| CREAA OFFICERS | |
Amy Kong
President
Albert S. Tam
President-Elect
Allen Ching
External Vice President
Joan Hume
Internal Vice President
Olivia Chiu Recording Secretary Tina Wong
Correspondence Secretary
Juanita Leung
Treasurer
Louis Woo
Auditor |
| BOARD OF DIRECTORS |
Christina Chung
Chairperson of the Board
Allen Ching
Olivia Chiu
Carmen Chong
Garrett Choy
Loli Chung
Jean Dunn
Eva Hom
Polly Hu
Joan Hume
Amy Kong
Juanita Leung
Christopher Lim
Manuel Quijano
Eugene Pak
Albert Tam
Eric Tang
Daniel Y. Wong
Samson Wong
Tina Wong
Celeste Woo
Louis Woo
Nelson Zhang
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| HONORARY DIRECTORS |
Allen Okamoto
Hon. Mae C. Woo
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| E-NEWSLETTER BOARD |
Fanny Chu
Garrett Choy
Ted Fang
John M. Lee
Angela Pang
Jeffrey P. Woo, Esq.
Samson Wong
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| ABOUT CREAA | 
| The objectives of the
Chinese Real Estate
Association of America
is to: promote property
ownership, enhance
the rights of property owners, and to advocate policies which enhance the economic benefits of property ownership.
http://creaausa.org/ |
NEWSLETTER PARTNER
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| PRESIDENT'S QUARTERLY MESSAGE
By Amy Kong
CRB, CRS,GRI, CDPE
President, 2011
www.amykong.com
After almost six months, federal, state and local changes are on the way for our industry. CREAA has been closely monitoring these changes with some members working closely with allied realtor associations to voice our opinions. Your participation in any of these issues is greatly appreciated.
We are monitoring national and state proposals affecting homeownership and our practice:
- Modifications on mortgage interest deduction;
- Elimination of the two GSEs (Fannie Mae and Freddie Mac); and
- California legislature and governor implementation of a service tax.
We also face implementation of these laws:
- California carbon monoxide alarm installation deadlines (SB 183) by July 1, 2011 for single dwellings and multiple units by the beginning of 2013;
- South San Francisco fire prevention and smoke detector inspection at point of sale; and
- Millbrae sewer lateral inspection at points of sale.
For education, we had our HSBC-sponsored March event on "10 Ways to Get Sued in Real Estate." Despite a stormy day, a full house of hardcore professionals attended. Learning together is a benefit of joining CREAA.
Our upcoming June 23 event is the nearly sold out Bank of America Short Sale Summit (to enroll, go to: www.creaausa.org). With increasing short sales, all CREAA realtors are dedicated to equipping themselves to best serve the community. I am so proud of our realtor members have had the great experience in working with our sponsors HSBC and Bank of America.
In addition, Honorary Director Allen Okamoto led CREAA's leaders and members to open their hearts in raising more than $3,000 in just three weeks to help victims of Japan's devastating March earthquake. CREAA will always extend a helping hand to people in need.
There are certainly more CREAA events coming up and I would love to meet every single one of you. Please read this e-newsletter and you will certainly find opportunities to develop your network and your business with this very helpful information.
All my best to you. Thank You.
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DAMAGING LEGISLATION IN SACRAMENTO
As of June 1, 2011, the highest priority legislation to the Asian Real Estate Community has all been in Sacramento. And not surprisingly, much of the damaging legislation has been authored by former San Francisco Supervisors elevated to the State Assembly or the State Senate.The following is a round up:
SB 184 (Leno) In this bill, Senator Mark Leno, a former SF Supervisor, seeks to invalidate a California Court of Appeal decision that the Costa Hawkins Act pre-empted all cities inclusionary housing requirement for new construction. Costa Hawkins currently exempts any building constructed after February 1, 1995 from local rent controls. Senator Leno's bill attempts to get around Costa Hawkins and allow cities to apply rent controls over new construction.
CREAA believes this bill will negatively impact the Asian Real Estate Community by discouraging developers from build and damaging the construction industry.
AB 265 (Ammiano) In this bill, Assembly Member Tom Ammiano, also a former SF Supervisor, seeks to amend current law in the circumstance where a tenant fails to pay rent. Under current law, if a tenant fails to pay rent and his tenancy is terminated, he may petition the court for relief from forfeiture of the tenancy by demonstrating a hardship and agreeing to pay the back due rent and all attorney's fees incurred by the landlord. Granting this petition is at the court's discretion. Under Ammiano's bill, the court would be required to relieve the tenant of his forfeiture of the lease if the tenant pays the back due rent and pays attorney's fees not to exceed $350.
CREAA believes this bill will have substantial negative impacts on the Asian Real Estate Community. Many property owners are already in a difficult financial position and Ammiano's bill simply worsens it. A landlord may have to spend thousands of dollars to evict a non-paying tenant, only to be handed the back due rent and $350 for his trouble. The problem could resurface the next day. CREAA believes this bill fails to understand the reality that landlords face when tenants fail to honor their obligations.
