DAVID CARDWELL

Balanced Housing Policy Section 8 Reform HUDs Revised Section 8 Renewal Policy GuideSection 8 - Rental Assistance Reform Legislation HUDs FY 2014/2015 Budget - HUD Assisted Housing Programs FY 2015 Budget Legislation H. Con. Res. 96- Establishing the budget for the United States Government for fiscal year 2015 and setting forth appropriate budgetary levels for fiscal years 2016 through 2024. FY 2015 Housing Appropriations Federal Affordable Housing Programs HUD Fair Market Rent/Small Area Fair Market Rent issue HUD National Affordability Index Title X of the Housing and Community Development Act of 1992 (P.L. 102-550) Section 1017 FHA Multi Family Commitment Authority Sequestration Issues Associated with HUD assisted housing portfolio and Housing for Service Members Military Housing - Sequestration, Privatized Military Housing Program and BAH Sec. 2821 (Limiting the use of funds for environmental performance certifications) S. 1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) Issues related to the American Community Survey H.R. 1078, To Make Participation in the American Community Survey Voluntary H.R. 2767, Protecting American Taxpayers and Homeowners (PATH) Act, provisions impacting multifamily housing. HUD Fair Market Rents Section 521 Rental Assistance Program H.J. RES. 91 - Department of Defense Survivor Benefits Continuing Appropriations Resolution, 2014 (all provisions) FHA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business Rural Housing Issues with the United State Department of Agriculture Discussion Draft- HR [XXXX] HOME Forward Act of 2014, Rep. Maxine Waters Discussion Draft- HR [XXXX] Multifamily Housing Finance Reform Act of 2014, GSE Reform Rep Maloney Implementation of the Fair Housing Acts Discriminatory Effects Standard, Final Rule, 24 CFR Part 100-all provisions H.R. 4435 Howard P. "Buck" McKeon National Defense Authorization Act for Fiscal Year 2015 (Personnel, Family Housing and Amendments) S.2294 To require a survey of the preferences of members of the Armed Forces regarding military pay and benefits S.2289 National Defense Authorization Act for Fiscal Year 2015 (Personnel, Family Housing and Environmental Building Standards) H.R.4486 Military Construction and Veterans Affairs and Related Agencies Appropriations Act, 2015 H.R.4870 Department of Defense Appropriations Act, 2015 FAA One Engine Inoperative Policy H.R. 4623 To direct the Secretary of Transportation to conduct a notice and comment rulemaking before implementing certain policies relating to obstruction evaluation aeronautical studies, and for other purposes. S. 2410- 2015 National Defense Authorization Act- Section 603/ Modification of computation of basic allowance for housing H.R. 4435- 2015 National Defense Authorization Act- Basic Allowance of housing H.R. 4146- Preservation Enhancement and Savings Opportunity Act of 2014

Balanced Housing Policy Section 8 Reform HUDs Revised Section 8 Renewal Policy Guide Section 8 - Rental Assistance Reform Legislation HUDs FY 2014/2015 Budget - HUD Assisted Housing Programs FY 2015 Budget Legislation H. Con. Res. 96- Establishing the budget for the United States Government for fiscal year 2015 and setting forth appropriate budgetary levels for fiscal years 2016 through 2024. FY 2015 Housing Appropriations Federal Affordable Housing Programs HUD Fair Market Rent/Small Area Fair Market Rent issue HUD National Affordability Index Title X of the Housing and Community Development Act of 1992 (P.L. 102-550) Section 1017 FHA Multi Family Commitment Authority Sequestration Issues Associated with HUD assisted housing portfolio and Housing for Service Members Military Housing - Sequestration, Privatized Military Housing Program and BAH Sec. 2821 (Limiting the use of funds for environmental performance certifications) S. 1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) Issues related to the American Community Survey H.R. 1078, To Make Participation in the American Community Survey Voluntary H.R. 2767, Protecting American Taxpayers and Homeowners (PATH) Act, provisions impacting multifamily housing. HUD Fair Market Rents Section 521 Rental Assistance Program H.J. RES. 91 - Department of Defense Survivor Benefits Continuing Appropriations Resolution, 2014 (all provisions) FHA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business Rural Housing Issues with the United State Department of Agriculture Discussion Draft- HR [XXXX] HOME Forward Act of 2014, Rep. Maxine Waters Discussion Draft- HR [XXXX] Multifamily Housing Finance Reform Act of 2014, GSE Reform Rep Maloney Implementation of the Fair Housing Acts Discriminatory Effects Standard, Final Rule, 24 CFR Part 100-all provisions H.R. 4435 Howard P. "Buck" McKeon National Defense Authorization Act for Fiscal Year 2015 (Personnel, Family Housing and Amendments) S.2294 To require a survey of the preferences of members of the Armed Forces regarding military pay and benefits S.2289 National Defense Authorization Act for Fiscal Year 2015 (Personnel, Family Housing and Environmental Building Standards) H.R.4486 Military Construction and Veterans Affairs and Related Agencies Appropriations Act, 2015 H.R.4870 Department of Defense Appropriations Act, 2015 FAA One Engine Inoperative Policy H.R. 4623 To direct the Secretary of Transportation to conduct a notice and comment rulemaking before implementing certain policies relating to obstruction evaluation aeronautical studies, and for other purposes. S. 2410- 2015 National Defense Authorization Act- Section 603/ Modification of computation of basic allowance for housing H.R. 4435- 2015 National Defense Authorization Act- Basic Allowance of housing H.R. 4146- Preservation Enhancement and Savings Opportunity Act of 2014 : H. Amdt. 827 to H.R. 4745, Transportation-HUD Appropriations. The amendment prohibits the use of funds to implement, administer, or enforce paragraph (c)(3) of section 982.503 in the Code of Federal Regulations dealing with voucher tenancy: payment standard amount and schedule.

Balanced Housing Policy Section 8 Reform HUDs Revised Section 8 Renewal Policy GuideSection 8 - Rental Assistance Reform Legislation HUDs FY 2014/2015 Budget - HUD Assisted Housing Programs 2015 Budget Legislation H. Con. Res. 96- Establishing the budget for the United States Government for fiscal year 2015 and setting forth appropriate budgetary levels for fiscal years 2016 through 2024. FY 2015 Housing Appropriations Federal Affordable Housing Programs HUD Fair Market Rent/Small Area Fair Market Rent issue HUD National Affordability Index Title X of the Housing and Community Development Act of 1992 (P.L. 102-550) Section 1017 FHA Multi Family Commitment Authority Sequestration Issues Associated with HUD assisted housing portfolio and Housing for Service Members Military Housing - Sequestration, Privatized Military Housing Program and BAH Sec. 2821 (Limiting the use of funds for environmental performance certifications) S. 1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) Issues related to the American Community Survey H.R. 1078, To Make Participation in the American Community Survey Voluntary H.R. 2767, Protecting American Taxpayers and Homeowners (PATH) Act, provisions impacting multifamily housing. HUD Fair Market Rents Section 521 Rental Assistance Program H.J. RES. 91 - Department of Defense Survivor Benefits Continuing Appropriations Resolution, 2014 (all provisions) FHA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business Rural Housing Issues with the United State Department of Agriculture Discussion Draft- HR [XXXX] HOME Forward Act of 2014, Rep. Maxine Waters Discussion Draft- HR [XXXX] Multifamily Housing Finance Reform Act of 2014, GSE Reform Rep Maloney Implementation of the Fair Housing Acts Discriminatory Effects Standard, Final Rule, 24 CFR Part 100-all provisions

Balanced Housing Policy Section 8 Reform HUDs Revised Section 8 Renewal Policy GuideSection 8 - Rental Assistance Reform Legislation HUDs FY 2014/2015 Budget - HUD Assisted Housing Programs FY 2015 Budget Legislation H. Con. Res. 96- Establishing the budget for the United States Government for fiscal year 2015 and setting forth appropriate budgetary levels for fiscal years 2016 through 2024. FY 2015 Housing Appropriations Federal Affordable Housing Programs HUD Fair Market Rent/Small Area Fair Market Rent issue HUD National Affordability Index Title X of the Housing and Community Development Act of 1992 (P.L. 102-550) Section 1017 FHA Multi Family Commitment Authority Sequestration Issues Associated with HUD assisted housing portfolio and Housing for Service Members Military Housing - Sequestration, Privatized Military Housing Program and BAH Sec. 2821 (Limiting the use of funds for environmental performance certifications) S. 1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) Issues related to the American Community Survey H.R. 1078, To Make Participation in the American Community Survey Voluntary H.R. 2767, Protecting American Taxpayers and Homeowners (PATH) Act, provisions impacting multifamily housing. HUD Fair Market Rents Section 521 Rental Assistance Program H.J. RES. 91 - Department of Defense Survivor Benefits Continuing Appropriations Resolution, 2014 (all provisions) FHA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business Rural Housing Issues with the United State Department of Agriculture Discussion Draft- HR [XXXX] HOME Forward Act of 2014, Rep. Maxine Waters Discussion Draft- HR [XXXX] Multifamily Housing Finance Reform Act of 2014, GSE Reform Rep Maloney Implementation of the Fair Housing Acts Discriminatory Effects Standard, Final Rule, 24 CFR Part 100-all provisions H.R. 4435 Howard P. "Buck" McKeon National Defense Authorization Act for Fiscal Year 2015 (Personnel, Family Housing and Amendments) S.2294 To require a survey of the preferences of members of the Armed Forces regarding military pay and benefits S.2289 National Defense Authorization Act for Fiscal Year 2015 (Personnel, Family Housing and Environmental Building Standards) H.R.4486 Military Construction and Veterans Affairs and Related Agencies Appropriations Act, 2015 H.R.4870 Department of Defense Appropriations Act, 2015 FAA One Engine Inoperative Policy H.R. 4623 To direct the Secretary of Transportation to conduct a notice and comment rulemaking before implementing certain policies relating to obstruction evaluation aeronautical studies, and for other purposes. S. 2410- 2015 National Defense Authorization Act- Section 603/ Modification of computation of basic allowance for housing H.R. 4435- 2015 National Defense Authorization Act- Basic Allowance of housing H.R. 4146- Preservation Enhancement and Savings Opportunity Act of 2014

Balanced Housing Policy Section 8 Reform HUDs Revised Section 8 Renewal Policy GuideSection 8 - Rental Assistance Reform Legislation HUDs FY 2014/2015 Budget - HUD Assisted Housing Programs 2015 Budget Legislation H. Con. Res. 96- Establishing the budget for the United States Government for fiscal year 2015 and setting forth appropriate budgetary levels for fiscal years 2016 through 2024. FY 2015 Housing Appropriations Federal Affordable Housing Programs HUD Fair Market Rent/Small Area Fair Market Rent issue HUD National Affordability Index Title X of the Housing and Community Development Act of 1992 (P.L. 102-550) Section 1017 FHA Multi Family Commitment Authority Sequestration Issues Associated with HUD assisted housing portfolio and Housing for Service Members Military Housing - Sequestration, Privatized Military Housing Program and BAH Sec. 2821 (Limiting the use of funds for environmental performance certifications) S. 1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) Issues related to the American Community Survey H.R. 1078, To Make Participation in the American Community Survey Voluntary H.R. 2767, Protecting American Taxpayers and Homeowners (PATH) Act, provisions impacting multifamily housing. HUD Fair Market Rents Section 521 Rental Assistance Program H.J. RES. 91 - Department of Defense Survivor Benefits Continuing Appropriations Resolution, 2014 (all provisions) FHA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business Rural Housing Issues with the United State Department of Agriculture Discussion Draft- HR [XXXX] HOME Forward Act of 2014, Rep. Maxine Waters Discussion Draft- HR [XXXX] Multifamily Housing Finance Reform Act of 2014, GSE Reform Rep Maloney Implementation of the Fair Housing Acts Discriminatory Effects Standard, Final Rule, 24 CFR Part 100-all provisions

Balanced Housing Policy Section 8 Reform HUDs Revised Section 8 Renewal Policy Guide Section 8 - Rental Assistance Reform Legislation HUDs FY 2014/2015 Budget - HUD Assisted Housing Programs FY 2015 Budget Legislation H. Con. Res. 96- Establishing the budget for the United States Government for fiscal year 2015 and setting forth appropriate budgetary levels for fiscal years 2016 through 2024. FY 2015 Housing Appropriations Federal Affordable Housing Programs HUD Fair Market Rent/Small Area Fair Market Rent issue HUD National Affordability Index Title X of the Housing and Community Development Act of 1992 (P.L. 102-550) Section 1017 FHA Multi Family Commitment Authority Sequestration Issues Associated with HUD assisted housing portfolio and Housing for Service Members Military Housing - Sequestration, Privatized Military Housing Program and BAH Sec. 2821 (Limiting the use of funds for environmental performance certifications) S. 1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) Issues related to the American Community Survey H.R. 1078, To Make Participation in the American Community Survey Voluntary H.R. 2767, Protecting American Taxpayers and Homeowners (PATH) Act, provisions impacting multifamily housing. HUD Fair Market Rents Section 521 Rental Assistance Program H.J. RES. 91 - Department of Defense Survivor Benefits Continuing Appropriations Resolution, 2014 (all provisions) FHA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business Rural Housing Issues with the United State Department of Agriculture Discussion Draft- HR [XXXX] HOME Forward Act of 2014, Rep. Maxine Waters Discussion Draft- HR [XXXX] Multifamily Housing Finance Reform Act of 2014, GSE Reform Rep Maloney Implementation of the Fair Housing Acts Discriminatory Effects Standard, Final Rule, 24 CFR Part 100-all provisions H.R. 4435 Howard P. "Buck" McKeon National Defense Authorization Act for Fiscal Year 2015 (Personnel, Family Housing and Amendments) S.2294 To require a survey of the preferences of members of the Armed Forces regarding military pay and benefits S.2289 National Defense Authorization Act for Fiscal Year 2015 (Personnel, Family Housing and Environmental Building Standards) H.R.4486 Military Construction and Veterans Affairs and Related Agencies Appropriations Act, 2015 H.R.4870 Department of Defense Appropriations Act, 2015 FAA One Engine Inoperative Policy H.R. 4623 To direct the Secretary of Transportation to conduct a notice and comment rulemaking before implementing certain policies relating to obstruction evaluation aeronautical studies, and for other purposes. S. 2410- 2015 National Defense Authorization Act- Section 603/ Modification of computation of basic allowance for housing H.R. 4435- 2015 National Defense Authorization Act- Basic Allowance of housing H.R. 4146- Preservation Enhancement and Savings Opportunity Act of 2014 : H. Amdt. 827 to H.R. 4745, Transportation-HUD Appropriations. The amendment prohibits the use of funds to implement, administer, or enforce paragraph (c)(3) of section 982.503 in the Code of Federal Regulations dealing with voucher tenancy: payment standard amount and schedule.

S .1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) S. 1217, Amendment in the Form of a Substitute (Johnson-Crapo Bill) P.L. 111-203, DoddFrank Wall Street Reform and Consumer Protection Act Public Proposals for the Future of the Housing Finance SystemGSE Reform: Proposals to ensure liquidity in multifamily mortgage markets in a post Fannie Mae / Freddie Mac environment. S. 1217, the Housing Finance Reform and Taxpayer Protection Act (all provisions impacting multifamily housing) H.R. 2767 Protecting American Taxpayers and Homeowners Act (provisions impacting multifamily housing) Discussion Draft HR [XXXX] HOME Forward Act of 2014 (Maxine Waters Bill) Discussion Draft HR [XXXX] Multifamily Housing Finance Reform Act of 2014 (Maloney Bill) S. 563 Jump Start GSE Reform (all provisions) H.R. 2348 Jump Start GSE Reform (all provisions) FHFA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business Conference on H. Con. Res. 25/S. Con. Res 8. that resulted in H.J. Res. 59: Bipartisan Budget Act of 2013, possible provisions impacting multifamily guarantee fees on mortgages guaranteed by Fannie Mae and Freddie Mac. Basel III Banking Capital Standards Liquidity Capital Ratio (OCC, FDIC, Federal Reserve) FHA Multifamily Guidebook 4350.1 Revisions Multifamily Servicing and Asset Management

S .1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) P.L. 111-203, DoddFrank Wall Street Reform and Consumer Protection Act Public Proposals for the Future of the Housing Finance System GSE Reform: Proposals to ensure liquidity in multifamily mortgage markets in a post Fannie Mae / Freddie Mac environment. H.R. 2767 Protecting American Taxpayers and Homeowners Act (provisions impacting multifamily housing) Discussion Draft HR [XXXX] HOME Forward Act of 2014 (Maxine Waters Bill) Discussion Draft HR [XXXX] Multifamily Housing Finance Reform Act of 2014 (Maloney Bill) Discussion Draft Delaney/Carney/Himes GSE Reform draft proposal S. 563 Jump Start GSE Reform (all provisions) H.R. 2348 Jump Start GSE Reform (all provisions) Basel III Banking Capital Standards Liquidity Capital Ratio (OCC, FDIC, Federal Reserve) FHA Multifamily Guidebook 4350.1 Revisions Multifamily Servicing and Asset Management S. 2244, Terrorism Risk Insurance Program Reauthorization Act of 2014, all provisions H.R. 4871, TRIA Reform Act of 2014, all provisions

S .1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) P.L. 111-203, DoddFrank Wall Street Reform and Consumer Protection Act Public Proposals for the Future of the Housing Finance SystemGSE Reform: Proposals to ensure liquidity in multifamily mortgage markets in a post Fannie Mae / Freddie Mac environment. H.R. 2767 Protecting American Taxpayers and Homeowners Act (provisions impacting multifamily housing) Discussion Draft HR [XXXX] HOME Forward Act of 2014 (Maxine Waters Bill) Discussion Draft HR [XXXX] Multifamily Housing Finance Reform Act of 2014 (Maloney Bill) Discussion Draft Delaney/Carney/Himes GSE Reform draft proposal S. 563 Jump Start GSE Reform (all provisions) H.R. 2348 Jump Start GSE Reform (all provisions) Basel III Banking Capital Standards Liquidity Capital Ratio (OCC, FDIC, Federal Reserve) FHA Multifamily Guidebook 4350.1 Revisions Multifamily Servicing and Asset Management S. 2244, Terrorism Risk Insurance Program Reauthorization Act of 2014, all provisions H.R. 4871, TRIA Reform Act of 2014, all provisions

S .1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) P.L. 111-203, DoddFrank Wall Street Reform and Consumer Protection Act Public Proposals for the Future of the Housing Finance SystemGSE Reform: Proposals to ensure liquidity in multifamily mortgage markets in a post Fannie Mae / Freddie Mac environment. H.R. 2767 Protecting American Taxpayers and Homeowners Act (provisions impacting multifamily housing) Discussion Draft HR [XXXX] HOME Forward Act of 2014 (Maxine Waters Bill) Discussion Draft HR [XXXX] Multifamily Housing Finance Reform Act of 2014 (Maloney Bill) Discussion Draft Delaney/Carney/Himes GSE Reform draft proposal S. 563 Jump Start GSE Reform (all provisions) H.R. 2348 Jump Start GSE Reform (all provisions) Basel III Banking Capital Standards Liquidity Capital Ratio (OCC, FDIC, Federal Reserve) FHA Multifamily Guidebook 4350.1 Revisions Multifamily Servicing and Asset Management S. 2244, Terrorism Risk Insurance Program Reauthorization Act of 2014, all provisions H.R. 4871, TRIA Reform Act of 2014, all provisions

Balanced Housing Policy Section 8 Reform HUDs Revised Section 8 Renewal Policy Guide Section 8 - Rental Assistance Reform Legislation HUDs FY 2014/2015 Budget - HUD Assisted Housing Programs FY 2015 Budget Legislation H. Con. Res. 96- Establishing the budget for the United States Government for fiscal year 2015 and setting forth appropriate budgetary levels for fiscal years 2016 through 2024. FY 2015 Housing Appropriations Federal Affordable Housing Programs HUD Fair Market Rent/Small Area Fair Market Rent issue HUD National Affordability Index Title X of the Housing and Community Development Act of 1992 (P.L. 102-550) Section 1017 FHA Multi Family Commitment Authority Sequestration Issues Associated with HUD assisted housing portfolio and Housing for Service Members Military Housing - Sequestration, Privatized Military Housing Program and BAH Sec. 2821 (Limiting the use of funds for environmental performance certifications) S. 1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) Issues related to the American Community Survey H.R. 1078, To Make Participation in the American Community Survey Voluntary H.R. 2767, Protecting American Taxpayers and Homeowners (PATH) Act, provisions impacting multifamily housing. HUD Fair Market Rents Section 521 Rental Assistance Program H.J. RES. 91 - Department of Defense Survivor Benefits Continuing Appropriations Resolution, 2014 (all provisions) FHA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business Rural Housing Issues with the United State Department of Agriculture Discussion Draft- HR [XXXX] HOME Forward Act of 2014, Rep. Maxine Waters Discussion Draft- HR [XXXX] Multifamily Housing Finance Reform Act of 2014, GSE Reform Rep Maloney Implementation of the Fair Housing Acts Discriminatory Effects Standard, Final Rule, 24 CFR Part 100-all provisions H.R. 4435 Howard P. "Buck" McKeon National Defense Authorization Act for Fiscal Year 2015 (Personnel, Family Housing and Amendments) S.2294 To require a survey of the preferences of members of the Armed Forces regarding military pay and benefits S.2289 National Defense Authorization Act for Fiscal Year 2015 (Personnel, Family Housing and Environmental Building Standards) H.R.4486 Military Construction and Veterans Affairs and Related Agencies Appropriations Act, 2015 H.R.4870 Department of Defense Appropriations Act, 2015 FAA One Engine Inoperative Policy H.R. 4623 To direct the Secretary of Transportation to conduct a notice and comment rulemaking before implementing certain policies relating to obstruction evaluation aeronautical studies, and for other purposes. S. 2410- 2015 National Defense Authorization Act- Section 603/ Modification of computation of basic allowance for housing H.R. 4435- 2015 National Defense Authorization Act- Basic Allowance of housing H.R. 4146- Preservation Enhancement and Savings Opportunity Act of 2014 : H. Amdt. 827 to H.R. 4745, Transportation-HUD Appropriations. The amendment prohibits the use of funds to implement, administer, or enforce paragraph (c)(3) of section 982.503 in the Code of Federal Regulations dealing with voucher tenancy: payment standard amount and schedule.

S .1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) S. 1217, Amendment in the Form of a Substitute (Johnson-Crapo Bill) P.L. 111-203, DoddFrank Wall Street Reform and Consumer Protection Act Public Proposals for the Future of the Housing Finance SystemGSE Reform: Proposals to ensure liquidity in multifamily mortgage markets in a post Fannie Mae / Freddie Mac environment. S. 1217, the Housing Finance Reform and Taxpayer Protection Act (all provisions impacting multifamily housing) H.R. 2767 Protecting American Taxpayers and Homeowners Act (provisions impacting multifamily housing) Discussion Draft HR [XXXX] HOME Forward Act of 2014 (Maxine Waters Bill) Discussion Draft HR [XXXX] Multifamily Housing Finance Reform Act of 2014 (Maloney Bill) S. 563 Jump Start GSE Reform (all provisions) H.R. 2348 Jump Start GSE Reform (all provisions) FHFA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business Conference on H. Con. Res. 25/S. Con. Res 8. that resulted in H.J. Res. 59: Bipartisan Budget Act of 2013, possible provisions impacting multifamily guarantee fees on mortgages guaranteed by Fannie Mae and Freddie Mac. Basel III Banking Capital Standards Liquidity Capital Ratio (OCC, FDIC, Federal Reserve) FHA Multifamily Guidebook 4350.1 Revisions Multifamily Servicing and Asset Management

S .1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) P.L. 111-203, DoddFrank Wall Street Reform and Consumer Protection Act Public Proposals for the Future of the Housing Finance System GSE Reform: Proposals to ensure liquidity in multifamily mortgage markets in a post Fannie Mae / Freddie Mac environment. H.R. 2767 Protecting American Taxpayers and Homeowners Act (provisions impacting multifamily housing) Discussion Draft HR [XXXX] HOME Forward Act of 2014 (Maxine Waters Bill) Discussion Draft HR [XXXX] Multifamily Housing Finance Reform Act of 2014 (Maloney Bill) Discussion Draft Delaney/Carney/Himes GSE Reform draft proposal S. 563 Jump Start GSE Reform (all provisions) H.R. 2348 Jump Start GSE Reform (all provisions) Basel III Banking Capital Standards Liquidity Capital Ratio (OCC, FDIC, Federal Reserve) FHA Multifamily Guidebook 4350.1 Revisions Multifamily Servicing and Asset Management S. 2244, Terrorism Risk Insurance Program Reauthorization Act of 2014, all provisions H.R. 4871, TRIA Reform Act of 2014, all provisions

Balanced Housing Policy Section 8 Reform HUDs Revised Section 8 Renewal Policy GuideSection 8 - Rental Assistance Reform Legislation HUDs FY 2014/2015 Budget - HUD Assisted Housing Programs FY 2015 Budget Legislation H. Con. Res. 96- Establishing the budget for the United States Government for fiscal year 2015 and setting forth appropriate budgetary levels for fiscal years 2016 through 2024. FY 2015 Housing Appropriations Federal Affordable Housing Programs HUD Fair Market Rent/Small Area Fair Market Rent issue HUD National Affordability Index Title X of the Housing and Community Development Act of 1992 (P.L. 102-550) Section 1017 FHA Multi Family Commitment Authority Sequestration Issues Associated with HUD assisted housing portfolio and Housing for Service Members Military Housing - Sequestration, Privatized Military Housing Program and BAH Sec. 2821 (Limiting the use of funds for environmental performance certifications) S. 1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) Issues related to the American Community Survey H.R. 1078, To Make Participation in the American Community Survey Voluntary H.R. 2767, Protecting American Taxpayers and Homeowners (PATH) Act, provisions impacting multifamily housing. HUD Fair Market Rents Section 521 Rental Assistance Program H.J. RES. 91 - Department of Defense Survivor Benefits Continuing Appropriations Resolution, 2014 (all provisions) FHA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business Rural Housing Issues with the United State Department of Agriculture Discussion Draft- HR [XXXX] HOME Forward Act of 2014, Rep. Maxine Waters Discussion Draft- HR [XXXX] Multifamily Housing Finance Reform Act of 2014, GSE Reform Rep Maloney Implementation of the Fair Housing Acts Discriminatory Effects Standard, Final Rule, 24 CFR Part 100-all provisions H.R. 4435 Howard P. "Buck" McKeon National Defense Authorization Act for Fiscal Year 2015 (Personnel, Family Housing and Amendments) S.2294 To require a survey of the preferences of members of the Armed Forces regarding military pay and benefits S.2289 National Defense Authorization Act for Fiscal Year 2015 (Personnel, Family Housing and Environmental Building Standards) H.R.4486 Military Construction and Veterans Affairs and Related Agencies Appropriations Act, 2015 H.R.4870 Department of Defense Appropriations Act, 2015 FAA One Engine Inoperative Policy H.R. 4623 To direct the Secretary of Transportation to conduct a notice and comment rulemaking before implementing certain policies relating to obstruction evaluation aeronautical studies, and for other purposes. S. 2410- 2015 National Defense Authorization Act- Section 603/ Modification of computation of basic allowance for housing H.R. 4435- 2015 National Defense Authorization Act- Basic Allowance of housing H.R. 4146- Preservation Enhancement and Savings Opportunity Act of 2014

Balanced Housing Policy Section 8 Reform HUDs Revised Section 8 Renewal Policy GuideSection 8 - Rental Assistance Reform Legislation HUDs FY 2014/2015 Budget - HUD Assisted Housing Programs 2015 Budget Legislation H. Con. Res. 96- Establishing the budget for the United States Government for fiscal year 2015 and setting forth appropriate budgetary levels for fiscal years 2016 through 2024. FY 2015 Housing Appropriations Federal Affordable Housing Programs HUD Fair Market Rent/Small Area Fair Market Rent issue HUD National Affordability Index Title X of the Housing and Community Development Act of 1992 (P.L. 102-550) Section 1017 FHA Multi Family Commitment Authority Sequestration Issues Associated with HUD assisted housing portfolio and Housing for Service Members Military Housing - Sequestration, Privatized Military Housing Program and BAH Sec. 2821 (Limiting the use of funds for environmental performance certifications) S. 1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) Issues related to the American Community Survey H.R. 1078, To Make Participation in the American Community Survey Voluntary H.R. 2767, Protecting American Taxpayers and Homeowners (PATH) Act, provisions impacting multifamily housing. HUD Fair Market Rents Section 521 Rental Assistance Program H.J. RES. 91 - Department of Defense Survivor Benefits Continuing Appropriations Resolution, 2014 (all provisions) FHA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business Rural Housing Issues with the United State Department of Agriculture Discussion Draft- HR [XXXX] HOME Forward Act of 2014, Rep. Maxine Waters Discussion Draft- HR [XXXX] Multifamily Housing Finance Reform Act of 2014, GSE Reform Rep Maloney Implementation of the Fair Housing Acts Discriminatory Effects Standard, Final Rule, 24 CFR Part 100-all provisions

Tax Reform Promoted comprehensive approach to tax reform that avoids enacting reform for C corporations at the expense of flow-through entities. Support maintaining current law regarding: (1) the tax treatment of carried interest; (2) the full deductibility of business interest; (3) the Low-Income Housing Tax Credit and tax-exempt private activity housing bonds;(4) the permanent estate tax rules enacted in January 2013; (5) Section 1031 like-kind exchanges; (7) the 27.5-year depreciation period for multifamily buildings; (7) depreciation recapture; and (8) the deductibility of state and local real estate taxes. Finally, we favor: (1) loosening FIRPTA rules to incent foreign investment in U.S. real estate and (2) expanding incentives for energy efficiency in commercial buildings (i.e., Internal Revenue Code Section 179D). House Ways and Means and Committee Chairman's Discussion Draft on Tax Reform: Tax Reform Act of 2014. Section 1001: Simplification of individual income tax rates. Section 1002: Deduction for adjusted net capital gain. Section 1405: Repeal of deduction for taxes not paid or accrued in a trade or business. Section 1502: Determination of net earnings from self employment. Section 3104: Reform of accelerated cost recovery system. Section 3113: Repeal of deduction for energy efficient commercial buildings. Section 3133: Repeal of like-kind exchanges. Section 3139: Depreciation recapture on gain from disposition of certain depreciable realty. Section 3204: Low-income housing tax credit. Section 3217: Repeal of new energy efficient home credit. Section 3431: Termination of private activity bonds. Section 3621: Ordinary income treatment in the case of partnership interest held in connection with performance of services. Senate Committee on Finance Chairman's Staff Discussion Draft on Provisions to Reform International Business Taxation. Section 93: Modification to Tax on Foreign Investments in United States Real Property Interests. Senate Committee on Finance Chairman's Staff Discussion Draft to Reform Certain Business Provisions. Section 2: Repeal of Certain Specialized Expensing Provisions (i.e., Section 179D). Section 11: Pooled Asset Cost Recovery System and Depreciation of Real Property. Section 12: Rules Related to Treatment of Gains from Depreciable Property. Section 15: Repeal of Like-Kind Exchanges. Expiring Tax Provisions S. 2260, Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act. Section 112: Extension and modification of temporary minimum low-income housing tax credit rate for non-Federally subsidized new buildings. Section 113: Extension of military housing allowance for determining area median gross income. Section 115: Extension and modification of New Markets Tax Credit. Section 125: Extension of Bonus Depreciation. Section 127: Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property. Section 157: Extension of Credit for Energy Efficient New Homes. Section 159: Extension and modification of Energy Efficient Commercial Buildings deduction. S. Amdt. 3060 to H.R. 3474, Expiring Provisions Improvement, Reform, and Efficiency (EXPIRE) Act of 2014. Section 112: Extension and modification of temporary minimum low-income housing tax credit rate for non-Federally subsidized new buildings. Section 113: Extension of military housing allowance for determining area median gross income. Section 115: Extension and modification of New Markets Tax Credit. Section 125: Extension of Bonus Depreciation. Section 127: Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property. Section 157: Extension of Credit for Energy Efficient New Homes. Section 159: Extension and modification of Energy Efficient Commercial Buildings deduction. H.R. 4457, America's Small Business Tax Relief Act of 2014. Section 2: Expensing certain depreciable assets for small business. H.R.4718, to amend the Internal Revenue Code of 1986 to modify and make permanent bonus depreciation, all provisions.Carried Interest S. 268, Cut Unjustified Tax Loopholes Act, Title VI, Ending the Carried Interest Loophole (Section 601: Short Title. Section 602: Partnership Interests Transferred in Connection with Performance of Services. Section 603: Special rules for Partners Providing Investment Management Services to Partnerships Low-Income Housing Tax Credit & Renter Tax Credit H.R. 4479, to amend the Internal Revenue Code of 1986 to provide a renter's tax credit, all provisions. H.R. 4717, to make permanent and expand the minimum rate for the LIHTC, all provisions. S. 1442, Improving the Low Income Housing Tax Credit Rate Act, to amend the Internal Revenue Code of 1986 to make permanent the minimum low-income housing tax credit rate for unsubsidized buildings and to provide a minimum 4 percent credit rate for existing buildings, all provisions. We also (1) support making the LIHTC more flexible by allowing developments to qualify if 40 percent of units go to families with incomes that average no more than 60 percent of area median income; and (2) considered proposals to expand the credit, such ones to increase the program by 50% or convert private activity bonds into Low-Income Housing Tax Credits. Energy Tax Incentives S. 2189, the Energy Efficiency Tax Incentives Act. Section 101: Extension and modification of deduction for energy-efficient commercial buildings. Section 102. Deduction for retrofits of existing commercial and multifamily buildings. FIRPTA H.R. 2870, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. S. 1181, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. Draft legislation before the Senate Finance Committee: Preserving America's Transit and Highways Act of 2014, provisions regarding mortgage reporting and FIRPTA Treasury Regulations REG-119305-11: This document contains proposed regulations under section 707 of the Internal Revenue Code (Code) relating to disguised sales of property to, or by a partnership and under section 752 relating to the treatment of partnership liabilities.

