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July 1, 2016
Tax Reform Blueprint: The Good, the Bad and the Ugly
Sponsored by

 
Copyright: Lisa S.
House Republicans released their tax reform blueprint last week, which has significant implications for owners, operators and developers of multifamily housing. NMHC and NAA are currently evaluating the blueprint and see some undeniable positives in the form of lower rates on business income and capital gains, some trade-offs on cost recovery and the unacceptable elimination of the Low-Income Housing Tax Credit (LIHTC).

Although the blueprint has little chance of enactment this year, it is likely to form the basis for legislation House Republicans hope to move in 2017. Of course, the next president, and the party controlling the Senate following this November’s elections, will also have a critical role to play in shaping any tax reform legislation that may ultimately be enacted.
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NMHC Insider
AFFORDABLE HOUSING
Industry Urges Swift Approval of Federal Housing Reform Bill
With only a few weeks left before Congress adjourns for the political conventions, NMHC and NAA joined industry colleagues to push federal housing reform legislation over the finish line. Last week, Senators Bob Menendez (D-NJ), Tim Scott (R-SC), Roy Blunt (R-MO) and Chris Coons (D-DE) introduced S. 3083, “The Housing Opportunity Through Modernization Act,” which is a companion measure to H.R. 3700 that unanimously passed the House in February by a vote of 427–0. This legislation will streamline federal housing programs by maximizing the impact of taxpayer dollars and eliminating inefficiencies.
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CYBERSECURITY
Join Us: NMHC Cybersecurity Risks and Best Practices Webinar on July 21
NMHC will hold a webinar on our new white paper entitled, “Multifamily and Cybersecurity: The Threat Landscape and Best Practices,” on July 21 from 12-1 p.m. Cyber risk to the multifamily industry is often overlooked and underestimated. However, apartment firms and their third party service providers regularly collect, use and maintain sensitive financial and personal data about residents, prospective residents and employees that leave them vulnerable to cyber incidents.
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SECTION 8
NMHC and NAA Look for Member Input on HUD's Fair Market Rent Plan
HUD recently released a proposed rule that would alter the way Fair Market Rents (FMRs) are set. FMRs are used by Public Housing Authorities (PHAs) to determine payment standards for Housing Choice Vouchers. Under the proposed rule, FMRs would no longer be set at the metro area level, but instead by zip code, which would result in some FMRs increasing and some decreasing. The goal is to further deconcentrate poverty by providing larger voucher amounts in higher-rent zip codes. These finer-detailed geographic definitions – known as Small Area FMRs (SAFMRs) – have been implemented in six metro areas so far.
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FAIR HOUSING
Watch and Listen: NMHC and NAA Criminal Screening Policies Webinar
On June 23, more than 200 participants tuned-in for the NMHC and NAA webinar on our new white paper entitled, “Criminal Conviction Screening Policies: Best Practices to Avoid Disparate Impact Liability." The in-depth white paper provides a better understanding and historical and legal context as to HUD's recent fair housing guidance on criminal background screening policies, which have become a topic of serious concern in the housing community. It also outlines recommended best practices.
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Hill Watch
House Committee Hearing Entitled, "Alternate Approaches to Federal Budgeting," on Wed., July 6 at 10 a.m.
House Committee Hearing Entitled, "A Review of EPA's Regulatory Activity During the Obama Administration: Energy and Industrial Sectors," on Wed., July 6 at 10 a.m.
House Committee Hearing Entitled, "Foreign Cyber Threats: Small Business, Big Target," on Wed., July 6 at 2 p.m.
House Committee Hearing Entitled, "An Introduction to Regulatory Budgeting," on Thurs., July 7 at 9:30 a.m.
Media Roundup
After Much Tax Reform Talk, House GOP Finally Agrees on a Plan
Politico
Real Estate Industry Emerging as Foe of GOP Tax Plan
Washington Examiner
Analyst: House GOP Tax Plan Would Cost $4 Trillion
The Hill
Developer Seeks EB-5 Funding for Luxury New York Tower
Wall Street Journal
Fannie-Freddie Would Be Lender-Owned Insurers in DeMarco's Plan
Bloomberg
Former FHFA Head Wants to Turn Fannie, Freddie Into Insurance Companies
The Real Deal
Senate Appropriations Speeds Through Spending Bills
The Hill
High Court Upholds Process for Challenging Patents
Associated Press
Polls Show Tight Clinton-Trump Race in 2016 Battlegrounds
The Hill
The Scoop

Quiz Time: What DC Power Player are You Most Like?

A new Roll Call quiz can reveal which top lawmaker on Capitol Hill you are most like through answering just a few short questions. From Senate Majority Leader Mitch McConnell and Senator Harry Reid to House Speaker Paul Ryan and Representative Nancy Pelosi – find out who you have the most in common with below.

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