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November 3, 2017
Apartment Industry Makes Its Case on Housing Finance Reform
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NMHC’s Chairman Bob DeWitt, President and CEO of GID Investment Advisers, represented both the National Multifamily Housing Council (NMHC) and National Apartment Association (NAA) before the House Financial Services Subcommittee on Housing and Insurance yesterday. He made the case that housing finance reform must address the unique differences between the multifamily and single-family industries and maintain an explicit, paid-for federal guarantee for multifamily-backed mortgage securities that is available in all markets at all times.

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Summary and Analysis - Tax Cuts and Jobs Act

House Republicans released tax reform legislation this week that would cut tax rates for a portion of multifamily business income that is earned by the pass-through entities that dominate the industry.

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NMHC Insider
Regulatory Reform Rolls on With Wins for Multifamily
Since the Trump Administration came to power in January 2017, regulatory reform efforts have been front and center. Not since 2001, under former President George W. Bush, has more been done to slow the regulatory regime in Washington. Both Congress and the Administration have been hard at work looking for ways to slow, rescind, or completely repeal a host of regulations that hamper economic growth and job creation. NMHC/NAA have leveraged this momentum to secure significant victories for the industry that will make it easier for apartment owners, developers, managers, and financiers to operate their businesses invest in new projects and expand hiring. As more Presidential nominees are confirmed and take their seats at the agencies, we will be able to increase our focus on many of the issues that we have identified on our list.
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NMHC/NAA Provide Input to FHFA on Multifamily Production Cap
NMHC/NAA members met with senior officials at the Federal Housing Finance Agency (FHFA), Fannie Mae and Freddie Mac’s regulator, on October 30 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 analyzing whether the current $36.5 billion multifamily production cap should be adjusted based on assessments of the third quarter market conditions and whether to adjust the cap for 2018.
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Coalition Calls on Congress to Allow Business Income to Qualify for Pass-Through Rate
NMHC/NAA joined a coalition of trade associations on October 27 to ask Congress to allow all legitimate business income to qualify for a lower pass-through rate as part of forthcoming tax reform legislation. This is critical for the multifamily industry as it is dominated by pass-through entities such as LLCs, partnerships and S-corporations.
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Continued Equifax Fallout Propels Ongoing Congressional Activity
NMHC/NAA continue to support efforts to create a national data security standard as the massive Equifax breach has galvanized Congress and the Administration to put into place data security requirements to protect consumer data. There is bipartisan agreement that more needs to be done to protect consumer data. Past efforts have been stymied due to disagreement about data security requirements and liability, but momentum to find a compromise has grown based on the magnitude of the Equifax breach.
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NMHC/NAA Urge House to Overturn Joint Employer Rule
NMHC/NAA joined with a number of employer and business trade associations this week in sending a coalition letter to Congressional leaders imploring them to pass legislation to overturn the National Labor Relation Board’s (NLRB) joint employer rule.
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E-Verify Bill Passes House Committee, Immigration Continues to Divide
Last week, the House Judiciary Committee passed HR 3711, the Legal Workforce Act, by a party line vote of 20-10. Former Chairman Lamar Smith (R-TX), who announced his retirement from Congress this week after 16 terms, has championed the improvement and expansion of the E-Verify Program for years, and has won over many of its opponents in the process. During debate on the bill, Members on both sides acknowledged the importance of immigration enforcement, but Democrats ultimately voted against the measure, citing frustration over the lack of a comprehensive approach to addressing America’s immigration system.
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New Study Demonstrates Value of Like-Kind Exchanges
As Congress continues to debate tax reform, NMHC/NAA have strongly argued for lawmakers to retain Like-Kind Exchanges in their current form as they incentivize investment and improve market values. Reinforcing that message, a new study has found that the value of a like-kind exchange, as a percentage of the price of the replacement property, can be up to nearly 8 percent of property value. What’s more, in higher-taxed states, the value of a like-kind exchange can be over 17 percent. The research, conducted by Professors David Barker, David Ling and Milena Petrova demonstrates the key role that like-kind exchanges play in preserving property values.
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NMHC/NAA Bring Together Housing Leaders for a Discussion on How to Solve America's Housing Affordability Crisis
NMHC has been at the forefront of the debate on what can be done to help solve the nation’s housing affordability crisis. To further highlight recently released research on apartment demand and Vision 2030, NMHC/NAA partnered with Bloomberg Government this week to hold a policy forum where stakeholders from across the political spectrum, industry and academia could come together to discuss what steps could be taken to find common ground and which would lead to the development of more housing for America’s families.
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Upcoming Meetings

NMHC PAC Sprinting to a Strong Finish
Capitol Hill is focused on key issues important to the multifamily industry such as tax reform, housing finance reform and the regulatory environment. NMCH PAC remains a constant and dependable voice for the multifamily industry. We continue to support key Members of Congress who will champion the apartment industry regardless of politics.
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Hill Watch
Hearing entitled "Sustainable Housing Finance, Part III"
Hearing entitled "Financial Intelligence and Enforcement: Treasury's Role in Safeguarding the American Financial System"
Markup of Tax Cuts and Jobs Act
Media Roundup
Government Backstop Necessary for Sustainable Mortgage Market?
DS News
The Future of Apartment Demand
Multihousing News
Carried Interest Loophole Preserved in House Republican Tax Bill
Republicans Unveil Tax Cut Bill, but the Hard Work Awaits
Industry Reacts to Republican Tax Reform Bill
Wall Street Journal
House Republican Tax Reform Will Slash Mortgage Interest Deduction
Mark Calabria: Trump Administration "Committed" to Ending Conservatorship
Fannie Mae CEO: We Are Now Devoting Attention to Mortgage Servicing Tech
The Scoop

Gucci Gulch Can’t Hold All Lobbyists Engaged in Tax Fight

Tax reform is the equivalent of Washington’s advocacy Superbowl. Take a look back at what it was like that last time comprehensive tax reform was considered and the changes that have taken place since.


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