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September 23, 2016
Industry Applauds Introduction of Middle-Income Housing Tax Credit
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Copyright: Thomas Barrat
In a tremendous victory for NMHC and NAA, Senate Finance Committee Ranking Member Ron Wyden (D-OR) on September 22 introduced legislation to spur the production of multifamily rental homes for America’s working families through a Middle-Income Housing Tax Credit (MIHTC) that complements the Low-Income Housing Tax Credit. The apartment industry strongly supports the bill, and we immediately applauded its introduction in a statement, based on our concerns that there is a lack of affordable housing available to millions that comprises the nation’s workforce. For this reason, we worked closely with Senator Wyden to develop his proposal that would make building the needed units financially viable.
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NMHC/NAA Urge Clinton, Trump to Preserve 1031 Exchange

On September 16, NMHC and NAA joined the real estate industry in urging presidential candidate Donald Trump to preserve current-law like-kind exchange rules. There are concerns that policymakers may repeal the so-called 1031 rules to raise revenues to offset the cost of other tax or spending proposals. Like-kind exchange rules allow investors to defer capital gains taxes if, instead of selling their property, they exchange it for another comparable property. The rules play a critical role in supporting multifamily by enabling investors to shift resources to more productive properties, change geographic location, or diversify or consolidate holdings. Our letter follows similiar correspondence sent to Hillary Clinton earlier this month.
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NMHC Insider
NMHC FALL MEETING
More Than 25 Members of Congress Offer DC Insider's Look at Politics
Members from across the nation spent two-and-a-half days in Washington, DC, last week for NMHC’s Fall Board of Directors and Advisory Committee Meeting. This year’s event featured one of our strongest program line-ups ever with more than 25 Members of Congress participating and offering executives a beltway insider’s look at politics. Discussions included important business trends like e-commerce and home sharing, in addition to quality networking events like a night out at National’s stadium and a rooftop reception with stunning views of the Capitol and National Mall.
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CONTINUING RESOLUTION
Congress Inches Closer to a Federal Government Funding Agreement
With funding for federal operations set to expire on September 30, leaders in the House and Senate are scrambling to reach an agreement to prevent yet another government shutdown. Both parties are wary of being blamed for a shutdown so close to Election Day, making an agreement likely in the next week. Politics continues to cloud debates, however, with outgoing Senate Minority Leader Harry Reid and others pressing to keep lawmakers in contested races in Washington and away from their constituents for as long as possible in a year where Democrats are hoping to make gains in both chambers.
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AFFORDABILITY
Capitol Hill Buzzes as Committees Keep Busy on Housing
As work in Washington wound down for the election this week, congressional committees in both the House and Senate held hearings on affordable housing and a range of other related issues that impact multifamily. Ultimately, when it comes to the future of the apartment industry NMHC and NAA support effective housing solutions that will preserve programs that work, stem the loss of additional housing stock and promote the development of new units.
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FOREIGN INVESTMENT
House Bill Raises Concerns about Future of EB-5 Investor Visa Program
Representatives Robert Goodlatte (R-VA) and John Conyers (D-MI) introduced EB-5 legislation on September 12 that focuses on EB-5 Investor Visa Program reforms, including measures that would raise investment minimums, help prevent fraud and extend the program another five years. Importantly, the program is set to expire on September 30 if Congress cannot agree on reforms. The EB-5 program allows a foreign investor and his or her family to obtain a U.S. green card by making an investment in a capital project that results in the creation of jobs. The program continues to be an important source of investor capital for the multifamily industry.
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WEBINAR
NMHC/NAA Webinar: What YOU Need to Know About the Overtime Rule
Register today for a webinar on the NMHC and NAA Backgrounder entitled, “New Federal Overtime Rules and the Apartment Industry,” on Tuesday, October 25th at 2 p.m. EDT/11 a.m. PDT. The backgrounder provides details and issues for owners, operators and developers of multifamily housing to consider as they seek to comply with the overtime rule. Effective December 1, the controversial rule lifts the overtime pay threshold from $23,660 to $47, 476 and 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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OVERTIME
Lawsuit Filed by 21 States Challenges President Obama's Overtime Rule
Officials from 21 states and a coalition of business groups led by the U.S. Chamber of Commerce filed a pair of lawsuits on September 20 challenging the Obama Administration's final overtime rule. The dual lawsuits contend that the Labor Department exceeded its authority by finalizing such a large increase, as well as by including a provision that would automatically increase the threshold every three years to the 40th percentile of income in the nation's lowest-earning region.
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PROPERTY OPERATIONS
Judge Rejects "Full Licensing" for Music but Consent Decrees Still Stand
A federal judge ruled against the U.S. Department of Justice (DOJ) in favor of BMI, one of the largest performing rights organizations (PROs) that administers music licenses, finding that a 1941 antitrust consent decree “neither bars fractional licensing nor requires full-work licensing.” Judge Stanton’s ruling counters DOJ’s recent announcement that full-work licensing is required under the decree. Full-work licensing means that a PRO may only grant rights to a musical work with multiple rights owners when each owner agrees. The PROs argue that the decree allows licensing of the portion of a musical work they represent.
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HOME SHARING
Airbnb Releases Details of New Multifamily Partnership Program
Home sharing giant Airbnb announced the official launch of its multifamily-focused Friendly Buildings Program last week, which aims to further expand the company’s growing platform while providing apartment owners and managers with more transparency, control and perks for allowing users to book short-term stays at apartment properties. Many in the apartment industry have been watching growth in the short-term rental industry through platforms like Airbnb, VRBO, HomeAway, FlipKey and others with mixed feelings.
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FLOOD
Senate Committee Eyes Flood Map Reforms
In the wake of historic flooding in Louisiana, last week the Senate Banking Committee held a hearing to learn more about the Federal Emergency Management Agency’s (FEMA) Technical Mapping Advisory Council’s 2015 Annual Report. The hearing is the first step for the Committee as it examines the National Flood Insurance Program (NFIP) ahead of its needed reauthorization in 2017. Apartment owners rely on the program to not only protect their property investment, but help manage the increasing costs of providing housing. NMHC and NAA have long called for increased mapping accuracy to better determine flood risk, urging Congress to provide the necessary resources.
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ENERGY
Multifamily Resources: Take Advantage of Energy Efficiency Tax Incentives
NMHC and NAA issued an updated overview last month on the three main energy efficiency tax incentives of interest to apartment firms. The in-depth document offers key resources for firms that would like to take advantage of these incentives. Congress has provided the incentives beginning with the enactment of the National Energy Efficiency Policy Act of 2005. Although the original incentives were set to expire at the end of 2008, subsequent congressional action has extended and, I some cases, expanded their availability.
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CREW NETWORK
Participate in CREW Network's Survey on Gender Bias in Real Estate
To help address gender bias in commercial real estate, CREW Network is conducting a survey as part of its ninth annual white paper project, which is scheduled for release in December. The online survey is open for participation now and may be completed anonymously. Commercial Real Estate Women – better known as CREW Network – is dedicated to advancing the achievements of women in commercial real estate.
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Upcoming Meetings
NMHC Student Housing Conference and Exposition, September 28-30, 2016 in New Orleans, LA


