Shaping the Future: NVAR's 2024-2025 Legislative Agenda for Housing and Economic Growth

A few members of the NVAR Public Policy Committee with Vice President of Government Affairs Josh Veverka

As we prepare for 2025, the Northern Virginia Association of Realtors® (NVAR) is focused on developing a comprehensive legislative agenda to address significant challenges within the region's housing market. This agenda was prominently discussed during the recent NVAR Legislative Reception, attended by state officials, representatives from Fairfax County, and industry leaders. The event underscored the vital link between local real estate and legislative advocacy.

A Strong Showing from State Leaders

The reception featured notable attendees, including members of the Virginia House of Delegates: David Bulova (District 11), Dan Helmer (District 10), and Charniele Herring (District 4), as well as Senators Barbara Favola (District 40) and Saddam Salim (District 37). Their presence highlighted their commitment to the real estate sector and the collaborative relationship between NVAR and state legislators. Fairfax County was well represented, with Board of Supervisors Chairman Jeff McKay, Vice-Chair Kathy Smith, and other supervisors participating, reflecting the county's keen interest in addressing housing challenges.

Senator Barbara Favola (District 40)

Legislative Goals for 2024-2025

Kiyanna Nelson, REALTOR® and member of the NVAR Public Policy Committee

NVAR's Public Policy Committee approves legislative and regulatory policy objectives annually, presented by Miranda Carter, Chair of the 2024 Public Policy Committee. The organization’s legislative agenda primarily focuses on enhancing housing supply and affordability. The pressing issues surrounding availability and pricing necessitate NVAR to prioritize policy initiatives to tackle these concerns effectively. Following her remarks, Josh Veverka, NVAR’s Vice-President of Government Affairs, further elaborated on specific legislative priorities for the upcoming year, emphasizing the need for creating policies that support a balanced and accessible housing market, ensuring homes remain attainable for all residents of Northern Virginia.

The following advocacy efforts have been outlined in the 2024–2025 Legislative Agenda:

1. Housing Supply, Attainability, and Affordability

   To improve housing options and affordability, it is recommended that local governments implement zoning updates that accommodate a diverse range of housing options in line with market demand. Identifying and addressing barriers to converting commercial properties into residential spaces is essential. Streamlining the approval process for residential zoning applications will facilitate more timely development. Additionally, reviewing local regulations that contribute to inflated housing costs and impose limitations on home sizes is crucial. Enhancing regulations regarding accessory dwellings and short-term rentals can promote housing availability alongside prioritizing homeownership programs and increasing funding for the Virginia Housing Trust Fund to ensure broader access to housing. Extending Inclusionary Zoning across all localities in Virginia, providing tax credits for home purchases, and incentivizing the transition of rental properties to current tenants are also imperative steps. Permitting the construction of accessory dwelling units within single-family homes can further address housing demands while opposing rent control policies will contribute to maintaining a balanced housing market.

   
   

2. Regional Economic Prosperity

   Fostering regional economic prosperity necessitates a careful balance between the economic benefits of data center development and the promotion of sustainable housing and innovative growth practices. Investment in Northern Virginia’s transportation infrastructure is also critical, including establishing a Suburban Maryland Transportation Authority. It is also vital to prioritize increased per-pupil funding for K-12 education and adjust local school funding formulas to better support schools and students.

   
   

3. Common Interest Communities

   To enhance consumer protection and accountability within Common Interest Communities (CICs), consumers should be granted the right to cancel contracts upon receipt of the resale certificate for condominiums and Property Owners Associations (POs). Furthermore, all association board members must complete a virtual training program to ensure their adequacy in fulfilling their responsibilities. Independent and qualified entities should conduct reserve studies for CICs within two years of initial occupancy and every five years thereafter. Additionally, CIC annual reports should include the current resale certificate and be accessible in a centralized public database.

   
   

4. Industry Practices and REALTOR® Professionalism

   To strengthen industry practices and Realtor® professionalism, it is essential to mandate signed written brokerage agreements before home showings for prospective buyers. The Virginia Real Estate Board should enhance its responsiveness to address persistent delays in license approvals. Establishing a distinct license for supervising brokers would further improve oversight and accountability within the real estate sector.

   
   

5. Fair Housing

   Advocating for fair housing testing and implementing a comprehensive fair housing equity analysis is essential to promoting fair housing practices.

Economic Impact of Real Estate

NVAR's CEO, Ryan McLaughlin

NVAR’s CEO, Ryan McLaughlin, delivered an insightful message about the real estate industry's significant impact on Northern Virginia's economy. He shared data indicating that the residential real estate sector generated an impressive $17 billion in local economic activity and supported more than 88,400 jobs within the NVAR service area in 2023. McLaughlin emphasized the crucial role of Realtors® in maintaining this economic vitality and reiterated the need for legislative support to preserve these benefits, highlighting that effective policy is essential for ongoing growth and stability.

The efforts of NVAR and its partners are vital in shaping the future of housing in Northern Virginia. With an agenda focused on legislative support for housing supply and affordability, NVAR is dedicated to continuing its legacy of driving positive economic change in the region. The collaboration between state officials, local leaders, and the real estate community reflects a shared commitment to making Northern Virginia a great place to live, work, and thrive. By staying engaged and proactive in policy discussions, we can help ensure our communities remain vibrant and accessible.