Friday, February 22, 2008
Captiol Conference Update
For those of you attending the the Capitol Conference Bus Trip the morning meeting location as changed. You will now meet at 7:20am at Our Saviours Church north of the RANWC office building at the corner of Arlington Heights Rd. & Olive. You will leave your cars at that location and board the bus there.
More on Chicago Transfer Tax
Incomplete real estate deals may qualify for Chicago transfer tax
Associated Press
Published: 2/19/2008 7:15 AM
Chicago officials are looking to increase the number of people who pay a real estate transfer tax and to require others to pay it more quickly.
The Chicago City Council earlier this month approved a 40 percent increase in the transfer tax as part of a Chicago Transit Authority rescue package.
Under one proposal now in draft form, the city would require the transfer tax to be paid even when the buyer forfeits the down payment, which happens when a buyer backs out of a deal. Another proposal would require immediate payment when there is a contract in which the buyer make installment payments and don't receive title to the property until the last payment.
The transfer tax rises April 1. It generated $206.8 million last year. The new revenue is earmarked for CTA employee pension and health-care costs.
Associated Press
Published: 2/19/2008 7:15 AM
Chicago officials are looking to increase the number of people who pay a real estate transfer tax and to require others to pay it more quickly.
The Chicago City Council earlier this month approved a 40 percent increase in the transfer tax as part of a Chicago Transit Authority rescue package.
Under one proposal now in draft form, the city would require the transfer tax to be paid even when the buyer forfeits the down payment, which happens when a buyer backs out of a deal. Another proposal would require immediate payment when there is a contract in which the buyer make installment payments and don't receive title to the property until the last payment.
The transfer tax rises April 1. It generated $206.8 million last year. The new revenue is earmarked for CTA employee pension and health-care costs.
Friday, February 15, 2008
State offers help with housing debt woes
From the Chicago Sun Times
February 15, 2008
By Sun-Times staff
Homeowners at risk of losing their homes due to the tightening credit market may find assistance in a new statewide Housing Assistance Initiative.
Gov. Blagojevich Thursday unveiled the program that features three key elements:
• Access to a new $200 million fund -- financed by four mortgage lenders -- to help homeowners refinance existing high-cost debt into more affordable, stable loans.
• Access to a statewide financial counseling network that is affiliated with the National Homeownership Foundation hotline (888-995-4673).
• Access to a mortgage-fraud service also connected to the hotline.
February 15, 2008
By Sun-Times staff
Homeowners at risk of losing their homes due to the tightening credit market may find assistance in a new statewide Housing Assistance Initiative.
Gov. Blagojevich Thursday unveiled the program that features three key elements:
• Access to a new $200 million fund -- financed by four mortgage lenders -- to help homeowners refinance existing high-cost debt into more affordable, stable loans.
• Access to a statewide financial counseling network that is affiliated with the National Homeownership Foundation hotline (888-995-4673).
• Access to a mortgage-fraud service also connected to the hotline.
Thursday, February 14, 2008
President Bush Signs Economic Stimulus Act of 2008
President Bush signed the Economic Stimulus package into law. Last week, Congress gave overwhelming final approval to the Economic Stimulus Package supported by NAR and REALTORS® across the country. As a result, the government will be sending payments to most American households and grant tax incentives for business investment.
The legislation includes the requested GSE and FHA limit increases strongly backed and lobbied by NAR. The increased GSE loan limits means borrowers will see immediate relief with new liquidity in the mortgage market and the nation will see an additional 300,000 home sales. The increased FHA loan limits means an additional 138,000 Americans will purchase homes, and with the needed FHA reforms means 200,000 families can refinance their homes safely and affordably.
Thank you for your efforts. Over 85,000 REALTORS® contacted the Senate on this issue, and together you made a significant difference.
The legislation includes the requested GSE and FHA limit increases strongly backed and lobbied by NAR. The increased GSE loan limits means borrowers will see immediate relief with new liquidity in the mortgage market and the nation will see an additional 300,000 home sales. The increased FHA loan limits means an additional 138,000 Americans will purchase homes, and with the needed FHA reforms means 200,000 families can refinance their homes safely and affordably.
Thank you for your efforts. Over 85,000 REALTORS® contacted the Senate on this issue, and together you made a significant difference.
Thursday, January 10, 2008
Governor to Act on Transit Bill
As you know IAR(Illinois Association of REALTORS) has been working hard the last several months in opposition to the real estate tax increase which has been part of the proposed bailout for mass transit. Both the House and Senate approved a long-term mass transit funding bill today. The Governor has vowed to support the bill while using his amendatory veto authority to make sure senior citizens can use public transportation for free.
The bill increases sales and real estate taxes in the Chicago area by more than $500 million for the Regional Transportation Authority, which includes CTA and the suburban PACE bus system.
