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July 29, 2016
Alan George with EQR Represents Multifamily at Democratic Convention
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NMHC's Alan George of Equity Residential (second from left)
On the heels of the Republican convention last week in Cleveland, NMHC Executive Committee member Alan George, Chief Investment Officer and EVP at Equity Residential, and NMHC staff were front and center representing the multifamily industry in Philadelphia at the Democratic convention.

In addition to dozens of briefings, events and personal discussions with key members of the Senate and House, George joined Representative Jim Himes (D-CT) and other senior executives to discuss how government can serve as a catalyst to help bring new energy efficiency technologies to market. He also focused on the complementary effort of creating financing options that help consumers and businesses accelerate the adoption of those products.

George detailed Equity Residential’s commitment to energy efficiency, while at the same time making the overall business case for sustainability. For example, in describing energy efficient lighting retrofits he pointed out that utility costs decreased, and maintenance costs were reduced, when long-lived LED fixtures were installed. George noted, however, that property owners lack access to whole building utility data, which he said state and local policy makers need to address.
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NMHC Insider
EMPLOYMENT
NMHC and NAA Provide Guidance to Industry on Overtime Rule
On July 28, NMHC and NAA released guidance for the multifamily industry on the Labor Department's overtime rule. Prepared by Jennifer Redmond and Brian Fond of Sheppard Mullin, the guidance describes the rule in detail and provides issues for owners, operators and developers of multifamily housing to consider as they seek to comply with the new rule. Effective December 1, the controversial overtime rule lifts the overtime pay threshold from $23,660 to $47,476. The rule is expected to impact 4.2 million executive, administrative and professional employees who are paid by the hour or earn less than the threshold.
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CAPITAL MARKETS
NMHC and NAA Weigh-In with FHFA on Multifamily Production Cap
Members of NMHC and NAA met with senior officials at the Federal Housing Finance Agency (FHFA), Fannie Mae and Freddie Mac’s regulator, on July 25 to provide an update on market conditions facing the multifamily industry. We presented an analysis covering construction activity, an overview of our quarterly market survey and the status of capital markets debt sources. FHFA is working to determine whether the current $35 billion multifamily production cap should be adjusted based on assessments of the second quarter of this year.
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AFFORDABLE HOUSING
Wyden Announces Plans to Introduce Workforce Housing Tax Credit
Senate Finance Committee Ranking Member Ron Wyden (D-OR) has announced plans to introduce a tax credit in September for the development of workforce housing. NMHC and NAA are providing feedback to Senator Wyden’s staff on a program he describes as being modeled after the existing Low-Income Housing Tax Credit (LIHTC), but targeting families who find themselves in-between earning too much to qualify for the LIHTC yet not making enough to reasonably afford housing. We expect to strongly support the proposal when it is released given the nation’s vast shortage of workforce housing.
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ENERGY
Congress Gives Energy Bill the Green Light
After years of deliberation, Congress is poised to move a wide-ranging energy bill for the first time since 2007 after the Senate voted to convene a conference committee on July 12.  The package includes longtime NMHC and NAA priorities for building energy efficiency and regulatory oversight. Between last winter and this spring, the House and Senate passed widely-differing energy measures. But negotiations were stalled while the Senate determined how to proceed.  Ultimately, Congress moved beyond the Senate deadlock by agreeing to remove controversial provisions that President Obama threatened to veto.
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CYBERSECURITY
Watch Today: The Multifamily and Cybersecurity Webinar is Available Now
NMHC and NAA held an in-depth webinar on July 21 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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Upcoming Meetings
Register Today! 2016 NMHC Fall Board and Advisory Committee Meeting from Sept. 13-15

Don't miss the exclusive 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 Now

NMHC PAC
Election 2016: Make a Difference in the Homestretch
With the Presidential nominees established, and the Republican and Democratic conventions wrapped up, Congress is entering the homestretch of the campaign season – and 2016 is proving to be an unpredictable year.
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Hill Watch
The House and Senate are in recess until September.
Media Roundup
Democrats: Expand Federal Role in Housing
Bankrate
GOP: Shrink Uncle Sam's Role in Housing
Bankrate
Republican Platform Softens Stance on Winding Down Fannie, Freddie
National Mortgage News
Why Democrats and Republicans Need to Talk About Affordable Housing
CityLab
Zoning Has Had a Good 100 Years. Enough Already.
Bloomberg
Don't Let Class A Product Obscure Need for Affordable Housing
Multi-Housing News
The Basic Reason Why There Just Isn't Enough Decent Housing for the Poor
Washington Post
San Francisco's New Housing: Nooks and Crannies
Wall Street Journal
Why Verizon Wants to Buy an Ailing Yahoo in $4.8B Deal
Washington Post
The Scoop
Could a Historic Mansion be the Obama Family’s New DC Digs?

The Washington Post is reporting this week that another “most expensive” home has hit the private housing market in DC. Some tongue-in-cheek speculation includes that the old, six-bedroom mansion could be the next house for President Obama and his family. That’s because they plan to stay on in the city after he leaves office – at least until youngest daughter Sasha graduates high school. Find out all the details about the home below.

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