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Federal Terrorism Risk Insurance Reauthorized for 6 Years

NAR President Chris Polychron announced, "Realtors applaud the US House of Representatives and US Senate for prioritizing the reauthorization of the federal terrorism risk insurance program and quickly passing the Terrorism Risk Insurance Act (TRIA), which authorizes the program for six years.

"TRIA provides a crucial framework for economic recovery in the wake of a catastrophic terrorist attack and allows the US to maintain a stable terrorism insurance market so employers can invest in properties, create jobs and insure against losses due to a terrorist attack. Without TRIA, many property owners with existing commercial mortgage balances that require terrorism insurance would be in technical default of their mortgage terms."

President Obama has signed this bill into law, extending TRIA coverage through 2020.

NAR Applauds Passage of Tax Extensions

The package of tax extensions approved by the U.S. House and Senate, and headed to the President's desk for signature, includes important provisions that will help distressed homeowners and commercial property investors with transactions made during 2014. The National Associations of REALTORS applauds Congressional leaders in both chambers for their effort to pass this legislation before adjournment.

NAR President Chris Polychron states, "REALTORS strongly supported the bipartisan Mortgage Forgiveness Tax Relief Act, which was included in the package to prevent underwater borrowers from paying taxes on any mortgage debt forgiven or cancelled by a lender in a workout or after their home was sold for less money than was owed.

"The legisation also includes one-year extensions of the 15-year depreciation schedule for leasehold improvements and the deduction for improvements to energy efficient commercial buildings."

Kingery Named REALTOR® of the Year
Betty Kingery

Betty Kingery, Broker/Owner of Mountain to Lake Realty received RVAR's REALTOR® of the Year award on December 12th at RVAR's Installation and Awards Breakfast.

Kingery has been a REALTOR® for 11 years, serving in many volunteer capacities for RVAR and VAR. Kingery served as RVAR's President in 2013.

The REALTOR® of the Year award is RVAR's highest honor, recognizing a local REALTOR® who demonstrates outstanding REALTOR® spirit, business accomplishments and community involvement.

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