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May 2, 2014
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Senate Delays Vote on Johnson-Crapo Housing Finance Reform

Copyright: Philip Gangler

Congress returned to Washington after the two-week spring recess with many on the Hill focused on the scheduled markup of the Johnson-Crapo housing finance reform legislation. However, the Senate Banking, Housing and Urban Affairs committee delayed the markup of the legislation shortly after it began on Tuesday, with a goal of shoring up additional votes and reconvening within the next couple of weeks.

“While I do not relish the idea of a short delay, I am pleased that a number of Senators believe with just a brief period of additional time to consider it, they will have the opportunity to productively join us in efforts to reform the current system,” said Ranking Member Senator Mike Crapo, R-Idaho, co-author of the bill.

NMHC/NAA testified last fall at legislative hearings that were designed to inform certain aspects of the bill and have been consistently involved in both the drafting of the legislation and related negotiations.  We have been pleased with the resulting multifamily provisions in the bill.  The current negotiations are largely focused on issues in the bill unrelated to multifamily, however, some attention is being paid to affordability, which we continue to monitor.

David Cardwell, NMHC vice president of capital markets, was recently quoted in an article on the legislation’s multifamily provisions. “The bill preserves the liquidity provided by the GSEs,” said Cardwell.  “Everyone is generally pleased with it and the response from members of Congress and members of the [multifamily] industry has been positive.”  For all the details on the multifamily provisions, please see this NMHC/NAA analysis of the Johnson-Crapo bill.  

It is important to note that NMHC/NAA joined forces in April with a coalition of our industry partners on an ad campaign highlighting our support for housing finance reform and bipartisan efforts that will, ultimately, help both America’s renters and homeowners.  The ad appeared in a host of key publications, including The Washington Post, Politico, The Hill and CQ Roll Call.

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