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March 13, 2015
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We Contribute $1.3 Trillion to the U.S. Economy

NMHC and NAA launched the largest public relations campaign in our industry’s history this week. Did you know that the apartment industry contributes $1.3 trillion to the national economy each year? That’s 12.3 million jobs in construction, operations, leasing, management and skilled trades, as well as all the local businesses supported by apartments and the millions who live there. This new data comes from Dr. Stephen S. Fuller of George Mason University's Center for Regional Analysis.

We encourage you to visit WeAreApartments.org and view the good news first-hand. While you are there, you can explore how many jobs and what kind of economic impact apartments support in your Congressional district, state or in 40 metro areas.  

The site also includes a unique calculator that lets you determine the economic impact of a given number of new or existing apartments to any one of 40 metros or 50 states. Just use the Apartment Community Estimator (A.C.E.) and share the results.

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NMHC Insider
No More Affordable Housing Red Tape (Hopefully)
HUD published a proposed rule earlier this year that outlines a series of potential changes to the Section 8 Rental Assistance programs, the Low-Income Housing Tax Credit (LIHTC) and others. The rule included several proposals that raised concerns for the multifamily industry and our ability to provide affordable housing to residents.

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Congress Gives Energy Efficiency a Boost

After stalling last year, Congress is revisiting legislation that promotes energy efficiency in commercial and residential buildings. The Energy Savings and Building Efficiency Act was reintroduced by Representatives Marsha Blackburn (R-TN) and Kurt Schrader (D-OR) on March 4. The bill includes provisions long-sought by the multifamily industry to support energy-efficient building codes while ensuring their cost-effectiveness. 

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Senate Steps Up "Ambush" Election Rule Fight
The Senate voted March 4 to pass legislation that would overturn the National Labor Relations Board’s (NLRB) “ambush” election rule. The rule would shorten the period of time between a union filing a petition for election and the election itself. This shortened period would deny multifamily employers due process rights and the ability to communicate with their employees before an election.

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It's Time to Get Rid of Complex IRS Expense Regs
Tax time is here and the multifamily industry is dealing with complex and sweeping Internal Revenue Service (IRS) tangible property regulations.  Specifically, the regulations are focused on expenses from the repair and maintenance of buildings and whether they can be deducted immediately or must be capitalized over a period of years.  The operation of multifamily buildings involves numerous daily maintenance and repair expenses. So these regulations create related burdens for small and mid-sized multifamily owners and operators in particular.

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Accounting Standards: Make Sure Your Voice is Heard
On May 6, the Sustainability Accounting Standards Board (SASB) will launch an initiative to develop a set of voluntary accounting standards to report on sustainability efforts for public corporations in a range of real estate industries. The valuation process for multifamily assets will be directly addressed in a working group that is part of this initiative.

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The Updated Area Median Income Limits Are Out
HUD recently released the fiscal year 2015 Area Median Income Limits (AMIs). AMIs are used to calculate rents for several federal subsidy programs, including the Low-Income Housing Tax Credit (LIHTC) program.

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The Only Meeting Dedicated to Multifamily Research
Learn from the top researchers in their fields on how falling oil prices, the apartment supply pipeline, the single-family housing upheaval and new demographic changes will affect your business in 2015. Highlights include a discussion on diversity explosion by noted demographer William Frey, Senior Fellow, Metropolitan Policy Program, Brookings Institution.

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NMHC PAC Kicks-Off Personal Dollar Effort for 2015
As we look to expand the NMHC member personal dollar campaign, an exciting kick-off event is set for next Friday. Don’t miss out on this unique opportunity to support key industry leaders.

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Hill Watch
2015 NAA Capitol Conference, March 17-18, JW Marriott, Washington
House Subcommittee Hearing on the Agriculture Department Rural Development Budget, Wed., March 18 at 10 a.m.
Senate Committee Hearing on the "Reauthorization of the Native American Housing Assistance and Self-Determination Act of 2015," Wed., March 18 at 3:30 p.m.
Media Roundup
NMHC: Apartments Add $1 Trillion-Plus to Economy
Here are All 400 Pages of the FCC's Net Neutrality Rules
Washington Post
FCC Seen Opening Door to Regulate Web Prices in Neutrality Rule
What Can Americans Do to Improve Their Cities and Towns?
National Journal
FHFA-OIG: Fannie Mae "Haphazard" in Choosing Executive Risk Position
Housing Wire
#Fanniegate Goes Viral on Twitter
Housing Wire
Treasury Urged to Scrutinize Foreign Real Estate Buyers for Money-Laundering Risk
New York Times
"The Dean of Senate Women" is Leaving Washington
The Atlantic
The Scoop

Net Neutrality Finally Explained… by a 9-Year-Old

There's no question that net neutrality is a complicated topic that few people fully understand. But a 9-year-old’s explanation just might be the best one any of us has heard yet – and, even better, the explanation involves milkshakes.

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