Coronavirus: Resources for Property Owners
March 20, 2020
SBA Loans, FHA Programs, Fannie Mae & Freddie Mac (GSEs), Veterans Affairs, Real Estate Settlement Procedures Act (RESPA), TRID (TILA-RESPA Integrated Disclosure), Coronavirus, Rural Housing Programs
The following resources provide property owners with assistance during the COVID-19 crisis.
American Land Title Association (ALTA) has provided the following resources:
- County Record Office Closures (link is external): Real-time database of offices that are closing or reducing operations as a result of the coronavirus. Click on the link under County Office Closures.
- Title, Settlement Companies Develop Safe Closing Protocols (link is external)
- Visitor Health Screening Questionnaires: The NNA has developed health screening forms for the signing agent and borrower in order to protect all parties during a closing.
- Disaster Recovery and Business Continuity Plan (link is external): Having a business continuity plan is essential to keeping an operation going following any type of disaster or crisis.
- Common Issues Your Business May Encounter (link is external)
- Keep Your Workplace Safe (link is external)
- Keep Commercial Establishments Safe (link is external)
Bank Regulators have also instructed banks and servicers to be proactive in extending help to homeowners:
- Federal Deposit Insurance Corporation (FDIC) (link is external)
- Office of the Comptroller of the Currency (OCC) (link is external)
- Board of Governor of the Federal Reserve System (Fed) (link is external)
Banks have posted their own policies and ways for consumers to contact them for assistance:
NAR= March 15, 2020
Corona Virus Emergency Legislation-What REALTORS need to know
Congress is speeding toward passage of emergency corona virus legislation. The bill passed by a wide margin early Saturday in the House and is headed to the Senate next week, where it is expected to pass easily. You can find a summary prepared by NAR staff here.
Last week, NAR's advocacy team urged Congressional leaders to include support for self-employed professionals and other small business owners in this bill. We are pleased robust measures targeting these groups were included.
We expect few if any changes to the bill in the Senate, so here is where the measure stands now:
Family Medical Leave Expansion…
- Allows up to 12 weeks of certain virus-related family medical leave through the end of 2020
- Covers employees at businesses with between 50-500 employees
- Provides a refundable tax credit for eligible self-employed individuals equal to their qualified family leave equivalent
- Provides employers with a refundable tax credit equal to certain family leave wages paid to employees
Paid Sick Leave Expansion…
- Allows two weeks of certain virus-related paid sick leave through the end of 2020.
- Covers employees at businesses with fewer than 500 employees
- Provides a refundable tax credit for eligible self-employed individuals equal to their qualified sick leave equivalent
- Provides employers with a refundable tax credit equal to certain paid sick leave wages paid to employees
NAR: March 16, 2020 REALTOR Guide to Convid-19
Why is NAR issuing this guidance?
In response to the growing concerns about COVID-19, commonly referred to as coronavirus, NAR is providing this guidance to help REALTOR® associations respond to the coronavirus's impact on the real estate industry. As of March 16, 2020, the United States government has banned all travel from Europe, the United Kingdom and Ireland into the United States for a period of thirty (30) days. The U.S. Centers for Disease Control and Prevention (CDC) has issued Level 3 Travel Warnings for China, Iran and South Korea, and a Level 2 Travel Health Notice all other global travel. The situation is rapidly evolving. Be sure to refer to the CDC's website for up-to-date information about travel warnings(link is external), as well as information about the coronavirus' current impact in the United States(link is external). Daily updates about the coronavirus are also available from the World Health Organization(link is external).
What is Coronavirus?
COVID-19 is a novel coronavirus that has infected more than 142,000 individuals in 134 countries, causing the World Health Organization (WHO) to classify this outbreak as a pandemic on March 11, 2020. Symptoms include fever, cough, and shortness of breath. Anyone experiencing emergency signs such as difficulty breathing, persistent pain or pressure in the chest, new confusion or bluish lips or face should immediately seek medical attention.
What is the risk of exposure to coronavirus?
Older adults and people who have severe underlying chronic medical conditions like heart or lung disease or diabetes seem to be at higher risk for developing more serious complications from COVID-19 illness. The virus is thought to spread mainly from person-to-person and the best way to prevent illness is to avoid being exposed to this virus. The CDC urges citizens to monitor your health and practice social distancing. Social distancing means staying out of crowded places, avoiding group gatherings, and maintaining distance (approximately 6 feet) from others when possible. Visit the CDC's website(link is external) for latest updates.
Ocean City, NJ) The Ocean City Board of REALTORS® is proud to announce it is beginning its 100th year of service to the community of Ocean City, NJ.
On December 19, 1920, a group of 24 residents, including three female members, met in the Commissioners Chamber of City Hall to hold the first official meeting of the Ocean City Real Estate Board, having been granted a charter on September 30, 1920, by the National Association of Real Estate Boards.
Some of these members included names associated with the founders of Ocean City, NJ, namely three women with the last name of “Lake”, Caroline, Marion, and Estella Lake.
Fast forwarding to the year 2020, the Ocean City Board of REALTORS®, the only Board of REALTORS® in New Jersey whose geographic jurisdiction is limited to one city, celebrates 100 years of continuously serving the citizens, property owners, and guests of our resort since its inception. Our membership consists of 27 offices and more than 500 members.
For more information, please contact Vicki Heebner at 609.399.0128 or
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FOOD IS LOVE, SHARE SOME LOVE THE OCEAN CITY BOARD OF REALTORS® ANNOUNCES
ITS 10TH ANNUAL WINTER FOOD DRIVE NOW THROUGH FEBRUARY 29, 2020
(Ocean City, NJ) The Ocean City Board of Realtors® is pleased to announce it is kicking off its 2020 Community Service Projects, with the Food Is Love drive to collect food, including canned items, juice, microwaveable meals and more. Donations will be collected now through February 29, 2020 and will be used to “Share Some Love” during this Valentine month.
The Food Is Love, Share Some Love winter food drive will collect non-perishable food items, laundry and dish detergent, as well as Shoprite gift cards, which will be donated to the Ecumenical Food Cupboard to provide for local needy families. Donations can be dropped off at the office of the Ocean City Board of REALTORS®, 405 22nd Street, or call the office at 609-399-0128 for pickup service.
Here is a brief list of some of the items that the Food Cupboard has identified as in need of:
Microwaveable Items: Hormel meals, rice and cup of soup
Canned meats (tuna, corn beef hash, Spam, Dinty Moore stew, etc)
Canned vegetables, cans of soup, cans of pork and beans
Canned ravioli, spaghetti O’s
Cereal and individual packets of dry milk
Jelly, Peanut Butter, Juice, Jello/pudding mix, Crackers, Rice
Liquid laundry detergent (48oz)
Dish detergent, Paper towels, Toilet Paper
Shampoo, deodorant, toothpaste
Shop Rite gift cards
THE OCEAN CITY BOARD OF REALTORS® ANNOUNCES ITS AWARD FOR REALTOR OF THE YEAR IS JOSEPH ORAZI
(Ocean City, NJ) The Ocean City Board of REALTORS® is pleased to announce Joseph Orazi, Broker Associate, Long and Foster Real Estate, has been awarded the REALTOR of the Year 2019. Joe exhibits the true REALTOR spirit, through his actions as an involved member of his local Board. He serves on numerous committees, and is always available to volunteer for special projects.
Joseph holds the certification of RSPS, is currently serving as 1st Vice President of the Ocean City Board of REALTORS, received the NJ REALTORS Circle of Excellence Award in 2014, 2016, 2017, and 2018. In 2016, Joseph was awarded 1st place for the NJ Realtors Good Neighbor Award.