On February 9, NMHC President Doug Bibby, along with senior staff of NMHC, met virtually with Federal Housing Finance Agency (FHFA) Director Mark Calabria to discuss key issues important to the multifamily industry.
NMHC highlighted its concerns regarding protracted eviction moratoriums on the long-term stability of America’s housing stock and on the importance of rental assistance to the industry.
Director Calabria clarified certain aspects of the agreement recently executed between FHFA and Treasury. Specifically, he confirmed that the $80 billion purchase cap in the agreement was a ceiling that he could not exceed but that he retains the authority to adjust the cap (if conditions warrant) and the affordable housing subgoals.
Calabria also acknowledged that he appreciated the input from NMHC on their evaluation of potential changes to radon testing protocols. NMHC will engage in further discussions with FHFA staff on the testing protocol and will also follow up with a comment letter.
On February 2, NMHC and NAA staff, along with Mitchell Kiffe, Senior Managing Director of CBRE and head of NMHC’s Finance Committee, met virtually with FHFA senior officials to provide an update on market conditions facing the multifamily industry. Discussions centered on the impact of COVID-19 on industry performance, federal support of renters, the overall availability of capital and the impact of the outlook for an increase in 2021 transactional activity.
As part of the process outlined in the GSE Scorecard for Fannie and Freddie, FHFA uses industry input to make an assessment every quarter to determine the size of the multifamily market and whether an adjustment to the production cap is warranted. NMHC and NAA are one of the sources that provides input to FHFA’s quarterly analysis.
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