Archive | spending RSS feed for this section

DC Passes Record High Budget

7 Aug

The DC Council approved the highest budget ever: $12.1 billion Fiscal Year 2014 Budget. We are pleased to report that there are no new real estate specific taxes. Important changes REALTORS® should be aware of include–
  • The budget restores the out-of-state bonds tax break.
  • Funding will increase for low-income & senior housing, schools and public transportation.
DCAR vigilantly monitored the budget, and will continue to advocate for REALTOR® interests as the Tax Revision Commission moves forward.

New Bill Could Require Additional Disclosure

 

Councilmember Kenyan McDuffie (D – Ward 5) recently introduced the “Truth in Affordability Reporting Act of 2013“

The District now evaluates housing affordability by the region’s Area Median Income (AMI).  The bill would change the procedure by requiring unit affordability to also measure against the District’s Median Family Income (DCMFI).

DCAR is working with Councilmember McDuffie’s office to ensure the legislation does not create additional burdens on your real estate transaction.   

Zoning Rewrite Update

DC’s Office of Planning  is working on the District’s first zoning code update in 55 years. After years  of delays, a proposal may go  before the Zoning Commission at the end of the month. 

The new regulations will preserve controversial mandatory parking minimums in transit zones for new residential and commercial developments.

DCAR recently hosted DDOT’s Associate Director Sam Zimbabwe and Policy Branch Manager Alice Kelly for its Speaker Series to discuss parking issues that are important to REALTORS®. DCAR will continue to monitor zoning, parking and transportation issues that affect REALTORS®.

‘Living Wage Bill’ in Mayor’s Hands

The Council approved a bill requiring large retailers to raise the employee minimum wage to $12.50 per hour. Mayor Vincent Gray is considering  whether to sign or veto the legislation. 

Retailers are important to the vitality and quality of life in the District. DCAR is working closely with business leaders to minimize the negative impact of this legislation on DC’s economic development.