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September 5, 2014
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Election Watch

NMHC Fall Meeting to Bring Together Nation's Key Leaders with Senior Multifamily Executives

Copyright: Brandon Bourdages

Don’t miss the upcoming 2014 NMHC Fall Board of Directors and Advisory Committee Meeting from September 16 – 18 at the Fairmont Hotel in Washington, DC.  The meeting will bring together key Administration and Capitol Hill leadership from both sides of the political aisle with senior apartment executives from the industry’s top firms.

Specifically, speakers will include new HUD Secretary Julian Castro, Senators Mark Begich, D-Alaska, Mike Crapo, R-Idaho, Rob Portman, R-Ohio, and Representatives Kevin McCarthy, R-Calif., and Aaron Schock, R-Ill, who will provide their unique perspectives on the primary policy and legislative issues directly impacting the multifamily industry.

Senator Kirsten Gillibrand, D-N.Y., a leading voice in Congress on diversity and equality, will also preview her new book entitled, “Off the Sidelines: Raise Your Voice, Change the World.”

The special guest speakers will include Walter Isaacson, the best-selling author of the widely-acclaimed “Steve Jobs” biography, and Mike Murphy, political strategist and analyst for NBC News and contributing TIME editor.

Register today for the NMHC Fall Meeting!

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FHFA Releases Proposed Affordable Housing Rules for Fannie, Freddie

Copyright: Imagenet

The Federal Housing Finance Agency (FHFA) released the proposed 2015 to 2017 housing goals for the Government-Sponsored Enterprises (GSEs), Fannie Mae and Freddie Mac. The goals establish benchmarks for the single-family and multifamily mortgage originations purchased by the GSEs, including targets for low-income and very low-income defined as less than 80 percent of area median income (AMI) and less than 50 percent of AMI, respectively.   Ultimately, the goals for the number of multifamily units purchased by Fannie Mae will remain the same, but Freddie Mac’s will be increased. 

FHFA also proposed a new sub-goal for small multifamily apartments, defined as five to 50 units, which are affordable to low-income families.  The objective of this new proposed sub-goal is to help ensure that the GSEs provide greater access to related financing for a market segment that typically serves the affordable housing community.   The specific proposed goals and sub-goals can be found by clicking here.

In addition, the FHFA proposal would revise a number of other provisions in order to provide greater transparency on the mortgages eligible for goal or sub-goal categories. Several of these proposed changes could have an impact on the GSEs' multifamily businesses in relationship to goal achievement.
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NMHC Insider
Deadline Reminder: U.S. Chamber of Commerce TRIA Sign-On Letter

As we reported last month, Congress left for the August recess without reauthorizing the Terrorism Risk Insurance Act (TRIA) due to a division among House Republicans over their chamber’s bill (H.R. 4871) that is stalling further action. NMHC/NAA have joined with the U.S. Chamber of Commerce in a letter to the House urging swift action on passage of TRIA. The deadline for signatures is September 4.

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EPA Requests Industry Feedback on Lead-Based Paint Compliance

Owners and managers of residential properties built before 1978 are required by the Environmental Protection Agency (EPA) to provide information on the lead-based paint status of a property and EPA-approved information brochures at the time a lease is signed.  Records are required to be maintained for three years and must include both the signed lease and one-page tenant initialed addendum in order to avoid costly fines.

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FHFA 2014 Strategic Plan Would Not Shrink GSEs' Multifamily Businesses

On August 15, the Federal Housing Finance Agency (FHFA) released the 2014 Strategic Plan for the conservatorships of the Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac. Released annually by the GSEs’ regulator, the document is used to communicate the conservator’s policy and goals in the coming year.

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House Committee Releases EPA Maps Showing Scope of Water Rule
The long simmering conflict between lawmakers and the Environmental Protection Agency (EPA) over the agency’s proposed rule to expand the scope of waters subject to federal regulation under the Clean Water Act hit the boiling point on August 28.  Under the rule, permitting requirements and associated costs for multifamily owners and developers would significantly increase without necessarily resulting in improved water quality. 
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HUD Releases Proposed Fair Market Rents for FY 2015
In August, HUD released their proposed FY 2015 Fair Market Rents (FMRs) for public comments.  FMRs are set annually by the department and vary based on numerous factors, including local housing supply and demand, economic conditions and the size of the apartment unit.  For the most part, they are set at the metro or county level.  The change from 2014 varies by each jurisdiction – in some cases there was a decrease, while for others there was an increase. 
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Election Watch
Alaska's Senate Race Heats Up

An exciting and close Senate race that the entire nation is keeping a watchful eye on is taking place in Alaska...


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Hill Watch
House Committee Meeting on "Waters of the U.S. Regulatory Overreach Protection Act of 2014," Mon., Sept. 8, 5 p.m.
Full Senate Committee Hearing on "Wall Street Reform: Assessing and Enhancing the Financial Regulatory System," Tues., Sept. 9, 10 a.m.
House Subcommittee Hearing on "State Perspectives: Questions Concerning EPA's Proposed Clean Power Plan," Tues., Sept. 9, 10 a.m.
House Subcommittee Hearing entitled "An Overview of the Credit Reporting System," Wed., Sept. 10, 2 p.m.
House Committee Hearing on "Small Business Administration: Management and Outlook," Wed., Sept. 10, 1 p.m.
Media Roundup
Congress Returns to Doing Nothing
National Journal
Boehner: Expect Brief But Busy September
The Hill
Details Emerge on House GOP's September Agenda
Roll Call
WOTUS Rule to Stop EPA Gets House Floor Debate
Farm Futures
Obama Gives the GOP an Opening on Immigration Reform
Washington Post
How Much of a Terrorist Attack Should Insurance Companies Cover?
Washington Post
How Eric Cantor Got a Job on Wall Street
National Journal
It Looks More and More Like Senate Control is a Toss-Up
Washington Post
Is Romney Really a Loser for Life?
Washington Post
The Scoop

What Political Parties Do America's Richest Donate To?
Forbes magazine recently highlighted the richest Americans in each state and the political parties they choose for donations.  The list includes Bill Gates of Washington state, Warren Buffet of Nebraska, numerous Walton family members of Arkansas from the Walmart fortune, and Charles and David Koch of Kansas and New York, respectively, co-owners of the Koch Industries conglomerate. 

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