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April 7, 2017
NMHC and Bozzuto Group Talk Tax Reform on the Hill
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The Bozzuto Group’s Tom Bozzuto, Chairman, and Daniel Murphy, CFO, accompanied by NMHC staff, met with Congressional leaders last week to discuss tax reform. During a series of meetings with Senators Chris Van Hollen (D-MD) and Ben Cardin (D-MD) and House Minority Whip Steny Hoyer (D-MD), the group discussed the importance of tax reform to the multifamily industry and how the Tax Reform Act of 1986, the last major overhaul of the system, so severely affected the multifamily business. 

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NMHC Named 2017 ENERGY STAR Partner of the Year

NMHC has been named a 2017 ENERGY STAR Partner of the Year – Energy Efficiency Program Delivery Award for sponsoring programs that support our members’ efforts to build and operate energy efficient multifamily properties. This is the first time that a trade association exclusively representing the multifamily sector has received the award. NMHC’s accomplishments will be recognized by the U.S. Environmental Protection Agency and the U.S. Department of Energy at an award ceremony in Washington, D.C. on April 26, 2017.

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NMHC Insider
The Latest from Washington
As Congress departs for Easter break they leave behind a Washington that has once again been witness to weeks of unparalleled turmoil. After years of calling for the reform of Obamacare, Congressional Republicans failed to come to agreement on a package that could pass the House due to a variety of disagreements with both the House Freedom Caucus and more moderate GOP members. Despite frantic efforts by the White House to save the legislation, internal differences and stiff opposition by Democrats forced House leadership to pull the bill from the floor. 
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Administration Requests Funding Cuts
President Trump has requested a reduction in federal expenditures, asking Congress to cut $18 billion from discretionary spending, for Fiscal Year 2017. The proposal calls for a $1.7 billion decrease for the U.S Department of Housing and Urban Development (HUD), eliminating HUD’s Choice Neighborhoods grants and reducing funding for the Community Development Block Grant (CDBG) program. Currently, the government is funded through April 28, when new legislation must be approved, or the government will shut down.
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CAPITAL MARKETS AND LIQUIDITY
Industry Groups Support Changes to HVCRE
NMHC\NAA joined several real industry groups in recent days to support changes to regulations regarding High Volatility Commercial Real Estate (HVCRE) loans. The regulation, which was enacted at the beginning of 2015, required banks to hold higher capital for acquisition, development and construction (ADC) loans that the banking regulators deemed to have higher risk. The construction sector has felt the brunt of this new regulation as loan terms have become more restrictive and more expensive in many markets. The industry has proposed new legislation that would clarify and rewrite much of the existing regulatory language and would result in a number of improvements for construction loans.
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TAX REFORM
Measures Introduced to Bolster the Low-Income Housing Tax Credit and Community Investment
House Ways and Means Committee member Pat Tiberi (R-OH) and Ranking Member Richard Neal (D-MA) introduced the Affordable Housing Credit Improvement Act of 2017 on March 21, 2017. Designed to strengthen the Low-Income Housing Tax Credit (LIHTC) and help ensure affordable housing, the legislation is a companion to a Senate bill introduced by Maria Cantwell (D-WA) and Finance Committee Chairman Orrin Hatch (R-UT) earlier this month. More information on the Senate legislation can be found here.
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NATIONAL FLOOD INSURANCE PLAN
Multifamily & Commercial Real Estate Groups Urge Reforms of Flood Program
NMHC/NAA joined fourteen other real estate trade groups in sending a letter to members of the House & Senate calling for the reauthorization of the National Flood Insurance Program (NFIP) and for reforms that would help the program better address the needs of the multifamily and commercial sectors.
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DATA SECURITY AND BREACH NOTIFICATION
Data Security and Breach Standards Gain New Momentum
With a new Congress and Administration, most policy experts would have agreed that there was little potential for sweeping new data security or breach notification standards. Yet, it appears that unexpected openings in the Congressional calendar has left room for some activity in the Senate on consumer privacy and cybersecurity. NMHC/NAA is tracking these issues carefully because 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. Currently, NMHC/NAA member companies must comply with a patchwork of 47 different state laws that govern this space.
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Upcoming Meetings

2017 Pacific Coast Builders Conference, June 28-29 in San Diego
NMHC PAC
NMHC PAC Looking Ahead to Spring Board Meeting
The NMHC Spring Board of Directors Meeting is the Council's most exclusive meeting of the year, limited to only a few hundred of the industry's most senior executives.  There will be much to discuss at this year’s meeting in New York City next month. 
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Hill Watch
Congress is on recess for the next two weeks.
Media Roundup
Trump Completes Repeal of Online Privacy Protections From Obama Era
New York Times
Want That Apartment? You May Have to Bid for It
Wall Street Journal
Carson Assures Advocates That White House Will Include Housing Funding In Infrastructure Bill
Washington Post
How to Make Tax Reform Bipartisan
Wall Street Journal
House Tax Plan May Shift Use of Corporate Debt
New York Times
Nunes Steps Aside From Russia Probe
Politico
Senate Set To Confirm Neil Gorsuch To Supreme Court
Washington Post
Paul Ryan On Tax Plan: 'White House Hasn't Nailed It Down'
Market Watch
The Scoop

What Is The Nuclear Option?

Senate Majority Leader Mitch McConnell deployed the “nuclear option” to confirm Supreme Court nominee Neil Gorsuch.

So what exactly is the nuclear option?

In short, it’s an extreme parliamentary maneuver to change the Senate precedent and lower the bar to break a filibuster on a Supreme Court nominee from 60 votes to 51 votes.

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