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July 21, 2016
Valach Details Multifamily Challenges at GOP Convention
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NMHC Secretary Ken Valach, Trammell Crow Residential (right)
NMHC is putting critical multifamily challenges on the national agenda at both the Republican and Democratic National Conventions. At the GOP convention this week in Cleveland, NMHC members and staff are directly participating in wide-ranging events and activities focused on helping ensure that the voice of our industry is heard.

Yesterday, NMHC Secretary Ken Valach, CEO of Trammell Crow Residential, joined Representatives Tom Reed (R-NY) and Jim Renacci (R-OH) on an expert panel at the Republican convention sponsored by The Hill on the overall real estate and multifamily industry. Valach detailed key barriers for our industry in providing affordable housing.
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Senate Swiftly Passes Vital Section 8 Reforms

Copyright: Creativa Images
Before Congress headed out for the seven-week summer recess last week, the Senate swiftly passed “The Housing Opportunity through Modernization Act,” which maximizes the impact of taxpayer dollars and eliminates inefficiencies in critical federal housing programs. NMHC and NAA members have worked tirelessly to push these reforms over the finish line. We also joined with a broad coalition of real estate and housing advocacy groups in urging lawmakers to pass the legislation without delay.

Specifically, this vital bill streamlines the Section 8 Voucher Program’s property inspection process by allowing immediate occupancy if the apartment home has been inspected within the past 24 months. The legislation also extends the contract term for project based vouchers from 15 to 20 years.
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NMHC Insider
HOUSING FINANCE REFORM
Bibby and DeWitt: Everyone Agrees Multifamily Works
On July 11, concluding remarks from NMHC’s President Doug Bibby and Chairman Bob Dewitt, vice chairman, president and CEO of GID, were published in the Urban Institute’s Housing Finance Reform Incubator project. Their final remarks, along with those of 9 other expert participants, were issued with the project’s initial 19 essays from a total of 26 expert authors. The goal of the project was to provide an outlet for the most current thinking on housing finance reform from a wide variety of perspectives. Ultimately, Bibby and Dewitt’s final remarks pointed to one key takeaway from the entire project: Everyone agrees multifamily works.
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BE HEARD
Take Our Short Member Survey on HUD's Fair Market Rents Proposal
NMHC and NAA are looking for your input by way of a short member survey on HUD’s recently released proposed rule that would alter the way Fair Market Rents (FMRs) are set. Ultimately, you could potentially be directly affected by any change to the FMR methodology. FMRs are currently used by Public Housing Authorities (PHAs) nationwide to determine payment standards for Section 8 Housing Choice Vouchers. However, under the proposed rule, FMRs would no longer be set at the metro area level, but instead by zip code.
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CYBERSECURITY
Register Now: NMHC Cybersecurity Risks and Best Practices Webinar
It’s not too late to register for the NMHC and NAA webinar today from 12-1 p.m. on our new white paper entitled, “Multifamily and Cybersecurity: The Threat Landscape and Best Practices.” 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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EMPLOYMENT
Congress Takes Action on Harmful Employment Rules
Congress this week took action on two harmful employment rules that NMHC and NAA have fought vigorously to overturn. The House Appropriations Committee passed funding legislation on July 14 that would prevent the Obama Administration from implementing the Labor Department’s controversial overtime final rule that, effective December 1, lifts the overtime pay threshold from $23,660 to $47,476. Second, the National Labor Relations Board (NLRB) could not use any funds to enforce or investigate its joint employer ruling – a ruling that could make multifamily firms liable for the actions of subcontractors, suppliers, vendors and temporary staff.
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FANNIE AND FREDDIE
What's Next on Housing Finance Reform?
Housing finance reform continues to draw interest – along with a lot of different opinions on what to do next. Although this year there is no expectation that any serious run at reform of Fannie Mae and Freddie Mac will take place, the noise around this topic is getting louder. From a flurry of letters to Federal Housing Agency (FHFA) Director Mel Watt from Members of Congress and key organizations to published papers and much more, there’s no question that the debate is raging on in Washington.
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LIHTC
Cantwell, Hatch and Wyden Introduce Affordable Housing Bill
Senator Maria Cantwell (D-WA) and Senate Finance Committee Chairman Orrin Hatch (R-UT) introduced the Affordable Housing Credit Improvement Act of 2016 on July 14. NMHC and NAA support the comprehensive bill that expands and strengthens the Low Income Housing Tax Credit (LIHTC) in order to help ensure affordable housing. Senate Finance Committee Ranking Member Ron Wyden (D-OR) also joined as an original co-sponsor.
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LENDING
OCC Spring Report Raises CRE Loan Growth Concerns
The Office of the Comptroller of the Currency (OCC) issued its Semiannual Risk Perspective on July 11 examining bank soundness in operating environment, performance, key risk issues and regulatory actions. Ultimately, in language similar to the caution expressed by the OCC, Federal Reserve and the FDIC late last year, Comptroller of the Currency Thomas Curry cited several areas of concern in the new report that includes commercial real estate (CRE) and multifamily. The report covers through the end of 2015 so it does not reflect conditions experienced during 2016.
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BENCHMARKING
EPA ENERGY STAR Launches Easy to Use Utility Data Benchmarking Tool
Whether you look to whole-building utility data and energy benchmarking to stay in compliance with local regulations, to identify opportunities to improve building performance, to take advantage of green financing or to get an Environmental Protection Agency (EPA) ENERGY STAR rating, it can be difficult for multifamily properties to take advantage of the benefits that come with improved data tracking. Until recently, it has been challenging for some owners and operators to even determine whether or not their utility provider was able to give them the whole-building energy consumption information they needed. Fortunately, help recently arrived in the form of a new ENERGY STAR interactive map.
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RENTAL ASSISTANCE DEMONSTRATION
HUD Tweaks Rental Assistance Program Guidance, Transition Process
After asking for feedback earlier this year on the key challenges related to the Rental Assistance Demonstration (RAD), HUD recently announced two important clarifications for program participants. RAD was established in 2011 as an affordable housing preservation strategy for public housing authorities (PHAs) because affordability cannot be met by government programs alone. The program allows PHAs to convert public housing properties at risk of obsolescence or underfunding into project-based vouchers or rental assistance contracts under the Section 8 program.
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HOME SHARING
Senate Wades into Home Sharing Debate
Three Senate Democrats called upon the Federal Trade Commission (FTC) on July 13 to study and report on the commercial use of short-term home sharing platforms like Airbnb and FlipKey. The move is the first significant step in Congress to examine the impact of the sharing economy on the housing market. The multifamily industry is increasingly dealing with the implications – both positive and negative – of peer-to-peer home sharing services like Airbnb, VRBO and HomeAway. While these services are growing in popularity with consumers, potential issues for our industry include tenant lease violations, on-site security concerns, and questions around liability and property insurance.
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EPA COMPETITION
ENERGY STAR National Building Competition Deadline Extended!
The Environmental Protection Agency (EPA) has extended the deadline for entering its ENERGY STAR National Building Competition called BOOTCAMP through the end of this month. Competition participants will receive training kits, posters, social media posts, energy-saving reminders, door signs and more to encourage residents to save water and energy.  Then, competitors track their performance each month using EPA’s Portfolio Manager Tool and report their energy savings at the end of the competition. The building with the greatest reduction in energy or water use per square foot wins.
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Upcoming Meetings
Don’t Miss the Exclusive 2016 NMHC Fall Meeting from Sept. 13-15 in DC!