Tax Reform Promoted comprehensive approach to tax reform that avoids enacting reform for C corporations at the expense of flow-through entities. Support maintaining current law regarding: (1) the tax treatment of carried interest; (2) the full deductibility of business interest; (3) the Low-Income Housing Tax Credit and tax-exempt private activity housing bonds; (4) the permanent estate tax rules enacted in January 2013; (5) Section 1031 like-kind exchanges; (7) the 27.5-year depreciation period for multifamily buildings; (7) depreciation recapture; and (8) the deductibility of state and local real estate taxes. Finally, we favor: (1) loosening FIRPTA rules to incent foreign investment in U.S. real estate and (2) expanding incentives for energy efficiency in commercial buildings (i.e., Internal Revenue Code Section 179D). House Ways and Means and Committee Chairman's Discussion Draft on Tax Reform: Tax Reform Act of 2014. Section 1001: Simplification of individual income tax rates. Section 1002: Deduction for adjusted net capital gain. Section 1405: Repeal of deduction for taxes not paid or accrued in a trade or business. Section 1502: Determination of net earnings from self employment. Section 3104: Reform of accelerated cost recovery system. Section 3113: Repeal of deduction for energy efficient commercial buildings. Section 3133: Repeal of like-kind exchanges. Section 3139: Depreciation recapture on gain from disposition of certain depreciable realty. Section 3204: Low-income housing tax credit. Section 3217: Repeal of new energy efficient home credit. Section 3431: Termination of private activity bonds. Section 3621: Ordinary income treatment in the case of partnership interest held in connection with performance of services. Senate Committee on Finance Chairman's Staff Discussion Draft on Provisions to Reform International Business Taxation. Section 93: Modification to Tax on Foreign Investments in United States Real Property Interests. Senate Committee on Finance Chairman's Staff Discussion Draft to Reform Certain Business Provisions. Section 2: Repeal of Certain Specialized Expensing Provisions (i.e., Section 179D). Section 11: Pooled Asset Cost Recovery System and Depreciation of Real Property. Section 12: Rules Related to Treatment of Gains from Depreciable Property. Section 15: Repeal of Like-Kind Exchanges. Expiring Tax Provisions S. 2260, Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act. Section 112: Extension and modification of temporary minimum low-income housing tax credit rate for non-Federally subsidized new buildings. Section 113: Extension of military housing allowance for determining area median gross income. Section 115: Extension and modification of New Markets Tax Credit. Section 125: Extension of Bonus Depreciation. Section 127: Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property. Section 157: Extension of Credit for Energy Efficient New Homes. Section 159: Extension and modification of Energy Efficient Commercial Buildings deduction. S. Amdt. 3060 to H.R. 3474, Expiring Provisions Improvement, Reform, and Efficiency (EXPIRE) Act of 2014. Section 112: Extension and modification of temporary minimum low-income housing tax credit rate for non-Federally subsidized new buildings. Section 113: Extension of military housing allowance for determining area median gross income. Section 115: Extension and modification of New Markets Tax Credit. Section 125: Extension of Bonus Depreciation. Section 127: Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property. Section 157: Extension of Credit for Energy Efficient New Homes. Section 159: Extension and modification of Energy Efficient Commercial Buildings deduction. H.R. 4457, America's Small Business Tax Relief Act of 2014. Section 2: Expensing certain depreciable assets for small business. H.R.4718, to amend the Internal Revenue Code of 1986 to modify and make permanent bonus depreciation, all provisions. Carried Interest S. 268, Cut Unjustified Tax Loopholes Act, Title VI, Ending the Carried Interest Loophole (Section 601: Short Title. Section 602: Partnership Interests Transferred in Connection with Performance of Services. Section 603: Special rules for Partners Providing Investment Management Services to Partnerships Low-Income Housing Tax Credit & Renter Tax Credit H.R. 4479, to amend the Internal Revenue Code of 1986 to provide a renter's tax credit, all provisions. H.R. 4717, to make permanent and expand the minimum rate for the LIHTC, all provisions. S. 1442, Improving the Low Income Housing Tax Credit Rate Act, to amend the Internal Revenue Code of 1986 to make permanent the minimum low-income housing tax credit rate for unsubsidized buildings and to provide a minimum 4 percent credit rate for existing buildings, all provisions. We also (1) support making the LIHTC more flexible by allowing developments to qualify if 40 percent of units go to families with incomes that average no more than 60 percent of area median income; and (2) considered proposals to expand the credit, such ones to increase the program by 50% or convert private activity bonds into Low-Income Housing Tax Credits. Energy Tax Incentives S. 2189, the Energy Efficiency Tax Incentives Act. Section 101: Extension and modification of deduction for energy-efficient commercial buildings. Section 102. Deduction for retrofits of existing commercial and multifamily buildings. FIRPTA H.R. 2870, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. S. 1181, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. Draft legislation before the Senate Finance Committee: Preserving America's Transit and Highways Act of 2014, provisions regarding mortgage reporting and FIRPTA Treasury Regulations REG-119305-11: This document contains proposed regulations under section 707 of the Internal Revenue Code (Code) relating to disguised sales of property to, or by a partnership and under section 752 relating to the treatment of partnership liabilities.

Draft legislation authored by House Ways and Means Committee Chairman Dave Camp in 2013-Tax Reform Act of 2013: Title IITax Reform for Businesses, Subtitle COption 1 Passthrough Entities, all provisions (i.e., Part 1Option 1 S Corporations and Part 2Option 1 Partnerships), and Subtitle COption 2 Unified Rules for Passthroughs, all provisionsTax Reform- Comphrehensive approach to tax reform and to avoid enacting reform for C corporations at the expense of flow-through entities. Maintaining current law regarding: (1) the tax treatment of carried interest; (2) the full deductibility of business interest; (3) the Low-Income Housing Tax Credit and tax-exempt private activity housing bonds; (4) the permanent estate tax rules enacted in January 2013; (5) Section 1031 like-kind exchanges; (7) the 27.5-year depreciation period for multifamily buildings; (7) depreciation recapture; and (8) the deductibility of state and local real estate taxes. Finally, we favor: (1) loosening FIRPTA rules to incent foreign investment in U.S. real estate and (2) expanding incentives for energy efficiency in commercial buildings (i.e., Internal Revenue Code Section 179D). House Ways and Means and Committee Chairman's Discussion Draft on Tax Reform: Tax Reform Act of 2014. Section 1001: Simplification of individual income tax rates. Section 1002: Deduction for adjusted net capital gain. Section 1405: Repeal of deduction for taxes not paid or accrued in a trade or business. Section 1502: Determination of net earnings from self employment. Section 3104: Reform of accelerated cost recovery system. Section 3113: Repeal of deduction for energy efficient commercial buildings. Section 3133: Repeal of like-kind exchanges. Section 3139: Depreciation recapture on gain from disposition of certain depreciable realty. Section 3204: Low-income housing tax credit. Section 3217: Repeal of new energy efficient home credit. Section 3431: Termination of private activity bonds. Section 3621: Ordinary income treatment in the case of partnership interest held in connection with performance of services Senate Committee on Finance Chairman's Staff Discussion Draft on Provisions to Reform International Business Taxation. Section 93: Modification to Tax on Foreign Investments in United States Real Property Interests Senate Committee on Finance Chairman's Staff Discussion Draft to Reform Certain Business Provisions. Section 2: Repeal of Certain Specialized Expensing Provisions (i.e., Section 179D). Section 11: Pooled Asset Cost Recovery System and Depreciation of Real Property. Section 12. Rules Related to Treatment of Gains from Depreciable Property. Section 15. Repeal of Like-Kind Exchanges Senate Committee on Finance Chairman's Staff Discussion Draft to Reform Certain Energy Tax Provisions. Section 2. Clean Energy Investment Credit. S. 727- (112th Congress), The Bipartisan Tax Fairness and Simplification Act of 2011: Section 204(d): Depreciation of Tangible Property in Excess of Alternative Depreciation System. S. 268- Cut Unjustified Tax Loopholes Act, Title VI, Ending the Carried Interest Loophole (Section 601: Short Title. Section 602: Partnership Interests Transferred in Connection with Performance of Services. Section 603: Special rules for Partners Providing Investment Management Services to Partnerships S. 1442- Improving the Low Income Housing Tax Credit Rate Act- to amend the Internal Revenue Code of 1986 to make permanent the minimum low-income housing tax credit rate for unsubsidized buildings and to provide a minimum 4 percent credit rate for existing buildings, all provisions. Making the LIHTC more flexible by allowing developments to qualify if 40 percent of units go to families with incomes that average no more than 60 percent of area median income. Proposals to expand the credit, such as one to increase the program by 50%.S. 2189- the Energy Efficiency Tax Incentives Act. Section 101: Extension and modification of deduction for energy-efficient commercial buildings. Section 102. Deduction for retrofits of existing commercial and multifamily buildings. S. 3591- Commercial Building Modernization Act from 112th Congress H.R. 2870- To amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. S. 1181- to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. Extension of Expiring Tax Provisions: providing for the: (1) flat 9 percent tax credit for the Low-Income Housing Tax Credit; (2) Energy Efficient Commercial Building Tax Deduction; (3) Energy Efficient New Homes Tax Credit; (4) New Markets Tax Credit; (5) expensing of brownfield remediation costs; (6) election to expense certain qualified real property; and (7) 15-year depreciation of leasehold improvements. REG-119305-11: This document contains proposed regulations under section 707 of the Internal Revenue Code (Code) relating to disguised sales of property to, or by a partnership and under section 752 relating to the treatment of partnership liabilities.

Balanced Housing Policy Section 8 Reform HUDs Revised Section 8 Renewal Policy GuideSection 8 - Rental Assistance Reform Legislation HUDs FY 2014/2015 Budget - HUD Assisted Housing Programs FY 2015 Budget Legislation H. Con. Res. 96- Establishing the budget for the United States Government for fiscal year 2015 and setting forth appropriate budgetary levels for fiscal years 2016 through 2024. FY 2015 Housing Appropriations Federal Affordable Housing Programs HUD Fair Market Rent/Small Area Fair Market Rent issue HUD National Affordability Index Title X of the Housing and Community Development Act of 1992 (P.L. 102-550) Section 1017 FHA Multi Family Commitment Authority Sequestration Issues Associated with HUD assisted housing portfolio and Housing for Service Members Military Housing - Sequestration, Privatized Military Housing Program and BAH Sec. 2821 (Limiting the use of funds for environmental performance certifications) S. 1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) Issues related to the American Community Survey H.R. 1078, To Make Participation in the American Community Survey Voluntary H.R. 2767, Protecting American Taxpayers and Homeowners (PATH) Act, provisions impacting multifamily housing. HUD Fair Market Rents Section 521 Rental Assistance Program H.J. RES. 91 - Department of Defense Survivor Benefits Continuing Appropriations Resolution, 2014 (all provisions) FHA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business Rural Housing Issues with the United State Department of Agriculture Discussion Draft- HR [XXXX] HOME Forward Act of 2014, Rep. Maxine Waters Discussion Draft- HR [XXXX] Multifamily Housing Finance Reform Act of 2014, GSE Reform Rep Maloney Implementation of the Fair Housing Acts Discriminatory Effects Standard, Final Rule, 24 CFR Part 100-all provisions H.R. 4435 Howard P. "Buck" McKeon National Defense Authorization Act for Fiscal Year 2015 (Personnel, Family Housing and Amendments) S.2294 To require a survey of the preferences of members of the Armed Forces regarding military pay and benefits S.2289 National Defense Authorization Act for Fiscal Year 2015 (Personnel, Family Housing and Environmental Building Standards) H.R.4486 Military Construction and Veterans Affairs and Related Agencies Appropriations Act, 2015 H.R.4870 Department of Defense Appropriations Act, 2015 FAA One Engine Inoperative Policy H.R. 4623 To direct the Secretary of Transportation to conduct a notice and comment rulemaking before implementing certain policies relating to obstruction evaluation aeronautical studies, and for other purposes. S. 2410- 2015 National Defense Authorization Act- Section 603/ Modification of computation of basic allowance for housing H.R. 4435- 2015 National Defense Authorization Act- Basic Allowance of housing H.R. 4146- Preservation Enhancement and Savings Opportunity Act of 2014

Balanced Housing Policy Section 8 Reform HUDs Revised Section 8 Renewal Policy Guide Section 8 - Rental Assistance Reform Legislation HUDs FY 2014/2015 Budget - HUD Assisted Housing Programs FY 2015 Budget Legislation H. Con. Res. 96- Establishing the budget for the United States Government for fiscal year 2015 and setting forth appropriate budgetary levels for fiscal years 2016 through 2024. FY 2015 Housing Appropriations Federal Affordable Housing Programs HUD Fair Market Rent/Small Area Fair Market Rent issue HUD National Affordability Index Title X of the Housing and Community Development Act of 1992 (P.L. 102-550) Section 1017 FHA Multi Family Commitment Authority Sequestration Issues Associated with HUD assisted housing portfolio and Housing for Service Members Military Housing - Sequestration, Privatized Military Housing Program and BAH Sec. 2821 (Limiting the use of funds for environmental performance certifications) S. 1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) Issues related to the American Community Survey H.R. 1078, To Make Participation in the American Community Survey Voluntary H.R. 2767, Protecting American Taxpayers and Homeowners (PATH) Act, provisions impacting multifamily housing. HUD Fair Market Rents Section 521 Rental Assistance Program H.J. RES. 91 - Department of Defense Survivor Benefits Continuing Appropriations Resolution, 2014 (all provisions) FHA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business Rural Housing Issues with the United State Department of Agriculture Discussion Draft- HR [XXXX] HOME Forward Act of 2014, Rep. Maxine Waters Discussion Draft- HR [XXXX] Multifamily Housing Finance Reform Act of 2014, GSE Reform Rep Maloney Implementation of the Fair Housing Acts Discriminatory Effects Standard, Final Rule, 24 CFR Part 100-all provisions H.R. 4435 Howard P. "Buck" McKeon National Defense Authorization Act for Fiscal Year 2015 (Personnel, Family Housing and Amendments) S.2294 To require a survey of the preferences of members of the Armed Forces regarding military pay and benefits S.2289 National Defense Authorization Act for Fiscal Year 2015 (Personnel, Family Housing and Environmental Building Standards) H.R.4486 Military Construction and Veterans Affairs and Related Agencies Appropriations Act, 2015 H.R.4870 Department of Defense Appropriations Act, 2015 FAA One Engine Inoperative Policy H.R. 4623 To direct the Secretary of Transportation to conduct a notice and comment rulemaking before implementing certain policies relating to obstruction evaluation aeronautical studies, and for other purposes. S. 2410- 2015 National Defense Authorization Act- Section 603/ Modification of computation of basic allowance for housing H.R. 4435- 2015 National Defense Authorization Act- Basic Allowance of housing H.R. 4146- Preservation Enhancement and Savings Opportunity Act of 2014 : H. Amdt. 827 to H.R. 4745, Transportation-HUD Appropriations. The amendment prohibits the use of funds to implement, administer, or enforce paragraph (c)(3) of section 982.503 in the Code of Federal Regulations dealing with voucher tenancy: payment standard amount and schedule.

Tax Reform Promoted comprehensive approach to tax reform that avoids enacting reform for C corporations at the expense of flow-through entities. Support maintaining current law regarding: (1) the tax treatment of carried interest; (2) the full deductibility of business interest; (3) the Low-Income Housing Tax Credit and tax-exempt private activity housing bonds;(4) the permanent estate tax rules enacted in January 2013; (5) Section 1031 like-kind exchanges; (7) the 27.5-year depreciation period for multifamily buildings; (7) depreciation recapture; and (8) the deductibility of state and local real estate taxes. Finally, we favor: (1) loosening FIRPTA rules to incent foreign investment in U.S. real estate and (2) expanding incentives for energy efficiency in commercial buildings (i.e., Internal Revenue Code Section 179D). House Ways and Means and Committee Chairman's Discussion Draft on Tax Reform: Tax Reform Act of 2014. Section 1001: Simplification of individual income tax rates. Section 1002: Deduction for adjusted net capital gain. Section 1405: Repeal of deduction for taxes not paid or accrued in a trade or business. Section 1502: Determination of net earnings from self employment. Section 3104: Reform of accelerated cost recovery system. Section 3113: Repeal of deduction for energy efficient commercial buildings. Section 3133: Repeal of like-kind exchanges. Section 3139: Depreciation recapture on gain from disposition of certain depreciable realty. Section 3204: Low-income housing tax credit. Section 3217: Repeal of new energy efficient home credit. Section 3431: Termination of private activity bonds. Section 3621: Ordinary income treatment in the case of partnership interest held in connection with performance of services. Senate Committee on Finance Chairman's Staff Discussion Draft on Provisions to Reform International Business Taxation. Section 93: Modification to Tax on Foreign Investments in United States Real Property Interests. Senate Committee on Finance Chairman's Staff Discussion Draft to Reform Certain Business Provisions. Section 2: Repeal of Certain Specialized Expensing Provisions (i.e., Section 179D). Section 11: Pooled Asset Cost Recovery System and Depreciation of Real Property. Section 12: Rules Related to Treatment of Gains from Depreciable Property. Section 15: Repeal of Like-Kind Exchanges. Expiring Tax Provisions S. 2260, Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act. Section 112: Extension and modification of temporary minimum low-income housing tax credit rate for non-Federally subsidized new buildings. Section 113: Extension of military housing allowance for determining area median gross income. Section 115: Extension and modification of New Markets Tax Credit. Section 125: Extension of Bonus Depreciation. Section 127: Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property. Section 157: Extension of Credit for Energy Efficient New Homes. Section 159: Extension and modification of Energy Efficient Commercial Buildings deduction. S. Amdt. 3060 to H.R. 3474, Expiring Provisions Improvement, Reform, and Efficiency (EXPIRE) Act of 2014. Section 112: Extension and modification of temporary minimum low-income housing tax credit rate for non-Federally subsidized new buildings. Section 113: Extension of military housing allowance for determining area median gross income. Section 115: Extension and modification of New Markets Tax Credit. Section 125: Extension of Bonus Depreciation. Section 127: Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property. Section 157: Extension of Credit for Energy Efficient New Homes. Section 159: Extension and modification of Energy Efficient Commercial Buildings deduction. H.R. 4457, America's Small Business Tax Relief Act of 2014. Section 2: Expensing certain depreciable assets for small business. H.R.4718, to amend the Internal Revenue Code of 1986 to modify and make permanent bonus depreciation, all provisions.Carried Interest S. 268, Cut Unjustified Tax Loopholes Act, Title VI, Ending the Carried Interest Loophole (Section 601: Short Title. Section 602: Partnership Interests Transferred in Connection with Performance of Services. Section 603: Special rules for Partners Providing Investment Management Services to Partnerships Low-Income Housing Tax Credit & Renter Tax Credit H.R. 4479, to amend the Internal Revenue Code of 1986 to provide a renter's tax credit, all provisions. H.R. 4717, to make permanent and expand the minimum rate for the LIHTC, all provisions. S. 1442, Improving the Low Income Housing Tax Credit Rate Act, to amend the Internal Revenue Code of 1986 to make permanent the minimum low-income housing tax credit rate for unsubsidized buildings and to provide a minimum 4 percent credit rate for existing buildings, all provisions. We also (1) support making the LIHTC more flexible by allowing developments to qualify if 40 percent of units go to families with incomes that average no more than 60 percent of area median income; and (2) considered proposals to expand the credit, such ones to increase the program by 50% or convert private activity bonds into Low-Income Housing Tax Credits. Energy Tax Incentives S. 2189, the Energy Efficiency Tax Incentives Act. Section 101: Extension and modification of deduction for energy-efficient commercial buildings. Section 102. Deduction for retrofits of existing commercial and multifamily buildings. FIRPTA H.R. 2870, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. S. 1181, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. Draft legislation before the Senate Finance Committee: Preserving America's Transit and Highways Act of 2014, provisions regarding mortgage reporting and FIRPTA Treasury Regulations REG-119305-11: This document contains proposed regulations under section 707 of the Internal Revenue Code (Code) relating to disguised sales of property to, or by a partnership and under section 752 relating to the treatment of partnership liabilities.

Tax Reform Promoted comprehensive approach to tax reform that avoids enacting reform for C corporations at the expense of flow-through entities. Support maintaining current law regarding: (1) the tax treatment of carried interest; (2) the full deductibility of business interest; (3) the Low-Income Housing Tax Credit and tax-exempt private activity housing bonds; (4) the permanent estate tax rules enacted in January 2013; (5) Section 1031 like-kind exchanges; (7) the 27.5-year depreciation period for multifamily buildings; (7) depreciation recapture; and (8) the deductibility of state and local real estate taxes. Finally, we favor: (1) loosening FIRPTA rules to incent foreign investment in U.S. real estate and (2) expanding incentives for energy efficiency in commercial buildings (i.e., Internal Revenue Code Section 179D). House Ways and Means and Committee Chairman's Discussion Draft on Tax Reform: Tax Reform Act of 2014. Section 1001: Simplification of individual income tax rates. Section 1002: Deduction for adjusted net capital gain. Section 1405: Repeal of deduction for taxes not paid or accrued in a trade or business. Section 1502: Determination of net earnings from self employment. Section 3104: Reform of accelerated cost recovery system. Section 3113: Repeal of deduction for energy efficient commercial buildings. Section 3133: Repeal of like-kind exchanges. Section 3139: Depreciation recapture on gain from disposition of certain depreciable realty. Section 3204: Low-income housing tax credit. Section 3217: Repeal of new energy efficient home credit. Section 3431: Termination of private activity bonds. Section 3621: Ordinary income treatment in the case of partnership interest held in connection with performance of services. Senate Committee on Finance Chairman's Staff Discussion Draft on Provisions to Reform International Business Taxation. Section 93: Modification to Tax on Foreign Investments in United States Real Property Interests. Senate Committee on Finance Chairman's Staff Discussion Draft to Reform Certain Business Provisions. Section 2: Repeal of Certain Specialized Expensing Provisions (i.e., Section 179D). Section 11: Pooled Asset Cost Recovery System and Depreciation of Real Property. Section 12: Rules Related to Treatment of Gains from Depreciable Property. Section 15: Repeal of Like-Kind Exchanges. Expiring Tax Provisions S. 2260, Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act. Section 112: Extension and modification of temporary minimum low-income housing tax credit rate for non-Federally subsidized new buildings. Section 113: Extension of military housing allowance for determining area median gross income. Section 115: Extension and modification of New Markets Tax Credit. Section 125: Extension of Bonus Depreciation. Section 127: Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property. Section 157: Extension of Credit for Energy Efficient New Homes. Section 159: Extension and modification of Energy Efficient Commercial Buildings deduction. S. Amdt. 3060 to H.R. 3474, Expiring Provisions Improvement, Reform, and Efficiency (EXPIRE) Act of 2014. Section 112: Extension and modification of temporary minimum low-income housing tax credit rate for non-Federally subsidized new buildings. Section 113: Extension of military housing allowance for determining area median gross income. Section 115: Extension and modification of New Markets Tax Credit. Section 125: Extension of Bonus Depreciation. Section 127: Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property. Section 157: Extension of Credit for Energy Efficient New Homes. Section 159: Extension and modification of Energy Efficient Commercial Buildings deduction. H.R. 4457, America's Small Business Tax Relief Act of 2014. Section 2: Expensing certain depreciable assets for small business. H.R.4718, to amend the Internal Revenue Code of 1986 to modify and make permanent bonus depreciation, all provisions. Carried Interest S. 268, Cut Unjustified Tax Loopholes Act, Title VI, Ending the Carried Interest Loophole (Section 601: Short Title. Section 602: Partnership Interests Transferred in Connection with Performance of Services. Section 603: Special rules for Partners Providing Investment Management Services to Partnerships Low-Income Housing Tax Credit & Renter Tax Credit H.R. 4479, to amend the Internal Revenue Code of 1986 to provide a renter's tax credit, all provisions. H.R. 4717, to make permanent and expand the minimum rate for the LIHTC, all provisions. S. 1442, Improving the Low Income Housing Tax Credit Rate Act, to amend the Internal Revenue Code of 1986 to make permanent the minimum low-income housing tax credit rate for unsubsidized buildings and to provide a minimum 4 percent credit rate for existing buildings, all provisions. We also (1) support making the LIHTC more flexible by allowing developments to qualify if 40 percent of units go to families with incomes that average no more than 60 percent of area median income; and (2) considered proposals to expand the credit, such ones to increase the program by 50% or convert private activity bonds into Low-Income Housing Tax Credits. Energy Tax Incentives S. 2189, the Energy Efficiency Tax Incentives Act. Section 101: Extension and modification of deduction for energy-efficient commercial buildings. Section 102. Deduction for retrofits of existing commercial and multifamily buildings. FIRPTA H.R. 2870, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. S. 1181, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. Draft legislation before the Senate Finance Committee: Preserving America's Transit and Highways Act of 2014, provisions regarding mortgage reporting and FIRPTA Treasury Regulations REG-119305-11: This document contains proposed regulations under section 707 of the Internal Revenue Code (Code) relating to disguised sales of property to, or by a partnership and under section 752 relating to the treatment of partnership liabilities.

Tax Reform Promoted comprehensive approach to tax reform that avoids enacting reform for C corporations at the expense of flow-through entities. Support maintaining current law regarding: (1) the tax treatment of carried interest; (2) the full deductibility of business interest; (3) the Low-Income Housing Tax Credit and tax-exempt private activity housing bonds; (4) the permanent estate tax rules enacted in January 2013; (5) Section 1031 like-kind exchanges; (7) the 27.5-year depreciation period for multifamily buildings; (7) depreciation recapture; and (8) the deductibility of state and local real estate taxes. Finally, we favor: (1) loosening FIRPTA rules to incent foreign investment in U.S. real estate and (2) expanding incentives for energy efficiency in commercial buildings (i.e., Internal Revenue Code Section 179D). House Ways and Means and Committee Chairman's Discussion Draft on Tax Reform: Tax Reform Act of 2014. Section 1001: Simplification of individual income tax rates. Section 1002: Deduction for adjusted net capital gain. Section 1405: Repeal of deduction for taxes not paid or accrued in a trade or business. Section 1502: Determination of net earnings from self employment. Section 3104: Reform of accelerated cost recovery system. Section 3113: Repeal of deduction for energy efficient commercial buildings. Section 3133: Repeal of like-kind exchanges. Section 3139: Depreciation recapture on gain from disposition of certain depreciable realty. Section 3204: Low-income housing tax credit. Section 3217: Repeal of new energy efficient home credit. Section 3431: Termination of private activity bonds. Section 3621: Ordinary income treatment in the case of partnership interest held in connection with performance of services. Senate Committee on Finance Chairman's Staff Discussion Draft on Provisions to Reform International Business Taxation. Section 93: Modification to Tax on Foreign Investments in United States Real Property Interests. Senate Committee on Finance Chairman's Staff Discussion Draft to Reform Certain Business Provisions. Section 2: Repeal of Certain Specialized Expensing Provisions (i.e., Section 179D). Section 11: Pooled Asset Cost Recovery System and Depreciation of Real Property. Section 12: Rules Related to Treatment of Gains from Depreciable Property. Section 15: Repeal of Like-Kind Exchanges. Expiring Tax Provisions S. 2260, Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act. Section 112: Extension and modification of temporary minimum low-income housing tax credit rate for non-Federally subsidized new buildings. Section 113: Extension of military housing allowance for determining area median gross income. Section 115: Extension and modification of New Markets Tax Credit. Section 125: Extension of Bonus Depreciation. Section 127: Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property. Section 157: Extension of Credit for Energy Efficient New Homes. Section 159: Extension and modification of Energy Efficient Commercial Buildings deduction. S. Amdt. 3060 to H.R. 3474, Expiring Provisions Improvement, Reform, and Efficiency (EXPIRE) Act of 2014. Section 112: Extension and modification of temporary minimum low-income housing tax credit rate for non-Federally subsidized new buildings. Section 113: Extension of military housing allowance for determining area median gross income. Section 115: Extension and modification of New Markets Tax Credit. Section 125: Extension of Bonus Depreciation. Section 127: Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property. Section 157: Extension of Credit for Energy Efficient New Homes. Section 159: Extension and modification of Energy Efficient Commercial Buildings deduction. H.R. 4457, America's Small Business Tax Relief Act of 2014. Section 2: Expensing certain depreciable assets for small business. H.R.4718, to amend the Internal Revenue Code of 1986 to modify and make permanent bonus depreciation, all provisions. Carried Interest S. 268, Cut Unjustified Tax Loopholes Act, Title VI, Ending the Carried Interest Loophole (Section 601: Short Title. Section 602: Partnership Interests Transferred in Connection with Performance of Services. Section 603: Special rules for Partners Providing Investment Management Services to Partnerships Low-Income Housing Tax Credit & Renter Tax Credit H.R. 4479, to amend the Internal Revenue Code of 1986 to provide a renter's tax credit, all provisions. H.R. 4717, to make permanent and expand the minimum rate for the LIHTC, all provisions. S. 1442, Improving the Low Income Housing Tax Credit Rate Act, to amend the Internal Revenue Code of 1986 to make permanent the minimum low-income housing tax credit rate for unsubsidized buildings and to provide a minimum 4 percent credit rate for existing buildings, all provisions. We also (1) support making the LIHTC more flexible by allowing developments to qualify if 40 percent of units go to families with incomes that average no more than 60 percent of area median income; and (2) considered proposals to expand the credit, such ones to increase the program by 50% or convert private activity bonds into Low-Income Housing Tax Credits. Energy Tax Incentives S. 2189, the Energy Efficiency Tax Incentives Act. Section 101: Extension and modification of deduction for energy-efficient commercial buildings. Section 102. Deduction for retrofits of existing commercial and multifamily buildings. FIRPTA H.R. 2870, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. S. 1181, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. Draft legislation before the Senate Finance Committee: Preserving America's Transit and Highways Act of 2014, provisions regarding mortgage reporting and FIRPTA Treasury Regulations REG-119305-11: This document contains proposed regulations under section 707 of the Internal Revenue Code (Code) relating to disguised sales of property to, or by a partnership and under section 752 relating to the treatment of partnership liabilities.

