October 25, 2019
California Privacy Law Nears Implementation with Rules and Some Fixes Issued
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With the California Consumer Privacy Act (CCPA) nearing implementation on January 1, lawmakers scrambled to enact last-minute corrections and moved to provide some clarity around how the law will be enforced. The CCPA has far-reaching consequences for businesses that operate in California or interact with its residents. Many apartment owners and operators are among the businesses impacted by the new requirements, which allow for greater consumer control over how and when their personal information is used. NMHC and NAA have been monitoring developments around the CCPA given the wide-ranging impact it is expected to have on the Multifamily industry.
NMHC Insider
DISPARATE IMPACT REGULATIONS
Industry Voices Strong Support for HUD’s Proposed Disparate Impact Rule
NMHC and NAA filed comments with the U.S. Department of Housing and Urban Development (HUD) voicing strong support for the agency’s newly released Proposed Rule on Disparate Impact under the Fair Housing Act (FHA). We have long-raised concerns that HUD’s existing disparate impact doctrine created uncertainty for housing providers and undermined the use of necessary business practices.
GSES AND HOUSING FINANCE REFORM
House Financial Services Committee Holds Hearing and Discusses Proposed Capital Rules for the GSEs
The House Committee on Financial Services held a hearing on Tuesday, October 22 featuring U.S. Treasury Secretary Steve Mnuchin, Housing and Urban Development (HUD) Secretary Ben Carson and Federal Housing Finance Agency (FHFA) Director Mark Calabria. During the recent House hearing, the panel was questioned over a broad range of topics with a particular focus on the impact on housing affordability from the plans and actions taken by FHFA.
TELECOMMUNICATIONS
NMHC Leads Industry Effort to Maintain Quality Broadband in Apartment Communities
NMHC recently led a coalition of real estate trade groups, including NAA, in filing reply comments responding to a Federal Communications Commission (FCC) proposed rule that poses concerning questions about how multifamily firms and broadband service providers partner to provide quality broadband to residents. The reply comments respond to information submitted by other parties during the original filing period and are a follow up to the comments filed by the NMHC-led real estate coalition on August 30.
TERRORISM INSURANCE
House Moves Forward on Terrorism Risk Insurance (TRIA)
In recent weeks, the House Financial Services Committee (HFSC) has made substantial progress in working towards reauthorizing the Terrorism Risk Insurance Act. TRIA was created in the absence of readily available terrorism risk insurance in the wake of 9/11 and serves as a public/private insurance risk sharing mechanism to help insure against losses resulting from a catastrophic terrorist attack. TRIA is set to expire in December 2020 and reauthorizing it is a top priority for the apartment industry.
FINANCE AND CAPITAL MARKETS
House Passes Corporate Transparency Act that Would Burden the Multifamily Industry
On Tuesday October 22, the House of Representatives passed the Corporate Transparency Act of 2019 (the Act). While well-intentioned, the bill would require new, onerous reporting requirements by corporations and limited liability companies. Multifamily businesses utilize LLCs as a normal part of their businesses and this legislation, if passed by the Senate and signed into law, would place a significant compliance burden on our industry that would result in both financial and legal risks.
NMHC QUARTERLY SURVEY
Rising Rent Control Leading to Falling Development and Investment
An increasing number of jurisdictions recently have imposed rent control or are seriously considering doing so, leading many market participants to reconsider their investment decisions, according to the NMHC's Quarterly Survey of Apartment Market Conditions, conducted in October 2019.
Upcoming Meetings
NMHC PAC
Every day elected officials make decisions that affect the apartment industry and the jobs it supports. From housing finance reform to tax policy to fair housing and energy and environmental regulations, policy choices made in Washington have a direct impact on how you operate your company and how successful you can be.
NMHC PAC is the premier fund aggressively pursuing the election and re-election of elected officials – on both sides of the aisle – who work to improve, preserve and promote the multifamily industry.
Click here to read about this week’s congressional spotlight, Senator Shelley Moore Capito.
Media Roundup
HUD Releases Evaluation of Rental Assistance Demonstration
Department of Housing and Urban Development
Smart homes are the new real estate upsell
Fox Business
House Passes Beneficial Ownership Disclosure Bill
Bloomberg Law
The Scoop
Join Us for the 2019 NMHC Data Privacy Standards and Compliance Summit
Following the 2019 NMHC OPTECH Conference, join your industry peers to hear from experts and top-industry suppliers at the 2019 NMHC Data Privacy Standards and Compliance Summit on November 14 from 9:00 am to 12:00 pm in Dallas, Texas.
The summit will cover what the multifamily industry needs to do to comply with the still developing California privacy law before it goes in to effect in January 2020, as well as best practices to assure you’ll comply with other emerging state and possible federal data privacy and protection standards.
Attendees will have an opportunity to engage with apartment owners and managers, policy and legal experts, and suppliers on the front lines of industry compliance to discuss the emerging privacy regime.
Key topics to be discussed are:
- Supplier Readiness
- Federal and State Legislative Update
- Smart Home/Building Tech & Privacy
- Privacy’s Impact on Security Standards
- Marketing & Important Privacy Considerations
This summit is open to NMHC members only and is free to attend.
Tools
National Multifamily Housing Council | 1775 Eye St., N.W., Suite 1100. Washington, D.C. 20006
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