Here are some links with more information.
http://www.chicagotribune.com/news/local/chi-legis_11_webjan11,1,1176332.story?track=rss&ctrack=1&cset=true
http://www.suntimes.com/news/metro/735936,ctaupdate011008.article
http://thecapitolfaxblog.com/2008/01/10/this-just-in-95/
The bill increases sales and real estate taxes in the Chicago area by more than $500 million for the Regional Transportation Authority, which includes CTA and the suburban PACE bus system.
Here are some links with more information.
http://www.chicagotribune.com/news/local/chi-legis_11_webjan11,1,1176332.story?track=rss&ctrack=1&cset=true
http://www.suntimes.com/news/metro/735936,ctaupdate011008.article
http://thecapitolfaxblog.com/2008/01/10/this-just-in-95/
railway plan met with protests
From the Daily Herald
The protest signs were indication enough that Barrington-area residents aren't welcoming the prospect of more freight trains with open arms.
Hundreds jammed the Makray Memorial Golf Club in Barrington this afternoon to comment on the Canadian National Railway's plans to purchase the Elgin, Joliet and Eastern railroad.
CN's planned $300 million acquisition of the EJ&E, which runs from Wauconda to Gary, Ind., through Lake, Cook, DuPage and Will counties, still needs approval from the U.S. Surface Transportation Board. Wednesday, federal regulators held the second of seven forums to hear community reaction to the plan.
CN intends to move freight trains from some of its more congested lines to the EJ&E. Overall, the changes mean 34 towns will see more freights and 80 will see fewer.
In Barrington, where 15 more trains a day could rumble through town, "there's no positives to this whole thing," said Deer Park resident Priscilla Roder, who left the meeting with a lawn sign protesting the move.
Good Shepherd Hospital physicians added their concerns, saying that more freights at crossings could delay ambulances and cost valuable time in the crucial "golden hour" right after someone falls ill or is injured.
"Every minute that someone's heart isn't beating reduces their ability to survive 10 percent," said physician Joseph Giangrasso, medical director for the emergency department at the Lake Barrington hospital.
U.S. Rep. Don Manzullo also showed up at the forum to deliver a formal objection.
For McHenry County residents who rely on already congested roads such as Route 14 to reach their jobs, "the addition of freight trains will back up traffic even more," the Egan Republican said.
Trains using the EJ&E could be about 8,000 feet long and travel at speeds of about 40 mph, CN said. The average time it takes to get through a crossing is about five minutes.
The railroad maintains that the region will benefit as a whole by moving freights to the EJ&E, with traffic going down significantly in areas such as Chicago and Des Plaines.
"We're committed to addressing the impact as best we can. It's in our interests to come up with solutions," CN senior counsel Theodore Kalick said.
A second Barrington hearing on the changes was scheduled later the same day at the same location.
The EJ&E tracks also were intended to be a crucial part of the STAR Line, a proposed Metra rail service connecting Cook, DuPage and Will counties.
CN doesn't want STAR Line trains to piggyback on the EJ&E, although officials said Metra is welcome to build additional track alongside.
"That's a double whammy," Manzullo stated, adding new track costs are prohibitive.
The Surface Transportation Board will hold another hearing Jan. 17 in West Chicago.
The protest signs were indication enough that Barrington-area residents aren't welcoming the prospect of more freight trains with open arms.
Hundreds jammed the Makray Memorial Golf Club in Barrington this afternoon to comment on the Canadian National Railway's plans to purchase the Elgin, Joliet and Eastern railroad.
CN's planned $300 million acquisition of the EJ&E, which runs from Wauconda to Gary, Ind., through Lake, Cook, DuPage and Will counties, still needs approval from the U.S. Surface Transportation Board. Wednesday, federal regulators held the second of seven forums to hear community reaction to the plan.
CN intends to move freight trains from some of its more congested lines to the EJ&E. Overall, the changes mean 34 towns will see more freights and 80 will see fewer.
In Barrington, where 15 more trains a day could rumble through town, "there's no positives to this whole thing," said Deer Park resident Priscilla Roder, who left the meeting with a lawn sign protesting the move.
Good Shepherd Hospital physicians added their concerns, saying that more freights at crossings could delay ambulances and cost valuable time in the crucial "golden hour" right after someone falls ill or is injured.
"Every minute that someone's heart isn't beating reduces their ability to survive 10 percent," said physician Joseph Giangrasso, medical director for the emergency department at the Lake Barrington hospital.
U.S. Rep. Don Manzullo also showed up at the forum to deliver a formal objection.
For McHenry County residents who rely on already congested roads such as Route 14 to reach their jobs, "the addition of freight trains will back up traffic even more," the Egan Republican said.
Trains using the EJ&E could be about 8,000 feet long and travel at speeds of about 40 mph, CN said. The average time it takes to get through a crossing is about five minutes.
The railroad maintains that the region will benefit as a whole by moving freights to the EJ&E, with traffic going down significantly in areas such as Chicago and Des Plaines.
