Multifamily Markup - 06/22/2018 (Plain Text Version)
HUD Issues Formal Request for Public Comment on 2013 Disparate Impact Rule
HUD formally announced this week that it will seek public comment on whether the 2013 Disparate Impact Rule conflicts with the 2015 Supreme Court ruling in Texas Department of Housing and Community Affairs v. Inclusive Communities Project. As previously reported, NMHC/NAA have long-argued that numerous HUD regulations and guidance documents reinforce an interpretation of disparate impact that conflicts with recent legal precedent and creates uncertainty in housing providers use of long-held, business practices.
GSEs AND HOUSING FINANCE REFORM
The Trump Administration on Jun 21 proposed a governmental reorganization plan, which would – among other proposed changes – put an end to conservatorship of Fannie and Freddie in lieu of a multi-guarantor system that would privatize GSEs. [return to top]
LAND USE AND REGULATION
NMHC and the National Association of Home Builders (NAHB) recently released research found that regulations imposed by all levels of government account for an average of 32.1 percent of multifamily development costs and that in a quarter of cases, that number can reach as high as 42.6 percent. [return to top]
SOURCES OF APARTMENT DATA
NMHC/NAA joined The Census Project in sending a letter to the Senate Appropriations Committee on June 4 regarding the mark up of the Fiscal Year (FY) 2019 Commerce, Justice, Science (CJS) appropriations bill. The information the Census provides is paramount to the success of the multifamily industry. Census data is used for numerous purposes throughout the industry, including estimating the economic impact of the multifamily sector and providing the most current and relevant data. [return to top]
As reported previously, officials at the Department of Justice (DOJ) are undertaking a review of consent decrees to determine their continued relevance. One consent decree that impacts apartment owners and operators governs the American Society of Composers, Authors and Publishers (ASCAP) and Broadcast Music, Inc. (BMI). Last week, in a letter to DOJ, NMHC/NAA urged DOJ to retain the consent decrees in their current form since they help ensure that a competitive and predictable music licensing marketplace exists for end-users , like apartment communities. [return to top]
President Trump’s recent announcement that his administration would halt the policy of separating migrant children from their parents at the border dominated headlines this week. However, immigration has been a topic of much debate throughout this administration and has been top-of-mind for NMHC/NAA for even longer. As the broader immigration debate continues, NMHC/NAA will continue to focus on the issues important to us, including the expansion and improvement of the H2-B program to address labor shortages and support for the EB-5 Immigrant Investor and E-Verify Programs. [return to top]
On June 19, Harvard University’s Joint Center for Housing Studies (JCHS) released their 2018 The State of the Nation’s Housing, an annual overview of housing market conditions across the country. [return to top]
COMPENSATION AND BENEFITS
NMHC/NAA on June 20 joined the Coalition for a Democratic Workplace to ask Senators to oppose legislation seeking to codify the joint employer rule and card check. The Workplace Democracy Act (WDA), which has been introduced in both the House and Senate, would, among other provisions: [return to top]
States are beginning the process of implementing a new “income averaging” option that allows the Low-Income Housing Tax Credit (LIHTC) to serve households earning up to 80 percent of area median income (AMI). This NMHC/NAA supported provision, which was enacted last March as part of the Consolidated Appropriations Act of 2018, makes the LIHTC program more flexible and allows for more mixed-income housing. [return to top]
The 2018 Hurricane season is already underway and the National Oceanic and Atmospheric Administration (NOAA) is forecasting a potential of 10 to 16 named storms in the Atlantic. Given the catastrophic damage that took place last year, leaving many apartment communities with significant damage, it is key that the multifamily industry prioritize hurricane and disaster preparedness. [return to top]
NMHC/NAA are hard at work to advance regulatory priorities that impact the multifamily industry. For a complete list of comment letters, please click here.
In the last week, NMHC/NAA have been working on the following regulatory items: [return to top]
The Internal Revenue Service (IRS) proposed regulations on June 19 that would modify the tax treatment of liabilities for purposes of disguised sales. The regulations would withdraw regulations proposed in 2016 and reinstate regulations that were in force prior to that time. [return to top]
Commercial Property Executive
There’s a lot to keep up with in Washington as the House and Senate work on immigration and appropriations legislation. At the same time, primary elections are starting to heat up, making electoral predictions even more difficult. However, one thing remains certain: NMHC PAC continues to focus on supporting key candidates that are working on issues that affect the multifamily industry. [return to top]
The New York Times
Hearing: "Oversight of the Federal Government's Approach to Lead-Based Paint and Mold Remediation in Public and Subsidized Housing"
Body text here. [return to top]
Senate Committee on Banking, Housing, and Urban Affairs - Legislative Proposals to Increase Access to Capital
Body text here. [return to top]
General Michael Hayden to Speak at NMHC Fall Meeting
Make plans now to attend NMHC’s Fall Meeting September 12-14 at the InterContinental Hotel at The Wharf in Washington, D.C. The Fall Meeting is a great opportunity to connect with peers and engage with top-ranking Congressional and Administration leaders.
Former Trump Administration Director of the National Economic Council, Gary Cohn will kick off the meeting as the dinner speaker on Wednesday night. We have also secured General Michael Hayden as our luncheon speak on Thursday, September 13. Hayden is a retired four-star general of the U.S. Air force, former Director of the National Security Agency (NSA) and former Director of the Central Intelligence Agency (CIA). He now co-chairs the Bipartisan Policy Center’s Electric Grid Cyber Security Initiative and is a national security analyst for CNN.
In addition to Cohn and Hayden, a number of congressional members, Administration officials and industry experts will be on hand to provide interesting perspectives on politics and policy that directly affect our industry.