Tax Reform Promoted comprehensive approach to tax reform that avoids enacting reform for C corporations at the expense of flow-through entities. Support maintaining current law regarding: (1) the tax treatment of carried interest; (2) the full deductibility of business interest; (3) the Low-Income Housing Tax Credit and tax-exempt private activity housing bonds;(4) the permanent estate tax rules enacted in January 2013; (5) Section 1031 like-kind exchanges; (7) the 27.5-year depreciation period for multifamily buildings; (7) depreciation recapture; and (8) the deductibility of state and local real estate taxes. Finally, we favor: (1) loosening FIRPTA rules to incent foreign investment in U.S. real estate and (2) expanding incentives for energy efficiency in commercial buildings (i.e., Internal Revenue Code Section 179D). House Ways and Means and Committee Chairman's Discussion Draft on Tax Reform: Tax Reform Act of 2014. Section 1001: Simplification of individual income tax rates. Section 1002: Deduction for adjusted net capital gain. Section 1405: Repeal of deduction for taxes not paid or accrued in a trade or business. Section 1502: Determination of net earnings from self employment. Section 3104: Reform of accelerated cost recovery system. Section 3113: Repeal of deduction for energy efficient commercial buildings. Section 3133: Repeal of like-kind exchanges. Section 3139: Depreciation recapture on gain from disposition of certain depreciable realty. Section 3204: Low-income housing tax credit. Section 3217: Repeal of new energy efficient home credit. Section 3431: Termination of private activity bonds. Section 3621: Ordinary income treatment in the case of partnership interest held in connection with performance of services. Senate Committee on Finance Chairman's Staff Discussion Draft on Provisions to Reform International Business Taxation. Section 93: Modification to Tax on Foreign Investments in United States Real Property Interests. Senate Committee on Finance Chairman's Staff Discussion Draft to Reform Certain Business Provisions. Section 2: Repeal of Certain Specialized Expensing Provisions (i.e., Section 179D). Section 11: Pooled Asset Cost Recovery System and Depreciation of Real Property. Section 12: Rules Related to Treatment of Gains from Depreciable Property. Section 15: Repeal of Like-Kind Exchanges. Expiring Tax Provisions S. 2260, Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act. Section 112: Extension and modification of temporary minimum low-income housing tax credit rate for non-Federally subsidized new buildings. Section 113: Extension of military housing allowance for determining area median gross income. Section 115: Extension and modification of New Markets Tax Credit. Section 125: Extension of Bonus Depreciation. Section 127: Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property. Section 157: Extension of Credit for Energy Efficient New Homes. Section 159: Extension and modification of Energy Efficient Commercial Buildings deduction. S. Amdt. 3060 to H.R. 3474, Expiring Provisions Improvement, Reform, and Efficiency (EXPIRE) Act of 2014. Section 112: Extension and modification of temporary minimum low-income housing tax credit rate for non-Federally subsidized new buildings. Section 113: Extension of military housing allowance for determining area median gross income. Section 115: Extension and modification of New Markets Tax Credit. Section 125: Extension of Bonus Depreciation. Section 127: Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property. Section 157: Extension of Credit for Energy Efficient New Homes. Section 159: Extension and modification of Energy Efficient Commercial Buildings deduction. H.R. 4457, America's Small Business Tax Relief Act of 2014. Section 2: Expensing certain depreciable assets for small business. H.R.4718, to amend the Internal Revenue Code of 1986 to modify and make permanent bonus depreciation, all provisions.Carried Interest S. 268, Cut Unjustified Tax Loopholes Act, Title VI, Ending the Carried Interest Loophole (Section 601: Short Title. Section 602: Partnership Interests Transferred in Connection with Performance of Services. Section 603: Special rules for Partners Providing Investment Management Services to Partnerships Low-Income Housing Tax Credit & Renter Tax Credit H.R. 4479, to amend the Internal Revenue Code of 1986 to provide a renter's tax credit, all provisions. H.R. 4717, to make permanent and expand the minimum rate for the LIHTC, all provisions. S. 1442, Improving the Low Income Housing Tax Credit Rate Act, to amend the Internal Revenue Code of 1986 to make permanent the minimum low-income housing tax credit rate for unsubsidized buildings and to provide a minimum 4 percent credit rate for existing buildings, all provisions. We also (1) support making the LIHTC more flexible by allowing developments to qualify if 40 percent of units go to families with incomes that average no more than 60 percent of area median income; and (2) considered proposals to expand the credit, such ones to increase the program by 50% or convert private activity bonds into Low-Income Housing Tax Credits. Energy Tax Incentives S. 2189, the Energy Efficiency Tax Incentives Act. Section 101: Extension and modification of deduction for energy-efficient commercial buildings. Section 102. Deduction for retrofits of existing commercial and multifamily buildings. FIRPTA H.R. 2870, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. S. 1181, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. Draft legislation before the Senate Finance Committee: Preserving America's Transit and Highways Act of 2014, provisions regarding mortgage reporting and FIRPTA Treasury Regulations REG-119305-11: This document contains proposed regulations under section 707 of the Internal Revenue Code (Code) relating to disguised sales of property to, or by a partnership and under section 752 relating to the treatment of partnership liabilities.

Balanced Housing Policy Section 8 Reform HUDs Revised Section 8 Renewal Policy Guide Section 8 - Rental Assistance Reform Legislation HUDs FY 2014/2015 Budget - HUD Assisted Housing Programs FY 2015 Budget Legislation H. Con. Res. 96- Establishing the budget for the United States Government for fiscal year 2015 and setting forth appropriate budgetary levels for fiscal years 2016 through 2024. FY 2015 Housing Appropriations Federal Affordable Housing Programs HUD Fair Market Rent/Small Area Fair Market Rent issue HUD National Affordability Index Title X of the Housing and Community Development Act of 1992 (P.L. 102-550) Section 1017 FHA Multi Family Commitment Authority Sequestration Issues Associated with HUD assisted housing portfolio and Housing for Service Members Military Housing - Sequestration, Privatized Military Housing Program and BAH Sec. 2821 (Limiting the use of funds for environmental performance certifications) S. 1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) Issues related to the American Community Survey H.R. 1078, To Make Participation in the American Community Survey Voluntary H.R. 2767, Protecting American Taxpayers and Homeowners (PATH) Act, provisions impacting multifamily housing. HUD Fair Market Rents Section 521 Rental Assistance Program H.J. RES. 91 - Department of Defense Survivor Benefits Continuing Appropriations Resolution, 2014 (all provisions) FHA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business Rural Housing Issues with the United State Department of Agriculture Discussion Draft- HR [XXXX] HOME Forward Act of 2014, Rep. Maxine Waters Discussion Draft- HR [XXXX] Multifamily Housing Finance Reform Act of 2014, GSE Reform Rep Maloney Implementation of the Fair Housing Acts Discriminatory Effects Standard, Final Rule, 24 CFR Part 100-all provisions H.R. 4435 Howard P. "Buck" McKeon National Defense Authorization Act for Fiscal Year 2015 (Personnel, Family Housing and Amendments) S.2294 To require a survey of the preferences of members of the Armed Forces regarding military pay and benefits S.2289 National Defense Authorization Act for Fiscal Year 2015 (Personnel, Family Housing and Environmental Building Standards) H.R.4486 Military Construction and Veterans Affairs and Related Agencies Appropriations Act, 2015 H.R.4870 Department of Defense Appropriations Act, 2015 FAA One Engine Inoperative Policy H.R. 4623 To direct the Secretary of Transportation to conduct a notice and comment rulemaking before implementing certain policies relating to obstruction evaluation aeronautical studies, and for other purposes. S. 2410- 2015 National Defense Authorization Act- Section 603/ Modification of computation of basic allowance for housing H.R. 4435- 2015 National Defense Authorization Act- Basic Allowance of housing H.R. 4146- Preservation Enhancement and Savings Opportunity Act of 2014 : H. Amdt. 827 to H.R. 4745, Transportation-HUD Appropriations. The amendment prohibits the use of funds to implement, administer, or enforce paragraph (c)(3) of section 982.503 in the Code of Federal Regulations dealing with voucher tenancy: payment standard amount and schedule.

Balanced Housing Policy Section 8 Reform HUDs Revised Section 8 Renewal Policy GuideSection 8 - Rental Assistance Reform Legislation HUDs FY 2014/2015 Budget - HUD Assisted Housing Programs FY 2015 Budget Legislation H. Con. Res. 96- Establishing the budget for the United States Government for fiscal year 2015 and setting forth appropriate budgetary levels for fiscal years 2016 through 2024. FY 2015 Housing Appropriations Federal Affordable Housing Programs HUD Fair Market Rent/Small Area Fair Market Rent issue HUD National Affordability Index Title X of the Housing and Community Development Act of 1992 (P.L. 102-550) Section 1017 FHA Multi Family Commitment Authority Sequestration Issues Associated with HUD assisted housing portfolio and Housing for Service Members Military Housing - Sequestration, Privatized Military Housing Program and BAH Sec. 2821 (Limiting the use of funds for environmental performance certifications) S. 1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) Issues related to the American Community Survey H.R. 1078, To Make Participation in the American Community Survey Voluntary H.R. 2767, Protecting American Taxpayers and Homeowners (PATH) Act, provisions impacting multifamily housing. HUD Fair Market Rents Section 521 Rental Assistance Program H.J. RES. 91 - Department of Defense Survivor Benefits Continuing Appropriations Resolution, 2014 (all provisions) FHA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business Rural Housing Issues with the United State Department of Agriculture Discussion Draft- HR [XXXX] HOME Forward Act of 2014, Rep. Maxine Waters Discussion Draft- HR [XXXX] Multifamily Housing Finance Reform Act of 2014, GSE Reform Rep Maloney Implementation of the Fair Housing Acts Discriminatory Effects Standard, Final Rule, 24 CFR Part 100-all provisions H.R. 4435 Howard P. "Buck" McKeon National Defense Authorization Act for Fiscal Year 2015 (Personnel, Family Housing and Amendments) S.2294 To require a survey of the preferences of members of the Armed Forces regarding military pay and benefits S.2289 National Defense Authorization Act for Fiscal Year 2015 (Personnel, Family Housing and Environmental Building Standards) H.R.4486 Military Construction and Veterans Affairs and Related Agencies Appropriations Act, 2015 H.R.4870 Department of Defense Appropriations Act, 2015 FAA One Engine Inoperative Policy H.R. 4623 To direct the Secretary of Transportation to conduct a notice and comment rulemaking before implementing certain policies relating to obstruction evaluation aeronautical studies, and for other purposes. S. 2410- 2015 National Defense Authorization Act- Section 603/ Modification of computation of basic allowance for housing H.R. 4435- 2015 National Defense Authorization Act- Basic Allowance of housing H.R. 4146- Preservation Enhancement and Savings Opportunity Act of 2014

Tax Reform Promoted comprehensive approach to tax reform that avoids enacting reform for C corporations at the expense of flow-through entities. Support maintaining current law regarding: (1) the tax treatment of carried interest; (2) the full deductibility of business interest; (3) the Low-Income Housing Tax Credit and tax-exempt private activity housing bonds; (4) the permanent estate tax rules enacted in January 2013; (5) Section 1031 like-kind exchanges; (7) the 27.5-year depreciation period for multifamily buildings; (7) depreciation recapture; and (8) the deductibility of state and local real estate taxes. Finally, we favor: (1) loosening FIRPTA rules to incent foreign investment in U.S. real estate and (2) expanding incentives for energy efficiency in commercial buildings (i.e., Internal Revenue Code Section 179D). House Ways and Means and Committee Chairman's Discussion Draft on Tax Reform: Tax Reform Act of 2014. Section 1001: Simplification of individual income tax rates. Section 1002: Deduction for adjusted net capital gain. Section 1405: Repeal of deduction for taxes not paid or accrued in a trade or business. Section 1502: Determination of net earnings from self employment. Section 3104: Reform of accelerated cost recovery system. Section 3113: Repeal of deduction for energy efficient commercial buildings. Section 3133: Repeal of like-kind exchanges. Section 3139: Depreciation recapture on gain from disposition of certain depreciable realty. Section 3204: Low-income housing tax credit. Section 3217: Repeal of new energy efficient home credit. Section 3431: Termination of private activity bonds. Section 3621: Ordinary income treatment in the case of partnership interest held in connection with performance of services. Senate Committee on Finance Chairman's Staff Discussion Draft on Provisions to Reform International Business Taxation. Section 93: Modification to Tax on Foreign Investments in United States Real Property Interests. Senate Committee on Finance Chairman's Staff Discussion Draft to Reform Certain Business Provisions. Section 2: Repeal of Certain Specialized Expensing Provisions (i.e., Section 179D). Section 11: Pooled Asset Cost Recovery System and Depreciation of Real Property. Section 12: Rules Related to Treatment of Gains from Depreciable Property. Section 15: Repeal of Like-Kind Exchanges. Expiring Tax Provisions S. 2260, Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act. Section 112: Extension and modification of temporary minimum low-income housing tax credit rate for non-Federally subsidized new buildings. Section 113: Extension of military housing allowance for determining area median gross income. Section 115: Extension and modification of New Markets Tax Credit. Section 125: Extension of Bonus Depreciation. Section 127: Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property. Section 157: Extension of Credit for Energy Efficient New Homes. Section 159: Extension and modification of Energy Efficient Commercial Buildings deduction. S. Amdt. 3060 to H.R. 3474, Expiring Provisions Improvement, Reform, and Efficiency (EXPIRE) Act of 2014. Section 112: Extension and modification of temporary minimum low-income housing tax credit rate for non-Federally subsidized new buildings. Section 113: Extension of military housing allowance for determining area median gross income. Section 115: Extension and modification of New Markets Tax Credit. Section 125: Extension of Bonus Depreciation. Section 127: Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property. Section 157: Extension of Credit for Energy Efficient New Homes. Section 159: Extension and modification of Energy Efficient Commercial Buildings deduction. H.R. 4457, America's Small Business Tax Relief Act of 2014. Section 2: Expensing certain depreciable assets for small business. H.R.4718, to amend the Internal Revenue Code of 1986 to modify and make permanent bonus depreciation, all provisions. Carried Interest S. 268, Cut Unjustified Tax Loopholes Act, Title VI, Ending the Carried Interest Loophole (Section 601: Short Title. Section 602: Partnership Interests Transferred in Connection with Performance of Services. Section 603: Special rules for Partners Providing Investment Management Services to Partnerships Low-Income Housing Tax Credit & Renter Tax Credit H.R. 4479, to amend the Internal Revenue Code of 1986 to provide a renter's tax credit, all provisions. H.R. 4717, to make permanent and expand the minimum rate for the LIHTC, all provisions. S. 1442, Improving the Low Income Housing Tax Credit Rate Act, to amend the Internal Revenue Code of 1986 to make permanent the minimum low-income housing tax credit rate for unsubsidized buildings and to provide a minimum 4 percent credit rate for existing buildings, all provisions. We also (1) support making the LIHTC more flexible by allowing developments to qualify if 40 percent of units go to families with incomes that average no more than 60 percent of area median income; and (2) considered proposals to expand the credit, such ones to increase the program by 50% or convert private activity bonds into Low-Income Housing Tax Credits. Energy Tax Incentives S. 2189, the Energy Efficiency Tax Incentives Act. Section 101: Extension and modification of deduction for energy-efficient commercial buildings. Section 102. Deduction for retrofits of existing commercial and multifamily buildings. FIRPTA H.R. 2870, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. S. 1181, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. Draft legislation before the Senate Finance Committee: Preserving America's Transit and Highways Act of 2014, provisions regarding mortgage reporting and FIRPTA Treasury Regulations REG-119305-11: This document contains proposed regulations under section 707 of the Internal Revenue Code (Code) relating to disguised sales of property to, or by a partnership and under section 752 relating to the treatment of partnership liabilities.

Tax Reform Promoted comprehensive approach to tax reform that avoids enacting reform for C corporations at the expense of flow-through entities. Support maintaining current law regarding: (1) the tax treatment of carried interest; (2) the full deductibility of business interest; (3) the Low-Income Housing Tax Credit and tax-exempt private activity housing bonds;(4) the permanent estate tax rules enacted in January 2013; (5) Section 1031 like-kind exchanges; (7) the 27.5-year depreciation period for multifamily buildings; (7) depreciation recapture; and (8) the deductibility of state and local real estate taxes. Finally, we favor: (1) loosening FIRPTA rules to incent foreign investment in U.S. real estate and (2) expanding incentives for energy efficiency in commercial buildings (i.e., Internal Revenue Code Section 179D). House Ways and Means and Committee Chairman's Discussion Draft on Tax Reform: Tax Reform Act of 2014. Section 1001: Simplification of individual income tax rates. Section 1002: Deduction for adjusted net capital gain. Section 1405: Repeal of deduction for taxes not paid or accrued in a trade or business. Section 1502: Determination of net earnings from self employment. Section 3104: Reform of accelerated cost recovery system. Section 3113: Repeal of deduction for energy efficient commercial buildings. Section 3133: Repeal of like-kind exchanges. Section 3139: Depreciation recapture on gain from disposition of certain depreciable realty. Section 3204: Low-income housing tax credit. Section 3217: Repeal of new energy efficient home credit. Section 3431: Termination of private activity bonds. Section 3621: Ordinary income treatment in the case of partnership interest held in connection with performance of services. Senate Committee on Finance Chairman's Staff Discussion Draft on Provisions to Reform International Business Taxation. Section 93: Modification to Tax on Foreign Investments in United States Real Property Interests. Senate Committee on Finance Chairman's Staff Discussion Draft to Reform Certain Business Provisions. Section 2: Repeal of Certain Specialized Expensing Provisions (i.e., Section 179D). Section 11: Pooled Asset Cost Recovery System and Depreciation of Real Property. Section 12: Rules Related to Treatment of Gains from Depreciable Property. Section 15: Repeal of Like-Kind Exchanges. Expiring Tax Provisions S. 2260, Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act. Section 112: Extension and modification of temporary minimum low-income housing tax credit rate for non-Federally subsidized new buildings. Section 113: Extension of military housing allowance for determining area median gross income. Section 115: Extension and modification of New Markets Tax Credit. Section 125: Extension of Bonus Depreciation. Section 127: Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property. Section 157: Extension of Credit for Energy Efficient New Homes. Section 159: Extension and modification of Energy Efficient Commercial Buildings deduction. S. Amdt. 3060 to H.R. 3474, Expiring Provisions Improvement, Reform, and Efficiency (EXPIRE) Act of 2014. Section 112: Extension and modification of temporary minimum low-income housing tax credit rate for non-Federally subsidized new buildings. Section 113: Extension of military housing allowance for determining area median gross income. Section 115: Extension and modification of New Markets Tax Credit. Section 125: Extension of Bonus Depreciation. Section 127: Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property. Section 157: Extension of Credit for Energy Efficient New Homes. Section 159: Extension and modification of Energy Efficient Commercial Buildings deduction. H.R. 4457, America's Small Business Tax Relief Act of 2014. Section 2: Expensing certain depreciable assets for small business. H.R.4718, to amend the Internal Revenue Code of 1986 to modify and make permanent bonus depreciation, all provisions.Carried Interest S. 268, Cut Unjustified Tax Loopholes Act, Title VI, Ending the Carried Interest Loophole (Section 601: Short Title. Section 602: Partnership Interests Transferred in Connection with Performance of Services. Section 603: Special rules for Partners Providing Investment Management Services to Partnerships Low-Income Housing Tax Credit & Renter Tax Credit H.R. 4479, to amend the Internal Revenue Code of 1986 to provide a renter's tax credit, all provisions. H.R. 4717, to make permanent and expand the minimum rate for the LIHTC, all provisions. S. 1442, Improving the Low Income Housing Tax Credit Rate Act, to amend the Internal Revenue Code of 1986 to make permanent the minimum low-income housing tax credit rate for unsubsidized buildings and to provide a minimum 4 percent credit rate for existing buildings, all provisions. We also (1) support making the LIHTC more flexible by allowing developments to qualify if 40 percent of units go to families with incomes that average no more than 60 percent of area median income; and (2) considered proposals to expand the credit, such ones to increase the program by 50% or convert private activity bonds into Low-Income Housing Tax Credits. Energy Tax Incentives S. 2189, the Energy Efficiency Tax Incentives Act. Section 101: Extension and modification of deduction for energy-efficient commercial buildings. Section 102. Deduction for retrofits of existing commercial and multifamily buildings. FIRPTA H.R. 2870, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. S. 1181, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. Draft legislation before the Senate Finance Committee: Preserving America's Transit and Highways Act of 2014, provisions regarding mortgage reporting and FIRPTA Treasury Regulations REG-119305-11: This document contains proposed regulations under section 707 of the Internal Revenue Code (Code) relating to disguised sales of property to, or by a partnership and under section 752 relating to the treatment of partnership liabilities.

Tax Reform Promoted comprehensive approach to tax reform that avoids enacting reform for C corporations at the expense of flow-through entities. Support maintaining current law regarding: (1) the tax treatment of carried interest; (2) the full deductibility of business interest; (3) the Low-Income Housing Tax Credit and tax-exempt private activity housing bonds; (4) the permanent estate tax rules enacted in January 2013; (5) Section 1031 like-kind exchanges; (7) the 27.5-year depreciation period for multifamily buildings; (7) depreciation recapture; and (8) the deductibility of state and local real estate taxes. Finally, we favor: (1) loosening FIRPTA rules to incent foreign investment in U.S. real estate and (2) expanding incentives for energy efficiency in commercial buildings (i.e., Internal Revenue Code Section 179D). House Ways and Means and Committee Chairman's Discussion Draft on Tax Reform: Tax Reform Act of 2014. Section 1001: Simplification of individual income tax rates. Section 1002: Deduction for adjusted net capital gain. Section 1405: Repeal of deduction for taxes not paid or accrued in a trade or business. Section 1502: Determination of net earnings from self employment. Section 3104: Reform of accelerated cost recovery system. Section 3113: Repeal of deduction for energy efficient commercial buildings. Section 3133: Repeal of like-kind exchanges. Section 3139: Depreciation recapture on gain from disposition of certain depreciable realty. Section 3204: Low-income housing tax credit. Section 3217: Repeal of new energy efficient home credit. Section 3431: Termination of private activity bonds. Section 3621: Ordinary income treatment in the case of partnership interest held in connection with performance of services. Senate Committee on Finance Chairman's Staff Discussion Draft on Provisions to Reform International Business Taxation. Section 93: Modification to Tax on Foreign Investments in United States Real Property Interests. Senate Committee on Finance Chairman's Staff Discussion Draft to Reform Certain Business Provisions. Section 2: Repeal of Certain Specialized Expensing Provisions (i.e., Section 179D). Section 11: Pooled Asset Cost Recovery System and Depreciation of Real Property. Section 12: Rules Related to Treatment of Gains from Depreciable Property. Section 15: Repeal of Like-Kind Exchanges. Expiring Tax Provisions S. 2260, Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act. Section 112: Extension and modification of temporary minimum low-income housing tax credit rate for non-Federally subsidized new buildings. Section 113: Extension of military housing allowance for determining area median gross income. Section 115: Extension and modification of New Markets Tax Credit. Section 125: Extension of Bonus Depreciation. Section 127: Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property. Section 157: Extension of Credit for Energy Efficient New Homes. Section 159: Extension and modification of Energy Efficient Commercial Buildings deduction. S. Amdt. 3060 to H.R. 3474, Expiring Provisions Improvement, Reform, and Efficiency (EXPIRE) Act of 2014. Section 112: Extension and modification of temporary minimum low-income housing tax credit rate for non-Federally subsidized new buildings. Section 113: Extension of military housing allowance for determining area median gross income. Section 115: Extension and modification of New Markets Tax Credit. Section 125: Extension of Bonus Depreciation. Section 127: Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property. Section 157: Extension of Credit for Energy Efficient New Homes. Section 159: Extension and modification of Energy Efficient Commercial Buildings deduction. H.R. 4457, America's Small Business Tax Relief Act of 2014. Section 2: Expensing certain depreciable assets for small business. H.R.4718, to amend the Internal Revenue Code of 1986 to modify and make permanent bonus depreciation, all provisions. Carried Interest S. 268, Cut Unjustified Tax Loopholes Act, Title VI, Ending the Carried Interest Loophole (Section 601: Short Title. Section 602: Partnership Interests Transferred in Connection with Performance of Services. Section 603: Special rules for Partners Providing Investment Management Services to Partnerships Low-Income Housing Tax Credit & Renter Tax Credit H.R. 4479, to amend the Internal Revenue Code of 1986 to provide a renter's tax credit, all provisions. H.R. 4717, to make permanent and expand the minimum rate for the LIHTC, all provisions. S. 1442, Improving the Low Income Housing Tax Credit Rate Act, to amend the Internal Revenue Code of 1986 to make permanent the minimum low-income housing tax credit rate for unsubsidized buildings and to provide a minimum 4 percent credit rate for existing buildings, all provisions. We also (1) support making the LIHTC more flexible by allowing developments to qualify if 40 percent of units go to families with incomes that average no more than 60 percent of area median income; and (2) considered proposals to expand the credit, such ones to increase the program by 50% or convert private activity bonds into Low-Income Housing Tax Credits. Energy Tax Incentives S. 2189, the Energy Efficiency Tax Incentives Act. Section 101: Extension and modification of deduction for energy-efficient commercial buildings. Section 102. Deduction for retrofits of existing commercial and multifamily buildings. FIRPTA H.R. 2870, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. S. 1181, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. Draft legislation before the Senate Finance Committee: Preserving America's Transit and Highways Act of 2014, provisions regarding mortgage reporting and FIRPTA Treasury Regulations REG-119305-11: This document contains proposed regulations under section 707 of the Internal Revenue Code (Code) relating to disguised sales of property to, or by a partnership and under section 752 relating to the treatment of partnership liabilities.

Tax Reform Promoted comprehensive approach to tax reform that avoids enacting reform for C corporations at the expense of flow-through entities. Support maintaining current law regarding: (1) the tax treatment of carried interest; (2) the full deductibility of business interest; (3) the Low-Income Housing Tax Credit and tax-exempt private activity housing bonds;(4) the permanent estate tax rules enacted in January 2013; (5) Section 1031 like-kind exchanges; (7) the 27.5-year depreciation period for multifamily buildings; (7) depreciation recapture; and (8) the deductibility of state and local real estate taxes. Finally, we favor: (1) loosening FIRPTA rules to incent foreign investment in U.S. real estate and (2) expanding incentives for energy efficiency in commercial buildings (i.e., Internal Revenue Code Section 179D). House Ways and Means and Committee Chairman's Discussion Draft on Tax Reform: Tax Reform Act of 2014. Section 1001: Simplification of individual income tax rates. Section 1002: Deduction for adjusted net capital gain. Section 1405: Repeal of deduction for taxes not paid or accrued in a trade or business. Section 1502: Determination of net earnings from self employment. Section 3104: Reform of accelerated cost recovery system. Section 3113: Repeal of deduction for energy efficient commercial buildings. Section 3133: Repeal of like-kind exchanges. Section 3139: Depreciation recapture on gain from disposition of certain depreciable realty. Section 3204: Low-income housing tax credit. Section 3217: Repeal of new energy efficient home credit. Section 3431: Termination of private activity bonds. Section 3621: Ordinary income treatment in the case of partnership interest held in connection with performance of services. Senate Committee on Finance Chairman's Staff Discussion Draft on Provisions to Reform International Business Taxation. Section 93: Modification to Tax on Foreign Investments in United States Real Property Interests. Senate Committee on Finance Chairman's Staff Discussion Draft to Reform Certain Business Provisions. Section 2: Repeal of Certain Specialized Expensing Provisions (i.e., Section 179D). Section 11: Pooled Asset Cost Recovery System and Depreciation of Real Property. Section 12: Rules Related to Treatment of Gains from Depreciable Property. Section 15: Repeal of Like-Kind Exchanges. Expiring Tax Provisions S. 2260, Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act. Section 112: Extension and modification of temporary minimum low-income housing tax credit rate for non-Federally subsidized new buildings. Section 113: Extension of military housing allowance for determining area median gross income. Section 115: Extension and modification of New Markets Tax Credit. Section 125: Extension of Bonus Depreciation. Section 127: Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property. Section 157: Extension of Credit for Energy Efficient New Homes. Section 159: Extension and modification of Energy Efficient Commercial Buildings deduction. S. Amdt. 3060 to H.R. 3474, Expiring Provisions Improvement, Reform, and Efficiency (EXPIRE) Act of 2014. Section 112: Extension and modification of temporary minimum low-income housing tax credit rate for non-Federally subsidized new buildings. Section 113: Extension of military housing allowance for determining area median gross income. Section 115: Extension and modification of New Markets Tax Credit. Section 125: Extension of Bonus Depreciation. Section 127: Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property. Section 157: Extension of Credit for Energy Efficient New Homes. Section 159: Extension and modification of Energy Efficient Commercial Buildings deduction. H.R. 4457, America's Small Business Tax Relief Act of 2014. Section 2: Expensing certain depreciable assets for small business. H.R.4718, to amend the Internal Revenue Code of 1986 to modify and make permanent bonus depreciation, all provisions.Carried Interest S. 268, Cut Unjustified Tax Loopholes Act, Title VI, Ending the Carried Interest Loophole (Section 601: Short Title. Section 602: Partnership Interests Transferred in Connection with Performance of Services. Section 603: Special rules for Partners Providing Investment Management Services to Partnerships Low-Income Housing Tax Credit & Renter Tax Credit H.R. 4479, to amend the Internal Revenue Code of 1986 to provide a renter's tax credit, all provisions. H.R. 4717, to make permanent and expand the minimum rate for the LIHTC, all provisions. S. 1442, Improving the Low Income Housing Tax Credit Rate Act, to amend the Internal Revenue Code of 1986 to make permanent the minimum low-income housing tax credit rate for unsubsidized buildings and to provide a minimum 4 percent credit rate for existing buildings, all provisions. We also (1) support making the LIHTC more flexible by allowing developments to qualify if 40 percent of units go to families with incomes that average no more than 60 percent of area median income; and (2) considered proposals to expand the credit, such ones to increase the program by 50% or convert private activity bonds into Low-Income Housing Tax Credits. Energy Tax Incentives S. 2189, the Energy Efficiency Tax Incentives Act. Section 101: Extension and modification of deduction for energy-efficient commercial buildings. Section 102. Deduction for retrofits of existing commercial and multifamily buildings. FIRPTA H.R. 2870, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. S. 1181, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. Draft legislation before the Senate Finance Committee: Preserving America's Transit and Highways Act of 2014, provisions regarding mortgage reporting and FIRPTA Treasury Regulations REG-119305-11: This document contains proposed regulations under section 707 of the Internal Revenue Code (Code) relating to disguised sales of property to, or by a partnership and under section 752 relating to the treatment of partnership liabilities.

