A number of Democratic and Republican Members of the Senate Banking Committee jointly announced an agreement on Tuesday, September 13, to put forward a legislative package designed to “improve our nation’s financial regulatory framework and promote economic growth.” The proposal is the result of input from a number of stakeholders, companies and consumers as well as a series of hearings and negotiations between lawmakers.
The proposal focuses primarily on financial institutions, but two provisions may impact the multifamily industry, they are the provisions 304 and 305, Restoration of the Protecting Tenants at Foreclosure Act of 2009 and Remediating Lead and Asbestos Hazards. A full breakdown of the proposed reforms can be found here.
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