AB 935 (Blumenfield) This bill seeks to impose a $20,000 fee on lenders who seek to foreclose on defaulted loans.
CREAA opposes this bill because immediately foreclosure costs would be automatically built into each loan, thereby increasing the cost of such loans. If the loans become less affordable, thousands of potential first-time home buyers may now not qualify for loans, including many in the Asian Real Estate Community.
AB 488 (Ammiano) In this bill, Assembly Member Tom Ammiano seeks to create "split roll" which will allow the State to reassess commercial and industrial properties without a sale. It would purport to leave residential buildings alone under Proposition 13.
CREAA opposes any effort to amend Prop 13. It is concerned that the definition of "commercial" will include larger residential rental properties and that, over time, Prop 13 will be amended to include more and more types of residential housing.
Mortgage Interest Deduction It should be noted that while no specific bill has been introduced, there has been a lot of Federal and State level discussion to eliminate or amend the Mortgage Interest Deduction. CREAA strongly opposes any such change that would remove the opportunity for more first time home buyers to qualify for a loan, particularly in the Asian Real Estate Community.
Jeffery Woo is an attorney specializing in legal issues related to residential and commercial real estate. He is a past president of the Chinese Real Estate Association of America and currently co-chairs the Policy Committee for the Asian Real Estate Association of America. He currently serves as a director and incoming President-Elect (2011) of the San Francisco Association of REALTORS® and as a director of the San Francisco Apartment Association. He has published over two dozen articles on the subject of Real Estate, Property Rights and Rent Control For the past four years, Mr. Woo has been recognized as a SuperLawyer for Northern California by his peers. He invites your comments via email at woo@mypropertyrights.com. His website can be found at www.mypropertyrights.com. |
KEEP YOUR HOME CALIFORNIA
The following are brief summaries of the programs available under Keep Your Home California. To see full program descriptions, click on the program name below.
Unemployment Mortgage Assistance Program (UMA) - Intended to assist homeowners who have experienced involuntary job loss. UMA will provide temporary financial assistance in the form of a mortgage payment subsidy of varying size and term to unemployed homeowners who wish to remain in their homes but are in imminent danger of foreclosure due to short-term financial problems. These funds can provide up to six months of benefits with a monthly benefit of up to $3,000 or 100% of the existing total monthly mortgage, whichever is less.
Mortgage Reinstatement Assistance Program (MRAP) - Intended to assist homeowners who have fallen behind on their mortgage payments due to a temporary change in a household circumstance. MRAP will provide limited financial assistance in the form of funds to reinstate mortgage loans that are in arrears in order to prevent potential foreclosures. These funds can provide benefits of up to $15,000 per household.
Principal Reduction Program (PRP) - Intended to assist homeowners at risk of default because of an economic hardship coupled with a severe decline in the home's value. PRP will provide capital to reduce outstanding principal balances of qualifying borrowers with negative equity. Principal balances will be reduced in an effort to prevent avoidable foreclosures and promote sustainable homeownership. The principal reduction program will most likely be a prelude to loan modification. (Servicers that contribute through matching funds increase the benefit for homeowners).
Transition Assistance Program (TAP) - Intended to promote community stabilization by providing homeowners with relocation assistance when it is determined that they can no longer afford their home. TAP will be used in conjunction with a servicer-approved short sale or deed-in-lieu of foreclosure program in order to help homeowners transition into stable and affordable housing. Homeowners will be responsible to occupy and maintain the property until the home is sold or returned to the servicer as negotiated. Funds will be available on a one-time only basis.
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CALENDAR OF EVENTS
June 23, Thursday (NEARLY SOLD OUT)
Short Sale Summit by CREAA
A.P. Giannini Auditorium
345 Montgomery Street
San Francisco, California
Learn from Bank of America's Elana Celestine, national negotiator trainer.
Free for members. Registration information is below [zoom to magnify documents] or RSVP to: Tina Wong 650-260-3498 or CREAAusa.rsvp@gmail.com
Sept. 29 Thursday-Oct.1 Saturday
2011 AREAA National Convention (Register Now)
Palace Hotel
San Francisco, California
www.areaa.org
Largest national event comes to San Francisco centering on professional development for real estate practitioners who have a passion for creating homeownership opportunities for Asian American consumers. Registration information is below [zoom to magnify documents] or call 760-918-9162 or email: Jennifer Minimo at jminimo@areaa.org
PLAY VIDEO:
 | | 2011 AREAA CONVENTION-COMMERCIAL V1.2 |
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CREAA IN THE COMMUNITY
CREAA Hands out HOPE Award in D.C.
