Colorado

CAR OPPOSES HOUSING INVESTMENT FUND TRANSFER TAX

The CAR Board of Directors voted to oppose Initiative 103 (Colorado Housing Investment Fund/Transfer Tax) per the recommendation of the association's Issues Mobilization Committee. Initiative 103 would amend the Constitution of the State of Colorado to increase the documentary fee on real estate transactions by four cents per hundred dollars of valuation. The taxes thus collected would be used to fund affordable housing. REALTORS are consistent supporters of affordable housing. The CAR Housing Opportunity Foundation (CARHOF) has distributed more than $6 million to support affordable and emergency housing needs. Our own research reveals that there are hundreds of agencies already spending millions of dollars each year on affordable housing in our state. And there has been no state-wide needs assessment that tells us additional money would be beneficial. Please help us spread the word. Before we add another cost to the purchase of a new home we should look at how we are already funding affordable housing and for solutions that will work.

CREC ANNOUNCES CE RULE CHANGE

The Colorado Real Estate Commission recently approved changes regarding continuing education. Licensees are now required to complete 12 credit hours (3 courses) of CREC Annual Update Courses every license cycle as well as an additional 12 credit hours of elective continuing education every license cycle. Unless a course is offered by a government agency, a REALTOR Association or DPOS it must be approved by the Division of Real Estate. At the CAR Summer Meetings it was announced that the 2008 (Version 2) Update course will be available beginning July 23rd.