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June 23, 2017
House Panel Passes Flood Reauthorization and Reforms
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Copyright: MH Anderson Photography

This week the House Financial Services Committee took another step towards the much-needed reauthorization of the National Flood Insurance Program (NFIP). The Committee finished its consideration of numerous pieces of legislation as part of their efforts to reform and reauthorize the NFIP and set it on a more financially solvent path forward.

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U.S. Needs 4.6M New Apartments by 2030

Copyright: Olga Kashubin

Delayed marriages, an aging population and international immigration are increasing a pressing need for new apartments, to the tune of 4.6 million by 2030, according to a new study commissioned by the National Multifamily Housing Council (NMHC) and the National Apartment Association (NAA).  

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NMHC Insider
This Week in Washington
On Tuesday, Speaker of the House Paul Ryan aggressively pushed for the GOP tax reform blueprint, calling it the “crown jewel” of the Republican agenda. Speaker Ryan laid out a timeline for reform, saying “We are going to get this done in 2017… transformational tax reform can be done and we are moving ahead. Full speed ahead.” While he conceded that the border adjustment tax would have to be revised, he warned against watering down the House blueprint. NMHC continues to work with Congress and staff as the potential for comprehensive tax reform grows.
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NMHC/NAA Comment on Reducing Onerous Regulations at HUD

Last week, NMHC/NAA weighed in with the Department of Housing and Urban Development (HUD), urging the agency to consider a number of industry recommendations regarding President Trump’s Executive Order 13777 on Reducing Regulatory Burdens. NMHC/NAA applaud the Administration’s efforts to overhaul the federal regulatory landscape and reduce unnecessary burdens felt by American businesses. The letter can be found here.

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Congress Seeks to Overturn Ambush Election Rule
The House and Senate in June began consideration of measures to overturn the National Labor Relations Board’s (NLRB) so-called “ambush” election rule. The rule took effect in 2015 and shortens to as few as two weeks – down from an average 38 days – the period of time between a union filing a petition for election and the election itself. This would deny multifamily employers due process rights and the ability to communicate with their employees before an election
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IRS Re-Releases Proposed Partnership Audit Regulations

The Internal Revenue Service (IRS) on June 13, 2017, re-released proposed regulations that would overhaul how partnerships are audited. While these proposed rules were originally proposed on January 18 and temporarily withdrawn on January 20 per President Trump’s ordering a pause on all new regulations, they will now govern how partnerships will be audited.

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FCC Broadens Review of Multifamily Broadband Market

On June 22, the Federal Communications Commission (FCC) unanimously approved a Notice of Inquiry (NOI) seeking input on the market for broadband in residential and commercial “multiple tenant environments” (MTEs) including rental apartment communities, condominiums, community associations, shopping centers, offices and other centrally-managed properties. Specifically, the FCC plans to review policies on exclusive marketing and bulk billing arrangements, as well as revenue sharing and exclusive wiring agreements between property owners and service providers.

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Upcoming Meetings
No Down Time in Politics

There have been several hard-fought special elections since Congress started their work in January. Most visible was the race to fill for Congressman Tom Price’s seat in Georgia’s sixth district. The Republican candidate, Karen Handel, won a close contest and will be the newest member of the 115th Congress. Kansas, Montana and South Carolina also held special elections and Republicans won each of these traditionally conservative districts while Democrats were victorious in the California 34th. Despite these hard-fought battles, the end results yielded no change to the party make-up of Congress.

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Hill Watch
Senate Banking, Housing, and Urban Affairs Committee: Principles of Housing Finance Reform
Media Roundup
Speaker Paul Ryan Tries to Save 'Crown Jewel' of GOP Agenda: Tax Reform
Policymakers Feel Something New on Housing Finance Reform: Optimism
American Banker
Jeb Hensarling Tells Bankers Ending Fannie and Freddie Is Still the Best Path Forward
Washington Examiner
Flood Insurance Overhaul Is Progressing in House
The Hill
House Committee Adds 5 More Bills to Its Flood Insurance Reform Package
Insurance Journal
The Scoop

Spending in Georgia Sixth Race Pushes Past $50 million

The race for Georgia’s 6th District was already the most expensive election of its kind. Now the contest to represent a suburban Atlanta district has shattered another barrier, topping $50 million in overall spending.

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