 Sep 23, 2021 NMHC Chairwoman Sue Ansel Testifies Before Congress Regarding Housing Finance Reform SPONSORED BY   NMHC Chairwoman Sue Ansel testified before the Senate Committee on Banking, Housing and Urban Affairs during a hearing entitled Chairman’s Housing Reform Outline: Part 1 on March 26. Testifying on behalf of NMHC and NAA, Ansel provided the Committee insight into how potential housing finance reform could impact the multifamily industry and stressed the importance of recognizing the unique characteristics of the industry.
NMHC Insider  HOUSING FINANCE REFORM White House Releases Housing Finance Reform Memorandum One Day After Sue Ansel Testifies at GSE Hearing on Capitol Hill President Trump signed a Presidential Memorandum on March 27 directing the development of a set of plans including administrative and legislative steps needed to bring about housing finance reform that would impact all aspects of the federal government’s role in housing.  RENT CONTROL Rent Control Fails in Illinois Legislation that would repeal the Illinois rent control preemption failed in the Illinois General Assembly on March 27 to pass the Commercial Law Subcommittee of the Judiciary-Civil committee. While this news is encouraging, the possibility of a repeal of the preemption remains a possibility over the coming months.  BUILDING CODES AND STANDARDS ICC Begins Last Phase of 2021 National Model Code Development The International Code Council (ICC) has started the last phase of code development for the 2021 national model codes. The ICC produces the most widely-used family of codes and standards, which provide minimum requirements for all aspects of multifamily design and construction and often serve as the basis for state and local building codes.  INSURANCE AND RISK MANAGEMENT FEMA Unveils New Risk Rating System FEMA has announced plans to overhaul how flood insurance rates are set under the NFIP by using new technology and better mapping to move rates to true actuarial value. The revamp, which will begin to go into effect next year for single family, detached structures, could lead to higher flood insurance rates for some property owners and lower costs for others. The rating structure for 2-4 unit rental properties and larger multifamily and commercial properties is not impacted.  FIRPTA NMHC and NAA Urge House to Repeal FIRPTA NMHC and NAA joined real estate partners to send a letter urging members of the House to support legislation repealing the Foreign Investment in Real Property Tax Act (FIRPTA). Representatives John Larson (D-CT) and Kenny Marchant (R-TX) are expected to introduce the legislation next month.  CARRIED INTEREST NMHC and NAA Urge Congress to Reject Carried Interest Tax Increases The apartment industry and a coalition of other real estate groups urged Congress to reject further increasing taxes on carried interest through a letter sent on March 26. The House Ways and Means Committee is considering holding a markup of tax legislation as soon as April 2, and a revenue offset that would tax all carried interest as ordinary income as opposed to a capital gain was under discussion as a potential pay for. At the moment, NMHC and NAA do not believe carried interest will be a part of a markup, but this proposal could re-emerge in the future.  SHORT-TERM RENTALS Court Rules in Favor of Short-Term Rental Regulation Recently, the Ninth Circuit Court of Appeals ruled in favor of the City of Santa Monica in a much-watched case brought by HomeAway and Airbnb that aimed to challenge the legality of regulations that were put in place to curtail most short-term rental (STR) activity in the city. The city’s rules require that the resident of a home or apartment be physically present for it to be allowed to be listed for use as a short-term rental and enacts serious financial penalties for STR companies who knowingly violate this policy.  HUD MULTIFAMILY NMHC and NAA Meet with HUD to Discuss REAC and Davis-Bacon The real estate industry held a meeting with C. Lamar Seats, the Deputy Assistant Secretary for the Office of Multifamily Housing Programs, at the U.S. Department of Housing and Urban Development (HUD) on March 26.  COMPENSATION AND BENEFITS Apartment Industry Comments on DOL’s Proposed Overtime Rule The multifamily industry sent a comment letter to the Department of Labor (DOL) on March 27 stating that it does not oppose the agency’s proposed overtime rule. DOL proposed a rule that would raise the salary threshold triggering overtime for executive, administrative and professional employees to $679 per week ($35,308 annually) from $455 per week ($23,660 annually). This proposed rule will go into effect after it is finalized following a comment period. 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 highlights a Member of Congress within each edition of the Multifamily Markup so members can get to know the policymakers that impact our industry.  Click here to read about this week’s Congressional Spotlight, Senator Ron Wyden (D-OR). Media Roundup Fannie Mae officially names Hugh Frater its new CEO HousingWire
CFPB, FTC need more teeth in dealing with credit bureaus, GAO says American Banker
HUD charges Facebook with housing discrimination Washington Post
Lower Interest Rates Should Drive More Acquisitions in the Multifamily Sector National Real Estate Investor The Scoop Sign Up for NMHC Cyber Alerts NMHC's cybersecurity notification system informs members of real-time cyber threats and is available to all NMHC member-firm employees. The apartment industry is responsible for safeguarding vast amounts of highly sensitive, personal data about applicants, residents and employees. The cyber-threat landscape is constantly expanding and as sophisticated as ever.
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