Monday, April 27, 2020

President's Message - April 16, 2020

Good Morning WSGVR Family and Guest, 

My name is Mindy Yeh, your 2020 President. Thank you for attending our virtual MLS Breakfast Meeting and for your continued support as a member of the West San Gabriel Valley REALTORS®. I would also like to thank our Affiliate Guest Panels today. 

I like to share with you the good news from our last Thursday’s guest speaker, Mr. Paul Cheng, endorse by our association for Candidate Arcadia City Council. The uncertified results as of Tuesday, April 14, Arcadia City General Municipal Election number of votes for Paul currently stands at 1,077 vs his opponent at 598 votes. 

As of April 10, 2020. LA County ‘Safe At Home’ Order Extended Through May 15, 2020. WSGVR Headquarter will not be open to members for walk in till May 15 to comply with the order or until further notice. Everyone is required to wear a face mask in public setting for Los Angeles and Riverside Counties. 


I'd like to update our members and guests for the following: 
  1. Property Tax guideline has not changed. 
  2. Income Tax filing has been extended from April 15, 2020 to July 15, 2020.
  3. On April 9, Thursday evening, The IRS issued guidance to grant deadline relief for both 1031 like-kind exchanges and opportunity zone investments that are already underway. Both of these programs are designed to promote economic growth in communities, and NAR made the case that investors in these programs should not be harmed due to the effects of COVID-19. 
  • 1031 Like-kind exchanges. If an investor has taken the first step of a like-kind exchange by selling the old property, and either the 45-day or the 180-day deadline falls between April 1 and July 15, the deadline has been extended to July 15. 
  • Opportunity Zones. If an investor who sold a capital asset planned to roll over the gain into an Opportunity Fund and the 180-day deadline to do so falls between April 1 and July 15, 2020, he or she can make the investment as late as July 15. 

NAR and C.A.R. have advocated heavily on these extensions since the outbreak of the COVID-19 pandemic. 

Tenant Eviction Restriction: 

As of March 22, 2020, the four cities within our association that have adopted COVID-19 eviction restrictions are as follows: 
  1. Alhambra 
  2. Rosemead 
  3. San Gabriel 
  4. Temple City

On March 30th, C.A.R. has launched the COVID-19 Relief Hotline, a one-stop resource offering one-to-one assistance with respect to applying for the various relief mechanisms that are in place at the state and federal levels. “You can contact C.A.R.’s COVID Relief Hotline by calling (213) 351-8450, again that is (213) 351-8450 Monday-Friday, 8:30 a.m. – 4:45 p.m. 

I hope you continue practicing the social distancing, Stay Home, Stay Save and Keep Faith! 

Thank you for your attendance and please join us next Thursday, April 23, at 9am. Our guest speaker will be Jeffrey Prang, Los Angeles County Tax Assessor.

Mindy Yeh
2020 WSGVR President

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