DC Mayor Vincent Gray recently submitted his Fiscal Year 2015 Budget to the Council. DCAR is advocating in support of a crucial provision that is on the Mayor's ‘Wish List’, but is not yet fully implemented in the budget. The provision would restore $501,000 to the Real Estate Guaranty and Education Fund, which had nearly $3.5 million transferred out of it since 2009.
Another important item on the Mayor's Wish List is reducing Recordation and Transfer Taxes. Lowering these onerous taxes would have an overall positive impact on the District’s real estate market. The decrease in down payments would be beneficial for new homebuyers to the District, as well as families looking to upgrade and stay within DC.