S .1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) P.L. 111-203, DoddFrank Wall Street Reform and Consumer Protection Act Public Proposals for the Future of the Housing Finance System GSE Reform: Proposals to ensure liquidity in multifamily mortgage markets in a post Fannie Mae / Freddie Mac environment. H.R. 2767 Protecting American Taxpayers and Homeowners Act (provisions impacting multifamily housing) Discussion Draft HR [XXXX] HOME Forward Act of 2014 (Maxine Waters Bill) Discussion Draft HR [XXXX] Multifamily Housing Finance Reform Act of 2014 (Maloney Bill) Discussion Draft Delaney/Carney/Himes GSE Reform draft proposal S. 563 Jump Start GSE Reform (all provisions) H.R. 2348 Jump Start GSE Reform (all provisions) Basel III Banking Capital Standards Liquidity Capital Ratio (OCC, FDIC, Federal Reserve) FHA Multifamily Guidebook 4350.1 Revisions Multifamily Servicing and Asset Management S. 2244, Terrorism Risk Insurance Program Reauthorization Act of 2014, all provisions H.R. 4871, TRIA Reform Act of 2014, all provisions

S .1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) P.L. 111-203, DoddFrank Wall Street Reform and Consumer Protection Act Public Proposals for the Future of the Housing Finance SystemGSE Reform: Proposals to ensure liquidity in multifamily mortgage markets in a post Fannie Mae / Freddie Mac environment. H.R. 2767 Protecting American Taxpayers and Homeowners Act (provisions impacting multifamily housing) Discussion Draft HR [XXXX] HOME Forward Act of 2014 (Maxine Waters Bill) Discussion Draft HR [XXXX] Multifamily Housing Finance Reform Act of 2014 (Maloney Bill) Discussion Draft Delaney/Carney/Himes GSE Reform draft proposal S. 563 Jump Start GSE Reform (all provisions) H.R. 2348 Jump Start GSE Reform (all provisions) Basel III Banking Capital Standards Liquidity Capital Ratio (OCC, FDIC, Federal Reserve) FHA Multifamily Guidebook 4350.1 Revisions Multifamily Servicing and Asset Management S. 2244, Terrorism Risk Insurance Program Reauthorization Act of 2014, all provisions H.R. 4871, TRIA Reform Act of 2014, all provisions

Tax Reform Promoted comprehensive approach to tax reform that avoids enacting reform for C corporations at the expense of flow-through entities. Support maintaining current law regarding: (1) the tax treatment of carried interest; (2) the full deductibility of business interest; (3) the Low-Income Housing Tax Credit and tax-exempt private activity housing bonds; (4) the permanent estate tax rules enacted in January 2013; (5) Section 1031 like-kind exchanges; (7) the 27.5-year depreciation period for multifamily buildings; (7) depreciation recapture; and (8) the deductibility of state and local real estate taxes. Finally, we favor: (1) loosening FIRPTA rules to incent foreign investment in U.S. real estate and (2) expanding incentives for energy efficiency in commercial buildings (i.e., Internal Revenue Code Section 179D). House Ways and Means and Committee Chairman's Discussion Draft on Tax Reform: Tax Reform Act of 2014. Section 1001: Simplification of individual income tax rates. Section 1002: Deduction for adjusted net capital gain. Section 1405: Repeal of deduction for taxes not paid or accrued in a trade or business. Section 1502: Determination of net earnings from self employment. Section 3104: Reform of accelerated cost recovery system. Section 3113: Repeal of deduction for energy efficient commercial buildings. Section 3133: Repeal of like-kind exchanges. Section 3139: Depreciation recapture on gain from disposition of certain depreciable realty. Section 3204: Low-income housing tax credit. Section 3217: Repeal of new energy efficient home credit. Section 3431: Termination of private activity bonds. Section 3621: Ordinary income treatment in the case of partnership interest held in connection with performance of services. Senate Committee on Finance Chairman's Staff Discussion Draft on Provisions to Reform International Business Taxation. Section 93: Modification to Tax on Foreign Investments in United States Real Property Interests. Senate Committee on Finance Chairman's Staff Discussion Draft to Reform Certain Business Provisions. Section 2: Repeal of Certain Specialized Expensing Provisions (i.e., Section 179D). Section 11: Pooled Asset Cost Recovery System and Depreciation of Real Property. Section 12: Rules Related to Treatment of Gains from Depreciable Property. Section 15: Repeal of Like-Kind Exchanges. Expiring Tax Provisions S. 2260, Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act. Section 112: Extension and modification of temporary minimum low-income housing tax credit rate for non-Federally subsidized new buildings. Section 113: Extension of military housing allowance for determining area median gross income. Section 115: Extension and modification of New Markets Tax Credit. Section 125: Extension of Bonus Depreciation. Section 127: Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property. Section 157: Extension of Credit for Energy Efficient New Homes. Section 159: Extension and modification of Energy Efficient Commercial Buildings deduction. S. Amdt. 3060 to H.R. 3474, Expiring Provisions Improvement, Reform, and Efficiency (EXPIRE) Act of 2014. Section 112: Extension and modification of temporary minimum low-income housing tax credit rate for non-Federally subsidized new buildings. Section 113: Extension of military housing allowance for determining area median gross income. Section 115: Extension and modification of New Markets Tax Credit. Section 125: Extension of Bonus Depreciation. Section 127: Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property. Section 157: Extension of Credit for Energy Efficient New Homes. Section 159: Extension and modification of Energy Efficient Commercial Buildings deduction. H.R. 4457, America's Small Business Tax Relief Act of 2014. Section 2: Expensing certain depreciable assets for small business. H.R.4718, to amend the Internal Revenue Code of 1986 to modify and make permanent bonus depreciation, all provisions. Carried Interest S. 268, Cut Unjustified Tax Loopholes Act, Title VI, Ending the Carried Interest Loophole (Section 601: Short Title. Section 602: Partnership Interests Transferred in Connection with Performance of Services. Section 603: Special rules for Partners Providing Investment Management Services to Partnerships Low-Income Housing Tax Credit & Renter Tax Credit H.R. 4479, to amend the Internal Revenue Code of 1986 to provide a renter's tax credit, all provisions. H.R. 4717, to make permanent and expand the minimum rate for the LIHTC, all provisions. S. 1442, Improving the Low Income Housing Tax Credit Rate Act, to amend the Internal Revenue Code of 1986 to make permanent the minimum low-income housing tax credit rate for unsubsidized buildings and to provide a minimum 4 percent credit rate for existing buildings, all provisions. We also (1) support making the LIHTC more flexible by allowing developments to qualify if 40 percent of units go to families with incomes that average no more than 60 percent of area median income; and (2) considered proposals to expand the credit, such ones to increase the program by 50% or convert private activity bonds into Low-Income Housing Tax Credits. Energy Tax Incentives S. 2189, the Energy Efficiency Tax Incentives Act. Section 101: Extension and modification of deduction for energy-efficient commercial buildings. Section 102. Deduction for retrofits of existing commercial and multifamily buildings. FIRPTA H.R. 2870, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. S. 1181, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. Draft legislation before the Senate Finance Committee: Preserving America's Transit and Highways Act of 2014, provisions regarding mortgage reporting and FIRPTA Treasury Regulations REG-119305-11: This document contains proposed regulations under section 707 of the Internal Revenue Code (Code) relating to disguised sales of property to, or by a partnership and under section 752 relating to the treatment of partnership liabilities.

Draft legislation authored by House Ways and Means Committee Chairman Dave Camp in 2013-Tax Reform Act of 2013: Title IITax Reform for Businesses, Subtitle COption 1 Passthrough Entities, all provisions (i.e., Part 1Option 1 S Corporations and Part 2Option 1 Partnerships), and Subtitle COption 2 Unified Rules for Passthroughs, all provisionsTax Reform- Comphrehensive approach to tax reform and to avoid enacting reform for C corporations at the expense of flow-through entities. Maintaining current law regarding: (1) the tax treatment of carried interest; (2) the full deductibility of business interest; (3) the Low-Income Housing Tax Credit and tax-exempt private activity housing bonds; (4) the permanent estate tax rules enacted in January 2013; (5) Section 1031 like-kind exchanges; (7) the 27.5-year depreciation period for multifamily buildings; (7) depreciation recapture; and (8) the deductibility of state and local real estate taxes. Finally, we favor: (1) loosening FIRPTA rules to incent foreign investment in U.S. real estate and (2) expanding incentives for energy efficiency in commercial buildings (i.e., Internal Revenue Code Section 179D). House Ways and Means and Committee Chairman's Discussion Draft on Tax Reform: Tax Reform Act of 2014. Section 1001: Simplification of individual income tax rates. Section 1002: Deduction for adjusted net capital gain. Section 1405: Repeal of deduction for taxes not paid or accrued in a trade or business. Section 1502: Determination of net earnings from self employment. Section 3104: Reform of accelerated cost recovery system. Section 3113: Repeal of deduction for energy efficient commercial buildings. Section 3133: Repeal of like-kind exchanges. Section 3139: Depreciation recapture on gain from disposition of certain depreciable realty. Section 3204: Low-income housing tax credit. Section 3217: Repeal of new energy efficient home credit. Section 3431: Termination of private activity bonds. Section 3621: Ordinary income treatment in the case of partnership interest held in connection with performance of services Senate Committee on Finance Chairman's Staff Discussion Draft on Provisions to Reform International Business Taxation. Section 93: Modification to Tax on Foreign Investments in United States Real Property Interests Senate Committee on Finance Chairman's Staff Discussion Draft to Reform Certain Business Provisions. Section 2: Repeal of Certain Specialized Expensing Provisions (i.e., Section 179D). Section 11: Pooled Asset Cost Recovery System and Depreciation of Real Property. Section 12. Rules Related to Treatment of Gains from Depreciable Property. Section 15. Repeal of Like-Kind Exchanges Senate Committee on Finance Chairman's Staff Discussion Draft to Reform Certain Energy Tax Provisions. Section 2. Clean Energy Investment Credit. S. 727- (112th Congress), The Bipartisan Tax Fairness and Simplification Act of 2011: Section 204(d): Depreciation of Tangible Property in Excess of Alternative Depreciation System. S. 268- Cut Unjustified Tax Loopholes Act, Title VI, Ending the Carried Interest Loophole (Section 601: Short Title. Section 602: Partnership Interests Transferred in Connection with Performance of Services. Section 603: Special rules for Partners Providing Investment Management Services to Partnerships S. 1442- Improving the Low Income Housing Tax Credit Rate Act- to amend the Internal Revenue Code of 1986 to make permanent the minimum low-income housing tax credit rate for unsubsidized buildings and to provide a minimum 4 percent credit rate for existing buildings, all provisions. Making the LIHTC more flexible by allowing developments to qualify if 40 percent of units go to families with incomes that average no more than 60 percent of area median income. Proposals to expand the credit, such as one to increase the program by 50%.S. 2189- the Energy Efficiency Tax Incentives Act. Section 101: Extension and modification of deduction for energy-efficient commercial buildings. Section 102. Deduction for retrofits of existing commercial and multifamily buildings. S. 3591- Commercial Building Modernization Act from 112th Congress H.R. 2870- To amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. S. 1181- to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. Extension of Expiring Tax Provisions: providing for the: (1) flat 9 percent tax credit for the Low-Income Housing Tax Credit; (2) Energy Efficient Commercial Building Tax Deduction; (3) Energy Efficient New Homes Tax Credit; (4) New Markets Tax Credit; (5) expensing of brownfield remediation costs; (6) election to expense certain qualified real property; and (7) 15-year depreciation of leasehold improvements. REG-119305-11: This document contains proposed regulations under section 707 of the Internal Revenue Code (Code) relating to disguised sales of property to, or by a partnership and under section 752 relating to the treatment of partnership liabilities.

Tax Reform Promoted comprehensive approach to tax reform that avoids enacting reform for C corporations at the expense of flow-through entities. Support maintaining current law regarding: (1) the tax treatment of carried interest; (2) the full deductibility of business interest; (3) the Low-Income Housing Tax Credit and tax-exempt private activity housing bonds;(4) the permanent estate tax rules enacted in January 2013; (5) Section 1031 like-kind exchanges; (7) the 27.5-year depreciation period for multifamily buildings; (7) depreciation recapture; and (8) the deductibility of state and local real estate taxes. Finally, we favor: (1) loosening FIRPTA rules to incent foreign investment in U.S. real estate and (2) expanding incentives for energy efficiency in commercial buildings (i.e., Internal Revenue Code Section 179D). House Ways and Means and Committee Chairman's Discussion Draft on Tax Reform: Tax Reform Act of 2014. Section 1001: Simplification of individual income tax rates. Section 1002: Deduction for adjusted net capital gain. Section 1405: Repeal of deduction for taxes not paid or accrued in a trade or business. Section 1502: Determination of net earnings from self employment. Section 3104: Reform of accelerated cost recovery system. Section 3113: Repeal of deduction for energy efficient commercial buildings. Section 3133: Repeal of like-kind exchanges. Section 3139: Depreciation recapture on gain from disposition of certain depreciable realty. Section 3204: Low-income housing tax credit. Section 3217: Repeal of new energy efficient home credit. Section 3431: Termination of private activity bonds. Section 3621: Ordinary income treatment in the case of partnership interest held in connection with performance of services. Senate Committee on Finance Chairman's Staff Discussion Draft on Provisions to Reform International Business Taxation. Section 93: Modification to Tax on Foreign Investments in United States Real Property Interests. Senate Committee on Finance Chairman's Staff Discussion Draft to Reform Certain Business Provisions. Section 2: Repeal of Certain Specialized Expensing Provisions (i.e., Section 179D). Section 11: Pooled Asset Cost Recovery System and Depreciation of Real Property. Section 12: Rules Related to Treatment of Gains from Depreciable Property. Section 15: Repeal of Like-Kind Exchanges. Expiring Tax Provisions S. 2260, Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act. Section 112: Extension and modification of temporary minimum low-income housing tax credit rate for non-Federally subsidized new buildings. Section 113: Extension of military housing allowance for determining area median gross income. Section 115: Extension and modification of New Markets Tax Credit. Section 125: Extension of Bonus Depreciation. Section 127: Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property. Section 157: Extension of Credit for Energy Efficient New Homes. Section 159: Extension and modification of Energy Efficient Commercial Buildings deduction. S. Amdt. 3060 to H.R. 3474, Expiring Provisions Improvement, Reform, and Efficiency (EXPIRE) Act of 2014. Section 112: Extension and modification of temporary minimum low-income housing tax credit rate for non-Federally subsidized new buildings. Section 113: Extension of military housing allowance for determining area median gross income. Section 115: Extension and modification of New Markets Tax Credit. Section 125: Extension of Bonus Depreciation. Section 127: Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property. Section 157: Extension of Credit for Energy Efficient New Homes. Section 159: Extension and modification of Energy Efficient Commercial Buildings deduction. H.R. 4457, America's Small Business Tax Relief Act of 2014. Section 2: Expensing certain depreciable assets for small business. H.R.4718, to amend the Internal Revenue Code of 1986 to modify and make permanent bonus depreciation, all provisions.Carried Interest S. 268, Cut Unjustified Tax Loopholes Act, Title VI, Ending the Carried Interest Loophole (Section 601: Short Title. Section 602: Partnership Interests Transferred in Connection with Performance of Services. Section 603: Special rules for Partners Providing Investment Management Services to Partnerships Low-Income Housing Tax Credit & Renter Tax Credit H.R. 4479, to amend the Internal Revenue Code of 1986 to provide a renter's tax credit, all provisions. H.R. 4717, to make permanent and expand the minimum rate for the LIHTC, all provisions. S. 1442, Improving the Low Income Housing Tax Credit Rate Act, to amend the Internal Revenue Code of 1986 to make permanent the minimum low-income housing tax credit rate for unsubsidized buildings and to provide a minimum 4 percent credit rate for existing buildings, all provisions. We also (1) support making the LIHTC more flexible by allowing developments to qualify if 40 percent of units go to families with incomes that average no more than 60 percent of area median income; and (2) considered proposals to expand the credit, such ones to increase the program by 50% or convert private activity bonds into Low-Income Housing Tax Credits. Energy Tax Incentives S. 2189, the Energy Efficiency Tax Incentives Act. Section 101: Extension and modification of deduction for energy-efficient commercial buildings. Section 102. Deduction for retrofits of existing commercial and multifamily buildings. FIRPTA H.R. 2870, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. S. 1181, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. Draft legislation before the Senate Finance Committee: Preserving America's Transit and Highways Act of 2014, provisions regarding mortgage reporting and FIRPTA Treasury Regulations REG-119305-11: This document contains proposed regulations under section 707 of the Internal Revenue Code (Code) relating to disguised sales of property to, or by a partnership and under section 752 relating to the treatment of partnership liabilities.

Balanced Housing Policy Section 8 Reform HUDs Revised Section 8 Renewal Policy GuideSection 8 - Rental Assistance Reform Legislation HUDs FY 2014/2015 Budget - HUD Assisted Housing Programs FY 2015 Budget Legislation H. Con. Res. 96- Establishing the budget for the United States Government for fiscal year 2015 and setting forth appropriate budgetary levels for fiscal years 2016 through 2024. FY 2015 Housing Appropriations Federal Affordable Housing Programs HUD Fair Market Rent/Small Area Fair Market Rent issue HUD National Affordability Index Title X of the Housing and Community Development Act of 1992 (P.L. 102-550) Section 1017 FHA Multi Family Commitment Authority Sequestration Issues Associated with HUD assisted housing portfolio and Housing for Service Members Military Housing - Sequestration, Privatized Military Housing Program and BAH Sec. 2821 (Limiting the use of funds for environmental performance certifications) S. 1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) Issues related to the American Community Survey H.R. 1078, To Make Participation in the American Community Survey Voluntary H.R. 2767, Protecting American Taxpayers and Homeowners (PATH) Act, provisions impacting multifamily housing. HUD Fair Market Rents Section 521 Rental Assistance Program H.J. RES. 91 - Department of Defense Survivor Benefits Continuing Appropriations Resolution, 2014 (all provisions) FHA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business Rural Housing Issues with the United State Department of Agriculture Discussion Draft- HR [XXXX] HOME Forward Act of 2014, Rep. Maxine Waters Discussion Draft- HR [XXXX] Multifamily Housing Finance Reform Act of 2014, GSE Reform Rep Maloney Implementation of the Fair Housing Acts Discriminatory Effects Standard, Final Rule, 24 CFR Part 100-all provisions H.R. 4435 Howard P. "Buck" McKeon National Defense Authorization Act for Fiscal Year 2015 (Personnel, Family Housing and Amendments) S.2294 To require a survey of the preferences of members of the Armed Forces regarding military pay and benefits S.2289 National Defense Authorization Act for Fiscal Year 2015 (Personnel, Family Housing and Environmental Building Standards) H.R.4486 Military Construction and Veterans Affairs and Related Agencies Appropriations Act, 2015 H.R.4870 Department of Defense Appropriations Act, 2015 FAA One Engine Inoperative Policy H.R. 4623 To direct the Secretary of Transportation to conduct a notice and comment rulemaking before implementing certain policies relating to obstruction evaluation aeronautical studies, and for other purposes. S. 2410- 2015 National Defense Authorization Act- Section 603/ Modification of computation of basic allowance for housing H.R. 4435- 2015 National Defense Authorization Act- Basic Allowance of housing H.R. 4146- Preservation Enhancement and Savings Opportunity Act of 2014

Balanced Housing Policy Section 8 Reform HUDs Revised Section 8 Renewal Policy GuideSection 8 - Rental Assistance Reform Legislation HUDs FY 2014/2015 Budget - HUD Assisted Housing Programs 2015 Budget Legislation H. Con. Res. 96- Establishing the budget for the United States Government for fiscal year 2015 and setting forth appropriate budgetary levels for fiscal years 2016 through 2024. FY 2015 Housing Appropriations Federal Affordable Housing Programs HUD Fair Market Rent/Small Area Fair Market Rent issue HUD National Affordability Index Title X of the Housing and Community Development Act of 1992 (P.L. 102-550) Section 1017 FHA Multi Family Commitment Authority Sequestration Issues Associated with HUD assisted housing portfolio and Housing for Service Members Military Housing - Sequestration, Privatized Military Housing Program and BAH Sec. 2821 (Limiting the use of funds for environmental performance certifications) S. 1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) Issues related to the American Community Survey H.R. 1078, To Make Participation in the American Community Survey Voluntary H.R. 2767, Protecting American Taxpayers and Homeowners (PATH) Act, provisions impacting multifamily housing. HUD Fair Market Rents Section 521 Rental Assistance Program H.J. RES. 91 - Department of Defense Survivor Benefits Continuing Appropriations Resolution, 2014 (all provisions) FHA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business Rural Housing Issues with the United State Department of Agriculture Discussion Draft- HR [XXXX] HOME Forward Act of 2014, Rep. Maxine Waters Discussion Draft- HR [XXXX] Multifamily Housing Finance Reform Act of 2014, GSE Reform Rep Maloney Implementation of the Fair Housing Acts Discriminatory Effects Standard, Final Rule, 24 CFR Part 100-all provisions

S .1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) S. 1217, Amendment in the Form of a Substitute (Johnson-Crapo Bill) P.L. 111-203, DoddFrank Wall Street Reform and Consumer Protection Act Public Proposals for the Future of the Housing Finance SystemGSE Reform: Proposals to ensure liquidity in multifamily mortgage markets in a post Fannie Mae / Freddie Mac environment. S. 1217, the Housing Finance Reform and Taxpayer Protection Act (all provisions impacting multifamily housing) H.R. 2767 Protecting American Taxpayers and Homeowners Act (provisions impacting multifamily housing) Discussion Draft HR [XXXX] HOME Forward Act of 2014 (Maxine Waters Bill) Discussion Draft HR [XXXX] Multifamily Housing Finance Reform Act of 2014 (Maloney Bill) S. 563 Jump Start GSE Reform (all provisions) H.R. 2348 Jump Start GSE Reform (all provisions) FHFA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business Conference on H. Con. Res. 25/S. Con. Res 8. that resulted in H.J. Res. 59: Bipartisan Budget Act of 2013, possible provisions impacting multifamily guarantee fees on mortgages guaranteed by Fannie Mae and Freddie Mac. Basel III Banking Capital Standards Liquidity Capital Ratio (OCC, FDIC, Federal Reserve) FHA Multifamily Guidebook 4350.1 Revisions Multifamily Servicing and Asset Management

Balanced Housing Policy Section 8 Reform HUDs Revised Section 8 Renewal Policy Guide Section 8 - Rental Assistance Reform Legislation HUDs FY 2014/2015 Budget - HUD Assisted Housing Programs FY 2015 Budget Legislation H. Con. Res. 96- Establishing the budget for the United States Government for fiscal year 2015 and setting forth appropriate budgetary levels for fiscal years 2016 through 2024. FY 2015 Housing Appropriations Federal Affordable Housing Programs HUD Fair Market Rent/Small Area Fair Market Rent issue HUD National Affordability Index Title X of the Housing and Community Development Act of 1992 (P.L. 102-550) Section 1017 FHA Multi Family Commitment Authority Sequestration Issues Associated with HUD assisted housing portfolio and Housing for Service Members Military Housing - Sequestration, Privatized Military Housing Program and BAH Sec. 2821 (Limiting the use of funds for environmental performance certifications) S. 1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) Issues related to the American Community Survey H.R. 1078, To Make Participation in the American Community Survey Voluntary H.R. 2767, Protecting American Taxpayers and Homeowners (PATH) Act, provisions impacting multifamily housing. HUD Fair Market Rents Section 521 Rental Assistance Program H.J. RES. 91 - Department of Defense Survivor Benefits Continuing Appropriations Resolution, 2014 (all provisions) FHA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business Rural Housing Issues with the United State Department of Agriculture Discussion Draft- HR [XXXX] HOME Forward Act of 2014, Rep. Maxine Waters Discussion Draft- HR [XXXX] Multifamily Housing Finance Reform Act of 2014, GSE Reform Rep Maloney Implementation of the Fair Housing Acts Discriminatory Effects Standard, Final Rule, 24 CFR Part 100-all provisions H.R. 4435 Howard P. "Buck" McKeon National Defense Authorization Act for Fiscal Year 2015 (Personnel, Family Housing and Amendments) S.2294 To require a survey of the preferences of members of the Armed Forces regarding military pay and benefits S.2289 National Defense Authorization Act for Fiscal Year 2015 (Personnel, Family Housing and Environmental Building Standards) H.R.4486 Military Construction and Veterans Affairs and Related Agencies Appropriations Act, 2015 H.R.4870 Department of Defense Appropriations Act, 2015 FAA One Engine Inoperative Policy H.R. 4623 To direct the Secretary of Transportation to conduct a notice and comment rulemaking before implementing certain policies relating to obstruction evaluation aeronautical studies, and for other purposes. S. 2410- 2015 National Defense Authorization Act- Section 603/ Modification of computation of basic allowance for housing H.R. 4435- 2015 National Defense Authorization Act- Basic Allowance of housing H.R. 4146- Preservation Enhancement and Savings Opportunity Act of 2014 : H. Amdt. 827 to H.R. 4745, Transportation-HUD Appropriations. The amendment prohibits the use of funds to implement, administer, or enforce paragraph (c)(3) of section 982.503 in the Code of Federal Regulations dealing with voucher tenancy: payment standard amount and schedule.

Tax Reform Promoted comprehensive approach to tax reform that avoids enacting reform for C corporations at the expense of flow-through entities. Support maintaining current law regarding: (1) the tax treatment of carried interest; (2) the full deductibility of business interest; (3) the Low-Income Housing Tax Credit and tax-exempt private activity housing bonds; (4) the permanent estate tax rules enacted in January 2013; (5) Section 1031 like-kind exchanges; (7) the 27.5-year depreciation period for multifamily buildings; (7) depreciation recapture; and (8) the deductibility of state and local real estate taxes. Finally, we favor: (1) loosening FIRPTA rules to incent foreign investment in U.S. real estate and (2) expanding incentives for energy efficiency in commercial buildings (i.e., Internal Revenue Code Section 179D). House Ways and Means and Committee Chairman's Discussion Draft on Tax Reform: Tax Reform Act of 2014. Section 1001: Simplification of individual income tax rates. Section 1002: Deduction for adjusted net capital gain. Section 1405: Repeal of deduction for taxes not paid or accrued in a trade or business. Section 1502: Determination of net earnings from self employment. Section 3104: Reform of accelerated cost recovery system. Section 3113: Repeal of deduction for energy efficient commercial buildings. Section 3133: Repeal of like-kind exchanges. Section 3139: Depreciation recapture on gain from disposition of certain depreciable realty. Section 3204: Low-income housing tax credit. Section 3217: Repeal of new energy efficient home credit. Section 3431: Termination of private activity bonds. Section 3621: Ordinary income treatment in the case of partnership interest held in connection with performance of services. Senate Committee on Finance Chairman's Staff Discussion Draft on Provisions to Reform International Business Taxation. Section 93: Modification to Tax on Foreign Investments in United States Real Property Interests. Senate Committee on Finance Chairman's Staff Discussion Draft to Reform Certain Business Provisions. Section 2: Repeal of Certain Specialized Expensing Provisions (i.e., Section 179D). Section 11: Pooled Asset Cost Recovery System and Depreciation of Real Property. Section 12: Rules Related to Treatment of Gains from Depreciable Property. Section 15: Repeal of Like-Kind Exchanges. Expiring Tax Provisions S. 2260, Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act. Section 112: Extension and modification of temporary minimum low-income housing tax credit rate for non-Federally subsidized new buildings. Section 113: Extension of military housing allowance for determining area median gross income. Section 115: Extension and modification of New Markets Tax Credit. Section 125: Extension of Bonus Depreciation. Section 127: Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property. Section 157: Extension of Credit for Energy Efficient New Homes. Section 159: Extension and modification of Energy Efficient Commercial Buildings deduction. S. Amdt. 3060 to H.R. 3474, Expiring Provisions Improvement, Reform, and Efficiency (EXPIRE) Act of 2014. Section 112: Extension and modification of temporary minimum low-income housing tax credit rate for non-Federally subsidized new buildings. Section 113: Extension of military housing allowance for determining area median gross income. Section 115: Extension and modification of New Markets Tax Credit. Section 125: Extension of Bonus Depreciation. Section 127: Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property. Section 157: Extension of Credit for Energy Efficient New Homes. Section 159: Extension and modification of Energy Efficient Commercial Buildings deduction. H.R. 4457, America's Small Business Tax Relief Act of 2014. Section 2: Expensing certain depreciable assets for small business. H.R.4718, to amend the Internal Revenue Code of 1986 to modify and make permanent bonus depreciation, all provisions. Carried Interest S. 268, Cut Unjustified Tax Loopholes Act, Title VI, Ending the Carried Interest Loophole (Section 601: Short Title. Section 602: Partnership Interests Transferred in Connection with Performance of Services. Section 603: Special rules for Partners Providing Investment Management Services to Partnerships Low-Income Housing Tax Credit & Renter Tax Credit H.R. 4479, to amend the Internal Revenue Code of 1986 to provide a renter's tax credit, all provisions. H.R. 4717, to make permanent and expand the minimum rate for the LIHTC, all provisions. S. 1442, Improving the Low Income Housing Tax Credit Rate Act, to amend the Internal Revenue Code of 1986 to make permanent the minimum low-income housing tax credit rate for unsubsidized buildings and to provide a minimum 4 percent credit rate for existing buildings, all provisions. We also (1) support making the LIHTC more flexible by allowing developments to qualify if 40 percent of units go to families with incomes that average no more than 60 percent of area median income; and (2) considered proposals to expand the credit, such ones to increase the program by 50% or convert private activity bonds into Low-Income Housing Tax Credits. Energy Tax Incentives S. 2189, the Energy Efficiency Tax Incentives Act. Section 101: Extension and modification of deduction for energy-efficient commercial buildings. Section 102. Deduction for retrofits of existing commercial and multifamily buildings. FIRPTA H.R. 2870, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. S. 1181, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. Draft legislation before the Senate Finance Committee: Preserving America's Transit and Highways Act of 2014, provisions regarding mortgage reporting and FIRPTA Treasury Regulations REG-119305-11: This document contains proposed regulations under section 707 of the Internal Revenue Code (Code) relating to disguised sales of property to, or by a partnership and under section 752 relating to the treatment of partnership liabilities.

