The House Financial Services Committee held a hearing on July 18, 2013, to discuss the draft of the Protecting American Tax Payers and Homeowners Act (PATH Act) released by Chairman Jeb Hensarling (R-Texas).
To help further balance the expert testimonies, NMHC/NAA submitted a letter for the record, outlining concerns with respect to multifamily lending and requesting that a multifamily-specific section be added to the draft bill. NMHC/NAA also submitted an analysis of the bill that focused on three main issues:
- The bill stops short of adequately address or acknowledging the multifamily industry, despite the fact that the sector drives one-third of the housing market.
- The bill imposes single-family mortgage market reforms on the multifamily industry, although the two have fundamental financing differences.
- The bill fails to recognize or address the negative effects of the legislation on the multifamily market.
NMHC/NAA continue to monitor the proposed legislation as it progresses through the committee.