American Dream Down Payment Act of 2021

H.R. 2483, Build More Housing Near Transit Act of 2021; S. 902/H.R. 2126, Housing Supply and Affordability Act; Yes in My Backyard (YIMBY) Act; S. 768, Better Planning and Land-Use for Accessible Neighborhoods Act (Better PLAN Act); H.R. 1615, Maximizing Our Redevelopment and Efficiency for Transit Oriented Development (MORE TOD) Act; Task Force on the Impact of the Affordable Housing Crisis Act; H.R. 2573/S. 1136, Affordable Housing Credit Improvement Act; S. 98, Neighborhood Homes Investment Act; H.R. 816, Restoring Communities Left Behind Act; H.R. 1483, Revitalizing Economies, Housing, and Businesses (REHAB) Act; H.R. 1360, American Dream Down Payment Act of 2021; Mapping Housing Discrimination Act; Emergency Rental Assistance and Homeowner Assistance provisions within the American Rescue Plan Act of 2021; Issues related to the tax exempt private activity bond volume cap; H.R. 3684, Infrastructure Investment and Jobs Act; Build Back Better Act reconciliation bill S. Con. Res. 14; H.R. 3680, Promoting Affordable Housing Near Transit Act; S. 1605, National Defense Authorization Act for Fiscal Year 2022 - Sec. 6609, Property disposition for affordable housing.

Client expense: $100,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 1360 "American Dream Downpayment Act of 2021" "HR 3555 Voters on the Move Registration Act of 2021" (Sent letter of support) H.R. 2553 "Real Estate Valuation Fairness and Improvement Act"

Client expense: $23,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 2483, Build More Housing Near Transit Act of 2021; S. 902/H.R. 2126, Housing Supply and Affordability Act; Yes in My Backyard (YIMBY) Act; S. 768, Better Planning and Land-Use for Accessible Neighborhoods Act (Better PLAN Act); H.R. 1615, Maximizing Our Redevelopment and Efficiency for Transit Oriented Development (MORE TOD) Act; Task Force on the Impact of the Affordable Housing Crisis Act; H.R. 2573/S. 1136, Affordable Housing Credit Improvement Act; S. 98, Neighborhood Homes Investment Act; H.R. 816, Restoring Communities Left Behind Act; H.R. 1483, Revitalizing Economies, Housing, and Businesses (REHAB) Act; H.R. 1360, American Dream Down Payment Act of 2021; Mapping Housing Discrimination Act; Emergency Rental Assistance and Homeowner Assistance provisions within the American Rescue Plan Act of 2021; Issues related to the tax exempt private activity bond volume cap; H.R. 3684, Infrastructure Investment and Jobs Act; Build Back Better Act reconciliation bill S. Con. Res. 14

Client expense: $130,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Issues under the jurisdiction of the U.S. House Appropriations Subcommittee on Financial Services and General Government; issues under the jurisdiction of the U.S. House Appropriations Subcommittee on Transportation and Housing and Urban Development; general FHA, FHFA, VA issues; oversight of federal housing policy; general diversity and inclusion issues; general digital mortgage issues; qualified mortgage rule; tax foreclosure prevention; FHA technology funding; issues around forbearance and loss mitigation; HR. 1360, American Dream Down Payment Act; Preferred Stock Purchase Agreements (PSPAs); GSE Adverse Market Fee; H.R. 2553- Real Estate Valuation Fairness and Improvement Act of 2021

Client expense: $430,000 · Firm income: Not reported

Government targets: Consumer Financial Protection Bureau (CFPB), Federal Communications Commission (FCC), Federal Housing Finance Agency (FHFA), HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), Internal Revenue Service (IRS), SENATE, Treasury, Dept of, Veterans Affairs, Dept of (VA), White House Office

H.R. 2483, Build More Housing Near Transit Act of 2021; S. 902/H.R. 2126, Housing Supply and Affordability Act; Yes in My Backyard (YIMBY) Act; S. 768, Better Planning and Land-Use for Accessible Neighborhoods Act (Better PLAN Act); H.R. 1615, Maximizing Our Redevelopment and Efficiency for Transit Oriented Development (MORE TOD) Act; Task Force on the Impact of the Affordable Housing Crisis Act; H.R. 2573/S. 1136, Affordable Housing Credit Improvement Act; S. 98, Neighborhood Homes Investment Act; H.R. 816, Restoring Communities Left Behind Act; H.R. 1483, Revitalizing Economies, Housing, and Businesses (REHAB) Act; H.R. 1360, American Dream Down Payment Act of 2021; Mapping Housing Discrimination Act; Emergency Rental Assistance and Homeowner Assistance provisions within the American Rescue Plan Act of 2021; Issues related to the tax exempt private activity bond volume cap

