If you have not done so already, please respond to the Call for Action on Senate Bill 84, relative to minimum lot sizes for residential housing. It takes just a few seconds and could make all the difference as we work to bring more housing opportunities to the state. Thank you to the hundreds of Realtors who have already taken action.
Find the Call for Action here.
Accessory dwelling bill takes first step forward
House Bill 577 seeks to allow property owners to construct either an attached or detached accessory dwelling unit (ADU) by right. Municipalities would be required to allow the ADU to be at least 950 square feet. The town could mandate that the property owner make either the primary structure or ADU their primary residence. NHAR testified in support of the bill.
The House Housing Committee voted unanimously to support the bill, and final House action will occur on March 6.
Discharging mortgages
House Bill 437 would bring much-needed relief for some buyers and sellers who, during a title examination, discover a mortgage was not discharged properly. Those situations have led to lengthy delays, unnecessary expenses and the failure of transactions to close.
The legislation states that after January 1, 2028, all undischarged mortgages in which the term is not stated will be deemed discharged without the necessity of any further action 35 years from the date of recording of the mortgage, unless an extension of the mortgage, or an acknowledgment or affidavit that the mortgage is not satisfied, is recorded. Similarly, if the mortgage term is stated, the discharge will be assumed five years after that date.
NHAR testified in support. The NH Bankers also supported the bill but asked for the 2028 effective date in order to allow banks the opportunity to review existing mortgages to see if an extension is needed.
The House Commerce Committee is expected to take action on the bill in early March.
Buyer access to financial information at ROCs
The intent of Senate Bill 166 is to ensure that any prospective owner in a resident-owned community (ROC) has access to relevant financial information about the ROC prior to purchase. NHAR worked with Senators to draft and introduce the bill.
The language in the bill mirrors existing language in the Condominium Act (RSA 356-B:58) relative to resale by purchaser. A ROC would be required to provide a potential owner with a statement of any capital expenditures and major maintenance costs, if any are anticipated, within the succeeding two years.
The buyer would also need to be provided with a statement on the status and number of reserves, a copy of the income and balance statements for the last fiscal year, any pending suits or judgments, a statement on insurance coverage, the declaration, bylaws and rules, the monthly and annual fees, as well as special assessments made within the past three years.
The Senate Commerce committee is expected to take action on the bill next month.
Manufactured housing allowed in all residential zones
House Bill 685 simply states that manufactured housing must be permitted in all residentially zoned areas within every municipality in the state. Municipalities would be granted a reasonable time to update their ordinances to comply with this requirement. NHAR testified in favor of the bill.
The House Housing Committee voted unanimously to support the bill, and the House of Representatives will vote on the bill on March 6.
Landlords prohibited from mandating electronic payment of rent
House Bill 309 prohibits landlords from requiring a tenant to pay by electronic funds transfers. The landlord would have to allow for at least one other non-electronic form of payment. Sponsors brought the bill forward after several elderly tenants approached them with concerns about turning over banking information to their landlords.
The bill has passed the House of Representatives, and it will be taken up by the Senate later this spring.
Reporting requirement with Financial Crime Network back in effect
The on-again, off-again requirement for businesses to file with the Financial Crime Enforcement Network's (FinCEN) Beneficial Ownership Information (BOI) reporting rule and requirements as mandated by the Corporate Transparency Act are back in effect. Last week, a Texas federal court in the Smith et al. v. U.S. Department of Treasury case lifted the injunction, halting FinCEN's actions related to the Beneficial Ownership Information Reporting Rule.
FinCEN has announced that it is extending the compliance deadline to March 21, 2025, for reporting companies and entities to file initial BOI reports or to update and correct a BOI report.
Please find FinCEN's Impact Statement here regarding the current litigation and update. Most real estate brokerages likely fall within the reporting definitions. Check with your CPA or attorney.
Quote of the Week
“So both Canterbury and Keene, which are like two completely different communities, decided to do this sort of cluster housing ordinance. And this is a great way to increase density while also creating smaller starter homes and protecting land for conservation.”
–Sarah Wrightsman, Community Engagement and Education manager at New Hampshire Housing, discussing the nearly $6 million allocated to NH town governments for planning and zoning as part of the Housing Opportunity Planning Grant Program. (NHPR, "How NH communities are using grant money to tackle housing," Feb. 21,2025.)
For more information, contact New Hampshire Realtors CEO Bob Quinn: bob@nhar.com.