Tax Reform Promoted comprehensive approach to tax reform that avoids enacting reform for C corporations at the expense of flow-through entities. Support maintaining current law regarding: (1) the tax treatment of carried interest; (2) the full deductibility of business interest; (3) the Low-Income Housing Tax Credit and tax-exempt private activity housing bonds;(4) the permanent estate tax rules enacted in January 2013; (5) Section 1031 like-kind exchanges; (7) the 27.5-year depreciation period for multifamily buildings; (7) depreciation recapture; and (8) the deductibility of state and local real estate taxes. Finally, we favor: (1) loosening FIRPTA rules to incent foreign investment in U.S. real estate and (2) expanding incentives for energy efficiency in commercial buildings (i.e., Internal Revenue Code Section 179D). House Ways and Means and Committee Chairman's Discussion Draft on Tax Reform: Tax Reform Act of 2014. Section 1001: Simplification of individual income tax rates. Section 1002: Deduction for adjusted net capital gain. Section 1405: Repeal of deduction for taxes not paid or accrued in a trade or business. Section 1502: Determination of net earnings from self employment. Section 3104: Reform of accelerated cost recovery system. Section 3113: Repeal of deduction for energy efficient commercial buildings. Section 3133: Repeal of like-kind exchanges. Section 3139: Depreciation recapture on gain from disposition of certain depreciable realty. Section 3204: Low-income housing tax credit. Section 3217: Repeal of new energy efficient home credit. Section 3431: Termination of private activity bonds. Section 3621: Ordinary income treatment in the case of partnership interest held in connection with performance of services. Senate Committee on Finance Chairman's Staff Discussion Draft on Provisions to Reform International Business Taxation. Section 93: Modification to Tax on Foreign Investments in United States Real Property Interests. Senate Committee on Finance Chairman's Staff Discussion Draft to Reform Certain Business Provisions. Section 2: Repeal of Certain Specialized Expensing Provisions (i.e., Section 179D). Section 11: Pooled Asset Cost Recovery System and Depreciation of Real Property. Section 12: Rules Related to Treatment of Gains from Depreciable Property. Section 15: Repeal of Like-Kind Exchanges. Expiring Tax Provisions S. 2260, Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act. Section 112: Extension and modification of temporary minimum low-income housing tax credit rate for non-Federally subsidized new buildings. Section 113: Extension of military housing allowance for determining area median gross income. Section 115: Extension and modification of New Markets Tax Credit. Section 125: Extension of Bonus Depreciation. Section 127: Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property. Section 157: Extension of Credit for Energy Efficient New Homes. Section 159: Extension and modification of Energy Efficient Commercial Buildings deduction. S. Amdt. 3060 to H.R. 3474, Expiring Provisions Improvement, Reform, and Efficiency (EXPIRE) Act of 2014. Section 112: Extension and modification of temporary minimum low-income housing tax credit rate for non-Federally subsidized new buildings. Section 113: Extension of military housing allowance for determining area median gross income. Section 115: Extension and modification of New Markets Tax Credit. Section 125: Extension of Bonus Depreciation. Section 127: Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property. Section 157: Extension of Credit for Energy Efficient New Homes. Section 159: Extension and modification of Energy Efficient Commercial Buildings deduction. H.R. 4457, America's Small Business Tax Relief Act of 2014. Section 2: Expensing certain depreciable assets for small business. H.R.4718, to amend the Internal Revenue Code of 1986 to modify and make permanent bonus depreciation, all provisions.Carried Interest S. 268, Cut Unjustified Tax Loopholes Act, Title VI, Ending the Carried Interest Loophole (Section 601: Short Title. Section 602: Partnership Interests Transferred in Connection with Performance of Services. Section 603: Special rules for Partners Providing Investment Management Services to Partnerships Low-Income Housing Tax Credit & Renter Tax Credit H.R. 4479, to amend the Internal Revenue Code of 1986 to provide a renter's tax credit, all provisions. H.R. 4717, to make permanent and expand the minimum rate for the LIHTC, all provisions. S. 1442, Improving the Low Income Housing Tax Credit Rate Act, to amend the Internal Revenue Code of 1986 to make permanent the minimum low-income housing tax credit rate for unsubsidized buildings and to provide a minimum 4 percent credit rate for existing buildings, all provisions. We also (1) support making the LIHTC more flexible by allowing developments to qualify if 40 percent of units go to families with incomes that average no more than 60 percent of area median income; and (2) considered proposals to expand the credit, such ones to increase the program by 50% or convert private activity bonds into Low-Income Housing Tax Credits. Energy Tax Incentives S. 2189, the Energy Efficiency Tax Incentives Act. Section 101: Extension and modification of deduction for energy-efficient commercial buildings. Section 102. Deduction for retrofits of existing commercial and multifamily buildings. FIRPTA H.R. 2870, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. S. 1181, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. Draft legislation before the Senate Finance Committee: Preserving America's Transit and Highways Act of 2014, provisions regarding mortgage reporting and FIRPTA Treasury Regulations REG-119305-11: This document contains proposed regulations under section 707 of the Internal Revenue Code (Code) relating to disguised sales of property to, or by a partnership and under section 752 relating to the treatment of partnership liabilities.

Draft legislation authored by House Ways and Means Committee Chairman Dave Camp in 2013-Tax Reform Act of 2013: Title IITax Reform for Businesses, Subtitle COption 1 Passthrough Entities, all provisions (i.e., Part 1Option 1 S Corporations and Part 2Option 1 Partnerships), and Subtitle COption 2 Unified Rules for Passthroughs, all provisionsTax Reform- Comphrehensive approach to tax reform and to avoid enacting reform for C corporations at the expense of flow-through entities. Maintaining current law regarding: (1) the tax treatment of carried interest; (2) the full deductibility of business interest; (3) the Low-Income Housing Tax Credit and tax-exempt private activity housing bonds; (4) the permanent estate tax rules enacted in January 2013; (5) Section 1031 like-kind exchanges; (7) the 27.5-year depreciation period for multifamily buildings; (7) depreciation recapture; and (8) the deductibility of state and local real estate taxes. Finally, we favor: (1) loosening FIRPTA rules to incent foreign investment in U.S. real estate and (2) expanding incentives for energy efficiency in commercial buildings (i.e., Internal Revenue Code Section 179D). House Ways and Means and Committee Chairman's Discussion Draft on Tax Reform: Tax Reform Act of 2014. Section 1001: Simplification of individual income tax rates. Section 1002: Deduction for adjusted net capital gain. Section 1405: Repeal of deduction for taxes not paid or accrued in a trade or business. Section 1502: Determination of net earnings from self employment. Section 3104: Reform of accelerated cost recovery system. Section 3113: Repeal of deduction for energy efficient commercial buildings. Section 3133: Repeal of like-kind exchanges. Section 3139: Depreciation recapture on gain from disposition of certain depreciable realty. Section 3204: Low-income housing tax credit. Section 3217: Repeal of new energy efficient home credit. Section 3431: Termination of private activity bonds. Section 3621: Ordinary income treatment in the case of partnership interest held in connection with performance of services Senate Committee on Finance Chairman's Staff Discussion Draft on Provisions to Reform International Business Taxation. Section 93: Modification to Tax on Foreign Investments in United States Real Property Interests Senate Committee on Finance Chairman's Staff Discussion Draft to Reform Certain Business Provisions. Section 2: Repeal of Certain Specialized Expensing Provisions (i.e., Section 179D). Section 11: Pooled Asset Cost Recovery System and Depreciation of Real Property. Section 12. Rules Related to Treatment of Gains from Depreciable Property. Section 15. Repeal of Like-Kind Exchanges Senate Committee on Finance Chairman's Staff Discussion Draft to Reform Certain Energy Tax Provisions. Section 2. Clean Energy Investment Credit. S. 727- (112th Congress), The Bipartisan Tax Fairness and Simplification Act of 2011: Section 204(d): Depreciation of Tangible Property in Excess of Alternative Depreciation System. S. 268- Cut Unjustified Tax Loopholes Act, Title VI, Ending the Carried Interest Loophole (Section 601: Short Title. Section 602: Partnership Interests Transferred in Connection with Performance of Services. Section 603: Special rules for Partners Providing Investment Management Services to Partnerships S. 1442- Improving the Low Income Housing Tax Credit Rate Act- to amend the Internal Revenue Code of 1986 to make permanent the minimum low-income housing tax credit rate for unsubsidized buildings and to provide a minimum 4 percent credit rate for existing buildings, all provisions. Making the LIHTC more flexible by allowing developments to qualify if 40 percent of units go to families with incomes that average no more than 60 percent of area median income. Proposals to expand the credit, such as one to increase the program by 50%.S. 2189- the Energy Efficiency Tax Incentives Act. Section 101: Extension and modification of deduction for energy-efficient commercial buildings. Section 102. Deduction for retrofits of existing commercial and multifamily buildings. S. 3591- Commercial Building Modernization Act from 112th Congress H.R. 2870- To amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. S. 1181- to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. Extension of Expiring Tax Provisions: providing for the: (1) flat 9 percent tax credit for the Low-Income Housing Tax Credit; (2) Energy Efficient Commercial Building Tax Deduction; (3) Energy Efficient New Homes Tax Credit; (4) New Markets Tax Credit; (5) expensing of brownfield remediation costs; (6) election to expense certain qualified real property; and (7) 15-year depreciation of leasehold improvements. REG-119305-11: This document contains proposed regulations under section 707 of the Internal Revenue Code (Code) relating to disguised sales of property to, or by a partnership and under section 752 relating to the treatment of partnership liabilities.

Tax Reform Promoted comprehensive approach to tax reform that avoids enacting reform for C corporations at the expense of flow-through entities. Support maintaining current law regarding: (1) the tax treatment of carried interest; (2) the full deductibility of business interest; (3) the Low-Income Housing Tax Credit and tax-exempt private activity housing bonds; (4) the permanent estate tax rules enacted in January 2013; (5) Section 1031 like-kind exchanges; (7) the 27.5-year depreciation period for multifamily buildings; (7) depreciation recapture; and (8) the deductibility of state and local real estate taxes. Finally, we favor: (1) loosening FIRPTA rules to incent foreign investment in U.S. real estate and (2) expanding incentives for energy efficiency in commercial buildings (i.e., Internal Revenue Code Section 179D). House Ways and Means and Committee Chairman's Discussion Draft on Tax Reform: Tax Reform Act of 2014. Section 1001: Simplification of individual income tax rates. Section 1002: Deduction for adjusted net capital gain. Section 1405: Repeal of deduction for taxes not paid or accrued in a trade or business. Section 1502: Determination of net earnings from self employment. Section 3104: Reform of accelerated cost recovery system. Section 3113: Repeal of deduction for energy efficient commercial buildings. Section 3133: Repeal of like-kind exchanges. Section 3139: Depreciation recapture on gain from disposition of certain depreciable realty. Section 3204: Low-income housing tax credit. Section 3217: Repeal of new energy efficient home credit. Section 3431: Termination of private activity bonds. Section 3621: Ordinary income treatment in the case of partnership interest held in connection with performance of services. Senate Committee on Finance Chairman's Staff Discussion Draft on Provisions to Reform International Business Taxation. Section 93: Modification to Tax on Foreign Investments in United States Real Property Interests. Senate Committee on Finance Chairman's Staff Discussion Draft to Reform Certain Business Provisions. Section 2: Repeal of Certain Specialized Expensing Provisions (i.e., Section 179D). Section 11: Pooled Asset Cost Recovery System and Depreciation of Real Property. Section 12: Rules Related to Treatment of Gains from Depreciable Property. Section 15: Repeal of Like-Kind Exchanges. Expiring Tax Provisions S. 2260, Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act. Section 112: Extension and modification of temporary minimum low-income housing tax credit rate for non-Federally subsidized new buildings. Section 113: Extension of military housing allowance for determining area median gross income. Section 115: Extension and modification of New Markets Tax Credit. Section 125: Extension of Bonus Depreciation. Section 127: Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property. Section 157: Extension of Credit for Energy Efficient New Homes. Section 159: Extension and modification of Energy Efficient Commercial Buildings deduction. S. Amdt. 3060 to H.R. 3474, Expiring Provisions Improvement, Reform, and Efficiency (EXPIRE) Act of 2014. Section 112: Extension and modification of temporary minimum low-income housing tax credit rate for non-Federally subsidized new buildings. Section 113: Extension of military housing allowance for determining area median gross income. Section 115: Extension and modification of New Markets Tax Credit. Section 125: Extension of Bonus Depreciation. Section 127: Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property. Section 157: Extension of Credit for Energy Efficient New Homes. Section 159: Extension and modification of Energy Efficient Commercial Buildings deduction. H.R. 4457, America's Small Business Tax Relief Act of 2014. Section 2: Expensing certain depreciable assets for small business. H.R.4718, to amend the Internal Revenue Code of 1986 to modify and make permanent bonus depreciation, all provisions. Carried Interest S. 268, Cut Unjustified Tax Loopholes Act, Title VI, Ending the Carried Interest Loophole (Section 601: Short Title. Section 602: Partnership Interests Transferred in Connection with Performance of Services. Section 603: Special rules for Partners Providing Investment Management Services to Partnerships Low-Income Housing Tax Credit & Renter Tax Credit H.R. 4479, to amend the Internal Revenue Code of 1986 to provide a renter's tax credit, all provisions. H.R. 4717, to make permanent and expand the minimum rate for the LIHTC, all provisions. S. 1442, Improving the Low Income Housing Tax Credit Rate Act, to amend the Internal Revenue Code of 1986 to make permanent the minimum low-income housing tax credit rate for unsubsidized buildings and to provide a minimum 4 percent credit rate for existing buildings, all provisions. We also (1) support making the LIHTC more flexible by allowing developments to qualify if 40 percent of units go to families with incomes that average no more than 60 percent of area median income; and (2) considered proposals to expand the credit, such ones to increase the program by 50% or convert private activity bonds into Low-Income Housing Tax Credits. Energy Tax Incentives S. 2189, the Energy Efficiency Tax Incentives Act. Section 101: Extension and modification of deduction for energy-efficient commercial buildings. Section 102. Deduction for retrofits of existing commercial and multifamily buildings. FIRPTA H.R. 2870, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. S. 1181, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. Draft legislation before the Senate Finance Committee: Preserving America's Transit and Highways Act of 2014, provisions regarding mortgage reporting and FIRPTA Treasury Regulations REG-119305-11: This document contains proposed regulations under section 707 of the Internal Revenue Code (Code) relating to disguised sales of property to, or by a partnership and under section 752 relating to the treatment of partnership liabilities.

Tax Reform Promoted comprehensive approach to tax reform that avoids enacting reform for C corporations at the expense of flow-through entities. Support maintaining current law regarding: (1) the tax treatment of carried interest; (2) the full deductibility of business interest; (3) the Low-Income Housing Tax Credit and tax-exempt private activity housing bonds;(4) the permanent estate tax rules enacted in January 2013; (5) Section 1031 like-kind exchanges; (7) the 27.5-year depreciation period for multifamily buildings; (7) depreciation recapture; and (8) the deductibility of state and local real estate taxes. Finally, we favor: (1) loosening FIRPTA rules to incent foreign investment in U.S. real estate and (2) expanding incentives for energy efficiency in commercial buildings (i.e., Internal Revenue Code Section 179D). House Ways and Means and Committee Chairman's Discussion Draft on Tax Reform: Tax Reform Act of 2014. Section 1001: Simplification of individual income tax rates. Section 1002: Deduction for adjusted net capital gain. Section 1405: Repeal of deduction for taxes not paid or accrued in a trade or business. Section 1502: Determination of net earnings from self employment. Section 3104: Reform of accelerated cost recovery system. Section 3113: Repeal of deduction for energy efficient commercial buildings. Section 3133: Repeal of like-kind exchanges. Section 3139: Depreciation recapture on gain from disposition of certain depreciable realty. Section 3204: Low-income housing tax credit. Section 3217: Repeal of new energy efficient home credit. Section 3431: Termination of private activity bonds. Section 3621: Ordinary income treatment in the case of partnership interest held in connection with performance of services. Senate Committee on Finance Chairman's Staff Discussion Draft on Provisions to Reform International Business Taxation. Section 93: Modification to Tax on Foreign Investments in United States Real Property Interests. Senate Committee on Finance Chairman's Staff Discussion Draft to Reform Certain Business Provisions. Section 2: Repeal of Certain Specialized Expensing Provisions (i.e., Section 179D). Section 11: Pooled Asset Cost Recovery System and Depreciation of Real Property. Section 12: Rules Related to Treatment of Gains from Depreciable Property. Section 15: Repeal of Like-Kind Exchanges. Expiring Tax Provisions S. 2260, Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act. Section 112: Extension and modification of temporary minimum low-income housing tax credit rate for non-Federally subsidized new buildings. Section 113: Extension of military housing allowance for determining area median gross income. Section 115: Extension and modification of New Markets Tax Credit. Section 125: Extension of Bonus Depreciation. Section 127: Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property. Section 157: Extension of Credit for Energy Efficient New Homes. Section 159: Extension and modification of Energy Efficient Commercial Buildings deduction. S. Amdt. 3060 to H.R. 3474, Expiring Provisions Improvement, Reform, and Efficiency (EXPIRE) Act of 2014. Section 112: Extension and modification of temporary minimum low-income housing tax credit rate for non-Federally subsidized new buildings. Section 113: Extension of military housing allowance for determining area median gross income. Section 115: Extension and modification of New Markets Tax Credit. Section 125: Extension of Bonus Depreciation. Section 127: Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property. Section 157: Extension of Credit for Energy Efficient New Homes. Section 159: Extension and modification of Energy Efficient Commercial Buildings deduction. H.R. 4457, America's Small Business Tax Relief Act of 2014. Section 2: Expensing certain depreciable assets for small business. H.R.4718, to amend the Internal Revenue Code of 1986 to modify and make permanent bonus depreciation, all provisions.Carried Interest S. 268, Cut Unjustified Tax Loopholes Act, Title VI, Ending the Carried Interest Loophole (Section 601: Short Title. Section 602: Partnership Interests Transferred in Connection with Performance of Services. Section 603: Special rules for Partners Providing Investment Management Services to Partnerships Low-Income Housing Tax Credit & Renter Tax Credit H.R. 4479, to amend the Internal Revenue Code of 1986 to provide a renter's tax credit, all provisions. H.R. 4717, to make permanent and expand the minimum rate for the LIHTC, all provisions. S. 1442, Improving the Low Income Housing Tax Credit Rate Act, to amend the Internal Revenue Code of 1986 to make permanent the minimum low-income housing tax credit rate for unsubsidized buildings and to provide a minimum 4 percent credit rate for existing buildings, all provisions. We also (1) support making the LIHTC more flexible by allowing developments to qualify if 40 percent of units go to families with incomes that average no more than 60 percent of area median income; and (2) considered proposals to expand the credit, such ones to increase the program by 50% or convert private activity bonds into Low-Income Housing Tax Credits. Energy Tax Incentives S. 2189, the Energy Efficiency Tax Incentives Act. Section 101: Extension and modification of deduction for energy-efficient commercial buildings. Section 102. Deduction for retrofits of existing commercial and multifamily buildings. FIRPTA H.R. 2870, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. S. 1181, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. Draft legislation before the Senate Finance Committee: Preserving America's Transit and Highways Act of 2014, provisions regarding mortgage reporting and FIRPTA Treasury Regulations REG-119305-11: This document contains proposed regulations under section 707 of the Internal Revenue Code (Code) relating to disguised sales of property to, or by a partnership and under section 752 relating to the treatment of partnership liabilities.

Draft legislation authored by House Ways and Means Committee Chairman Dave Camp in 2013-Tax Reform Act of 2013: Title IITax Reform for Businesses, Subtitle COption 1 Passthrough Entities, all provisions (i.e., Part 1Option 1 S Corporations and Part 2Option 1 Partnerships), and Subtitle COption 2 Unified Rules for Passthroughs, all provisionsTax Reform- Comphrehensive approach to tax reform and to avoid enacting reform for C corporations at the expense of flow-through entities. Maintaining current law regarding: (1) the tax treatment of carried interest; (2) the full deductibility of business interest; (3) the Low-Income Housing Tax Credit and tax-exempt private activity housing bonds; (4) the permanent estate tax rules enacted in January 2013; (5) Section 1031 like-kind exchanges; (7) the 27.5-year depreciation period for multifamily buildings; (7) depreciation recapture; and (8) the deductibility of state and local real estate taxes. Finally, we favor: (1) loosening FIRPTA rules to incent foreign investment in U.S. real estate and (2) expanding incentives for energy efficiency in commercial buildings (i.e., Internal Revenue Code Section 179D). House Ways and Means and Committee Chairman's Discussion Draft on Tax Reform: Tax Reform Act of 2014. Section 1001: Simplification of individual income tax rates. Section 1002: Deduction for adjusted net capital gain. Section 1405: Repeal of deduction for taxes not paid or accrued in a trade or business. Section 1502: Determination of net earnings from self employment. Section 3104: Reform of accelerated cost recovery system. Section 3113: Repeal of deduction for energy efficient commercial buildings. Section 3133: Repeal of like-kind exchanges. Section 3139: Depreciation recapture on gain from disposition of certain depreciable realty. Section 3204: Low-income housing tax credit. Section 3217: Repeal of new energy efficient home credit. Section 3431: Termination of private activity bonds. Section 3621: Ordinary income treatment in the case of partnership interest held in connection with performance of services Senate Committee on Finance Chairman's Staff Discussion Draft on Provisions to Reform International Business Taxation. Section 93: Modification to Tax on Foreign Investments in United States Real Property Interests Senate Committee on Finance Chairman's Staff Discussion Draft to Reform Certain Business Provisions. Section 2: Repeal of Certain Specialized Expensing Provisions (i.e., Section 179D). Section 11: Pooled Asset Cost Recovery System and Depreciation of Real Property. Section 12. Rules Related to Treatment of Gains from Depreciable Property. Section 15. Repeal of Like-Kind Exchanges Senate Committee on Finance Chairman's Staff Discussion Draft to Reform Certain Energy Tax Provisions. Section 2. Clean Energy Investment Credit. S. 727- (112th Congress), The Bipartisan Tax Fairness and Simplification Act of 2011: Section 204(d): Depreciation of Tangible Property in Excess of Alternative Depreciation System. S. 268- Cut Unjustified Tax Loopholes Act, Title VI, Ending the Carried Interest Loophole (Section 601: Short Title. Section 602: Partnership Interests Transferred in Connection with Performance of Services. Section 603: Special rules for Partners Providing Investment Management Services to Partnerships S. 1442- Improving the Low Income Housing Tax Credit Rate Act- to amend the Internal Revenue Code of 1986 to make permanent the minimum low-income housing tax credit rate for unsubsidized buildings and to provide a minimum 4 percent credit rate for existing buildings, all provisions. Making the LIHTC more flexible by allowing developments to qualify if 40 percent of units go to families with incomes that average no more than 60 percent of area median income. Proposals to expand the credit, such as one to increase the program by 50%.S. 2189- the Energy Efficiency Tax Incentives Act. Section 101: Extension and modification of deduction for energy-efficient commercial buildings. Section 102. Deduction for retrofits of existing commercial and multifamily buildings. S. 3591- Commercial Building Modernization Act from 112th Congress H.R. 2870- To amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. S. 1181- to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. Extension of Expiring Tax Provisions: providing for the: (1) flat 9 percent tax credit for the Low-Income Housing Tax Credit; (2) Energy Efficient Commercial Building Tax Deduction; (3) Energy Efficient New Homes Tax Credit; (4) New Markets Tax Credit; (5) expensing of brownfield remediation costs; (6) election to expense certain qualified real property; and (7) 15-year depreciation of leasehold improvements. REG-119305-11: This document contains proposed regulations under section 707 of the Internal Revenue Code (Code) relating to disguised sales of property to, or by a partnership and under section 752 relating to the treatment of partnership liabilities.

S .1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) P.L. 111-203, DoddFrank Wall Street Reform and Consumer Protection Act Public Proposals for the Future of the Housing Finance SystemGSE Reform: Proposals to ensure liquidity in multifamily mortgage markets in a post Fannie Mae / Freddie Mac environment. H.R. 2767 Protecting American Taxpayers and Homeowners Act (provisions impacting multifamily housing) Discussion Draft HR [XXXX] HOME Forward Act of 2014 (Maxine Waters Bill) Discussion Draft HR [XXXX] Multifamily Housing Finance Reform Act of 2014 (Maloney Bill) Discussion Draft Delaney/Carney/Himes GSE Reform draft proposal S. 563 Jump Start GSE Reform (all provisions) H.R. 2348 Jump Start GSE Reform (all provisions) Basel III Banking Capital Standards Liquidity Capital Ratio (OCC, FDIC, Federal Reserve) FHA Multifamily Guidebook 4350.1 Revisions Multifamily Servicing and Asset Management S. 2244, Terrorism Risk Insurance Program Reauthorization Act of 2014, all provisions H.R. 4871, TRIA Reform Act of 2014, all provisions

S .1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) P.L. 111-203, DoddFrank Wall Street Reform and Consumer Protection Act Public Proposals for the Future of the Housing Finance System GSE Reform: Proposals to ensure liquidity in multifamily mortgage markets in a post Fannie Mae / Freddie Mac environment. H.R. 2767 Protecting American Taxpayers and Homeowners Act (provisions impacting multifamily housing) Discussion Draft HR [XXXX] HOME Forward Act of 2014 (Maxine Waters Bill) Discussion Draft HR [XXXX] Multifamily Housing Finance Reform Act of 2014 (Maloney Bill) Discussion Draft Delaney/Carney/Himes GSE Reform draft proposal S. 563 Jump Start GSE Reform (all provisions) H.R. 2348 Jump Start GSE Reform (all provisions) Basel III Banking Capital Standards Liquidity Capital Ratio (OCC, FDIC, Federal Reserve) FHA Multifamily Guidebook 4350.1 Revisions Multifamily Servicing and Asset Management S. 2244, Terrorism Risk Insurance Program Reauthorization Act of 2014, all provisions H.R. 4871, TRIA Reform Act of 2014, all provisions

Tax Reform Promoted comprehensive approach to tax reform that avoids enacting reform for C corporations at the expense of flow-through entities. Support maintaining current law regarding: (1) the tax treatment of carried interest; (2) the full deductibility of business interest; (3) the Low-Income Housing Tax Credit and tax-exempt private activity housing bonds;(4) the permanent estate tax rules enacted in January 2013; (5) Section 1031 like-kind exchanges; (7) the 27.5-year depreciation period for multifamily buildings; (7) depreciation recapture; and (8) the deductibility of state and local real estate taxes. Finally, we favor: (1) loosening FIRPTA rules to incent foreign investment in U.S. real estate and (2) expanding incentives for energy efficiency in commercial buildings (i.e., Internal Revenue Code Section 179D). House Ways and Means and Committee Chairman's Discussion Draft on Tax Reform: Tax Reform Act of 2014. Section 1001: Simplification of individual income tax rates. Section 1002: Deduction for adjusted net capital gain. Section 1405: Repeal of deduction for taxes not paid or accrued in a trade or business. Section 1502: Determination of net earnings from self employment. Section 3104: Reform of accelerated cost recovery system. Section 3113: Repeal of deduction for energy efficient commercial buildings. Section 3133: Repeal of like-kind exchanges. Section 3139: Depreciation recapture on gain from disposition of certain depreciable realty. Section 3204: Low-income housing tax credit. Section 3217: Repeal of new energy efficient home credit. Section 3431: Termination of private activity bonds. Section 3621: Ordinary income treatment in the case of partnership interest held in connection with performance of services. Senate Committee on Finance Chairman's Staff Discussion Draft on Provisions to Reform International Business Taxation. Section 93: Modification to Tax on Foreign Investments in United States Real Property Interests. Senate Committee on Finance Chairman's Staff Discussion Draft to Reform Certain Business Provisions. Section 2: Repeal of Certain Specialized Expensing Provisions (i.e., Section 179D). Section 11: Pooled Asset Cost Recovery System and Depreciation of Real Property. Section 12: Rules Related to Treatment of Gains from Depreciable Property. Section 15: Repeal of Like-Kind Exchanges. Expiring Tax Provisions S. 2260, Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act. Section 112: Extension and modification of temporary minimum low-income housing tax credit rate for non-Federally subsidized new buildings. Section 113: Extension of military housing allowance for determining area median gross income. Section 115: Extension and modification of New Markets Tax Credit. Section 125: Extension of Bonus Depreciation. Section 127: Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property. Section 157: Extension of Credit for Energy Efficient New Homes. Section 159: Extension and modification of Energy Efficient Commercial Buildings deduction. S. Amdt. 3060 to H.R. 3474, Expiring Provisions Improvement, Reform, and Efficiency (EXPIRE) Act of 2014. Section 112: Extension and modification of temporary minimum low-income housing tax credit rate for non-Federally subsidized new buildings. Section 113: Extension of military housing allowance for determining area median gross income. Section 115: Extension and modification of New Markets Tax Credit. Section 125: Extension of Bonus Depreciation. Section 127: Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property. Section 157: Extension of Credit for Energy Efficient New Homes. Section 159: Extension and modification of Energy Efficient Commercial Buildings deduction. H.R. 4457, America's Small Business Tax Relief Act of 2014. Section 2: Expensing certain depreciable assets for small business. H.R.4718, to amend the Internal Revenue Code of 1986 to modify and make permanent bonus depreciation, all provisions.Carried Interest S. 268, Cut Unjustified Tax Loopholes Act, Title VI, Ending the Carried Interest Loophole (Section 601: Short Title. Section 602: Partnership Interests Transferred in Connection with Performance of Services. Section 603: Special rules for Partners Providing Investment Management Services to Partnerships Low-Income Housing Tax Credit & Renter Tax Credit H.R. 4479, to amend the Internal Revenue Code of 1986 to provide a renter's tax credit, all provisions. H.R. 4717, to make permanent and expand the minimum rate for the LIHTC, all provisions. S. 1442, Improving the Low Income Housing Tax Credit Rate Act, to amend the Internal Revenue Code of 1986 to make permanent the minimum low-income housing tax credit rate for unsubsidized buildings and to provide a minimum 4 percent credit rate for existing buildings, all provisions. We also (1) support making the LIHTC more flexible by allowing developments to qualify if 40 percent of units go to families with incomes that average no more than 60 percent of area median income; and (2) considered proposals to expand the credit, such ones to increase the program by 50% or convert private activity bonds into Low-Income Housing Tax Credits. Energy Tax Incentives S. 2189, the Energy Efficiency Tax Incentives Act. Section 101: Extension and modification of deduction for energy-efficient commercial buildings. Section 102. Deduction for retrofits of existing commercial and multifamily buildings. FIRPTA H.R. 2870, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. S. 1181, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. Draft legislation before the Senate Finance Committee: Preserving America's Transit and Highways Act of 2014, provisions regarding mortgage reporting and FIRPTA Treasury Regulations REG-119305-11: This document contains proposed regulations under section 707 of the Internal Revenue Code (Code) relating to disguised sales of property to, or by a partnership and under section 752 relating to the treatment of partnership liabilities.