Client expense: $130,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Taxation of Pass-Through Entities Section 199A Qualified Business Income Tax Deduction: Oppose any reduction to or repeal of the 20-percent deduction for qualified business income under Section 199A, including phasing out the deduction above certain income thresholds. H.R. 1381, Main Street Tax Certainty Act, to amend the Internal Revenue Code of 1986 to make permanent the deduction for qualified business income, all provisions. S. 480, Main Street Tax Certainty Act, to amend the Internal Revenue Code of 1986 to make permanent the deduction for qualified business income, all provisions. Depreciation Rules Implementation of 30-year alternative depreciation system schedule for rental real estate placed in service prior to 2018 for taxpayers electing out of limits on interest deductibility as enacted in Public Law 116-260: Requested that the Treasury Department and the Internal Revenue Service issue guidance permitting an automatic change in the method of accounting for taxpayers that are impacted by the legislative changes made in P.L. 116-260. Also requested that guidance be issued consistent with the relief granted pursuant to Rev. Proc. 2020-22 and Rev. Proc. 2020-23, allowing partnerships subject to the BBA centralized partnership audit regime to file an amended return (Form 1065) and make a late Section 163(j) election and issue amended Schedules K for tax years beginning in 2018 and 2019. Low-Income Housing Tax Credit and Middle-Income Housing Tax Credit H.R. 2573, Affordable Housing Credit Improvement Act of 2021, to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes, all provisions. S. 1136, Affordable Housing Credit Improvement Act of 2021, to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes, all provisions. H.R. 3077 (116th Congress), Affordable Housing Credit Improvement Act of 2019, to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes, all provisions. S. 1703 (116th Congress), Affordable Housing Credit Improvement Act of 2019, to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes, all provisions. S. 3365 (115th Congress), Middle-Income Housing Tax Credit Act of 2018, to amend the Internal Revenue Code of 1986 to provide a credit for middle-income housing, and for other purposes, all provisions. Department of the Treasury, Internal Revenue Service, 26 CFR Part 1, REG-119890-18, RIN 1454 BO92, Section 42, Low-Income Housing Credit Average Income Test Regulations Opportunity Zones Opportunity Zones: No bill introduced, but support legislative change reduce the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. Also, support maintaining current-law capital gains rate applicable to deferred capital gains invested in Opportunity Funds. Rehabilitation Tax Credit H.R. 1483, Revitalizing Economies, Housing, and Businesses Act of 2021 or the REHAB Act of 2021, to amend the Internal Revenue Code of 1986 to modify the rehabilitation credit, all provisions. Adaptive Reuse Discussed potential for tax incentives to spur adaptive reuse of non-residential commercial buildings into multifamily buildings. Energy Tax Incentives H.R. 848, Growing Renewable Energy and Efficiency Now Act of 2021 (GREEN Act of 2021), to amend the Internal Revenue Code of 1986 to provide incentives for renewable energy and energy efficiency, and for other purposes, Section 303: Energy Efficient Commercial Buildings Deduction; Section 304: Extension, Increase, and Modifications of New Energy Efficient Home Credit; and Section 405: Alternative Fuel Refueling Property Credit. H.R 2346, Energy Efficient Qualified Improvement Property Act of 2020, or the E-QUIP Act, to amend the Internal Revenue Code of 1986 to allow 10-year straight line depreciation for energy efficient qualified improvement property, and for other purposes, all provisions. S. 1298, Clean Energy for America Act, to amend the Internal Revenue Code of 1986 to provide tax incentives for increased investment in clean energy: Title II -- Incentives for Clean Transportation, Section 202: Transportation Electrification (portion of provision impacting the alternative fuel vehicle refueling property credit) and Title III -- Incentives for Energy Efficiency, Section 301: Credit for new energy efficient residential buildings and Section 303: Enhancement of energy efficient commercial buildings deduction; and Title VI -- Workforce Development Requirements, Section 601: Use of qualified apprentices. S. 2118, Clean Energy for America Act, to amend the Internal Revenue Code of 1986 to provide tax incentives for increased investment in clean energy: Title III -- Incentives for Energy Efficiency, Section 301: Credit for new energy efficient residential buildings and Section 303: Enhancement of energy efficient commercial buildings deduction; and Title V -- Workforce Development Requirements, Section 501: Use of qualified apprentices. Support long-term extension of New energy efficient home credit (IRC 45L). Support expansion of Energy efficient commercial buildings deduction (IRC 179D) to establish a sliding scale of energy improvements, which would help spur investment in energy efficient improvements in older buildings. Title I of the Energy Efficiency Tax Incentives Act (S. 2189 in the 113th Congress), amending IRC 179D to preserve the deductions application for new construction and public buildings, while also meaningfully incentivizing private-sector investment in building performance retrofits. Assessed efficacy of alternative fuel vehicle refueling property credit (IRC 30C) as it pertains to the multifamily industry. Davis-Bacon Oppose requiring Davis-Bacon for projects authorized as part of any forthcoming infrastructure legislation and to be required to be able to benefit from tax incentives, including energy tax incentives, generally. Infrastructure Support: Expanding the Low-Income Housing Tax Credit (H.R. 2573 / S. 1136), enacting the Middle-Income Housing Tax Credit, enacting the REHAB Act (H.R. 1483), Foreign Investment in Real Property Tax Act (FIRPTA) Repeal, enacting the Efficient Qualified Improvement Property Act of 2020 (E-QUIP) (H.R. 2346), making permanent the Section 45L New energy efficient home credit, and reducing the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. Biden Tax Proposals Department of the Treasury, General Explanations of the Administration's Fiscal Year 2022 Revenue Proposals, American Families Plan: Increase the Top Marginal Income Tax Rate for High Earners, Reform the Taxation of Capital Income, Rationalize Net Investment Income and Self-Employment Contribution Act Taxes, Tax Carried (Profits) Interests as Ordinary Income, and Repeal Deferral of Gain from Like-Kind Exchanges. Biden Administration, The American Families Plan, tax proposals impacting: tax rates on individual income, capital gains tax rates, carried interest, the Medicare surtax on net investment income, stepped-up basis and taxation of unrealized capital gains at death, like-kind exchanges, and the limitation of excess business losses. Biden campaign tax proposals impacting multifamily housing (tax rates on individual income, capital gains tax rates, value of itemized deductions, elimination of stepped-up basis and taxation of unrealized capital gains at death, elimination of like-kind exchanges, expansion of Low-Income Housing Tax Credit, establishment of renter's tax credit, depreciation of multifamily property, and $15,000 first-time homebuyer tax credit). Like-Kind Exchanges Like-kind exchanges: Support retaining current law. Carried Interest Carried interest: NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year. H.R. 1068, Carried Interest Fairness Act of 2021, to amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of personal service income earned in pass-thru entities, all provisions. S. 1598, Carried Interest Fairness Act of 2021, to amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of personal service income earned in pass-thru entities, all provisions. Stepped-Up Basis at Death and Taxation of Unrealized Capital Gains at Death Support retaining current law providing for stepped-up basis at death and taxation of capital gains upon actual sale. H.R 2286, to amend the Internal Revenue Code of 1986 to treat property transferred by gift or at death as sold for fair market value, and for other purposes, all provisions. Senator Van Hollen Discussion Draft, Sensible Taxation and Equity Promotion Act of 2021, to amend the Internal Revenue Code of 1986 to realize gains from property at the time of death, and for other purposes, all provisions. Foreign Investment in Real Property Tax Act (FIRPTA) H.R. 2210 (116th Congress), Invest in America Act, to amend the Internal Revenue Code of 1986 to repeal certain provisions applicable to foreign investment in United States real property, all provisions. H.R. 3123, Parity for Non-Traded REITs Act, to amend the Internal Revenue Code of 1986 to provide the same treatment to publicly offered, non-traded Real Estate Investment Trusts as is provided to exchange-traded Real Estate Investment Trusts under the Foreign Investment in Real Property Tax Act of 1980, all provisions. Down payment Assistance H.R. 1360, American Dream Down payment Act, to amend the Internal Revenue Code of 1986 to establish qualified down payment savings programs, all provisions.

