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Silicon Valley Association of REALTORS® (SILVAR) Legislative Committee members, including President-elect Mary Kay Groth, met with U.S. Representative Anna Eshoo on Wednesday at her Palo Alto office and discussed federal priorities for REALTORS® during the summer recess. These included the cap on state and local tax (SALT), mortgage interest deduction, and flood insurance, several other topics related to the Federal Housing Administration (FHA) and how support homeowners.

Eshoo said the good news is flood insurance under House Resolution 3167, the National Flood Insurance Program Reauthorization Act of 2019, would be extended for five years and include funding to update flood maps and modernize the program. H.R. 3167 has cleared House committees and is awaiting a vote on the House floor.

Eshoo also expressed an interest on how mortgage financing could be eased and homeownership made more affordable to first-time homebuyers. H.R. 3141, the FHA Loan Affordability Act of 2019, would require FHA borrowers to pay mortgage insurance premiums only when their remaining principal balance exceeds 78 percent or more of the home value or sales price. Los Altos-Mountain View District Chair Greg Boudreau shared how a client of his refinanced and now had over 30 percent equity in their home, but would be required to pay mortgage insurance over the next 11 years, increasing their financing costs significantly.

Eshoo shared further information on the SALT Fairness Act, a bill she co-sponsored, which aims to reinstate the deductions that were lost during tax reform. This bill was introduced on a bipartisan basis and is awaiting committee action.

“Seldom does a bill impact so many of my constituents, and on average it costs homeowners in my district over $50,000 on an annual basis,” said Eshoo.

Eshoo represents U.S. Congressional District 18, which is located between the cities of San Francisco, Santa Cruz and San Jose, and includes portions of San Mateo, Santa Clara and Santa Cruz counties.

Meeting with Congresswoman Eshoo were President-elect SALT Fairness Act , Region 9 Chair Denise Welsh, NAR Director Leannah Hunt, Federal Political Coordinator for Congresswoman Eshoo Carole Feldstein, Los Altos-Mountain View District Chair Greg Boudreau, Palo Alto District Chair Lynn Wilson Roberts, Los Altos-Mountain View District LC Chair Barbara Williams and Menlo Park-Atherton District LC Chair Chris Isaacson.

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