September 27, 2019
What You Missed at the 2019 NMHC Fall Meeting
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NMHC members gathered in Washington, D.C. for the annual NMHC Fall Meeting and were treated to insider briefings and panel discussions with leading congressional, administration and thought leaders.
Both Housing and Urban Development Secretary Ben Carson and Federal Housing Finance Agency (FHFA) Director Mark Calabria attended, making NMHC members the first to hear details on FHFA’s move to change Fannie Mae and Freddie Mac loan purchase limits and shift more resources to affordable housing.
A wide array of current and former members of Congress participated in the meeting, joining NMHC members to talk about issues of importance to them and hear member perspectives on those topics. Most notably, NMHC was thrilled to welcome Senate Banking Committee Chair Mike Crapo (R-ID); Senators Tim Scott (R-SC), Rob Portman (R-OH), Catherine Cortez Masto (D-NV) and Shelley Moore Capito (R-WV); House Ways and Means Chairman Richard Neal (D-MA) and Financial Services Committee Chairwoman Maxine Waters (D-CA).
NMHC members also attended relevant and timely sessions on a wide range of topics—from market trends to housing affordability to insider political updates on the upcoming election and everything in between. Moreover, NMHC members were briefed on a variety of growing policy threats and changes, spanning growing rent control challenges, new data privacy rules and forthcoming clarifications on HUD’s disparate impact rules.
Members also heard some interesting media perspectives on today’s political environment and policy challenges from Fox News Channel Anchor Maria Bartiromo, Anna Palmer and Jake Sherman from POLITCO Playbook, Dr. Jenny Schuetz with the Brookings Institution and Matthew Yglesias from Vox.
NMHC Insider
GSES AND HOUSING FINANCE REFORM
A Closer Look at FHFA’s Guidance for Multifamily
FHFA Director Mark Calabria announced a change in the purchase caps for Fannie Mae and Freddie Mac’s multifamily businesses during NMHC’s Fall Meeting on September 13. The announcement provided some relief to markets that were roiled by a pullback in loan purchases by the GSEs during a time when interest rates fell and produced a sharp increase in loan demand. With the surge in demand for multifamily debt expected to continue into 2020, the multifamily market is evaluating how the purchase caps will influence debt availability.
DATA PRIVACY AND BREACH NOTIFICATION
NMHC Issues Data Privacy and Protection White Paper
NMHC recently released a new white paper that examines the state of play in the rapidly evolving data protection and privacy regulatory landscape. It identifies 14 specific steps firms should take to prepare for existing and forthcoming legislation. Following on the heels of Europe’s landmark data privacy and protection law (GDPR), California passed the U.S.’s most rigorous data privacy law to date, the California Consumer Protection Act (CCPA). CCPA gives consumers vastly more control over how their personal information is collected, used and how that data must be protected. It is set to take effect January 1, 2020, and other states are looking to enact similar consumer protections.
NATIONAL FLOOD INSURANCE PROGRAM
National Flood Insurance Program Extended Once Again
As part of a larger stopgap spending measure, Congress passed another short-term extension of the National Flood Insurance Program (NFIP). The program, which is of critical importance to Multifamily property owners in designated flood zones, was set to expire on September 30.
REGULATORY REFORM
NMHC and NAA Discuss Regulatory Issues at HUD’s Quarterly Real Estate Meeting
The real estate industry held its quarterly meeting this week with C. Lamar Seats, the Deputy Assistant Secretary for the Office of Multifamily Housing Programs, and other top multifamily HUD officials at the U.S. Department of Housing and Urban Development, (HUD). NMHC and NAA discussed a number of regulatory issues – including Davis-Bacon reform and HUD’s recent Notice regarding the shift to the National Standards for Physical Inspection of Real Estate (NSPIRE).
COMPENSATION AND BENEFITS
Department of Labor Issues Final Overtime Rule with Significant Win for Multifamily
The Department of Labor (DOL) issued a final overtime rule for executive, administrative and professional employees on September 24, raising the salary threshold for exempt employees to $684 per week ($35,568 annually) from $455 per week ($23,660 annually). This final rule will go into effect on January 1, 2020.
COMPENSATION AND BENEFITS
NMHC and NAA Weigh in on Joint Employer Legislation
The House Education and Labor Committee on September 25 voted 26-21 to approve legislation that would codify the joint employer standard that the National Labor Relations Board (NLRB) enacted in 2015. NMHC and NAA have long opposed the NLRB’s decision because it could hold firms liable for fines if their subcontractors, suppliers, vendors and temporary staff violated Federal labor laws. The multifamily industry is hopeful that the NRLB will quickly finalize proposed regulations to overturn the rule.
RESOURCES TO PROMOTE APARTMENTS
Apartment Industry & Its Residents Contribute $3.4 Trillion to the National Economy
A new Hoyt Advisory Study commissioned by the National Multifamily Housing Council (NMHC) and National Apartment Association (NAA) reveals that the apartment/multifamily industry and its residents annually contribute more than $3.4 trillion to the national economy. The new report, available at WeAreApartments.org, provides a detailed breakout of the economic impact nationally, by state, and in 50 metro areas.
FAIR HOUSING
NMHC and NAA to Weigh In on HUD Disparate Impact Rule
The U.S. Department of Housing and Urban Development (HUD) announced a Proposed Rule on Disparate Impact under the Fair Housing Act (FHA) on August 16. NMHC and NAA will soon file comments with HUD voicing strong support for the agency’s newly released proposed rule. We strongly encourage NMHC and NAA members to take action as well and submit additional comments. The deadline for filing comments with HUD is October 18, 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 Susan Collins.
Media Roundup
Would AOC's National Rent Control Solve the Housing Crisis, or Make It Even Worse?
CITYLAB
Treasury's GSE Reform Plan – A Case Study of Political Economy in Action
Joint Center for Housing Studies
Income inequality in America is the highest it’s been since census started tracking it, data shows
The Washington Post
The Scoop
Doug Bibby Inducted Into MFE's Hall of Fame
Multifamily Executive recently inducted NMHC President, Doug Bibby, into the MFE Hall of Fame. As part of the induction, MFE wrote an article chronicling Doug's years of service to the real estate industry.
Tools
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