The 2021 NMHC Fall Meeting took place during a critical week for the industry and the nation as policymakers deliberated on the passage of infrastructure legislation and navigated impending deadlines on the debt ceiling and passage of a Continuing Resolution (CR) to prevent a government shutdown.
Washington Talks Multifamily
NMHC members met with congressional leaders and officials from the Biden administration such as HUD Secretary Marcia Fudge and Federal Housing Finance Agency Acting Director Sandra Thompson, Senators John Cornyn (R-Texas), Tina Smith (D-Minn.), Bill Cassidy (R-La.) and Mike Crapo (R-Idaho) and Representatives Katherine Clark (D-Mass.), Josh Gottheimer (D-N.J.), Hakeem Jeffries (D-N.Y.) and Juan Vargas (D-Calif.). Discussion focused on critical issues to the industry such as housing affordability, rental assistance, infrastructure, regulatory reforms and tax reform, among others. See more here.
With Legislation Pending, Infrastructure Was Top of Mind
NMHC members gathered only days before Members of Congress would consider two hugely important pieces of legislation—an approximately $1 trillion infrastructure package that would fund traditional infrastructure efforts like road, bridge, airport, school and other construction projects, and a larger, more controversial $3.5 trillion social welfare bill that is still being heatedly debated. Lawmakers from both parties gave their views on the two packages and offered assessments of their chances of passage. Detailed information on NMHC's infrastructure policy objectives can be found here.
Tax Policy Takes Center Stage as Congress Debates “Human Infrastructure” Package
A major concern for the multifamily industry is how the more costly “Human Infrastructure” effort will be financed. Proposals being actively considered include increasing the capital gains rate, taxing unrealized capital gains and taxing carried interest at ordinary income tax rates. Like-kind exchange and stepped-up basis have also been identified as possible pay-fors; however, at this point it appears that we have been successful in making the case that these specific proposals should be taken off the table. A comprehensive review of the proposals can be found here.
Housing Affordability Remains a Key Concern for the Industry and Policymakers Alike
As in recent years, housing affordability and related issues were a top area of focus for NMHC members, staff and lawmakers. Of particular concern this year was the recently ended eviction moratorium and the speed of disbursing rental assistance funds. While the CDC’s eviction moratorium finally ended last month, the rental assistance funds—a top industry priority—have been disbursed far too slowly. NMHC has been working with lawmakers in both parties as well as the Administration to identify ways to speed distribution. More on NMHC’s rental assistance efforts can be found here.
Biden Administration Officials Zero-In on Rolling Back Past Regulatory Reform Efforts
As the new Administration finds its footing in Washington, there has been a renewed focus on reverting back to old regulatory initiatives—some that were problematic for the industry. With discussions during the meeting highlighting reforms taking place at the FCC, HUD, FHFA and more, Administration speakers and NMHC members engaged in constructive dialogue on the need for regulatory reforms that take into account the impact that regulation has on addressing housing affordability.
Housing Equity & Opportunity Emerge as Hot Topics Following NMHC Unveiling of New Industry Resource
NMHC and its members have been exploring ways for our industry to do more to advance housing and racial equity to improve economic opportunity in communities across the country. NMHC and Enterprise Community Partners will soon release a Guide on where to start and what to do, including options for scalable strategies and industry examples. Opening doors and strengthening economic inclusion isn’t just the right thing to do—it’s good business sense that will create a more robust multifamily market for the benefit of the entire industry and the communities we serve. More information on this new resource can be found here.
Thank you NMHC PAC Supporters
Your generous support allows NMHC PAC to continue to support lawmakers on both sides of the aisle in Congress and effectively advocate for the multifamily industry on Capitol Hill. NMHC was proud to recognize current NMHC PAC supporters throughout the meeting via the NMHC PAC boards located near the badge pickup station. NMHC PAC also hosted two personal dollar events for key lawmakers. More information about these events and the NMHC Personal Dollar Program can be found here.
Visual Highlights
After the last 18 months, it is clear how important and enjoyable in-person meetings and conferences can be. For even more photos of your colleagues, friends and co-workers at the meeting click here.