"We're committed to addressing the impact as best we can. It's in our interests to come up with solutions," CN senior counsel Theodore Kalick said.
A second Barrington hearing on the changes was scheduled later the same day at the same location.
The EJ&E tracks also were intended to be a crucial part of the STAR Line, a proposed Metra rail service connecting Cook, DuPage and Will counties.
CN doesn't want STAR Line trains to piggyback on the EJ&E, although officials said Metra is welcome to build additional track alongside.
"That's a double whammy," Manzullo stated, adding new track costs are prohibitive.
The Surface Transportation Board will hold another hearing Jan. 17 in West Chicago.
Another Transit Deal Come Apart
From the Daily Herald
SPRINGFIELD - Doomsday for Chicago-area bus and train agencies drew another day closer after an apparent deal for a state bailout fell through Wednesday.
The Illinois Senate rejected a plan late Wednesday that would have raised suburban sales taxes and a Chicago real estate transfer tax to provide millions for the transit agencies. Earlier in the day, the House had approved a nearly identical plan.
The House also approved Wednesday taking the state's portion of the sales tax on gasoline in Chicago and the suburbs and sending it to the transit agencies. But that deal had little support in the Illinois Senate.
If a state bailout isn't approved by Jan. 20, transit officials said they'll raise fares, cut routes and layoff hundreds.
This issue has lingered in the General Assembly for months. Gov. Rod Blagojevich has both called for quick action but also threatened to veto the plan that relies on sales taxes.
Blagojevich had a video monitor erected outside his Capitol office, and throughout Wednesday it played taped testimonials from Chicago-area transit riders, urging lawmakers to act.
State Sen. Rickey Hendon, a Chicago Democrat who sponsored the bailout, said he believed Blagojevich would sign the sales tax plan if lawmakers could get it to his desk.
A Blagojevich spokeswoman begged to differ.
"Nothing about the governor's position has changed," said spokeswoman Rebecca Rausch.
Wednesday's rejection also deals a blow to DuPage and possibly other suburban counties. The transit bailout was based on a quarter percentage point sales tax increase, but the same plan would have given those counties the authority to approve their own quarter point sales tax increase to fund transportation or public safety issues.
That provision was inserted at the request of DuPage County Board Chairman Robert Schillerstrom, whose county is facing its own financial crunch and has repeatedly, but so far unsuccessfully, turned to lawmakers for help.
"I thought at least the suburban Republicans would have support of it," said Senate President Emil Jones Jr., a Chicago Democrat.
He later blamed suburban Republicans for the plan's demise.
The odd turn of events Wednesday at the Capitol leaves the future of Chicago area's mass transit in uncertainty. Lawmakers could take up the issue again today when they reconvene, their final scheduled session day before the Jan. 20 doomsday.
SPRINGFIELD - Doomsday for Chicago-area bus and train agencies drew another day closer after an apparent deal for a state bailout fell through Wednesday.
The Illinois Senate rejected a plan late Wednesday that would have raised suburban sales taxes and a Chicago real estate transfer tax to provide millions for the transit agencies. Earlier in the day, the House had approved a nearly identical plan.
The House also approved Wednesday taking the state's portion of the sales tax on gasoline in Chicago and the suburbs and sending it to the transit agencies. But that deal had little support in the Illinois Senate.
If a state bailout isn't approved by Jan. 20, transit officials said they'll raise fares, cut routes and layoff hundreds.
This issue has lingered in the General Assembly for months. Gov. Rod Blagojevich has both called for quick action but also threatened to veto the plan that relies on sales taxes.
Blagojevich had a video monitor erected outside his Capitol office, and throughout Wednesday it played taped testimonials from Chicago-area transit riders, urging lawmakers to act.
State Sen. Rickey Hendon, a Chicago Democrat who sponsored the bailout, said he believed Blagojevich would sign the sales tax plan if lawmakers could get it to his desk.
A Blagojevich spokeswoman begged to differ.
"Nothing about the governor's position has changed," said spokeswoman Rebecca Rausch.
Wednesday's rejection also deals a blow to DuPage and possibly other suburban counties. The transit bailout was based on a quarter percentage point sales tax increase, but the same plan would have given those counties the authority to approve their own quarter point sales tax increase to fund transportation or public safety issues.
That provision was inserted at the request of DuPage County Board Chairman Robert Schillerstrom, whose county is facing its own financial crunch and has repeatedly, but so far unsuccessfully, turned to lawmakers for help.
"I thought at least the suburban Republicans would have support of it," said Senate President Emil Jones Jr., a Chicago Democrat.
He later blamed suburban Republicans for the plan's demise.
The odd turn of events Wednesday at the Capitol leaves the future of Chicago area's mass transit in uncertainty. Lawmakers could take up the issue again today when they reconvene, their final scheduled session day before the Jan. 20 doomsday.
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Members meet with Senator Murphy after Legislative Breakfast
