FOR IMMEDIATE RELEASE

PRESIDENT BUSH SIGNS AMERICAN DREAM DOWNPAYMENT ACT, ONE OF MANY CONSUMER VICTORIES NAR CHAMPIONED THIS YEAR

December 16, 2003 - Washington D.C. - Thousands of Americans will enjoy greater access to more housing opportunities under several pieces of legislation backed by the National Association of Realtors® and recently signed into law by President Bush. NAR President Walt McDonald, on behalf of Realtors® and consumers across the country, attended today’s signing ceremony for the American Dream Downpayment Act, a major victory that will help more families achieve the American dream of homeownership.

The legislation, S. 811, will provide an average of $5,000 in grants to approximately 80,000 lower-income families over the next two years to help them pay downpayment and closing costs on their first homes. Grants will be made to state and local governments through the U.S. Department of Housing and Urban Development’s HOME Investment Partnership program next year. In addition, the legislation will stimulate the production of affordable rental housing by raising the Federal Housing Administration loan limits for the construction of multifamily housing in high-cost areas.

President Bush also recently signed new credit reporting legislation known as the Fair and Accurate Credit Transactions Act, H.R. 2622, that includes many of the pro-consumer recommendations advanced by NAR’s Insurance Task Force. Under this legislation, consumers will receive one free annual credit report; full disclosure of their numerical credit score and the factors influencing that score; notice of any negative impact on their credit score caused by multiple shopping inquiries; notification when negative information is added to their credit files; prompt investigation and correction of inaccurate credit information; and new tools to combat identity theft such as placing a fraud alert in their credit file. The legislation also calls for federal regulators to conduct a study of the effects of consumers’ credit scores and credit-based insurance scores on the availability and affordability of homeowners insurance.

“Realtors® around the country congratulate Congress and the president for their leadership in passing and signing legislation that will provide increased housing opportunities for more American families,” said McDonald, broker-owner of Walt McDonald Real Estate in Riverside, Calif. “Thanks to these new laws, thousands of families will receive the downpayment assistance and credit information they need to obtain a mortgage and thus realize the American dream of homeownership.”

NAR also successfully pushed this year for the enactment of legislation that extends veterans home loan eligibility to military reservists on a permanent basis and worked to secure the reauthorization of the National Flood Insurance Program, which protects consumers against flood-related disasters.

NAR’s housing opportunities agenda for next year will include efforts to increase the supply of affordable housing available for purchase through the enactment of homeownership tax credit legislation, H.R. 839/S. 875; a push to raise the conforming loan limits to more accurately reflect home price appreciation in high-cost areas and thus provide lower loan costs for consumers; and efforts to ensure that Fannie Mae, Freddie Mac and the secondary mortgage market remain viable and healthy.

NAR will also continue its push to finalize legislation known as the Community Choice in Real Estate Act, H.R. 111/S. 98, that will keep banking conglomerates out of the real estate business and ensure that consumers have as many choices as possible when purchasing a home. NAR, a chorus of consumer and small business groups, and a majority of Congress all agree that if big banks were allowed to get into real estate, there would be a negative impact on communities across America, leaving home buyers and sellers with fewer choices, higher loan fees and reduced customer service.

The Multiple Listing Service of Long Island, Inc., (MLSLI) a subsidiary of the Long Island Board of REALTORS®, Inc.(LIBOR) is a computerized network of more than 2700 participating real estate offices. For more information about the MLS, and Long Island real estate, visit our web site at www.mlsli.com

The Long Island Board of REALTORS® is a non-profit trade association consisting of more than 23,500 professional Realtors. For more information about LIBOR, or to locate a Realtor in your area, visit our web site at: www.mlsli.com.