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January 9, 2015
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Multifamily Industry Applauds Terrorism Insurance Passage

Copyright: Orhan Cam

With the opening of the 114th Congress came much welcome relief to apartment owners and managers who rely on terrorism insurance coverage for their properties.

This week, the Senate and House overwhelmingly approved the Terrorism Risk Insurance Program Reauthorization Act of 2015, which extends the program for six years.

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What to Watch in the New Congress

Copyright: STILLFX

Washington was filled with receptions and parties this week, as the town toasted the swearing-in of the 114th Congress.  Lawmakers are getting down to business quickly, however, with a number of deadlines this year requiring action in order to avoid disaster.

Some of the issues requiring Congressional action directly impact the multifamily industry, others will serve as a broader way for the industry to measure the effectiveness of the new Congress.

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NMHC Insider
Obama Announces Plans to Reduce FHA Premiums, Lawmakers Call Decision "Misguided"

President Obama made an announcement on the nation's housing sector and expanding affordable housing options for all Americans on January 8.  In his speech, he outlined HUD’s plans to reduce the premiums that new Federal Housing Administration (FHA) borrowers pay by half a percent.  Some lawmakers on Capitol Hill, however, asked the Administration to reconsider the decision, calling it a “misguided plan.”

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HUD Proposes Key Changes to Section 8 and More

On January 5, HUD published a proposed rule which outlines a series of potential changes to the Section 8 Rental Assistance programs, the Low-Income Housing Tax Credit (LIHTC) and others. The rule would directly impact multifamily owners and operators by, in part, limiting the move-in dates for affordable units to specific days of the month to avoid unnecessary holds on units, as well as changes to the annual reexamination of family incomes for those on fixed incomes.  There would also be an expansion of property inspections that can apply across programs, including LIHTC.

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HUD Stresses That Marijuana Use in Assisted Properties is Illegal
HUD announced on December 29 that the manufacture, distribution or possession of marijuana, including “medical marijuana,” in assisted properties is a federal criminal offense. This announcement essentially restates that the federal Controlled Substance Act (CSA) prohibits all forms of marijuana use, even if it is permitted under state law, at a time when more states are beginning to decriminalize the drug.
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Register Today! NMHC's Annual Meeting in Palm Spring is Just Days Away

The NMHC Annual Meeting is the premier event of the year where our members come together to network with their colleagues. The meeting will be held from January 20-22 at the La Quinta Resort & Club in Palm Springs, CA.  Open to members only. Please note that online registration is open up until the start of the event on January 20, and registration fees increase by $200 starting Monday, January 12. 

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NMHC PAC is Right on the Money in 2014

Last year, NMHC PAC Chairman Peter Donovan, along with the PAC committee, set an aggressive goal. We are thrilled to announce that they were right on the money.

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Hill Watch
House Committee Hearing on "Moving America Forward: With a Focus on Economic Growth," Tues., Jan. 13 at 10 a.m.
House Committee Hearing on Pending Veterans' Affairs Legislation, Tues., Jan. 13 at 10:30 a.m.
Media Roundup
McConnell Meets Senate
The Speaker's Revenge: John Boehner Punishes Conservative Republicans
Daily Mail
Boehner Says Republicans are Having 'Family Conversation' After Move to Unseat Him
Washington Post
Longtime California Senator Barbara Boxer to Retire from Congress
House Adopts New Math Rules to Boost Tax Cuts
Business Groups Suing Labor Board Over Ambush Elections
The Hill
House GOP Mulls Options to Stymie Obama on Immigration
Roll Call
Congress is About to Go to War with Itself Over Net Neutrality. These are the Stakes.
Washington Post
The Scoop

The Hill: Top 10 Political Stories of 2014

We can't officially say goodbye to last year without highlighting the stories that had Washington, and the world, talking in 2014. The Hill seems to have gotten the list just right, but you be the judge.

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