Congressman Danny Davis (D-IL) discussed local residential and commercial real estate issues yesterday with Illinois Association of REALTORS® Federal Political Coordinator (FPC) Cedrick Hunter in front of a crowd of roughly 100 REALTORS® who live and work in the 7th district.
The Congressman committed to co-sponsoring HR684 the Marketplace Fairness Act which levels the playing field for sales tax collection for all retail vendors. This fixes a growing issue of online retailers having an advantage over bricks and mortar retailers by a tax loophole rather than fair competition. We are engaged on this issue in an effort to make sure that local communities maintain strong downtown centers and diminish vacancies in commercial properties.
Congressman Davis also discussed the need for cooperation in tax reform from both sides of the aisle and he shared a concept of a tax credit to renters who contribute to the rehabilitation of properties that they live in. The Congressman stated that he understands the issues related to flood insurance and that the NFIP program is necessary for communities. This was in response to a question posed from REALTOR® Bernard Galloway from Hunters Realty, who lives in the 7th district.
The Congressman also received market updates from area brokers throughout the district so he learned a bit about what was going on in many communities. Reports included trends in pricing and supply and also how much distressed sales are part of various markets. Jim Davis, a commercial. REALTOR® with Jim Davis Real Estate shared some positive statistics regarding vacancy rates and he sees a growing marketplace in several areas.
These Congressional forums are continuing over the next few months so check www.illinoisrealtor.org/