NAR responds to ‘myths’ in New York Times ‘dark money’ story 

A New York Times investigation into the National Association of Realtors' affiliated nonprofit, the American Property Owners Alliance (APOA), was the publication's latest critique of the trade association — eliciting strong reactions from some real estate leaders, including those at NAR.

In an email to Real Estate News, a spokesperson for NAR shared a detailed response to the numerous issues highlighted in The Times' story, remaining defiant against allegations of any wrongdoing while describing many of the claims in Debra Kamin's reporting as "myths."

On transparency surrounding APOA and its grant process:

NAR took issue with the idea that the trade association is not transparent about the APOA, an organization whose "existence and activities are largely below the radar of most N.A.R. members," The New York Times claimed. 

An NAR spokesperson told Real Estate News that it publicly announced the creation of the organization when it launched in 2020, adding that it "funds APOA through an annual grant, which is fully transparent to our members and the public." However, NAR also acknowledged that while it appoints board members to the APOA Board of Directors, this board "operates independently and without oversight from NAR."

Additionally, NAR said the formation of the APOA "was one of several recommendations" made by a working group in 2019 that was "tasked with assessing how to modernize NAR's approach to advocacy." The APOA was created to "focus on property owners exclusively," NAR added.

On partisan leanings:

When investigating the APOA, Kamin found that $10 million of the total $12.8 million in grants the organization made over the last four years were to conservative organizations and "Republican-aligned super PACs" — a claim NAR strongly refuted.

"APOA does not engage in political activity as defined by the IRS," NAR said, adding that the nonprofit "has an issues-based grantmaking process to organizations on both sides of the aisle." Numerous housing-focused organizations have received grants from APOA, NAR noted, including the National Fair Housing Alliance, Mobility Works, National Housing Conference, Up for Growth Action and National Community Reinvestment Coalition, among others.

"Cherry-picking data can tell one story, but a holistic review of APOA giving reveals that its giving is split and changes from year to year based on current priorities," the rep added. "For example, in 2023, more than 70% of APOA grant disbursements were made to left-leaning organizations. APOA also does much more by way of advocacy than grants alone."

On the issue of 'dark money' and member dues funding political activity: 

The Times alleged that NAR utilizes the APOA to channel funds into super PACs, which is commingled with other "dark money" and can influence elections and policy decisions at all levels of government. However, an NAR rep said the organization is required to report where these grant funds from APOA are going and refutes the "dark money" label.

"NAR and APOA disclose all required advocacy related expenditures in full compliance with all legal and regulatory requirements — which is how the NYT has access to this data in the first place," the rep wrote. "NAR political expenditures are available at FEC.gov and each organization's Form 990, filed with the IRS annually."

NAR has earmarked $6.6 million for APOA's advocacy efforts in 2025, the spokesperson said, and this grant "is a planned expense that is vetted through NAR's governance channels" that will be reported in its spending disclosures. "In no way does this grant represent a disproportionate amount of NAR's budget," they added.