Tax Reform Promoted comprehensive approach to tax reform that avoids enacting reform for C corporations at the expense of flow-through entities. Support maintaining current law regarding: (1) the tax treatment of carried interest; (2) the full deductibility of business interest; (3) the Low-Income Housing Tax Credit and tax-exempt private activity housing bonds; (4) the permanent estate tax rules enacted in January 2013; (5) Section 1031 like-kind exchanges; (7) the 27.5-year depreciation period for multifamily buildings; (7) depreciation recapture; and (8) the deductibility of state and local real estate taxes. Finally, we favor: (1) loosening FIRPTA rules to incent foreign investment in U.S. real estate and (2) expanding incentives for energy efficiency in commercial buildings (i.e., Internal Revenue Code Section 179D). House Ways and Means and Committee Chairman's Discussion Draft on Tax Reform: Tax Reform Act of 2014. Section 1001: Simplification of individual income tax rates. Section 1002: Deduction for adjusted net capital gain. Section 1405: Repeal of deduction for taxes not paid or accrued in a trade or business. Section 1502: Determination of net earnings from self employment. Section 3104: Reform of accelerated cost recovery system. Section 3113: Repeal of deduction for energy efficient commercial buildings. Section 3133: Repeal of like-kind exchanges. Section 3139: Depreciation recapture on gain from disposition of certain depreciable realty. Section 3204: Low-income housing tax credit. Section 3217: Repeal of new energy efficient home credit. Section 3431: Termination of private activity bonds. Section 3621: Ordinary income treatment in the case of partnership interest held in connection with performance of services. Senate Committee on Finance Chairman's Staff Discussion Draft on Provisions to Reform International Business Taxation. Section 93: Modification to Tax on Foreign Investments in United States Real Property Interests. Senate Committee on Finance Chairman's Staff Discussion Draft to Reform Certain Business Provisions. Section 2: Repeal of Certain Specialized Expensing Provisions (i.e., Section 179D). Section 11: Pooled Asset Cost Recovery System and Depreciation of Real Property. Section 12: Rules Related to Treatment of Gains from Depreciable Property. Section 15: Repeal of Like-Kind Exchanges. Expiring Tax Provisions S. 2260, Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act. Section 112: Extension and modification of temporary minimum low-income housing tax credit rate for non-Federally subsidized new buildings. Section 113: Extension of military housing allowance for determining area median gross income. Section 115: Extension and modification of New Markets Tax Credit. Section 125: Extension of Bonus Depreciation. Section 127: Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property. Section 157: Extension of Credit for Energy Efficient New Homes. Section 159: Extension and modification of Energy Efficient Commercial Buildings deduction. S. Amdt. 3060 to H.R. 3474, Expiring Provisions Improvement, Reform, and Efficiency (EXPIRE) Act of 2014. Section 112: Extension and modification of temporary minimum low-income housing tax credit rate for non-Federally subsidized new buildings. Section 113: Extension of military housing allowance for determining area median gross income. Section 115: Extension and modification of New Markets Tax Credit. Section 125: Extension of Bonus Depreciation. Section 127: Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property. Section 157: Extension of Credit for Energy Efficient New Homes. Section 159: Extension and modification of Energy Efficient Commercial Buildings deduction. H.R. 4457, America's Small Business Tax Relief Act of 2014. Section 2: Expensing certain depreciable assets for small business. H.R.4718, to amend the Internal Revenue Code of 1986 to modify and make permanent bonus depreciation, all provisions. Carried Interest S. 268, Cut Unjustified Tax Loopholes Act, Title VI, Ending the Carried Interest Loophole (Section 601: Short Title. Section 602: Partnership Interests Transferred in Connection with Performance of Services. Section 603: Special rules for Partners Providing Investment Management Services to Partnerships Low-Income Housing Tax Credit & Renter Tax Credit H.R. 4479, to amend the Internal Revenue Code of 1986 to provide a renter's tax credit, all provisions. H.R. 4717, to make permanent and expand the minimum rate for the LIHTC, all provisions. S. 1442, Improving the Low Income Housing Tax Credit Rate Act, to amend the Internal Revenue Code of 1986 to make permanent the minimum low-income housing tax credit rate for unsubsidized buildings and to provide a minimum 4 percent credit rate for existing buildings, all provisions. We also (1) support making the LIHTC more flexible by allowing developments to qualify if 40 percent of units go to families with incomes that average no more than 60 percent of area median income; and (2) considered proposals to expand the credit, such ones to increase the program by 50% or convert private activity bonds into Low-Income Housing Tax Credits. Energy Tax Incentives S. 2189, the Energy Efficiency Tax Incentives Act. Section 101: Extension and modification of deduction for energy-efficient commercial buildings. Section 102. Deduction for retrofits of existing commercial and multifamily buildings. FIRPTA H.R. 2870, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. S. 1181, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. Draft legislation before the Senate Finance Committee: Preserving America's Transit and Highways Act of 2014, provisions regarding mortgage reporting and FIRPTA Treasury Regulations REG-119305-11: This document contains proposed regulations under section 707 of the Internal Revenue Code (Code) relating to disguised sales of property to, or by a partnership and under section 752 relating to the treatment of partnership liabilities.

Balanced Housing Policy Section 8 Reform HUDs Revised Section 8 Renewal Policy GuideSection 8 - Rental Assistance Reform Legislation HUDs FY 2014/2015 Budget - HUD Assisted Housing Programs FY 2015 Budget Legislation H. Con. Res. 96- Establishing the budget for the United States Government for fiscal year 2015 and setting forth appropriate budgetary levels for fiscal years 2016 through 2024. FY 2015 Housing Appropriations Federal Affordable Housing Programs HUD Fair Market Rent/Small Area Fair Market Rent issue HUD National Affordability Index Title X of the Housing and Community Development Act of 1992 (P.L. 102-550) Section 1017 FHA Multi Family Commitment Authority Sequestration Issues Associated with HUD assisted housing portfolio and Housing for Service Members Military Housing - Sequestration, Privatized Military Housing Program and BAH Sec. 2821 (Limiting the use of funds for environmental performance certifications) S. 1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) Issues related to the American Community Survey H.R. 1078, To Make Participation in the American Community Survey Voluntary H.R. 2767, Protecting American Taxpayers and Homeowners (PATH) Act, provisions impacting multifamily housing. HUD Fair Market Rents Section 521 Rental Assistance Program H.J. RES. 91 - Department of Defense Survivor Benefits Continuing Appropriations Resolution, 2014 (all provisions) FHA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business Rural Housing Issues with the United State Department of Agriculture Discussion Draft- HR [XXXX] HOME Forward Act of 2014, Rep. Maxine Waters Discussion Draft- HR [XXXX] Multifamily Housing Finance Reform Act of 2014, GSE Reform Rep Maloney Implementation of the Fair Housing Acts Discriminatory Effects Standard, Final Rule, 24 CFR Part 100-all provisions H.R. 4435 Howard P. "Buck" McKeon National Defense Authorization Act for Fiscal Year 2015 (Personnel, Family Housing and Amendments) S.2294 To require a survey of the preferences of members of the Armed Forces regarding military pay and benefits S.2289 National Defense Authorization Act for Fiscal Year 2015 (Personnel, Family Housing and Environmental Building Standards) H.R.4486 Military Construction and Veterans Affairs and Related Agencies Appropriations Act, 2015 H.R.4870 Department of Defense Appropriations Act, 2015 FAA One Engine Inoperative Policy H.R. 4623 To direct the Secretary of Transportation to conduct a notice and comment rulemaking before implementing certain policies relating to obstruction evaluation aeronautical studies, and for other purposes. S. 2410- 2015 National Defense Authorization Act- Section 603/ Modification of computation of basic allowance for housing H.R. 4435- 2015 National Defense Authorization Act- Basic Allowance of housing H.R. 4146- Preservation Enhancement and Savings Opportunity Act of 2014

Balanced Housing Policy Section 8 Reform HUDs Revised Section 8 Renewal Policy Guide Section 8 - Rental Assistance Reform Legislation HUDs FY 2014/2015 Budget - HUD Assisted Housing Programs FY 2015 Budget Legislation H. Con. Res. 96- Establishing the budget for the United States Government for fiscal year 2015 and setting forth appropriate budgetary levels for fiscal years 2016 through 2024. FY 2015 Housing Appropriations Federal Affordable Housing Programs HUD Fair Market Rent/Small Area Fair Market Rent issue HUD National Affordability Index Title X of the Housing and Community Development Act of 1992 (P.L. 102-550) Section 1017 FHA Multi Family Commitment Authority Sequestration Issues Associated with HUD assisted housing portfolio and Housing for Service Members Military Housing - Sequestration, Privatized Military Housing Program and BAH Sec. 2821 (Limiting the use of funds for environmental performance certifications) S. 1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) Issues related to the American Community Survey H.R. 1078, To Make Participation in the American Community Survey Voluntary H.R. 2767, Protecting American Taxpayers and Homeowners (PATH) Act, provisions impacting multifamily housing. HUD Fair Market Rents Section 521 Rental Assistance Program H.J. RES. 91 - Department of Defense Survivor Benefits Continuing Appropriations Resolution, 2014 (all provisions) FHA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business Rural Housing Issues with the United State Department of Agriculture Discussion Draft- HR [XXXX] HOME Forward Act of 2014, Rep. Maxine Waters Discussion Draft- HR [XXXX] Multifamily Housing Finance Reform Act of 2014, GSE Reform Rep Maloney Implementation of the Fair Housing Acts Discriminatory Effects Standard, Final Rule, 24 CFR Part 100-all provisions H.R. 4435 Howard P. "Buck" McKeon National Defense Authorization Act for Fiscal Year 2015 (Personnel, Family Housing and Amendments) S.2294 To require a survey of the preferences of members of the Armed Forces regarding military pay and benefits S.2289 National Defense Authorization Act for Fiscal Year 2015 (Personnel, Family Housing and Environmental Building Standards) H.R.4486 Military Construction and Veterans Affairs and Related Agencies Appropriations Act, 2015 H.R.4870 Department of Defense Appropriations Act, 2015 FAA One Engine Inoperative Policy H.R. 4623 To direct the Secretary of Transportation to conduct a notice and comment rulemaking before implementing certain policies relating to obstruction evaluation aeronautical studies, and for other purposes. S. 2410- 2015 National Defense Authorization Act- Section 603/ Modification of computation of basic allowance for housing H.R. 4435- 2015 National Defense Authorization Act- Basic Allowance of housing H.R. 4146- Preservation Enhancement and Savings Opportunity Act of 2014 : H. Amdt. 827 to H.R. 4745, Transportation-HUD Appropriations. The amendment prohibits the use of funds to implement, administer, or enforce paragraph (c)(3) of section 982.503 in the Code of Federal Regulations dealing with voucher tenancy: payment standard amount and schedule.

Balanced Housing Policy Section 8 Reform HUDs Revised Section 8 Renewal Policy GuideSection 8 - Rental Assistance Reform Legislation HUDs FY 2014/2015 Budget - HUD Assisted Housing Programs FY 2015 Budget Legislation H. Con. Res. 96- Establishing the budget for the United States Government for fiscal year 2015 and setting forth appropriate budgetary levels for fiscal years 2016 through 2024. FY 2015 Housing Appropriations Federal Affordable Housing Programs HUD Fair Market Rent/Small Area Fair Market Rent issue HUD National Affordability Index Title X of the Housing and Community Development Act of 1992 (P.L. 102-550) Section 1017 FHA Multi Family Commitment Authority Sequestration Issues Associated with HUD assisted housing portfolio and Housing for Service Members Military Housing - Sequestration, Privatized Military Housing Program and BAH Sec. 2821 (Limiting the use of funds for environmental performance certifications) S. 1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) Issues related to the American Community Survey H.R. 1078, To Make Participation in the American Community Survey Voluntary H.R. 2767, Protecting American Taxpayers and Homeowners (PATH) Act, provisions impacting multifamily housing. HUD Fair Market Rents Section 521 Rental Assistance Program H.J. RES. 91 - Department of Defense Survivor Benefits Continuing Appropriations Resolution, 2014 (all provisions) FHA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business Rural Housing Issues with the United State Department of Agriculture Discussion Draft- HR [XXXX] HOME Forward Act of 2014, Rep. Maxine Waters Discussion Draft- HR [XXXX] Multifamily Housing Finance Reform Act of 2014, GSE Reform Rep Maloney Implementation of the Fair Housing Acts Discriminatory Effects Standard, Final Rule, 24 CFR Part 100-all provisions H.R. 4435 Howard P. "Buck" McKeon National Defense Authorization Act for Fiscal Year 2015 (Personnel, Family Housing and Amendments) S.2294 To require a survey of the preferences of members of the Armed Forces regarding military pay and benefits S.2289 National Defense Authorization Act for Fiscal Year 2015 (Personnel, Family Housing and Environmental Building Standards) H.R.4486 Military Construction and Veterans Affairs and Related Agencies Appropriations Act, 2015 H.R.4870 Department of Defense Appropriations Act, 2015 FAA One Engine Inoperative Policy H.R. 4623 To direct the Secretary of Transportation to conduct a notice and comment rulemaking before implementing certain policies relating to obstruction evaluation aeronautical studies, and for other purposes. S. 2410- 2015 National Defense Authorization Act- Section 603/ Modification of computation of basic allowance for housing H.R. 4435- 2015 National Defense Authorization Act- Basic Allowance of housing H.R. 4146- Preservation Enhancement and Savings Opportunity Act of 2014

Balanced Housing Policy Section 8 Reform HUDs Revised Section 8 Renewal Policy Guide Section 8 - Rental Assistance Reform Legislation HUDs FY 2014/2015 Budget - HUD Assisted Housing Programs FY 2015 Budget Legislation H. Con. Res. 96- Establishing the budget for the United States Government for fiscal year 2015 and setting forth appropriate budgetary levels for fiscal years 2016 through 2024. FY 2015 Housing Appropriations Federal Affordable Housing Programs HUD Fair Market Rent/Small Area Fair Market Rent issue HUD National Affordability Index Title X of the Housing and Community Development Act of 1992 (P.L. 102-550) Section 1017 FHA Multi Family Commitment Authority Sequestration Issues Associated with HUD assisted housing portfolio and Housing for Service Members Military Housing - Sequestration, Privatized Military Housing Program and BAH Sec. 2821 (Limiting the use of funds for environmental performance certifications) S. 1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) Issues related to the American Community Survey H.R. 1078, To Make Participation in the American Community Survey Voluntary H.R. 2767, Protecting American Taxpayers and Homeowners (PATH) Act, provisions impacting multifamily housing. HUD Fair Market Rents Section 521 Rental Assistance Program H.J. RES. 91 - Department of Defense Survivor Benefits Continuing Appropriations Resolution, 2014 (all provisions) FHA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business Rural Housing Issues with the United State Department of Agriculture Discussion Draft- HR [XXXX] HOME Forward Act of 2014, Rep. Maxine Waters Discussion Draft- HR [XXXX] Multifamily Housing Finance Reform Act of 2014, GSE Reform Rep Maloney Implementation of the Fair Housing Acts Discriminatory Effects Standard, Final Rule, 24 CFR Part 100-all provisions H.R. 4435 Howard P. "Buck" McKeon National Defense Authorization Act for Fiscal Year 2015 (Personnel, Family Housing and Amendments) S.2294 To require a survey of the preferences of members of the Armed Forces regarding military pay and benefits S.2289 National Defense Authorization Act for Fiscal Year 2015 (Personnel, Family Housing and Environmental Building Standards) H.R.4486 Military Construction and Veterans Affairs and Related Agencies Appropriations Act, 2015 H.R.4870 Department of Defense Appropriations Act, 2015 FAA One Engine Inoperative Policy H.R. 4623 To direct the Secretary of Transportation to conduct a notice and comment rulemaking before implementing certain policies relating to obstruction evaluation aeronautical studies, and for other purposes. S. 2410- 2015 National Defense Authorization Act- Section 603/ Modification of computation of basic allowance for housing H.R. 4435- 2015 National Defense Authorization Act- Basic Allowance of housing H.R. 4146- Preservation Enhancement and Savings Opportunity Act of 2014 : H. Amdt. 827 to H.R. 4745, Transportation-HUD Appropriations. The amendment prohibits the use of funds to implement, administer, or enforce paragraph (c)(3) of section 982.503 in the Code of Federal Regulations dealing with voucher tenancy: payment standard amount and schedule.

Draft legislation authored by House Ways and Means Committee Chairman Dave Camp in 2013-Tax Reform Act of 2013: Title IITax Reform for Businesses, Subtitle COption 1 Passthrough Entities, all provisions (i.e., Part 1Option 1 S Corporations and Part 2Option 1 Partnerships), and Subtitle COption 2 Unified Rules for Passthroughs, all provisionsTax Reform- Comphrehensive approach to tax reform and to avoid enacting reform for C corporations at the expense of flow-through entities. Maintaining current law regarding: (1) the tax treatment of carried interest; (2) the full deductibility of business interest; (3) the Low-Income Housing Tax Credit and tax-exempt private activity housing bonds; (4) the permanent estate tax rules enacted in January 2013; (5) Section 1031 like-kind exchanges; (7) the 27.5-year depreciation period for multifamily buildings; (7) depreciation recapture; and (8) the deductibility of state and local real estate taxes. Finally, we favor: (1) loosening FIRPTA rules to incent foreign investment in U.S. real estate and (2) expanding incentives for energy efficiency in commercial buildings (i.e., Internal Revenue Code Section 179D). House Ways and Means and Committee Chairman's Discussion Draft on Tax Reform: Tax Reform Act of 2014. Section 1001: Simplification of individual income tax rates. Section 1002: Deduction for adjusted net capital gain. Section 1405: Repeal of deduction for taxes not paid or accrued in a trade or business. Section 1502: Determination of net earnings from self employment. Section 3104: Reform of accelerated cost recovery system. Section 3113: Repeal of deduction for energy efficient commercial buildings. Section 3133: Repeal of like-kind exchanges. Section 3139: Depreciation recapture on gain from disposition of certain depreciable realty. Section 3204: Low-income housing tax credit. Section 3217: Repeal of new energy efficient home credit. Section 3431: Termination of private activity bonds. Section 3621: Ordinary income treatment in the case of partnership interest held in connection with performance of services Senate Committee on Finance Chairman's Staff Discussion Draft on Provisions to Reform International Business Taxation. Section 93: Modification to Tax on Foreign Investments in United States Real Property Interests Senate Committee on Finance Chairman's Staff Discussion Draft to Reform Certain Business Provisions. Section 2: Repeal of Certain Specialized Expensing Provisions (i.e., Section 179D). Section 11: Pooled Asset Cost Recovery System and Depreciation of Real Property. Section 12. Rules Related to Treatment of Gains from Depreciable Property. Section 15. Repeal of Like-Kind Exchanges Senate Committee on Finance Chairman's Staff Discussion Draft to Reform Certain Energy Tax Provisions. Section 2. Clean Energy Investment Credit. S. 727- (112th Congress), The Bipartisan Tax Fairness and Simplification Act of 2011: Section 204(d): Depreciation of Tangible Property in Excess of Alternative Depreciation System. S. 268- Cut Unjustified Tax Loopholes Act, Title VI, Ending the Carried Interest Loophole (Section 601: Short Title. Section 602: Partnership Interests Transferred in Connection with Performance of Services. Section 603: Special rules for Partners Providing Investment Management Services to Partnerships S. 1442- Improving the Low Income Housing Tax Credit Rate Act- to amend the Internal Revenue Code of 1986 to make permanent the minimum low-income housing tax credit rate for unsubsidized buildings and to provide a minimum 4 percent credit rate for existing buildings, all provisions. Making the LIHTC more flexible by allowing developments to qualify if 40 percent of units go to families with incomes that average no more than 60 percent of area median income. Proposals to expand the credit, such as one to increase the program by 50%.S. 2189- the Energy Efficiency Tax Incentives Act. Section 101: Extension and modification of deduction for energy-efficient commercial buildings. Section 102. Deduction for retrofits of existing commercial and multifamily buildings. S. 3591- Commercial Building Modernization Act from 112th Congress H.R. 2870- To amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. S. 1181- to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. Extension of Expiring Tax Provisions: providing for the: (1) flat 9 percent tax credit for the Low-Income Housing Tax Credit; (2) Energy Efficient Commercial Building Tax Deduction; (3) Energy Efficient New Homes Tax Credit; (4) New Markets Tax Credit; (5) expensing of brownfield remediation costs; (6) election to expense certain qualified real property; and (7) 15-year depreciation of leasehold improvements. REG-119305-11: This document contains proposed regulations under section 707 of the Internal Revenue Code (Code) relating to disguised sales of property to, or by a partnership and under section 752 relating to the treatment of partnership liabilities.

Tax Reform Promoted comprehensive approach to tax reform that avoids enacting reform for C corporations at the expense of flow-through entities. Support maintaining current law regarding: (1) the tax treatment of carried interest; (2) the full deductibility of business interest; (3) the Low-Income Housing Tax Credit and tax-exempt private activity housing bonds;(4) the permanent estate tax rules enacted in January 2013; (5) Section 1031 like-kind exchanges; (7) the 27.5-year depreciation period for multifamily buildings; (7) depreciation recapture; and (8) the deductibility of state and local real estate taxes. Finally, we favor: (1) loosening FIRPTA rules to incent foreign investment in U.S. real estate and (2) expanding incentives for energy efficiency in commercial buildings (i.e., Internal Revenue Code Section 179D). House Ways and Means and Committee Chairman's Discussion Draft on Tax Reform: Tax Reform Act of 2014. Section 1001: Simplification of individual income tax rates. Section 1002: Deduction for adjusted net capital gain. Section 1405: Repeal of deduction for taxes not paid or accrued in a trade or business. Section 1502: Determination of net earnings from self employment. Section 3104: Reform of accelerated cost recovery system. Section 3113: Repeal of deduction for energy efficient commercial buildings. Section 3133: Repeal of like-kind exchanges. Section 3139: Depreciation recapture on gain from disposition of certain depreciable realty. Section 3204: Low-income housing tax credit. Section 3217: Repeal of new energy efficient home credit. Section 3431: Termination of private activity bonds. Section 3621: Ordinary income treatment in the case of partnership interest held in connection with performance of services. Senate Committee on Finance Chairman's Staff Discussion Draft on Provisions to Reform International Business Taxation. Section 93: Modification to Tax on Foreign Investments in United States Real Property Interests. Senate Committee on Finance Chairman's Staff Discussion Draft to Reform Certain Business Provisions. Section 2: Repeal of Certain Specialized Expensing Provisions (i.e., Section 179D). Section 11: Pooled Asset Cost Recovery System and Depreciation of Real Property. Section 12: Rules Related to Treatment of Gains from Depreciable Property. Section 15: Repeal of Like-Kind Exchanges. Expiring Tax Provisions S. 2260, Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act. Section 112: Extension and modification of temporary minimum low-income housing tax credit rate for non-Federally subsidized new buildings. Section 113: Extension of military housing allowance for determining area median gross income. Section 115: Extension and modification of New Markets Tax Credit. Section 125: Extension of Bonus Depreciation. Section 127: Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property. Section 157: Extension of Credit for Energy Efficient New Homes. Section 159: Extension and modification of Energy Efficient Commercial Buildings deduction. S. Amdt. 3060 to H.R. 3474, Expiring Provisions Improvement, Reform, and Efficiency (EXPIRE) Act of 2014. Section 112: Extension and modification of temporary minimum low-income housing tax credit rate for non-Federally subsidized new buildings. Section 113: Extension of military housing allowance for determining area median gross income. Section 115: Extension and modification of New Markets Tax Credit. Section 125: Extension of Bonus Depreciation. Section 127: Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property. Section 157: Extension of Credit for Energy Efficient New Homes. Section 159: Extension and modification of Energy Efficient Commercial Buildings deduction. H.R. 4457, America's Small Business Tax Relief Act of 2014. Section 2: Expensing certain depreciable assets for small business. H.R.4718, to amend the Internal Revenue Code of 1986 to modify and make permanent bonus depreciation, all provisions.Carried Interest S. 268, Cut Unjustified Tax Loopholes Act, Title VI, Ending the Carried Interest Loophole (Section 601: Short Title. Section 602: Partnership Interests Transferred in Connection with Performance of Services. Section 603: Special rules for Partners Providing Investment Management Services to Partnerships Low-Income Housing Tax Credit & Renter Tax Credit H.R. 4479, to amend the Internal Revenue Code of 1986 to provide a renter's tax credit, all provisions. H.R. 4717, to make permanent and expand the minimum rate for the LIHTC, all provisions. S. 1442, Improving the Low Income Housing Tax Credit Rate Act, to amend the Internal Revenue Code of 1986 to make permanent the minimum low-income housing tax credit rate for unsubsidized buildings and to provide a minimum 4 percent credit rate for existing buildings, all provisions. We also (1) support making the LIHTC more flexible by allowing developments to qualify if 40 percent of units go to families with incomes that average no more than 60 percent of area median income; and (2) considered proposals to expand the credit, such ones to increase the program by 50% or convert private activity bonds into Low-Income Housing Tax Credits. Energy Tax Incentives S. 2189, the Energy Efficiency Tax Incentives Act. Section 101: Extension and modification of deduction for energy-efficient commercial buildings. Section 102. Deduction for retrofits of existing commercial and multifamily buildings. FIRPTA H.R. 2870, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. S. 1181, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. Draft legislation before the Senate Finance Committee: Preserving America's Transit and Highways Act of 2014, provisions regarding mortgage reporting and FIRPTA Treasury Regulations REG-119305-11: This document contains proposed regulations under section 707 of the Internal Revenue Code (Code) relating to disguised sales of property to, or by a partnership and under section 752 relating to the treatment of partnership liabilities.

Tax Reform Promoted comprehensive approach to tax reform that avoids enacting reform for C corporations at the expense of flow-through entities. Support maintaining current law regarding: (1) the tax treatment of carried interest; (2) the full deductibility of business interest; (3) the Low-Income Housing Tax Credit and tax-exempt private activity housing bonds; (4) the permanent estate tax rules enacted in January 2013; (5) Section 1031 like-kind exchanges; (7) the 27.5-year depreciation period for multifamily buildings; (7) depreciation recapture; and (8) the deductibility of state and local real estate taxes. Finally, we favor: (1) loosening FIRPTA rules to incent foreign investment in U.S. real estate and (2) expanding incentives for energy efficiency in commercial buildings (i.e., Internal Revenue Code Section 179D). House Ways and Means and Committee Chairman's Discussion Draft on Tax Reform: Tax Reform Act of 2014. Section 1001: Simplification of individual income tax rates. Section 1002: Deduction for adjusted net capital gain. Section 1405: Repeal of deduction for taxes not paid or accrued in a trade or business. Section 1502: Determination of net earnings from self employment. Section 3104: Reform of accelerated cost recovery system. Section 3113: Repeal of deduction for energy efficient commercial buildings. Section 3133: Repeal of like-kind exchanges. Section 3139: Depreciation recapture on gain from disposition of certain depreciable realty. Section 3204: Low-income housing tax credit. Section 3217: Repeal of new energy efficient home credit. Section 3431: Termination of private activity bonds. Section 3621: Ordinary income treatment in the case of partnership interest held in connection with performance of services. Senate Committee on Finance Chairman's Staff Discussion Draft on Provisions to Reform International Business Taxation. Section 93: Modification to Tax on Foreign Investments in United States Real Property Interests. Senate Committee on Finance Chairman's Staff Discussion Draft to Reform Certain Business Provisions. Section 2: Repeal of Certain Specialized Expensing Provisions (i.e., Section 179D). Section 11: Pooled Asset Cost Recovery System and Depreciation of Real Property. Section 12: Rules Related to Treatment of Gains from Depreciable Property. Section 15: Repeal of Like-Kind Exchanges. Expiring Tax Provisions S. 2260, Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act. Section 112: Extension and modification of temporary minimum low-income housing tax credit rate for non-Federally subsidized new buildings. Section 113: Extension of military housing allowance for determining area median gross income. Section 115: Extension and modification of New Markets Tax Credit. Section 125: Extension of Bonus Depreciation. Section 127: Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property. Section 157: Extension of Credit for Energy Efficient New Homes. Section 159: Extension and modification of Energy Efficient Commercial Buildings deduction. S. Amdt. 3060 to H.R. 3474, Expiring Provisions Improvement, Reform, and Efficiency (EXPIRE) Act of 2014. Section 112: Extension and modification of temporary minimum low-income housing tax credit rate for non-Federally subsidized new buildings. Section 113: Extension of military housing allowance for determining area median gross income. Section 115: Extension and modification of New Markets Tax Credit. Section 125: Extension of Bonus Depreciation. Section 127: Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property. Section 157: Extension of Credit for Energy Efficient New Homes. Section 159: Extension and modification of Energy Efficient Commercial Buildings deduction. H.R. 4457, America's Small Business Tax Relief Act of 2014. Section 2: Expensing certain depreciable assets for small business. H.R.4718, to amend the Internal Revenue Code of 1986 to modify and make permanent bonus depreciation, all provisions. Carried Interest S. 268, Cut Unjustified Tax Loopholes Act, Title VI, Ending the Carried Interest Loophole (Section 601: Short Title. Section 602: Partnership Interests Transferred in Connection with Performance of Services. Section 603: Special rules for Partners Providing Investment Management Services to Partnerships Low-Income Housing Tax Credit & Renter Tax Credit H.R. 4479, to amend the Internal Revenue Code of 1986 to provide a renter's tax credit, all provisions. H.R. 4717, to make permanent and expand the minimum rate for the LIHTC, all provisions. S. 1442, Improving the Low Income Housing Tax Credit Rate Act, to amend the Internal Revenue Code of 1986 to make permanent the minimum low-income housing tax credit rate for unsubsidized buildings and to provide a minimum 4 percent credit rate for existing buildings, all provisions. We also (1) support making the LIHTC more flexible by allowing developments to qualify if 40 percent of units go to families with incomes that average no more than 60 percent of area median income; and (2) considered proposals to expand the credit, such ones to increase the program by 50% or convert private activity bonds into Low-Income Housing Tax Credits. Energy Tax Incentives S. 2189, the Energy Efficiency Tax Incentives Act. Section 101: Extension and modification of deduction for energy-efficient commercial buildings. Section 102. Deduction for retrofits of existing commercial and multifamily buildings. FIRPTA H.R. 2870, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. S. 1181, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. Draft legislation before the Senate Finance Committee: Preserving America's Transit and Highways Act of 2014, provisions regarding mortgage reporting and FIRPTA Treasury Regulations REG-119305-11: This document contains proposed regulations under section 707 of the Internal Revenue Code (Code) relating to disguised sales of property to, or by a partnership and under section 752 relating to the treatment of partnership liabilities.

S .1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) P.L. 111-203, DoddFrank Wall Street Reform and Consumer Protection Act Public Proposals for the Future of the Housing Finance System GSE Reform: Proposals to ensure liquidity in multifamily mortgage markets in a post Fannie Mae / Freddie Mac environment. H.R. 2767 Protecting American Taxpayers and Homeowners Act (provisions impacting multifamily housing) Discussion Draft HR [XXXX] HOME Forward Act of 2014 (Maxine Waters Bill) Discussion Draft HR [XXXX] Multifamily Housing Finance Reform Act of 2014 (Maloney Bill) Discussion Draft Delaney/Carney/Himes GSE Reform draft proposal S. 563 Jump Start GSE Reform (all provisions) H.R. 2348 Jump Start GSE Reform (all provisions) Basel III Banking Capital Standards Liquidity Capital Ratio (OCC, FDIC, Federal Reserve) FHA Multifamily Guidebook 4350.1 Revisions Multifamily Servicing and Asset Management S. 2244, Terrorism Risk Insurance Program Reauthorization Act of 2014, all provisions H.R. 4871, TRIA Reform Act of 2014, all provisions

S .1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) S. 1217, Amendment in the Form of a Substitute (Johnson-Crapo Bill) P.L. 111-203, DoddFrank Wall Street Reform and Consumer Protection Act Public Proposals for the Future of the Housing Finance SystemGSE Reform: Proposals to ensure liquidity in multifamily mortgage markets in a post Fannie Mae / Freddie Mac environment. S. 1217, the Housing Finance Reform and Taxpayer Protection Act (all provisions impacting multifamily housing) H.R. 2767 Protecting American Taxpayers and Homeowners Act (provisions impacting multifamily housing) Discussion Draft HR [XXXX] HOME Forward Act of 2014 (Maxine Waters Bill) Discussion Draft HR [XXXX] Multifamily Housing Finance Reform Act of 2014 (Maloney Bill) S. 563 Jump Start GSE Reform (all provisions) H.R. 2348 Jump Start GSE Reform (all provisions) FHFA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business Conference on H. Con. Res. 25/S. Con. Res 8. that resulted in H.J. Res. 59: Bipartisan Budget Act of 2013, possible provisions impacting multifamily guarantee fees on mortgages guaranteed by Fannie Mae and Freddie Mac. Basel III Banking Capital Standards Liquidity Capital Ratio (OCC, FDIC, Federal Reserve) FHA Multifamily Guidebook 4350.1 Revisions Multifamily Servicing and Asset Management

S .1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) P.L. 111-203, DoddFrank Wall Street Reform and Consumer Protection Act Public Proposals for the Future of the Housing Finance SystemGSE Reform: Proposals to ensure liquidity in multifamily mortgage markets in a post Fannie Mae / Freddie Mac environment. H.R. 2767 Protecting American Taxpayers and Homeowners Act (provisions impacting multifamily housing) Discussion Draft HR [XXXX] HOME Forward Act of 2014 (Maxine Waters Bill) Discussion Draft HR [XXXX] Multifamily Housing Finance Reform Act of 2014 (Maloney Bill) Discussion Draft Delaney/Carney/Himes GSE Reform draft proposal S. 563 Jump Start GSE Reform (all provisions) H.R. 2348 Jump Start GSE Reform (all provisions) Basel III Banking Capital Standards Liquidity Capital Ratio (OCC, FDIC, Federal Reserve) FHA Multifamily Guidebook 4350.1 Revisions Multifamily Servicing and Asset Management S. 2244, Terrorism Risk Insurance Program Reauthorization Act of 2014, all provisions H.R. 4871, TRIA Reform Act of 2014, all provisions

Balanced Housing Policy Section 8 Reform HUDs Revised Section 8 Renewal Policy Guide Section 8 - Rental Assistance Reform Legislation HUDs FY 2014/2015 Budget - HUD Assisted Housing Programs FY 2015 Budget Legislation H. Con. Res. 96- Establishing the budget for the United States Government for fiscal year 2015 and setting forth appropriate budgetary levels for fiscal years 2016 through 2024. FY 2015 Housing Appropriations Federal Affordable Housing Programs HUD Fair Market Rent/Small Area Fair Market Rent issue HUD National Affordability Index Title X of the Housing and Community Development Act of 1992 (P.L. 102-550) Section 1017 FHA Multi Family Commitment Authority Sequestration Issues Associated with HUD assisted housing portfolio and Housing for Service Members Military Housing - Sequestration, Privatized Military Housing Program and BAH Sec. 2821 (Limiting the use of funds for environmental performance certifications) S. 1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) Issues related to the American Community Survey H.R. 1078, To Make Participation in the American Community Survey Voluntary H.R. 2767, Protecting American Taxpayers and Homeowners (PATH) Act, provisions impacting multifamily housing. HUD Fair Market Rents Section 521 Rental Assistance Program H.J. RES. 91 - Department of Defense Survivor Benefits Continuing Appropriations Resolution, 2014 (all provisions) FHA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business Rural Housing Issues with the United State Department of Agriculture Discussion Draft- HR [XXXX] HOME Forward Act of 2014, Rep. Maxine Waters Discussion Draft- HR [XXXX] Multifamily Housing Finance Reform Act of 2014, GSE Reform Rep Maloney Implementation of the Fair Housing Acts Discriminatory Effects Standard, Final Rule, 24 CFR Part 100-all provisions H.R. 4435 Howard P. "Buck" McKeon National Defense Authorization Act for Fiscal Year 2015 (Personnel, Family Housing and Amendments) S.2294 To require a survey of the preferences of members of the Armed Forces regarding military pay and benefits S.2289 National Defense Authorization Act for Fiscal Year 2015 (Personnel, Family Housing and Environmental Building Standards) H.R.4486 Military Construction and Veterans Affairs and Related Agencies Appropriations Act, 2015 H.R.4870 Department of Defense Appropriations Act, 2015 FAA One Engine Inoperative Policy H.R. 4623 To direct the Secretary of Transportation to conduct a notice and comment rulemaking before implementing certain policies relating to obstruction evaluation aeronautical studies, and for other purposes. S. 2410- 2015 National Defense Authorization Act- Section 603/ Modification of computation of basic allowance for housing H.R. 4435- 2015 National Defense Authorization Act- Basic Allowance of housing H.R. 4146- Preservation Enhancement and Savings Opportunity Act of 2014 : H. Amdt. 827 to H.R. 4745, Transportation-HUD Appropriations. The amendment prohibits the use of funds to implement, administer, or enforce paragraph (c)(3) of section 982.503 in the Code of Federal Regulations dealing with voucher tenancy: payment standard amount and schedule.

