NWIA Lobbies For Home Savings Accounts in Iowa
More than 35 Realtors® from around northwest Iowa traveled to Des Moines on Wednesday, February 1 for the Iowa Association of Realtors® annual Legislative Bus-In Day.
After an update on statewide issues facing today’s property owners, over 300 Realtor® members descended en masse upon the Iowa capitol to visit with local legislators. The board’s delegation spent the afternoon meeting with Senators Bill Anderson and Rick Bertrand, and Representatives Jim Carlin, Chris Hall, Chuck Holz, and Tim Kacena.
Iowa Realtors® advocated for passage of SSB 1056, legislation authorizing creation of tax-exempt home savings accounts for first-time homebuyers in the state. Current proposals call for these accounts to allow first-time homebuyers to save up to $2000 per year if single, $4000 per yearif married, in a tax-exempt account to be used toward closing costs or down payment on the purchase of a first home anywhere in the state of Iowa.
“We’re excited about the potential this opportunity creates for first-time buyers,” said Jim Gergeni, President of the Northwest Iowa Board of Realtors® and sales agent with Century 21 ProLink. “It’s estimated that in the first five years, 3,317 Iowans would use the home savings account program. That use is then estimated to pump $6.2 million annually into the Iowa economy from additional spending associated with home ownership. Clearly, this legislation and home ownership is a benefit to our state, and is something Realtors® want to encourage.”
“Participating in legislative and legal matters is an important part of the Realtor® profession,” said Kelly Burge, Executive Officer for the Northwest Iowa Board of Realtors®. “Our members are the defenders of homeownership, and they take the obligation to both enhance and protect private property rights very seriously.”
Realtors® from around the area make the trip to Des Moines annually for the Legislative Bus-In Day event. Area Realtors® will have their next opportunity to participate in February, 2018.
The Northwest Iowa Board of Realtors® encompasses nearly 500 members, who are real estate professionals in a 13 county region across the northwest quadrant of Iowa.