Join us for the 2016 NMHC Fall Board of Directors and Advisory Committee Meeting from September 13-15 at The Fairmont Hotel in Washington, DC. In this unpredictable election year, the meeting will leverage NMHC’s role as the leading advocate for the apartment industry to give you an insider’s view of what’s going on in the nation’s capital and how it might affect our industry. Former Speaker of the House John Boehner will serve as the keynote speaker for the fall meeting’s opening general session. Additional highlights include Insider Briefings and Panel Discussions featuring top-ranking Congressional, Administration and industry leaders held at the renowned Newseum overlooking the U.S. Capitol. Invited guests include House Speaker Paul Ryan (R-WI), Senator Ron Wyden (D-OR), House Ways and Means Committee Chairman Kevin Brady (R-TX) and a host of others.

Register Today

NMHC PAC
Election 2016: Eight Senate Races to Watch This Fall
The election season is officially upon us with the Republican and Democratic conventions this month and Congressional members spending the rest of the summer and fall campaigning. Without question, there are a number of highly competitive races and Bloomberg Government is providing an exclusive look at the eight key Senate races that the nation will be watching closely.
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Hill Watch
The House and Senate are in recess until September.
Media Roundup
NMHC's Doug Bibby: More Public-Private Partnerships Needed to Help Address Affordability
Multifamily Executive
As 6-Year Anniversary Approaches, Report Finds 70 Percent of Dodd-Frank Rules Finalized
Morning Consult
Dodd-Frank Costs $112 Per Person, Study Finds
The Hill
Reform of Fannie Mae and Freddie Mac is Long Overdue
The Hill
Crusading for Affordable Housing at the Republican Convention
Housing Wire
Americans Want Presidential Candidates to Talk About Affordable Housing
Housing Wire
House Chairman: Energy Bill Unlikely Before Election
The Hill
Airbnb Adds Former Attorney General Eric Holder to Fight Discrimination
Housing Wire
The Scoop

Reagan’s Former Bel Air Mansion Sells for $15 Million

The Bel Air mansion that Ronald and Nancy Reagan called home beginning in 1989 when he left the presidency for private life sold recently for $15 million. Originally purchased for $2.5 by wealthy friends of the Reagan’s that included Alfred Bloomingdale and Walter Annenberg, the home was purchased in an off-market sale. Find out who bought the home below.

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