WASHINGTON, D.C. — Statement from the National Multifamily Housing Council (NMHC) and National Apartment Association (NAA) on today’s Congressional testimony before the Senate Committee on Banking, Housing and Urban Affairs by Susan Ansel, President and Chief Executive Officer, Gables Residential.
The apartment industry is a competitive and robust industry that helps 39 million people live in homes that are right for them. Demand for rental housing is at historic levels as a growing number of people choose the convenience and flexibility of renting. Many factors influence the apartment industry’s health and ability to meet the nation’s rising demand for rental housing, but the availability of consistently reliable and competitively priced capital is the most essential.
Housing affordability is a significant challenge facing many Americans today. Any discussion of housing finance reform is inherently a discussion of housing affordability. Getting housing finance reform right is a critical component to addressing housing affordability for all income levels. In her testimony, Ansel stated that the goals of a reformed housing finance system must be to:
- Maintain an explicit federal guarantee for multifamily-backed mortgage securities available in all markets at all times and paid for by all users;
- Recognize unique multifamily risk management characteristics when crafting reform legislation; and
- Retain the successful components of the existing multifamily programs in whatever succeeds them.
By retaining the successful elements of the current system and providing an explicit guarantee for multifamily debt, NMHC and NAA believe lawmakers can succeed in “doing no harm” to the apartment industry, a goal expressed by members on both sides of the aisle and the administration.
Ansel’s full testimony can be found here.
For more than 20 years, the National Multifamily Housing Council (NMHC) and the National Apartment Association (NAA) have partnered on behalf of America’s apartment industry. Drawing on the knowledge and policy expertise of staff in Washington, D.C., as well as the advocacy power of 160 NAA state and local affiliated associations, NMHC and NAA provide a single voice for developers, owners and operators of rental housing industry. Apartments and their 39 million residents support more than 12 million jobs and contribute $1.3 trillion to the economy.