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March 29, 2018
Omnibus Spending Bill Contains Several Multifamily Victories
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The bipartisan omnibus spending bill recently passed by Congress includes several victories for the apartment industry, including an expansion and improvement of the Low-Income Housing Tax Credit, increased HUD funding, a short-term extension of the federal flood insurance program and important tax policy changes for REITs.

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NMHC Insider
press  release
Apartment Industry Statement on the Passage of the Omnibus Spending Bill 
Statement from the National Multifamily Housing Council (NMHC) and National Apartment Association (NAA) on passage of the Omnibus Spending Bill.
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GSEs and housing finance reform
NMHC/NAA Give Industry View on Credit Scoring
NMHC/NAA submitted a letter this week in response to a 2017 invitation from FHFA that asked stakeholders to comment on the use of alternative credit scoring models for mortgage underwriting; an issue being reviewed in Congress as well. The letter highlights the apartment industry’s view on the importance of accurate credit scoring and evaluation of not just borrowers, but perspective renters as well.
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INTERNATIONAL BUILDING CODES
Apartment Industry to Weigh in on Building Code Development 
As the International Code Council (ICC) has recently begun consideration of the 2021 I-Codes, NMHC/NAA are working to highlight the specific proposals important to the multifamily industry. 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. This year, ICC will be considering numerous proposed changes of particular interest to the apartment industry relating to fire safety, construction site management and accessibility.

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GSES AND HOUSING FINANCE REFORM
FHFA Releases Progress Report on Fannie Mae and Freddie Mac
FHFA released a progress report on March 29, 2017 summarizing the major activities of Fannie Mae and Freddie Mac in 2017 that contributed to furthering FHFA’s three strategic goals: Maintain, Reduce, and Build.   

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Media Roundup
Democrats Call for Increased Funding for Federal Housing Programs
Housing Wire
The Spending Bill's Biggest Winners: Housing and Transit
CityLab
HUD, Affordable Housing Programs Get a Boost in Latest Congressional Spending Bill
Curbed
Affordable Housing Provisions in Omnibus Bill an Important Down Payment, Not a Complete Fix
Novoco
Advocates Praise U.S. Federal Flood Insurance Funding
Reuters
Flood Risk Funding Boost Welcome, but NFIP Overhaul Still Needed
Business Insurance
L.A. Votes to Fight State Lawmaker's Push for High-Density Housing
The LA Times
Tariffs Already Putting Pressure on Commercial Construction Pricing
NREI
FHFA Announces Start Date for New Common Mortgage Security
National Mortgage News
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