Balanced Housing Policy Section 8 Reform HUDs Revised Section 8 Renewal Policy GuideSection 8 - Rental Assistance Reform Legislation HUDs FY 2014/2015 Budget - HUD Assisted Housing Programs FY 2015 Budget Legislation H. Con. Res. 96- Establishing the budget for the United States Government for fiscal year 2015 and setting forth appropriate budgetary levels for fiscal years 2016 through 2024. FY 2015 Housing Appropriations Federal Affordable Housing Programs HUD Fair Market Rent/Small Area Fair Market Rent issue HUD National Affordability Index Title X of the Housing and Community Development Act of 1992 (P.L. 102-550) Section 1017 FHA Multi Family Commitment Authority Sequestration Issues Associated with HUD assisted housing portfolio and Housing for Service Members Military Housing - Sequestration, Privatized Military Housing Program and BAH Sec. 2821 (Limiting the use of funds for environmental performance certifications) S. 1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) Issues related to the American Community Survey H.R. 1078, To Make Participation in the American Community Survey Voluntary H.R. 2767, Protecting American Taxpayers and Homeowners (PATH) Act, provisions impacting multifamily housing. HUD Fair Market Rents Section 521 Rental Assistance Program H.J. RES. 91 - Department of Defense Survivor Benefits Continuing Appropriations Resolution, 2014 (all provisions) FHA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business Rural Housing Issues with the United State Department of Agriculture Discussion Draft- HR [XXXX] HOME Forward Act of 2014, Rep. Maxine Waters Discussion Draft- HR [XXXX] Multifamily Housing Finance Reform Act of 2014, GSE Reform Rep Maloney Implementation of the Fair Housing Acts Discriminatory Effects Standard, Final Rule, 24 CFR Part 100-all provisions H.R. 4435 Howard P. "Buck" McKeon National Defense Authorization Act for Fiscal Year 2015 (Personnel, Family Housing and Amendments) S.2294 To require a survey of the preferences of members of the Armed Forces regarding military pay and benefits S.2289 National Defense Authorization Act for Fiscal Year 2015 (Personnel, Family Housing and Environmental Building Standards) H.R.4486 Military Construction and Veterans Affairs and Related Agencies Appropriations Act, 2015 H.R.4870 Department of Defense Appropriations Act, 2015 FAA One Engine Inoperative Policy H.R. 4623 To direct the Secretary of Transportation to conduct a notice and comment rulemaking before implementing certain policies relating to obstruction evaluation aeronautical studies, and for other purposes. S. 2410- 2015 National Defense Authorization Act- Section 603/ Modification of computation of basic allowance for housing H.R. 4435- 2015 National Defense Authorization Act- Basic Allowance of housing H.R. 4146- Preservation Enhancement and Savings Opportunity Act of 2014

Balanced Housing Policy Section 8 ReformSection 8 - Rental Assistance Reform Legislation HUDs FY 2013/2014 Budget - HUD Assisted Housing Programs Federal Affordable Housing Programs HUD Fair Market Rent/Small Area Fair Market Rent issue HUD National Affordability Index Title X of the Housing and Community Development Act of 1992 (P.L. 102-550) Section 1017 FHA Multi Family Commitment Authority Sequestration Issues Associated with HUD assisted housing portfolio and Housing for Service Members Military Housing - Sequestration, Privatized Military Housing Program and BAH HR 1960 - National Defense Authorization Act for FY 2014, Sec. 2807 (Addl Element for Annual Report on Military Housing Privatization Projects), and Sec. 2821 (Limiting the use of funds for environmental performance certifications) S. 1197 - National Defense Authorization Act for FY 2014, (litigation study provisions), and Sec. 2821 (Provisions to limiting the use of funds for environmental performance certifications) S. 563 Jump Start GSE Reform Act (all provisions) H.R. 2348 Jump Start GSE Reform Act (all provisions) Impacts of sequestration and continuing resolution funding for FY 2013 on assisted housing providers Issues related to the American Community Survey S 1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) H.R. 2767, Protecting American Taxpayers and Homeowners (PATH) Act, provisions impacting multifamily housing. HUD Fair Market Rents FHFA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business Submitted comments to the U.S. Department of Agriculture on shortfalls in FY 2013 and unnumbered letter guidance for multifamily transactions, September 2013. Section 521 Rental Assistance Program Comments submitted to the U.S. Department of Housing and Urban Development on "The Violence Against Women Reauthorization Act of 2013: Overview of Applicability of HUD Progams," Docket# FR-5720-N-01 Comments submitted, to HUD regarding Proposed Fair Market Rents for the Housing Choice Voucher Program and Moderate Rehabilitation Single Room Occupancy Program Fiscal Year 2014 Notice, Docket No. FR5725-N-01 HUD 24 CFR Parts 5, 91, 92, et al - Affirmatively Furthering Fair Housing Proposed Rule H.J. RES. 91 - Department of Defense Survivor Benefits Continuing Appropriations Resolution, 2014 (all provisions) FHA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business GSE Reform: Proposals to ensure liquidity in multifamily mortgage markets in a post Fannie Mae / Freddie Mac environment. This includes: legislation being developed by the Senate Banking Committee; S. 1217, the Housing Finance Reform and Taxpayer Protection Act (all provisions impacting multifamily housing); and H.R. 2767 Protecting American Taxpayers and Homeowners Act (provisions impacting multifamily housing) Conference on H. Con. Res. 25/S. Con. Res 8. that resulted in H.J. Res. 59: Bipartisan Budget Act of 2013, possible provisions impacting multifamily guarantee fees on mortgages guaranteed by Fannie Mae and Freddie Mac. Nomination of Melvin L. Watt to be director of the Federal Housing Finance Agency (PN408). Comments submitted to HUD regarding Small Loan Pilot Program Docket #FR-5728-N-01 Comments submitted to FRB, FDIC, SEC, Treasury, and HUD regarding commerical mortgage-backed securities. Release #34-70277 Rural Housing Issues with the United State Department of Agriculture FY 2014 Management Fees in Rural Housing issues with the United States Department of Agriculture

GSE Reform: NMHC/NAA GSE proposal and other proposals discussed to ensure liquidity in multifamily mortgage markets in post Fannie Mae/Freddie Mac environment.P.L. 111-203, DoddFrank Wall Street Reform and Consumer Protection Act Public Proposals for the Future of the Housing Finance System S 1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) H.R. 2767, Protecting American Taxpayers and Homeowners (PATH) Act, provisions impacting multifamily housing. (all provisions) S. 563 Jump Start GSE Reform (all provisions) H.R. 2348 Jump Start GSE Reform (all provisions) FHFA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business GSE Reform: Proposals to ensure liquidity in multifamily mortgage markets in a post Fannie Mae / Freddie Mac environment. This includes: legislation being developed by the Senate Banking Committee; S. 1216, the Housing Finance Reform and Taxpayer Protection Act (all provisions impacting multifamily housing); and H.R. 2767 Protecting American Taxpayers and Homeowners Act (provisions impacting multifamily housing) Conference on H. Con. Res. 25/S. Con. Res 8. that resulted in H.J. Res. 59: Bipartisan Budget Act of 2013, possible provisions impacting multifamily guarantee fees on mortgages guaranteed by Fannie Mae and Freddie Mac. Nomination of Melvin L. Watt to be director of the Federal Housing Finance Agency (PN408)

Balanced Housing Policy Section 8 ReformSection 8 - Rental Assistance Reform Legislation HUDs FY 2013/2014 Budget - HUD Assisted Housing Programs Federal Affordable Housing Programs HUD Fair Market Rent/Small Area Fair Market Rent issue HUD National Affordability Index Title X of the Housing and Community Development Act of 1992 (P.L. 102-550) Section 1017 FHA Multi Family Commitment Authority Sequestration Issues Associated with HUD assisted housing portfolio and Housing for Service Members Military Housing - Sequestration, Privatized Military Housing Program and BAH HR 1960 - National Defense Authorization Act for FY 2014, Sec. 2807 (Addl Element for Annual Report on Military Housing Privatization Projects), and Sec. 2821 (Limiting the use of funds for environmental performance certifications) S. 1197 - National Defense Authorization Act for FY 2014, (litigation study provisions), and Sec. 2821 (Provisions to limiting the use of funds for environmental performance certifications) S. 563 Jump Start GSE Reform Act (all provisions) H.R. 2348 Jump Start GSE Reform Act (all provisions) Impacts of sequestration and continuing resolution funding for FY 2013 on assisted housing providers Issues related to the American Community Survey S 1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) H.R. 2767, Protecting American Taxpayers and Homeowners (PATH) Act, provisions impacting multifamily housing. HUD Fair Market Rents FHFA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business Submitted comments to the U.S. Department of Agriculture on shortfalls in FY 2013 and unnumbered letter guidance for multifamily transactions, September 2013. Section 521 Rental Assistance Program Comments submitted to the U.S. Department of Housing and Urban Development on "The Violence Against Women Reauthorization Act of 2013: Overview of Applicability of HUD Progams," Docket# FR-5720-N-01 Comments submitted, to HUD regarding Proposed Fair Market Rents for the Housing Choice Voucher Program and Moderate Rehabilitation Single Room Occupancy Program Fiscal Year 2014 Notice, Docket No. FR5725-N-01 HUD 24 CFR Parts 5, 91, 92, et al - Affirmatively Furthering Fair Housing Proposed Rule H.J. RES. 91 - Department of Defense Survivor Benefits Continuing Appropriations Resolution, 2014 (all provisions) FHA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business GSE Reform: Proposals to ensure liquidity in multifamily mortgage markets in a post Fannie Mae / Freddie Mac environment. This includes: legislation being developed by the Senate Banking Committee; S. 1217, the Housing Finance Reform and Taxpayer Protection Act (all provisions impacting multifamily housing); and H.R. 2767 Protecting American Taxpayers and Homeowners Act (provisions impacting multifamily housing) Conference on H. Con. Res. 25/S. Con. Res 8. that resulted in H.J. Res. 59: Bipartisan Budget Act of 2013, possible provisions impacting multifamily guarantee fees on mortgages guaranteed by Fannie Mae and Freddie Mac. Nomination of Melvin L. Watt to be director of the Federal Housing Finance Agency (PN408). Comments submitted to HUD regarding Small Loan Pilot Program Docket #FR-5728-N-01 Comments submitted to FRB, FDIC, SEC, Treasury, and HUD regarding commerical mortgage-backed securities. Release #34-70277 Rural Housing Issues with the United State Department of Agriculture FY 2014 Management Fees in Rural Housing issues with the United States Department of Agriculture

Balanced Housing Policy Section 8 ReformSection 8 - Affordable Housing and Self -Sufficiency Improvment Act of 2012 (No bill number at this time.), Section 101: Inspection of dwelling units, Section 102: Rent reform and income reviews, Section 103: Eligibility for assistance based on assets, Section 201: Demonstration to expand role of private capital in affordable housing, Section 501: Access to HUD programs for persons with limited English proficiency. Rental Assistance Reform Legislation HUDs FY 2013/2014 Budget - HUD Assisted Housing Programs GSE Reform: Proposals discussed to ensure liquidity in multifamily mortgage markets in post Fannie Mae/Freddie Mac environment. Federal Affordable Housing Programs HUD-Docket FR 5508-P-01 - Regulations on Implementation of the Fair Housing Acts Discriminatory Effects Standard The General Accountability Office (GAO) - Multifamily Study HUD Fair Market Rent/Small Area Fair Market Rent issue S. 3179 - Servicemember Housing Protection Act of 2012 (all provisions) HUD National Affordability Index Title X of the Housing and Community Development Act of 1992 (P.L. 102-550) Section 1017 FHA Multi Family Commitment Authority Sequestration Issues Associated with HUD assisted housing portfolio H.R. 777 - ADA Notification Act of 2013 (all provisions) Privatized Military Housing Program H.R. 2065 - Safe Housing for Homeless Veterans Act (all provisions) Draft building fire and model code legislation HR 1960 - National Defense Authorization Act for FY 2014, Sec. 2807 (Addl Element for Annual Report on Military Housing Privatization Projects) S. 1197 - National Defense Authorization Act for FY 2014, (litigation study provisions) S. 563 Jump Start GSE Reform (all provisions) Impacts of sequestration and continuing resolution funding for FY 2013 on assisted housing providers FY 2013 Section 8 Project Based Rental Assistance Under Sequestration Issues related to the American Community Survey HR 1638, Census Reform Act of 2013 (all provisions) H.R. 1078, To make participation in the American Community Survey voluntary, except with respect to certain basic questions, and for other purposes. (all provisions) S. 530, A bill to make participation in the American Community Survey voluntary, except with respect to certain basic questions, and for other purposes. (all provisions) S 1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) HUD Fair Market Rents Submitted comments to the U.S. Department of Housing and Urban Development (HUD), regarding Cityscape: A Journal of Policy Development and Research article regarding HUDs intent to evaluate the Small Area Fair Market Rent (SAFMR) demonstration program FHA Multi Family Commitment Authority H.R. 2610: Transportation, Housing and Urban Development, and Related Agencies Appropriations Act, 2014 (all provisions) S.1243 - Transportation, Housing and Urban Development, and Related Agencies Appropriations, 2014 (all provisions) HUD Field Office Restructuring Federal Reserve Board Basel III Capital Standards final rule HUD Guidance on Section 202 Direct Loan Program and 236 Preservation Applications Participated in HFSC Ranking Member Water's Housing Finance Reform Roundtable on June 28. We discussed GSEs, and went through the industrys priorities. Participated on a panel in Minneapolis on April 9 at which a HUD official was present. We discussed GSEs, and went through the industrys priorities.

Balanced Housing Policy Section 8 ReformSection 8 - Affordable Housing and Self -Sufficiency Improvment Act of 2012 (No bill number at this time.), Section 101: Inspection of dwelling units, Section 102: Rent reform and income reviews, Section 103: Eligibility for assistance based on assets, Section 201: Demonstration to expand role of private capital in affordable housing, Section 501: Access to HUD programs for persons with limited English proficiency. Rental Assistance Reform Legislation HUDs FY 2013/2014 Budget - HUD Assisted Housing Programs Mortgage Insurance Premium Changes Prevention (CFR) HUD Small Multi Family Risk Sharing Proposal GSE Reform: Proposals discussed to ensure liquidity in multifamily mortgage markets in post Fannie Mae/Freddie Mac environment. Federal Affordable Housing Programs H.R. 4970 - Violence Against Women Act - Section 601 and Section 602 S. 1925 Violence Against Women Act Reauthorization Act of 2011, Section 601: Housing Protections for Victims of Domestic Violence, Dating Violence, Sexual Assault, and Stalking; Sec. 602: Transitional housing assistance grants for victims of domestic violence, dating violence, sexual assault, and stalking H.R. 11 - Violence Against Women Act of 2013 - Section 601 and Section 602 S. 47 - Violence Against Women Act Reauthorization Act of 2013, Section 601 and Section 602 FHA Housing Notice H 2012-3 - Guidance on elligiblity for tenant protection vouchers following certain housing actions. HUD-Docket FR 5508-P-01 - Regulations on Implementation of the Fair Housing Acts Discriminatory Effects Standard The General Accountability Office (GAO) - Multifamily Study HUD Fair Market Rent/Small Area Fair Market Rent issue HUD FHA Guidance to Expedite Loan Processing HUD Guidance on Project Capital Needs Assessments (PCNA) and Reserve for Replacement Escrow S. 3179 - Servicemember Housing Protection Act of 2012 (all provisions) HUD National Affordability Index Hurricane Sandy Relief Packages Title X of the Housing and Community Development Act of 1992 (P.L. 102-550) Section 1017 H.R. 933 - Continuing Resolution - FHA Commitment Authority (all provisions and amendments) FHA Multi Family Commitment Authority Sequestration Issues Associated with HUD assisted housing portfolio H.R. 777 - ADA Notification Act of 2013 (all provisions) Privatized Military Housing Program H.R. 4079 - Safe Housing for Homeless Veterans Act (all provisions) Draft building fire and model code legislation H.R. 4310 - National Defense Authorization Act for FY 2013, Sec. 2803(Oversight and accountability for military housing privatization program and related annual reporting requirements.) S. 3254 - National Defense Authorization Act for FY 2013, Sec. 2803 (Oversight and accountability for military housing privatization program and related annual reporting requirements.) S. 563 Jump Start GSE Reform (all provisions)

Balanced Housing Policy Section 8 ReformSection 8 - Affordable Housing and Self -Sufficiency Improvment Act of 2012 (No bill number at this time.), Section 101: Inspection of dwelling units, Section 102: Rent reform and income reviews, Section 103: Eligibility for assistance based on assets, Section 201: Demonstration to expand role of private capital in affordable housing, Section 501: Access to HUD programs for persons with limited English proficiency. Rental Assistance Reform Legislation HUDs FY 2013/2014 Budget - HUD Assisted Housing Programs GSE Reform: Proposals discussed to ensure liquidity in multifamily mortgage markets in post Fannie Mae/Freddie Mac environment. Federal Affordable Housing Programs HUD-Docket FR 5508-P-01 - Regulations on Implementation of the Fair Housing Acts Discriminatory Effects Standard The General Accountability Office (GAO) - Multifamily Study HUD Fair Market Rent/Small Area Fair Market Rent issue S. 3179 - Servicemember Housing Protection Act of 2012 (all provisions) HUD National Affordability Index Title X of the Housing and Community Development Act of 1992 (P.L. 102-550) Section 1017 FHA Multi Family Commitment Authority Sequestration Issues Associated with HUD assisted housing portfolio H.R. 777 - ADA Notification Act of 2013 (all provisions) Privatized Military Housing Program H.R. 2065 - Safe Housing for Homeless Veterans Act (all provisions) Draft building fire and model code legislation HR 1960 - National Defense Authorization Act for FY 2014, Sec. 2807 (Addl Element for Annual Report on Military Housing Privatization Projects) S. 1197 - National Defense Authorization Act for FY 2014, (litigation study provisions) S. 563 Jump Start GSE Reform (all provisions) Impacts of sequestration and continuing resolution funding for FY 2013 on assisted housing providers FY 2013 Section 8 Project Based Rental Assistance Under Sequestration Issues related to the American Community Survey HR 1638, Census Reform Act of 2013 (all provisions) H.R. 1078, To make participation in the American Community Survey voluntary, except with respect to certain basic questions, and for other purposes. (all provisions) S. 530, A bill to make participation in the American Community Survey voluntary, except with respect to certain basic questions, and for other purposes. (all provisions) S 1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) HUD Fair Market Rents Submitted comments to the U.S. Department of Housing and Urban Development (HUD), regarding Cityscape: A Journal of Policy Development and Research article regarding HUDs intent to evaluate the Small Area Fair Market Rent (SAFMR) demonstration program FHA Multi Family Commitment Authority H.R. 2610: Transportation, Housing and Urban Development, and Related Agencies Appropriations Act, 2014 (all provisions) S.1243 - Transportation, Housing and Urban Development, and Related Agencies Appropriations, 2014 (all provisions) HUD Field Office Restructuring Federal Reserve Board Basel III Capital Standards final rule HUD Guidance on Section 202 Direct Loan Program and 236 Preservation Applications Participated in HFSC Ranking Member Water's Housing Finance Reform Roundtable on June 28. We discussed GSEs, and went through the industrys priorities. Participated on a panel in Minneapolis on April 9 at which a HUD official was present. We discussed GSEs, and went through the industrys priorities.

Balanced Housing Policy Section 8 ReformSection 8 - Affordable Housing and Self -Sufficiency Improvment Act of 2012 (No bill number at this time.), Section 101: Inspection of dwelling units, Section 102: Rent reform and income reviews, Section 103: Eligibility for assistance based on assets, Section 201: Demonstration to expand role of private capital in affordable housing, Section 501: Access to HUD programs for persons with limited English proficiency. Rental Assistance Reform Legislation HUDs FY 2013/2014 Budget - HUD Assisted Housing Programs GSE Reform: Proposals discussed to ensure liquidity in multifamily mortgage markets in post Fannie Mae/Freddie Mac environment. Federal Affordable Housing Programs HUD-Docket FR 5508-P-01 - Regulations on Implementation of the Fair Housing Acts Discriminatory Effects Standard The General Accountability Office (GAO) - Multifamily Study HUD Fair Market Rent/Small Area Fair Market Rent issue S. 3179 - Servicemember Housing Protection Act of 2012 (all provisions) HUD National Affordability Index Title X of the Housing and Community Development Act of 1992 (P.L. 102-550) Section 1017 FHA Multi Family Commitment Authority Sequestration Issues Associated with HUD assisted housing portfolio H.R. 777 - ADA Notification Act of 2013 (all provisions) Privatized Military Housing Program H.R. 2065 - Safe Housing for Homeless Veterans Act (all provisions) Draft building fire and model code legislation HR 1960 - National Defense Authorization Act for FY 2014, Sec. 2807 (Addl Element for Annual Report on Military Housing Privatization Projects) S. 1197 - National Defense Authorization Act for FY 2014, (litigation study provisions) S. 563 Jump Start GSE Reform (all provisions) Impacts of sequestration and continuing resolution funding for FY 2013 on assisted housing providers FY 2013 Section 8 Project Based Rental Assistance Under Sequestration Issues related to the American Community Survey HR 1638, Census Reform Act of 2013 (all provisions) H.R. 1078, To make participation in the American Community Survey voluntary, except with respect to certain basic questions, and for other purposes. (all provisions) S. 530, A bill to make participation in the American Community Survey voluntary, except with respect to certain basic questions, and for other purposes. (all provisions) S 1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) HUD Fair Market Rents Submitted comments to the U.S. Department of Housing and Urban Development (HUD), regarding Cityscape: A Journal of Policy Development and Research article regarding HUDs intent to evaluate the Small Area Fair Market Rent (SAFMR) demonstration program FHA Multi Family Commitment Authority H.R. 2610: Transportation, Housing and Urban Development, and Related Agencies Appropriations Act, 2014 (all provisions) S.1243 - Transportation, Housing and Urban Development, and Related Agencies Appropriations, 2014 (all provisions) HUD Field Office Restructuring Federal Reserve Board Basel III Capital Standards final rule HUD Guidance on Section 202 Direct Loan Program and 236 Preservation Applications Participated in HFSC Ranking Member Water's Housing Finance Reform Roundtable on June 28. We discussed GSEs, and went through the industrys priorities. Participated on a panel in Minneapolis on April 9 at which a HUD official was present. We discussed GSEs, and went through the industrys priorities.

Balanced Housing Policy Section 8 ReformSection 8 - Rental Assistance Reform Legislation HUDs FY 2013/2014 Budget - HUD Assisted Housing Programs GSE Reform: NMHC/NAA GSE proposal and other proposals discussed to ensure liquidity in multifamily mortgage markets in post Fannie Mae/Freddie Mac environment. Federal Affordable Housing Programs HUD Fair Market Rent/Small Area Fair Market Rent issue HUD National Affordability Index Title X of the Housing and Community Development Act of 1992 (P.L. 102-550) Section 1017 FHA Multi Family Commitment Authority Sequestration Issues Associated with HUD assisted housing portfolio and Housing for Service Members Military Housing - Sequestration, Privatized Military Housing Program and BAH H.R. 2065 - Safe Housing for Homeless Veterans Act (all provisions) Draft building fire and model code legislation HR 1960 - National Defense Authorization Act for FY 2014, Sec. 2807 (Addl Element for Annual Report on Military Housing Privatization Projects), and Sec. 2821 (Limiting the use of funds for environmental performance certifications) S. 1197 - National Defense Authorization Act for FY 2014, (litigation study provisions), and Sec. 2822 (Provisions to limitiing the use of funds for environmental performance certifications) S. 563 Jump Start GSE Reform Act (all provisions) H.R. 2348 Jump Start GSE Reform Act (all provisions) Impacts of sequestration and continuing resolution funding for FY 2013 on assisted housing providers Issues related to the American Community Survey S 1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) H.R. 2767, Protecting American Taxpayers and Homeowners (PATH) Act, provisions impacting multifamily housing. HUD Fair Market Rents FHA Multi Family Commitment Authority FHFA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business Submitted comments to the U.S. Department of Agriculture on shortfalls in FY 2013. Section 521 Rental Assistance Program Comments submitted to the U.S. Department of Housing and Urban Development on "The Violence Against Women Reauthorization Act of 2013: Overview of Applicability of HUD Progams," Docket# FR-5720-N-01 Comments submitted, to HUD regarding Proposed Fair Market Rents for the Housing Choice Voucher Program and Moderate Rehabilitation Single Room Occupancy Program Fiscal Year 2014 Notice, Docket No. FR5725-N-01 HUD 24 CFR Parts 5, 91, 92, et al - Affirmatively Furthering Fair Housing Proposed Rule

Balanced Housing Policy Section 8 ReformSection 8 - Rental Assistance Reform Legislation HUDs FY 2013/2014 Budget - HUD Assisted Housing Programs Federal Affordable Housing Programs HUD Fair Market Rent/Small Area Fair Market Rent issue HUD National Affordability Index Title X of the Housing and Community Development Act of 1992 (P.L. 102-550) Section 1017 FHA Multi Family Commitment Authority Sequestration Issues Associated with HUD assisted housing portfolio and Housing for Service Members Military Housing - Sequestration, Privatized Military Housing Program and BAH HR 1960 - National Defense Authorization Act for FY 2014, Sec. 2807 (Addl Element for Annual Report on Military Housing Privatization Projects), and Sec. 2821 (Limiting the use of funds for environmental performance certifications) S. 1197 - National Defense Authorization Act for FY 2014, (litigation study provisions), and Sec. 2821 (Provisions to limiting the use of funds for environmental performance certifications) S. 563 Jump Start GSE Reform Act (all provisions) H.R. 2348 Jump Start GSE Reform Act (all provisions) Impacts of sequestration and continuing resolution funding for FY 2013 on assisted housing providers Issues related to the American Community Survey S 1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) H.R. 2767, Protecting American Taxpayers and Homeowners (PATH) Act, provisions impacting multifamily housing. HUD Fair Market Rents FHFA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business Submitted comments to the U.S. Department of Agriculture on shortfalls in FY 2013 and unnumbered letter guidance for multifamily transactions, September 2013. Section 521 Rental Assistance Program Comments submitted to the U.S. Department of Housing and Urban Development on "The Violence Against Women Reauthorization Act of 2013: Overview of Applicability of HUD Progams," Docket# FR-5720-N-01 Comments submitted, to HUD regarding Proposed Fair Market Rents for the Housing Choice Voucher Program and Moderate Rehabilitation Single Room Occupancy Program Fiscal Year 2014 Notice, Docket No. FR5725-N-01 HUD 24 CFR Parts 5, 91, 92, et al - Affirmatively Furthering Fair Housing Proposed Rule H.J. RES. 91 - Department of Defense Survivor Benefits Continuing Appropriations Resolution, 2014 (all provisions) FHA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business GSE Reform: Proposals to ensure liquidity in multifamily mortgage markets in a post Fannie Mae / Freddie Mac environment. This includes: legislation being developed by the Senate Banking Committee; S. 1217, the Housing Finance Reform and Taxpayer Protection Act (all provisions impacting multifamily housing); and H.R. 2767 Protecting American Taxpayers and Homeowners Act (provisions impacting multifamily housing) Conference on H. Con. Res. 25/S. Con. Res 8. that resulted in H.J. Res. 59: Bipartisan Budget Act of 2013, possible provisions impacting multifamily guarantee fees on mortgages guaranteed by Fannie Mae and Freddie Mac. Nomination of Melvin L. Watt to be director of the Federal Housing Finance Agency (PN408). Comments submitted to HUD regarding Small Loan Pilot Program Docket #FR-5728-N-01 Comments submitted to FRB, FDIC, SEC, Treasury, and HUD regarding commerical mortgage-backed securities. Release #34-70277 Rural Housing Issues with the United State Department of Agriculture FY 2014 Management Fees in Rural Housing issues with the United States Department of Agriculture

GSE Reform: NMHC/NAA GSE proposal and other proposals discussed to ensure liquidity in multifamily mortgage markets in post Fannie Mae/Freddie Mac environment.P.L. 111-203, DoddFrank Wall Street Reform and Consumer Protection Act Public Proposals for the Future of the Housing Finance System S 1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) H.R. 2767, Protecting American Taxpayers and Homeowners (PATH) Act, provisions impacting multifamily housing. (all provisions) FHA Commitment Authority for General and Special Risk Insurance Fund S. 563 Jump Start GSE Reform (all provisions) H.R. 2348 Jump Start GSE Reform (all provisions) FHFA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business

