NAR Testifies before Congress
NAR Testifies Before Congress on Commercial Real Estate Liquidity Crisis
On July 29, 2010, the U.S. House Financial Services Committee held a hearing on "Alternatives for Promoting Liquidity in Commercial Real Estate Markets, Supporting Small Businesses and Increasing Job Growth." Jim Helsel, 2010 NAR Treasurer and President of Helsel Incorporated REALTORS®, testified on behalf of NAR. In his testimony, Mr. Helsel stressed the importance of a sound commercial and multifamily real estate sector as the linchpin of our nation's economic recovery. Additionally, he told the committee that lack of liquidity remains a significant challenge for the commercial real estate industry.
Mr. Helsel also commended the panel for passage in June of H.R. 5297, the Small Business Lending Act of 2010 (Rep. Frank, D-MA), which ensures community banks have both the incentive and capacity to increase total loans to small businesses. Moreover, he stressed the importance of raising Small Business Administration (SBA) loan limits and allowing SBA 504 loans to be used to refinance performing property, which can help ease the liquidity crisis in the commercial real estate sector. Finally, as another credit avenue, Mr. Helsel asked members of the committee to consider H.R. 3380, Promoting Lending to America's Small Businesses Act of 2009 (Reps. Kanjorski (D-PA) and Royce (R-CA)), which would raise the credit union member business lending cap from 12.25 percent to 25 percent of total assets.
Read the full testimony
Vijay Yadlapati 202-383-1090, Megan Booth 202-383-1222, Daniel Blair 202-383-1089