000 annually into the housing fund. The Affordable Housing Fund grants and loans are available to both nonprofit and for-profit organizations. Projects containing the highest percentage of housing units which are affordable to low income people are given priority. The legislative language was SB 15 before it was moved into the budget.
  • $415,000 for the creation of the New Hampshire Housing Appeals Board. Funding for the Board will not be appropriated until the summer of 2020. The legislative language creating the Housing Appeal Board was SB 306 before it was moved into the budget.

House Bill 2 also contains enacting language for Association Health Plans, originally in SB 228, although the statute will not go into effect unless the federal courts overturn a lower court prohibition on AHPs.

The Governor has expressed his support for each of these expenditures in HB 2. The major issue between the Governor and legislature is over business tax rates.

To view the most recent legislative chart, click here or view the attachment. If you have questions regarding these or any other pieces of legislation from the 2019 New Hampshire legislative session, please contact New Hampshire REALTORS Vice President of Government Affairs Bob Quinn at bob@nhar.com or 603-225-5549.

Amidst the sea of change to which the New Hampshire Association of REALTORS has played witness in its 85 years, one thing that has remained constant is the Realtor 'R' and the value we bring to every real estate transaction in which we take part. We are part of a unique community where our familial cooperation transcends our business competition. These are not mere platitudes, but our living ideals, and they are, in fact, the foundation on which we conduct ourselves in our day-to-day affairs.

 

Dan O'Halloran (at right), 2019 President, New Hampshire REALTORS

Amidst the sea of change to which the New Hampshire Association of REALTORS has played witness in its 85 years, one thing that has remained constant is the Realtor 'R' and the value we bring to every real estate transaction in which we take part. We are part of a unique community where our familial cooperation transcends our business competition. These are not mere platitudes, but our living ideals, and they are, in fact, the foundation on which we conduct ourselves in our day-to-day affairs.

 


Dan O'Halloran (at right), 2019 President, New Hampshire REALTORS