Yesterday, two members of the U.S. Representatives from California, Rep. Anna Eshoo and Rep. Mike Thompson introduced the Helping Our Middle-Income Earners (HOME) Act. If passed, the HOME Act would allow certain homeowners to deduct up to $5,000 in qualified homeowners association assessments from their federal tax liability.
The decision of the U.S. District Court for the District of New Jersey to reverse an earlier, published decision from U.S. Bankruptcy Court for the District of New Jersey has national consequences in limited super-priority lien states.
Representative Steve Israel (D-NY) introduced a legislative change to the Stafford Disaster Relief and Emergency Assistance Act (“Stafford Act”) in October 2015 (HR 3863 – Disaster Assistance Equity Act). HR 3863 provides that community associations are eligible for federal assistance following a disaster that would include debris removal and cleanup.
Everybody knows that congressional Democrats and Republicans can barely agree on anything. Yet in a rare and fleeting moment of unanimity in the House of Representatives, they recently approved legislation that could expand purchase prospects for thousands of people looking to buy their first home.
“Bottom line: The bill is great news for first-time and moderate-income buyers, but don’t expect changes overnight. It still must pass the Senate and get the president’s signature, but a 427-0 bipartisan vote in the House bodes well for both.”
3-Feb-16 – In a disaster, it is often the only dependable means of two-way communication, but an organization that supports homeowner associations across the United States is opposing a bill that would prevent HOAs from banning amateur radio operation.