If you have trouble reading this email, please go to the online version. For a PDA-friendly version, click here.
July 18, 2014
Sponsored by

Quick Links
Election Watch

Senate Votes to Extend TRIA, GOP Rift Delays House Vote

Copyright: Orhan Cam

Efforts on the Hill to extend the Terrorism Risk Insurance Act (TRIA) heated up Thursday with the Senate voting 94-3 to extend the program through 2021 (S. 2244). However, House Financial Services Committee Chairman Jeb Hensarling, R-Texas, delayed a scheduled vote on the bill he supports in the House (H.R. 4871) due to a standoff being led by Representative Pete King, R-N.Y.

The Hensarling-led House measure would narrow the scope of TRIA in two key areas, increasing the trigger and bifurcation of threats. King seeks to amend these provisions similar to the Senate treatment in S. 2244 – leaving the House without the votes necessary to pass the bill.  As a result, Hensarling said in a strongly worded statement that the process is now “going to take several more months before there is a resolution.”

TRIA is set to expire at the end of this year and without an extension, insurance carriers have said they are unwilling to provide coverage, which is problematic because most lenders require terrorism insurance.  If the program is allowed to expire, multifamily owners will most likely face significant cost increases and economic development will slow triggering severe economic instability.

The current House bill extends the program for five years and makes reforms to reduce the federal footprint and taxpayer exposure, including increasing the point at which the federal backstop is triggered from $100 to $500 million for conventional events such as 9-11. Trigger levels remain at $100 million for events caused by Nuclear, Biological, Chemical or Radiological weapons.

In contrast, the Senate passed bill would extend the program for seven years.  The bill has the support of the White House and maintains much of the program’s current form, including the level at which the federal backstop is triggered.  It does, however, make minor changes to the risk sharing elements of the program and increases the federal recoupment amounts.

NMHC/NAA continue to advocate for final passage to ensure economic disruption is avoided and coverage is available and affordable for apartment owners.

Read More
SHARE: Twitter Facebook LinkedIn Email
NMHC Insider
House Passes Spending Bill Targeting EPA Water and Lead Paint Rules

On July 15, the House Appropriations Committee passed a $30.2 billion bill to fund Interior and environmental initiatives that includes provisions blocking the NMHC/NAA-opposed Environmental Protection Agency (EPA) water and lead-based paint proposed rules (additional coverage of EPA's water rule is provided directly below).  

Read More
SHARE: Twitter Facebook LinkedIn Email
House Committee Unanimously Passes Bill That Would Halt EPA Water Rule

The House Transportation and Infrastructure Committee unanimously passed a bill (H.R. 5078) on July 16 that would prevent the Environmental Protection Agency (EPA) and the Army Corps of Engineers from moving forward with their proposed rule that expands the scope of waters subject to federal regulation under the Clean Water Act. As we reported in the above article, the rule would negatively impact multifamily by increasing permit length times and related costs. 

Read More
SHARE: Twitter Facebook LinkedIn Email
House Bill Seeks Practical, Cost-Effective Building Energy Codes

On July 8, bipartisan legislation (H.R. 5027) was introduced in the House that would lead to the development of practical and cost-effective building energy codes.  The bill offers an alternative to NMHC/NAA-opposed policy initiatives that called for the multifamily industry’s mandatory adoption of codes that meet unrealistic building energy-efficiency requirements.

Read More
SHARE: Twitter Facebook LinkedIn Email
Election Watch
Get Involved: NMHC PAC Luncheon on July 22
NMHC PAC will hold a luncheon on Tuesday, July 22, in Chicago and urges members to get involved in the event that is focused on the upcoming mid-term elections.
Read More
SHARE: Twitter Facebook LinkedIn Email
Hill Watch
Senate Hearing on "The U.S. Tax Code: Love It, Leave It or Reform It!", Tues., July 22
House Hearing on Assessing the Impact of the Dodd-Frank Act, Wed., July 23
Senate Hearing on Building a Flood Insurance Program We Can Live With, Wed., July 23
House Hearing on "Integrated Planning and Permitting Framework: An Opportunity for EPA to Provide Communities with Flexibility to Make Smart Investments in Water Quality," Thurs., July 24
House Hearing on Oversight of the SEC's Division of Corporation Finance, Thurs., July 24
Media Roundup
Turmoil Over Terrorism Insurance
Should Housing Policy Support Renters More?
New York Times
Extenders Are Part of the Long Game in Tax Overhaul
Roll Call
Major Legislation Continues to Stack Up as Lawmakers Focus More on the Midterms
National Journal
GOP Lawmaker: Immigration Reform Can Pass Under Obama
The Hill
Immigration Reform Isn't A Slam-Dunk Issue for Democrats Anymore
National Journal
Affordable Housing is About Access
The Hill
The Scoop

“Bond, James Bond’s” Son is Interning on the Hill This Summer
Actor Pierce Brosnan’s son is interning on Capitol Hill for Senator Ed Markey, D-Mass., this summer.  “Bond, James Bond’s” 17-year-old son Dylan Thomas Brosnan is faxing and answering phones like all the other interns for the next two months.  Dylan towers over his famous dad in pictures taken over the July 4th holiday while they visited national landmarks right before his internship began. Check out the photos.

Contact Us

1850 M Street, NW, Suite 540,
Washington, D.C. 20036-5803

202 974 2300 Office

Manage Subscriptions
Privacy Policy

©National Multifamily Housing Council. All Rights Reserved.