CHARLOTTESVILLE, Va. (WVIR) - 5th District Congressman Denver Riggleman is making the housing industry a key focus in his 2020 reelection platform. On Thursday, he spoke to an audience of real estate professionals in Albemarle County about that and more.
Riggleman discussed flood insurance and his deregulatory efforts on the financial services committee on Capitol Hill. However, his efforts face a roadblock from democrats.
Riggleman called the real estate industry the baseline of the economy. He says the industry has a host of regulations to deal with and his job is to see how he can best deregulate.
He will push that work using his seat on the financial services committee, but he faces an uphill battle from the chair of that group - Democratic Congresswoman Maxine Waters. That’s why he’s getting input from the Charlottesville Area Association of Realtors (CAAR).
“Being here with the real estate people and what they do, I can get a better idea of what's going on, on the ground and I can argue better on why we need the type of reform that we need in the Financial Services Committee,” Riggleman said.
CAAR hosted the congressman to get his support on legislation they say Congress has repeatedly delayed. They want help with Fannie Mae and Freddie Mac, which regulate the industry, and a permanent or long-term solution on flood insurance that can affect property values.
“Your insurance premiums are prohibitive sometimes, can be as much as a mortgage payment, and it makes it difficult for people to live there, to own homes there. Or if you own one that's been in an area that's designated in the flood zone that makes it difficult to sell,” CAAR President Tom Woolfolk said.
Riggleman also discussed ways to deal with the national student loan debt issue. He discussed ideas currently being circulated like incentivizing people to attend trade schools or only giving loans to certain majors.