H.R. 2483, Build More Housing Near Transit Act of 2021; S. 902/H.R. 2126, Housing Supply and Affordability Act; Yes in My Backyard (YIMBY) Act; S. 768, Better Planning and Land-Use for Accessible Neighborhoods Act (Better PLAN Act); H.R. 1615, Maximizing Our Redevelopment and Efficiency for Transit Oriented Development (MORE TOD) Act; Task Force on the Impact of the Affordable Housing Crisis Act; H.R. 2573/S. 1136, Affordable Housing Credit Improvement Act; S. 98, Neighborhood Homes Investment Act; H.R. 816, Restoring Communities Left Behind Act; H.R. 1483, Revitalizing Economies, Housing, and Businesses (REHAB) Act; H.R. 1360, American Dream Down Payment Act of 2021; Mapping Housing Discrimination Act; Emergency Rental Assistance and Homeowner Assistance provisions within the American Rescue Plan Act of 2021; Issues related to the tax exempt private activity bond volume cap

Client expense: $120,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), SENATE

Issues under the jurisdiction of the U.S. House Appropriations Subcommittee on Financial Services and General Government; issues under the jurisdiction of the U.S. House Appropriations Subcommittee on Transportation and Housing and Urban Development; general FHA, FHFA, VA issues; oversight of federal housing policy; general diversity and inclusion issues; general digital mortgage issues; qualified mortgage rule; tax foreclosure prevention; FHA technology funding; FHA origination and servicing; loss mitigation alignment; issues around forbearance and loss mitigation; HR. 1360, American Dream Down Payment Act; Preferred Stock Purchase Agreements (PSPAs); Troubled Asset Relief Program (TARP); Hardest Hit Fund; Housing Trust Fund; American Rescue Plan

Client expense: $290,000 · Firm income: Not reported