Earlier this week, a letter was sent from NC Association of REALTORS® President Mary Edna Williams to Members of Congress from North Carolina requesting their support for solutions to the looming commercial real estate credit crisis. Specifically, H.R. 3380, the “Promoting Lending to America’s Small Businesses Act”, would increase the cap on credit union commercial lending to 25% of total assets. This is important because during previous crisis’, consumers and businesses have relied on credit unions to fill in the gaps where banks cannot serve them. However, today they are hampered by a lending cap of 12.25% of total assets. In addition, extending the Troubled Asset Loan Facility (TALF) Program that is set to expire on March 31st, will play a valuable role in restoring investor confidence and jump-starting the private commercial mortgage markets. NAR and NCAR staff will continue to advocate for these measures in order to stimulate additional credit offerings from lending institutions.
Rick A. Zechini
Director of Government Affairs
North Carolina Association of REALTORS®
421 Fayetteville Street
Suite 1109
Raleigh, NC 27601
(919) 573-0984 Telephone
(919) 856-9157 Fax
www.ncrealtors.org
Filed under: Legislative, Membership, News
