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August 19, 2016
NMHC's Fall Meeting: Make Sure You're There
Sponsored by

The renowned Newseum in Washington/Copyright Richard Cavalleri
Apartment executives nationwide will soon come together with Washington’s top insiders to gain a better understanding of the policy and legislative issues that will shape the future of the multifamily industry. Will you be there? This year’s exclusive NMHC Fall Board of Directors and Advisory Committee Meeting will be held from September 13-15 at the refined Fairmont Hotel in DC’s historic Georgetown district.

The fall meeting is a can’t miss event that will include premier attendee-only events, insider briefings and panel discussions between top-ranking Members of Congress, Obama Administration officials, the nation’s leading journalists and industry executives held at the renowned Newseum on Pennsylvania Avenue, America’s main street.

To register now for the meeting, learn more about the entire line-up of noteworthy events and speakers, and review the comprehensive agenda, read more below.

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FHFA Adjusts Fannie, Freddie Multifamily Lending Caps

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Fannie Mae and Freddie Mac’s regulator the Federal Housing Finance Agency (FHFA) announced yesterday that it has made an additional increase to the 2016 multifamily lending caps for both enterprises from $35 billion to $36.5 billion.

Effective immediately, this adjustment is consistent with FHFA’s 2016 Scorecard for Fannie and Freddie, in which FHFA committed to review the estimates for the multifamily finance market’s size each quarter and increase the caps if warranted. Importantly, as described in the Scorecard, loans in certain affordable and underserved market segments will continue to be excluded from the caps.

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NMHC Insider
NMHC Launches New Non-Profit Research Foundation
A new foundation dedicated to apartment industry research has raised over $2.25 million in cash commitments from NMHC members to kick start the next generation of industry insight and analysis. Created by NMHC, this new Research Foundation will address critical voids in apartment data and raise the industry’s standard of performance.
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Industry Weighs-In (Again) on HUD Proposal to Change Fair Market Rents
On August 15, NMHC and NAA provided detailed feedback to HUD on a proposed rule that would change how Section 8 Housing Choice Voucher (HCV) Program Fair Market Rents (FMRs) are set in many areas nationwide. The proposal calls for certain areas to set FMRs by zip code – what HUD calls Small Area Fair Market Rents (SAFMRs) – instead of the current metropolitan area-wide standard with an adjustment for high-cost areas.
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Administration Cyber Policy Targets Federal-Private Sector Coordination
The Obama Administration recently issued a new policy directive to help better coordinate the Federal Government’s response to cyber incidents that involve attacks on the private sector. Of particular importance to the multifamily industry, the directive provides clear information on who, when and how to contact the government for assistance in the wake of a cyber incident. It also emphasizes related coordination with cyber-attack victims to avoid interference between their own response and that of the government’s. 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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Consumer Watchdog Proposal Would Impact Multifamily Debt Collection
The Consumer Financial Protection Bureau (CFPB) released a proposal on July 28 that drastically changes how collection agencies are able to collect debts. The proposal is a first look at the CFPB’s long-term plan for altering the Fair Debt Collection Practices Act, which prohibits debt collectors from using abusive, unfair or deceptive practices. Multifamily firms that hire collection agencies in the event of a lease violation or termination would be directly impacted by the plan. Specifically, if implemented, the proposal would require more information in terms of documentation, the identity of the individual, and verification of the debt, before a third party collection agency could attempt to contact an individual.
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President Signs NMHC and NAA Supported Section 8 Housing Reforms
On July 29, President Obama signed into law, “The Housing Opportunity through Modernization Act,” which will maximize the impact of taxpayer dollars and eliminate inefficiencies in critical federal housing programs. Specifically, it 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. NMHC/NAA and our members worked tirelessly to push these reforms over the finish line.
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Are You Ready for an Action Packed Fall?
With Election Day only two months away, NMHC PAC is keeping busy raising and disbursing critical funds to congressional members who support the issues important to the multifamily industry. We’ve also been working hard preparing for PAC related activities at the 2016 NMHC Fall Board of Directors and Advisory Committee Meeting in September.
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Hill Watch
The House and Senate are in recess until September.
Media Roundup
NMHC Launches New Research Platform for a Data-Deprived Multifamily Sector
BDC Network
Article by NMHC's Kevin Donnelly - Data Owners: Beware the Cyber Landscape
Multifamily Executive
Tim Kaine: Here's How Hillary Clinton Will Ensure Fair Housing for All
Housing Wire
Women of Influence: Several NMHC Members Have Been Selected for this Housing Wire Award
Housing Wire
It Might be Time for Republicans to Start Worrying about Their House Majority
Washington Post
Justice Department Upholds Music Licensing Agreements, Dealing Blow to PROs
Vending Times
How State and Local Governments are Constructing a Solution for Affordable Housing
Housing Wire
3 Ways to Help Fix the Appalling State of Affordable Housing
Housing Wire
Illegal in Massachusetts: Asking Your Salary in a Job Interview
New York Times
The Scoop

President Obama Surprises on Martha’s Vineyard

August is typically a sleepy time in Washington and this summer is no exception. Congress is in recess and President Obama and his family are vacationing on Martha’s Vineyard. For his break the president has chosen “The Martha” – as the island is called by locals and tourists – seven out of the eight years he’s been in office. But this time he’s doing things a bit differently and it’s catching everyone by surprise. Find out what it is below.

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