NMHC Emerging Leaders Speaker Series, October 13, 2016 in Boston, MA

NMHC Emerging Leaders Speaker Series, November 8, 2016 in Atlanta, GA

NMHC OPTECH Conference and Exposition, November 14-16, 2016 in Dallas, TX

NMHC PAC
NMHC PAC Gets Down to Business
During the NMHC Fall Board of Directors Meeting, Sue Ansel, NMHC PAC Chairwoman held a productive, standing room only meeting where she outlined the PAC’s success this year. She also detailed the important work that still needs to be done with the elections only six weeks away.
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Hill Watch
Senate committee hearing on "Oversight of the Federal Trade Commission" on Tues., Sept. 27 at 10 a.m.
Senate subcommittee hearing on "Refugee Resettlement Program Oversight" on Wed., Sept. 28 at 10 a.m.
Media Roundup
Decoding the Federal Budget
Boston Globe
Republicans Want More Frequent Discussion of Ending Fannie, Freddie Limbo
MarketWatch
Program to Attract Private Investment into Public Housing is Succeeding, Study Says
Wall Street Journal
GOP Senators Launch Poverty Focus Group
Roll Call
The Rent is Too High in Big Cities. This Mayor has a Plan to Fix It.
Washington Post
Immigrants Aren't Taking Americans' Jobs, New Study Finds
New York Times
What if Urban Sprawl is the Only Realistic Way to Create Affordable Cities?
Wall Street Journal
Debate Prep? Hillary Clinton and Donald Trump Differ on That, Too
New York Times
The Scoop

First Clinton, Trump Debate Expected to “Shatter” Audience Records

As Hillary Clinton and Donald Trump prepare for their highly anticipated 90-minute debate next Monday at 9 p.m. EDT it seems the world is also preparing its popcorn and other favorite snacks for an event that is anticipated to shatter audience records. In fact, some experts are saying that this debate, hosted by NBC News anchor Lester Holt from Hofstra University in New York, may even get close to a Super Bowl-level audience. Find out all the details below!

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