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WASHINGTON, D.C._CREAA President Amy Kong presents a HOPE (Home Ownership Participation for Everyone) Award at the Omni Shoreham Hotel in Washington, D.C. on May 12. The Project Award, including a trophy and $10,000 honorarium went to Kerry Quagua, Executive Director of Home HeadQuarters, Inc.from Syracuse, NY for their work on revitalizing 103 residential properties and their neighborhoods. CREAA, a HOPE partner, helped recognize seven individuals and organizations increasing and sustaining minority homeownership.John D. Trasvina, Assistant Secretary for Fair Housing and Equal Opportunity at the U.S. Department of Housing and Urban Development gave remarks at the awards ceremony.For more information, go to www.hopeawards.org
(Photo courtesy of Sara Wiskerchen)
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15th Anniversary for Sing Tao Radio
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Celebrating the 15th Anniversary of Sing Tao Radio (KSQQ 96.1 FM and KTVO 1400 AM) are CREAA board member Fanny Chu, member Ellen Osmundson, Sing Tao Daily Newspaper CEO Timothy Lau and Ida Choy of Sing Tao Chinese Radio and former CREAA board member
Alice Lam. (Photo courtesy of Fanny Chu)
Norcal Chinese Media 18th Inauguration
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FOSTER CITY, California_Cindy Liu of Wells Fargo, CREAA board member Fanny Chu at the 18th Inauguration of the Northern California Chinese Media Association officers. Also at the NCCMA function were CREAA President Amy Kong, CREAA President-elect Albert Tam and Commissioner Mae Woo. (Photo courtesy of Fanny Chu)
Asian Pacific American Month Kickoff |
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SAN FRANCISCO, California_CREAA member Margaret Lee, AsianWeek Foundation Community Relations Manager Angela Pang, AsianWeek Foundation Executive Director and CREAA e-newsletter sponsor Ted Fang, CREAA board members Fanny Chu and Garrett Choy kick off Asian Pacific American Heritage Month on May 11 at the Asian Pacific Islander Cultural Center. (Photo courtesy of Garrett Choy)
Former CREAA President Meets State Senate President
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SAN FRANCISCO, California_CREAA past president John Yen Wong (seated on the right side) discusses real estate industry issues on April 15 with California State Senate President pro Tempore Darrell Steinberg sitting between BART Director James Fang and former State Senate President Don Perata. A circle of Bay Area leaders, hosted by BART Director Fang at Suntech S.F. headquarters, talked to Steinberg about issues facing business, labor, transportation, tourism and local governments. (Photo courtesy of Samson Wong)
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CREAA members can show their community spirit and service by emailing board members Samson Wong at potsticker@prodigy.net or Garrett Choy at gpchoy@pacbell.net. Please email photos (minimum 300 dpi) with a brief description of the date, event and people.
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MEMBER BENEFITS
*Members Must Present Membership Card to Receive Discounts
Restaurants:
Café Mario
354 El Camino Real, San Bruno, CA. 94066 / 650-737-9899
10% off Dine In and Catering
G Cube Café (Shabu Shabu & Lounge)
1626 Taraval St. SF CA. 94116 /415-682-4578
10% off
House of Coffee
1618 Noriega St. San Francisco, CA 94122 / 415-681-9363
$1 off any drinks, $5 Off on $25 or more purchase
Ichiban Sushi
352 El Camino Real, San Bruno, CA 94066 / 650-873-2268
10% Off Lunch (Min $25) & 10% Off Dinner (Min $35)
Jumbo Seafood Restaurant
1532 Noriega St. San Francisco, CA 94122 / 415-681-1800
Free Lobster Noodle with minimum purchase of $100.00
Little Fire Pot Restaurant
271 Lake Merced Blvd. Daly City, CA 94015 / 650-992-0888
10% off
Oriental Seafood Restaurant
520 Noriega St. San Francisco, CA 94122 / 415-661-8808
10% off
Yan Can Restaurant
3927 Rivermark Plaza, Santa Clara, CA 95054 / 408-748-3355
or
35 Crescent Drive, Pleasant Hill, CA. 94523 / 925-827-4133
10% off
Auto Services:
Pro Speed Auto Body
562 Bryant St. San Francisco, CA 94107 /415-495-8999
10% Off
Nissi Motors (Mechanics)
135 Clara St. San Francisco, CA 94107 / 415-597-9911
10% off on labor, free 1st time inspection
Others:
9 Sky Construction Services Inc.
715 El Camino Real # 201, San Bruno, CA, 94066 /415-602-2585
10% off
Real Estate Overview Magazine
1500 Industrial Way, Redwood City, CA 94063/ 650-261-6288
10% off
Gift Entertainment (DVD Movies)
724 Jackson St., San Francisco, CA 94133 / 415-773-1161
10% off
Dream Skin
1854 Magnolia Ave., Burlingame, CA 94010 / 650-697-7222
20% off on waxing, 10% off on facials
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