On Tuesday, April 21 the Iowa Association of REALTORS issued an important Call for Action to all members regarding first time home buyer savings account legislation. Members who have not yet acted can do so here in under one minute.
REALTOR® members support of Senate File 414 and House File 631, the first time home buyer savings account legislation. This legislation will help potential home buyers in our state save the money needed to afford the purchase of their first home.
Senate File 414 and House File 631:
- Establishes a first time home buyer savings account program in Iowa.
- A first time home buyer will be able to receive an income tax exemption for savings up to $3,000/year for up to 10 years for a potential total of $30,000 at the end of the 10th year, or $6,000/year for two first time home buyers who file taxes jointly for a total of $60,000 at the end of 10 years.
- Withdrawals from the account are tax-free, as long as the funds are used for closing costs and down payment on a single family, owner occupied residence in Iowa.
- The first time home buyer is required to set up an account with an Iowa bank or credit union to be used to purchase a home in Iowa.
- Income tax and a 10% withdrawal penalty would apply for withdrawal of monies if not used for the purchase of a home in Iowa.
- This legislation is a significant step in helping Iowa’s first time home buyers save for the cost of achieving the dream of home ownership.
Why Home Ownership Matters
- Home owners vote, volunteer and contribute more to their neighborhoods.
- Every home purchase pumps up to $50,000 in the economy over time.
- Home ownership supports and creates American Jobs. For every two homes sold, one job is created.
- Housing is a key driver of our state economy.
- The stability that home owners provide reduces crime and supports neighborhoods upkeep.
Iowa REALTORS® addressed this issue during our Legislative Bus-In Day in February.
With the support of REALTORS® across the state, Iowa Governor Terry Branstad has signed House File 371 into law. This bill requires results from a radon test to be released to the test purchaser. Prior to this bill being passed, the seller did not have to disclose the results of a radon test to the buyer even though the test was paid for by the buyer.
Paul McLaughlin, legal counsel for the Iowa Association of REALTORS® said, “Common sense has been applied to radon testing results.”
The bill was signed by the Governor on March 31st. Learn more by visiting the Iowa Association of REALTORS website.
NWIABOR is a participating in this year’s 2015 Worlds of Fun Online E-Ticket Program and that means you have access to a private savings on admission tickets that can be used any operational day of the upcoming season. This E-Ticket Program offers the best online savings compared to any available public one, and is a free benefit we are offering to NWIA members, family and friends.
Opening Day is set for April 11, 2015 – you don’t have to wait until then to buy!
To purchase tickets, follow the steps below.
- Visit: worldsoffun.com or download the free mobile app for iPhone and Android.
- Enter the promo code from your April board newsletter, or contact the board office to obtain the code. This will save from the 2015 Gate price of $55 plus tax and obtain tickets at $38.99 plus tax.
When you purchase admission tickets online, you print them instantly or the park has 2D scan capability so you can just bring your electronic device to the park. It’s that simple.
If you have any questions regarding this program, please contact Worlds of Fun at (816) 454-4545. When you call, be sure to mention that you are with NWIABOR and are participating in the E-Ticket Program.
Are you a YPN? NWIABR is interested in forming a new Young Professionals Network chapter to serve our members. Tradtionally, a YPN group helps young real estate professionals excel in their careers by giving them the tools and encouragement to become involved in four core areas:
- REALTOR association
- Real estate industry
The term “young” can mean many things—young in age, young in the profession, or young at heart. There is no age requirement to participate in a YPN group.
We’re still on the hunt for a few folks who’d like to investigate the possibilities YPN offers. If you’re one of them, contact Kelly at the board office. An exploratory meeting will be set soon.
Seriously folks, how beautiful is that new name at the top of the page?
After nearly nine months of hard work, I was delighted to receive NAR’s official approval of our merger when I arrived at the office on Friday, February 20.
Nine months of work by our staff. Nine months of tireless effort from our officers. Nine months of conversations and planning and preparations by our directors.
And now—–we’re here.
Yes, I feel a little bit like we’ve collectively been pregnant — and can I just say — hallelujah, the baby has finally been born. It’s time to celebrate the growth of our REALTOR family, come together as a new association and begin to forge connections that will make us stronger professionals. Together we’re going to provide an exceptional level of service to our customers and enhance the value of the REALTOR profession across this entire region of the state.
It is an exciting time and I’m glad to be a part of this journey with you. Don’t get me wrong, the work isn’t over. We have much to do before the spring deadline to comply with the NAR Core Standards, but we’re well on our way. In fact, we’ve already convened a task force and are taking steps to revise our bylaws to reflect the new makeup of our new association. We’re also nearly completed with development of a brand new logo that reflects our new name and clearly shows that we represent Northwest Iowa. We’re entering the final stages of that creative process and I will be sharing the finished product with you soon.
With the official approval now granted, staff can begin to move forward with implementation of a large list of to-do items that are impacted by both the name change and merge. We will continue to keep you apprised of developments as they happen.
In other news, we had a great time in Des Moines at the IAR Legislative Bus-In Day on February 10, with many thanks to the 25 members who gave up their day to make the trip. It makes a tremendous impact on our legislators to see a large contingent of 300 REALTOR members willing to devote an entire workday to legislative matters. Your voice does count, folks! If you want to keep up with legislative matters happening in Des Moines, IAR provides an informative update via conference call each Monday morning at9 AM during the legislative session. Message me if you’d like details on how to listen in, and yes, you can even do it sitting at your computer.
We are working to enhance our social media presence, and I am a wee bit scared to announce that I have joined Twitter. Bear with me as I learn the ropes, okay? You can find me at opens in a new window@EOKellyBurge. While you’re at it, go ahead and follow two of our other staff members, Jane Meierhenry at opens in a new window@JMeierhenry and Kerri McKim at opens in a new window@kerri_mckim too. We also invite you to opens in a new windowconnect with us on Facebook, as we are increasing our use of that page as a way to provide you with important information and news.
We have two CE classes coming up this month, both on March 25. See links in the left calendar sidebar for details.If you are in need of CE credits, please take note of these opportunities.
You will also want to check out the April 2 CE class on Professional Standards, as it is an amazing member benefit to earn a whopping seven CE hours—either all as electives or four hours ethics and three hours electives—-for the low, low, LOW price of $20. Every one of you should want to be at that event. Thanks to TRN Settlement Services and Sedgwick, Brennan, Talley & Co. for sponsoring lunch that day.
I will be out of the office March 12-18, as I travel to Vancouver to attend the annual AE Institute events. Due to that trip, the normal schedule of board events and meetings has been altered slightly for March, please take note of the dates at the left for updates. Our capable and friendly staff will still be here to serve you in my absence.