Balanced Housing Policy Section 8 ReformSection 8 - Rental Assistance Reform Legislation HUDs FY 2013/2014 Budget - HUD Assisted Housing Programs GSE Reform: NMHC/NAA GSE proposal and other proposals discussed to ensure liquidity in multifamily mortgage markets in post Fannie Mae/Freddie Mac environment. Federal Affordable Housing Programs HUD Fair Market Rent/Small Area Fair Market Rent issue HUD National Affordability Index Title X of the Housing and Community Development Act of 1992 (P.L. 102-550) Section 1017 FHA Multi Family Commitment Authority Sequestration Issues Associated with HUD assisted housing portfolio and Housing for Service Members Military Housing - Sequestration, Privatized Military Housing Program and BAH H.R. 2065 - Safe Housing for Homeless Veterans Act (all provisions) Draft building fire and model code legislation HR 1960 - National Defense Authorization Act for FY 2014, Sec. 2807 (Addl Element for Annual Report on Military Housing Privatization Projects), and Sec. 2821 (Limiting the use of funds for environmental performance certifications) S. 1197 - National Defense Authorization Act for FY 2014, (litigation study provisions), and Sec. 2822 (Provisions to limitiing the use of funds for environmental performance certifications) S. 563 Jump Start GSE Reform Act (all provisions) H.R. 2348 Jump Start GSE Reform Act (all provisions) Impacts of sequestration and continuing resolution funding for FY 2013 on assisted housing providers Issues related to the American Community Survey S 1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) H.R. 2767, Protecting American Taxpayers and Homeowners (PATH) Act, provisions impacting multifamily housing. HUD Fair Market Rents FHA Multi Family Commitment Authority FHFA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business Submitted comments to the U.S. Department of Agriculture on shortfalls in FY 2013. Section 521 Rental Assistance Program Comments submitted to the U.S. Department of Housing and Urban Development on "The Violence Against Women Reauthorization Act of 2013: Overview of Applicability of HUD Progams," Docket# FR-5720-N-01 Comments submitted, to HUD regarding Proposed Fair Market Rents for the Housing Choice Voucher Program and Moderate Rehabilitation Single Room Occupancy Program Fiscal Year 2014 Notice, Docket No. FR5725-N-01 HUD 24 CFR Parts 5, 91, 92, et al - Affirmatively Furthering Fair Housing Proposed Rule

GSE Reform: NMHC/NAA GSE proposal and other proposals discussed to ensure liquidity in multifamily mortgage markets in post Fannie Mae/Freddie Mac environment.P.L. 111-203, DoddFrank Wall Street Reform and Consumer Protection Act Public Proposals for the Future of the Housing Finance System S 1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) H.R. 2767, Protecting American Taxpayers and Homeowners (PATH) Act, provisions impacting multifamily housing. (all provisions) S. 563 Jump Start GSE Reform (all provisions) H.R. 2348 Jump Start GSE Reform (all provisions) FHFA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business GSE Reform: Proposals to ensure liquidity in multifamily mortgage markets in a post Fannie Mae / Freddie Mac environment. This includes: legislation being developed by the Senate Banking Committee; S. 1216, the Housing Finance Reform and Taxpayer Protection Act (all provisions impacting multifamily housing); and H.R. 2767 Protecting American Taxpayers and Homeowners Act (provisions impacting multifamily housing) Conference on H. Con. Res. 25/S. Con. Res 8. that resulted in H.J. Res. 59: Bipartisan Budget Act of 2013, possible provisions impacting multifamily guarantee fees on mortgages guaranteed by Fannie Mae and Freddie Mac. Nomination of Melvin L. Watt to be director of the Federal Housing Finance Agency (PN408)

GSE Reform: NMHC/NAA GSE proposal and other proposals discussed to ensure liquidity in multifamily mortgage markets in post Fannie Mae/Freddie Mac environment.P.L. 111-203, DoddFrank Wall Street Reform and Consumer Protection Act Public Proposals for the Future of the Housing Finance System S 1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) H.R. 2767, Protecting American Taxpayers and Homeowners (PATH) Act, provisions impacting multifamily housing. (all provisions) S. 563 Jump Start GSE Reform (all provisions) H.R. 2348 Jump Start GSE Reform (all provisions) FHFA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business GSE Reform: Proposals to ensure liquidity in multifamily mortgage markets in a post Fannie Mae / Freddie Mac environment. This includes: legislation being developed by the Senate Banking Committee; S. 1216, the Housing Finance Reform and Taxpayer Protection Act (all provisions impacting multifamily housing); and H.R. 2767 Protecting American Taxpayers and Homeowners Act (provisions impacting multifamily housing) Conference on H. Con. Res. 25/S. Con. Res 8. that resulted in H.J. Res. 59: Bipartisan Budget Act of 2013, possible provisions impacting multifamily guarantee fees on mortgages guaranteed by Fannie Mae and Freddie Mac. Nomination of Melvin L. Watt to be director of the Federal Housing Finance Agency (PN408)

Balanced Housing Policy Section 8 ReformSection 8 - Rental Assistance Reform Legislation HUDs FY 2013/2014 Budget - HUD Assisted Housing Programs GSE Reform: NMHC/NAA GSE proposal and other proposals discussed to ensure liquidity in multifamily mortgage markets in post Fannie Mae/Freddie Mac environment. Federal Affordable Housing Programs HUD Fair Market Rent/Small Area Fair Market Rent issue HUD National Affordability Index Title X of the Housing and Community Development Act of 1992 (P.L. 102-550) Section 1017 FHA Multi Family Commitment Authority Sequestration Issues Associated with HUD assisted housing portfolio and Housing for Service Members Military Housing - Sequestration, Privatized Military Housing Program and BAH H.R. 2065 - Safe Housing for Homeless Veterans Act (all provisions) Draft building fire and model code legislation HR 1960 - National Defense Authorization Act for FY 2014, Sec. 2807 (Addl Element for Annual Report on Military Housing Privatization Projects), and Sec. 2821 (Limiting the use of funds for environmental performance certifications) S. 1197 - National Defense Authorization Act for FY 2014, (litigation study provisions), and Sec. 2822 (Provisions to limitiing the use of funds for environmental performance certifications) S. 563 Jump Start GSE Reform Act (all provisions) H.R. 2348 Jump Start GSE Reform Act (all provisions) Impacts of sequestration and continuing resolution funding for FY 2013 on assisted housing providers Issues related to the American Community Survey S 1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) H.R. 2767, Protecting American Taxpayers and Homeowners (PATH) Act, provisions impacting multifamily housing. HUD Fair Market Rents FHA Multi Family Commitment Authority FHFA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business Submitted comments to the U.S. Department of Agriculture on shortfalls in FY 2013. Section 521 Rental Assistance Program Comments submitted to the U.S. Department of Housing and Urban Development on "The Violence Against Women Reauthorization Act of 2013: Overview of Applicability of HUD Progams," Docket# FR-5720-N-01 Comments submitted, to HUD regarding Proposed Fair Market Rents for the Housing Choice Voucher Program and Moderate Rehabilitation Single Room Occupancy Program Fiscal Year 2014 Notice, Docket No. FR5725-N-01 HUD 24 CFR Parts 5, 91, 92, et al - Affirmatively Furthering Fair Housing Proposed Rule

Balanced Housing Policy Section 8 ReformSection 8 - Rental Assistance Reform Legislation HUDs FY 2013/2014 Budget - HUD Assisted Housing Programs Federal Affordable Housing Programs HUD Fair Market Rent/Small Area Fair Market Rent issue HUD National Affordability Index Title X of the Housing and Community Development Act of 1992 (P.L. 102-550) Section 1017 FHA Multi Family Commitment Authority Sequestration Issues Associated with HUD assisted housing portfolio and Housing for Service Members Military Housing - Sequestration, Privatized Military Housing Program and BAH HR 1960 - National Defense Authorization Act for FY 2014, Sec. 2807 (Addl Element for Annual Report on Military Housing Privatization Projects), and Sec. 2821 (Limiting the use of funds for environmental performance certifications) S. 1197 - National Defense Authorization Act for FY 2014, (litigation study provisions), and Sec. 2821 (Provisions to limiting the use of funds for environmental performance certifications) S. 563 Jump Start GSE Reform Act (all provisions) H.R. 2348 Jump Start GSE Reform Act (all provisions) Impacts of sequestration and continuing resolution funding for FY 2013 on assisted housing providers Issues related to the American Community Survey S 1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) H.R. 2767, Protecting American Taxpayers and Homeowners (PATH) Act, provisions impacting multifamily housing. HUD Fair Market Rents FHFA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business Submitted comments to the U.S. Department of Agriculture on shortfalls in FY 2013 and unnumbered letter guidance for multifamily transactions, September 2013. Section 521 Rental Assistance Program Comments submitted to the U.S. Department of Housing and Urban Development on "The Violence Against Women Reauthorization Act of 2013: Overview of Applicability of HUD Progams," Docket# FR-5720-N-01 Comments submitted, to HUD regarding Proposed Fair Market Rents for the Housing Choice Voucher Program and Moderate Rehabilitation Single Room Occupancy Program Fiscal Year 2014 Notice, Docket No. FR5725-N-01 HUD 24 CFR Parts 5, 91, 92, et al - Affirmatively Furthering Fair Housing Proposed Rule H.J. RES. 91 - Department of Defense Survivor Benefits Continuing Appropriations Resolution, 2014 (all provisions) FHA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business GSE Reform: Proposals to ensure liquidity in multifamily mortgage markets in a post Fannie Mae / Freddie Mac environment. This includes: legislation being developed by the Senate Banking Committee; S. 1217, the Housing Finance Reform and Taxpayer Protection Act (all provisions impacting multifamily housing); and H.R. 2767 Protecting American Taxpayers and Homeowners Act (provisions impacting multifamily housing) Conference on H. Con. Res. 25/S. Con. Res 8. that resulted in H.J. Res. 59: Bipartisan Budget Act of 2013, possible provisions impacting multifamily guarantee fees on mortgages guaranteed by Fannie Mae and Freddie Mac. Nomination of Melvin L. Watt to be director of the Federal Housing Finance Agency (PN408). Comments submitted to HUD regarding Small Loan Pilot Program Docket #FR-5728-N-01 Comments submitted to FRB, FDIC, SEC, Treasury, and HUD regarding commerical mortgage-backed securities. Release #34-70277 Rural Housing Issues with the United State Department of Agriculture FY 2014 Management Fees in Rural Housing issues with the United States Department of Agriculture

GSE Reform: NMHC/NAA GSE proposal and other proposals discussed to ensure liquidity in multifamily mortgage markets in post Fannie Mae/Freddie Mac environment.P.L. 111-203, DoddFrank Wall Street Reform and Consumer Protection Act Public Proposals for the Future of the Housing Finance System S 1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) H.R. 2767, Protecting American Taxpayers and Homeowners (PATH) Act, provisions impacting multifamily housing. (all provisions) FHA Commitment Authority for General and Special Risk Insurance Fund S. 563 Jump Start GSE Reform (all provisions) H.R. 2348 Jump Start GSE Reform (all provisions) FHFA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business

Tax reform: We advocated for the following priorities as Congress considers tax reform: We asked that Congress take a comprehensive approach to tax reform and not enact reform for C corporations at the expense of flow-through entities, including partnerships, S Corporations, and LLCs. We also asked policymakers not to tax flow-through entities with revenues over certain thresholds as C Corporations or to pass legislation that would disadvantage real estate relative to other industries.We also favor maintaining current law regarding: (1) the tax treatment of carried interest; (2) the full deductibility of business interest; (3) the Low-Income Housing Tax Credit and tax-exempt private activity housing bonds; (4) the permanent estate tax rules enacted in January 2013 that feature a $5 million exemption, 40 percent top rate, and retention of stepped-up basis; (5) Section 1031 like-kind exchanges; and (6) the deductibility of state and local real estate taxes. We also favor: (1) loosening FIRPTA rules to incent foreign investment in U.S. real estate and (2) expanding incentives for energy efficiency in commercial buildings (i.e., Internal Revenue Code Section 179D). Finally, we oppose: (1)increasing the 27.5-year depreciation period for multifamily buildings and (2) increasing taxes applicable to depreciation recapture. We conducted lobbying activities with regard to the following tax reform proposals: - Senate Committee on Finance Chairman's Staff Discussion Draft on Provisions to Reform International Business Taxation. Section 93: Modification to Tax on Foreign Investments in United States Real Property Interests. - Senate Committee on Finance Chairman's Staff Discussion Draft to Reform Certain Business Provisions. Section 2: Repeal of Certain Specialized Expensing Provisions (i.e., Section 179D). Section 11: Pooled Asset Cost Recovery System and Depreciation of Real Property. Section 12. Rules Related to Treatment of Gains from Depreciable Property. Section 15. Repeal of Like-Kind Exchanges - Senate Committee on Finance Chairman's Staff Discussion Draft to Reform Certain Energy Tax Provisions. Section 2. Clean Energy Investment Credit. Carried Interest: We oppose changes to current law as part of any legislation, including: S. 268, Cut Unjustified Tax Loopholes Act, Title VI, Ending the Carried Interest Loophole (Section 601: Short Title. Section 602: Partnership Interests Transferred in Connection with Performance of Services. Section 603: Special rules for Partners Providing Investment Management Services to Partnerships. Low-Income Housing Tax Credit: - We support efforts to make permanent the 9 percent tax credit for the Low-Income Housing Tax Credit (LIHTC) and to extend the same policy to 4 percent LIHTCs for acquisition. We specifically support S. 1442, Improving the Low Income Housing Tax Credit Rate Act (all provisions) that would put this policy into place. - We also urged Congress to preserve the LIHTC and tax-exempt private activity housing bonds as part of any tax reform efforts. - Although no bill is pending, we asked Congress to support making the LIHTC more flexible by allowing developments to qualify if 40 percent of units go to families with incomes that average no more than 60 percent of area median income. No specific legislation supported yet this Congress, but we supported efforts to amend the Internal Revenue Code to improve and extend the deduction for new and existing energy efficient commercial buildings (S. 3591, Commercial Building Modernization Act from 112th Congress, all provisions). Foreign Investment in Real Property Tax Act (FIRPTA): - H.R. 2870, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. - S. 1181, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. IRS Final Rule (TD 9636) and temporary (TD 9564) and proposed rules (REG-110732-13) and REG-168745-03) regarding the deduction and capitalization of expenditures related to tangible property under Internal Revenue Code Sections 162(a) and 263(a). We asked that the temporary and proposed regulations be made more administrable through: (1) addition of bright-line examples; (2) expansion of de minimis rules; and (3) treatment of multiple buildings in a development as a single unit of property.

Tax reform: We asked that Congress take a comprehensive approach to tax reform and not enact reform for C corporations at the expense of flow-thru entities, including partnerships, S Corporations, and LLCs. We also asked policymakers not to tax flow-through entities with revenues over certain thresholds as C corporations or to pass legislation that would disadvantage real estate relative to other industries.We also favor maintaining: (1) the current-law tax treatment of carried interest; (2) the full deductibility of business interest; (3) the Low-Income Housing Tax Credit and tax-exempt private activity housing bonds; (4) the permanent estate tax rules enacted in January 2013 that feature a $5 million exemption, 40 percent top rate, and retention of stepped-up basis rules; (5) the current-law rules regarding Section 1031 like-kind exchanges; (6) the 27.5 year depreciation period for multifamily real estate; and (7) the deductibility of state and local real estate taxes. Additionally, we signed a real estate industry letter on tax reform. This letter called on Congress to foster a tax code that promotes: (1) capital formation (i.e., preserving reduced rates on capital gains, preserving capital gains treatment for carried interest, maintaining the tax exclusion for the sale of a principal residence, and stimulating inbound foreign investment); (2) cost recovery (i.e., decreasing depreciable lives of real estate assets and retaining stepped-up basis on inherited assets); (3) retaining the full deductibility of business interest; (4) a vibrant housing sector by maintaining the Low-Income Housing Tax Credit and the deductibility of mortgage interest and real property taxes; (5) retaining like-kind exchanges; and (6) maintaining entity choice and a single level of tax for pass-through entities. Carried Interest. We oppose changes to current law as part of any legislation, including: S.268, Cut Unjustified Tax Loopholes Act, Title VI, Ending the Carried Interest Loophole, Section 601. Short Title, Section 602. Partnership Interests Transferred in Connection with Performance of Services, and Section 603. Special Rules for Partners Providing Investment Management Services to Partnerships. Low-Income Housing Tax Credit: We support efforts to make permanent the 9 percent tax credit for the Low-Income Housing Tax Credit (LIHTC) and to extend the same policy to 4 percent LIHTCs for acquisition. We specifically support S. 1442, Improving the Low Income Housing Tax Credit Rate Act, all provisions, that would put this policy into place. We also urged Congress to preserve the Low-Income Housing Tax Credit and tax-exempt private activity housing bonds as part of any tax reform effort. Although no bill is pending, we asked Congress to support making the Low-Income Housing Tax Credit more flexible by allowing developments to qualify if 40 percent of units go to families with incomes that average no more than 60 percent of area median income. No specific legislation supported yet this Congress, but we supported efforts to amend the Internal Revenue Code of 1986 to improve and extend the deduction for new and existing energy efficient commercial buildings (S. 3591, Commercial Building Modernization Act from 112th Congress, all provisions). H.R. 2870, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. S. 1181, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. IRS Final Rule (TD 9636) and temporary (T.D. 9564) and proposed rules (REG-110732-13 and REG-168745-03) regarding the deduction and capitalization of expenditures related to tangible property under Internal Revenue Code Sections 162(a) and 263(a). Asked that temporary and proposed regulations be made more administrable through: (1) addition of bright-line examples; (2) expansion of de minimis rules; and (3) treatment of multiple buildings in a development as a single unit of property.

Tax reform: Asked that Congress take a comprehensive approach to tax reform and not enact reform for C corporations at the expense of flow-thru entities, including partnerships, S Corporations, and LLCs. We also asked policymakers not to tax flow-through entities with revenues over certain thresholds as C corporations or to pass legislation that would disadvantage real estate relative to other industries.We also favor maintaining: (1) the current-law tax treatment of carried interest; (2) the full deductibility of business interest; (3) the Low-Income Housing Tax Credit; (4) the permanent estate tax rules enacted in January 2013 that feature a $5 million exemption, 40 percent top rate, and retention of stepped-up basis rules; (5) the current-law rules regarding Section 1031 like-kind exchanges; (6) the 27.5 year depreciation period for multifamily real estate; and (7) the deductibility of state and local real estate taxes. With regard to specific tax reform bills, we considered draft legislation released by, but not yet formally introduced by, House Ways and Means Committee Chairman Dave Camp: Tax Reform Act of 2013: Title IITax Reform for Businesses, Subtitle COption 1 Passthrough Entities, all provisions (i.e., Part 1Option 1 S Corporations and Part 2Option 1 Partnerships), and Subtitle COption 2 Unified Rules for Passthroughs, all provisions. Carried Interest. We oppose changes to current law as part of any legislation, including: S.268, Cut Unjustified Tax Loopholes Act, Title VI, Ending the Carried Interest Loophole, Section 601. Short Title, Section 602. Partnership Interests Transferred in Connection with Performance of Services, and Section 603. Special Rules for Partners Providing Investment Management Services to Partnerships. Low-Income Housing Tax Credit: No bill introduced yet this Congress, but we support efforts to make permanent the 9 percent tax credit for the Low-Income Housing Tax Credit (LIHTC) and to extend the same policy to 4 percent LIHTCs for acquisition (H.R. 3661 and S. 1989 (all provisions) from 112th Congress). We also urged Congress to preserve the Low-Income Housing Tax Credit as part of any tax reform effort. Although no bill is pending, we asked Congress to support making the Low-Income Housing Tax Credit more flexible by allowing developments to qualify if 40 percent of units go to families with income that averages no more than 60 percent of area median income. No legislation supported yet this Congress, but we supported efforts to amend the Internal Revenue Code of 1986 to improve and extend the deduction for new and existing energy efficient commercial buildings (S. 3591, Commercial Building Modernization Act from 112th Congress, all provisions). H.R. 892, S Corporation Modernization Act of 2013, all provisions. IRS Temporary (T.D. 9564) and proposed rules (REG-168745-03) regarding deduction and capitalization of expenditures related to tangible property under IRC 263(a). We asked that the regulations be made more administrable through: (1) addition of bright-line examples; (2) expansion of de minimis rules; and (3) treatment of multiple buildings in a development as a single unit of property. Considered possible legislative and regulatory response to U.S. Tax Court Ruling in Historic Boardwalk Hall LLC v. Commissioner impacting the use of the Federal Historic Rehabilitation tax credit. S. 795, Master Limited Partnership Parity Act, Section 2 Subsection X that extends the master limited partnership structure to companies that develop and execute energy performance contracting for capital improvement projects in multifamily buildings to lower energy usage and consumption. S. 1181, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. Internal Revenue Code 21986, Sec. 179D - Energy Efficient Commercial Building Tax Deduction Participated on a panel in Minneapolis on April 9 at which a HUD official (not a covered official under IRS rules) was present. We discussed tax legislation, and went through the industrys priorities.

Balanced Housing Policy Section 8 ReformSection 8 - Affordable Housing and Self -Sufficiency Improvment Act of 2012 (No bill number at this time.), Section 101: Inspection of dwelling units, Section 102: Rent reform and income reviews, Section 103: Eligibility for assistance based on assets, Section 201: Demonstration to expand role of private capital in affordable housing, Section 501: Access to HUD programs for persons with limited English proficiency. Rental Assistance Reform Legislation HUDs FY 2013/2014 Budget - HUD Assisted Housing Programs Mortgage Insurance Premium Changes Prevention (CFR) HUD Small Multi Family Risk Sharing Proposal GSE Reform: Proposals discussed to ensure liquidity in multifamily mortgage markets in post Fannie Mae/Freddie Mac environment. Federal Affordable Housing Programs H.R. 4970 - Violence Against Women Act - Section 601 and Section 602 S. 1925 Violence Against Women Act Reauthorization Act of 2011, Section 601: Housing Protections for Victims of Domestic Violence, Dating Violence, Sexual Assault, and Stalking; Sec. 602: Transitional housing assistance grants for victims of domestic violence, dating violence, sexual assault, and stalking H.R. 11 - Violence Against Women Act of 2013 - Section 601 and Section 602 S. 47 - Violence Against Women Act Reauthorization Act of 2013, Section 601 and Section 602 FHA Housing Notice H 2012-3 - Guidance on elligiblity for tenant protection vouchers following certain housing actions. HUD-Docket FR 5508-P-01 - Regulations on Implementation of the Fair Housing Acts Discriminatory Effects Standard The General Accountability Office (GAO) - Multifamily Study HUD Fair Market Rent/Small Area Fair Market Rent issue HUD FHA Guidance to Expedite Loan Processing HUD Guidance on Project Capital Needs Assessments (PCNA) and Reserve for Replacement Escrow S. 3179 - Servicemember Housing Protection Act of 2012 (all provisions) HUD National Affordability Index Hurricane Sandy Relief Packages Title X of the Housing and Community Development Act of 1992 (P.L. 102-550) Section 1017 H.R. 933 - Continuing Resolution - FHA Commitment Authority (all provisions and amendments) FHA Multi Family Commitment Authority Sequestration Issues Associated with HUD assisted housing portfolio H.R. 777 - ADA Notification Act of 2013 (all provisions) Privatized Military Housing Program H.R. 4079 - Safe Housing for Homeless Veterans Act (all provisions) Draft building fire and model code legislation H.R. 4310 - National Defense Authorization Act for FY 2013, Sec. 2803(Oversight and accountability for military housing privatization program and related annual reporting requirements.) S. 3254 - National Defense Authorization Act for FY 2013, Sec. 2803 (Oversight and accountability for military housing privatization program and related annual reporting requirements.) S. 563 Jump Start GSE Reform (all provisions)

Balanced Housing Policy Section 8 ReformSection 8 - Affordable Housing and Self -Sufficiency Improvment Act of 2012 (No bill number at this time.), Section 101: Inspection of dwelling units, Section 102: Rent reform and income reviews, Section 103: Eligibility for assistance based on assets, Section 201: Demonstration to expand role of private capital in affordable housing, Section 501: Access to HUD programs for persons with limited English proficiency. Rental Assistance Reform Legislation HUDs FY 2013/2014 Budget - HUD Assisted Housing Programs Mortgage Insurance Premium Changes Prevention (CFR) HUD Small Multi Family Risk Sharing Proposal GSE Reform: Proposals discussed to ensure liquidity in multifamily mortgage markets in post Fannie Mae/Freddie Mac environment. Federal Affordable Housing Programs H.R. 4970 - Violence Against Women Act - Section 601 and Section 602 S. 1925 Violence Against Women Act Reauthorization Act of 2011, Section 601: Housing Protections for Victims of Domestic Violence, Dating Violence, Sexual Assault, and Stalking; Sec. 602: Transitional housing assistance grants for victims of domestic violence, dating violence, sexual assault, and stalking H.R. 11 - Violence Against Women Act of 2013 - Section 601 and Section 602 S. 47 - Violence Against Women Act Reauthorization Act of 2013, Section 601 and Section 602 FHA Housing Notice H 2012-3 - Guidance on elligiblity for tenant protection vouchers following certain housing actions. HUD-Docket FR 5508-P-01 - Regulations on Implementation of the Fair Housing Acts Discriminatory Effects Standard The General Accountability Office (GAO) - Multifamily Study HUD Fair Market Rent/Small Area Fair Market Rent issue HUD FHA Guidance to Expedite Loan Processing HUD Guidance on Project Capital Needs Assessments (PCNA) and Reserve for Replacement Escrow S. 3179 - Servicemember Housing Protection Act of 2012 (all provisions) HUD National Affordability Index Hurricane Sandy Relief Packages Title X of the Housing and Community Development Act of 1992 (P.L. 102-550) Section 1017 H.R. 933 - Continuing Resolution - FHA Commitment Authority (all provisions and amendments) FHA Multi Family Commitment Authority Sequestration Issues Associated with HUD assisted housing portfolio H.R. 777 - ADA Notification Act of 2013 (all provisions) Privatized Military Housing Program H.R. 4079 - Safe Housing for Homeless Veterans Act (all provisions) Draft building fire and model code legislation H.R. 4310 - National Defense Authorization Act for FY 2013, Sec. 2803(Oversight and accountability for military housing privatization program and related annual reporting requirements.) S. 3254 - National Defense Authorization Act for FY 2013, Sec. 2803 (Oversight and accountability for military housing privatization program and related annual reporting requirements.) S. 563 Jump Start GSE Reform (all provisions)

Balanced Housing Policy Section 8 ReformSection 8 - Affordable Housing and Self -Sufficiency Improvment Act of 2012 (No bill number at this time.), Section 101: Inspection of dwelling units, Section 102: Rent reform and income reviews, Section 103: Eligibility for assistance based on assets, Section 201: Demonstration to expand role of private capital in affordable housing, Section 501: Access to HUD programs for persons with limited English proficiency. Rental Assistance Reform Legislation HUDs FY 2013/2014 Budget - HUD Assisted Housing Programs GSE Reform: Proposals discussed to ensure liquidity in multifamily mortgage markets in post Fannie Mae/Freddie Mac environment. Federal Affordable Housing Programs HUD-Docket FR 5508-P-01 - Regulations on Implementation of the Fair Housing Acts Discriminatory Effects Standard The General Accountability Office (GAO) - Multifamily Study HUD Fair Market Rent/Small Area Fair Market Rent issue S. 3179 - Servicemember Housing Protection Act of 2012 (all provisions) HUD National Affordability Index Title X of the Housing and Community Development Act of 1992 (P.L. 102-550) Section 1017 FHA Multi Family Commitment Authority Sequestration Issues Associated with HUD assisted housing portfolio H.R. 777 - ADA Notification Act of 2013 (all provisions) Privatized Military Housing Program H.R. 2065 - Safe Housing for Homeless Veterans Act (all provisions) Draft building fire and model code legislation HR 1960 - National Defense Authorization Act for FY 2014, Sec. 2807 (Addl Element for Annual Report on Military Housing Privatization Projects) S. 1197 - National Defense Authorization Act for FY 2014, (litigation study provisions) S. 563 Jump Start GSE Reform (all provisions) Impacts of sequestration and continuing resolution funding for FY 2013 on assisted housing providers FY 2013 Section 8 Project Based Rental Assistance Under Sequestration Issues related to the American Community Survey HR 1638, Census Reform Act of 2013 (all provisions) H.R. 1078, To make participation in the American Community Survey voluntary, except with respect to certain basic questions, and for other purposes. (all provisions) S. 530, A bill to make participation in the American Community Survey voluntary, except with respect to certain basic questions, and for other purposes. (all provisions) S 1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) HUD Fair Market Rents Submitted comments to the U.S. Department of Housing and Urban Development (HUD), regarding Cityscape: A Journal of Policy Development and Research article regarding HUDs intent to evaluate the Small Area Fair Market Rent (SAFMR) demonstration program FHA Multi Family Commitment Authority H.R. 2610: Transportation, Housing and Urban Development, and Related Agencies Appropriations Act, 2014 (all provisions) S.1243 - Transportation, Housing and Urban Development, and Related Agencies Appropriations, 2014 (all provisions) HUD Field Office Restructuring Federal Reserve Board Basel III Capital Standards final rule HUD Guidance on Section 202 Direct Loan Program and 236 Preservation Applications Participated in HFSC Ranking Member Water's Housing Finance Reform Roundtable on June 28. We discussed GSEs, and went through the industrys priorities. Participated on a panel in Minneapolis on April 9 at which a HUD official was present. We discussed GSEs, and went through the industrys priorities.

Balanced Housing Policy Section 8 ReformSection 8 - Affordable Housing and Self -Sufficiency Improvment Act of 2012 (No bill number at this time.), Section 101: Inspection of dwelling units, Section 102: Rent reform and income reviews, Section 103: Eligibility for assistance based on assets, Section 201: Demonstration to expand role of private capital in affordable housing, Section 501: Access to HUD programs for persons with limited English proficiency. Rental Assistance Reform Legislation HUDs FY 2013/2014 Budget - HUD Assisted Housing Programs Mortgage Insurance Premium Changes Prevention (CFR) HUD Small Multi Family Risk Sharing Proposal GSE Reform: Proposals discussed to ensure liquidity in multifamily mortgage markets in post Fannie Mae/Freddie Mac environment. Federal Affordable Housing Programs H.R. 4970 - Violence Against Women Act - Section 601 and Section 602 S. 1925 Violence Against Women Act Reauthorization Act of 2011, Section 601: Housing Protections for Victims of Domestic Violence, Dating Violence, Sexual Assault, and Stalking; Sec. 602: Transitional housing assistance grants for victims of domestic violence, dating violence, sexual assault, and stalking H.R. 11 - Violence Against Women Act of 2013 - Section 601 and Section 602 S. 47 - Violence Against Women Act Reauthorization Act of 2013, Section 601 and Section 602 FHA Housing Notice H 2012-3 - Guidance on elligiblity for tenant protection vouchers following certain housing actions. HUD-Docket FR 5508-P-01 - Regulations on Implementation of the Fair Housing Acts Discriminatory Effects Standard The General Accountability Office (GAO) - Multifamily Study HUD Fair Market Rent/Small Area Fair Market Rent issue HUD FHA Guidance to Expedite Loan Processing HUD Guidance on Project Capital Needs Assessments (PCNA) and Reserve for Replacement Escrow S. 3179 - Servicemember Housing Protection Act of 2012 (all provisions) HUD National Affordability Index Hurricane Sandy Relief Packages Title X of the Housing and Community Development Act of 1992 (P.L. 102-550) Section 1017 H.R. 933 - Continuing Resolution - FHA Commitment Authority (all provisions and amendments) FHA Multi Family Commitment Authority Sequestration Issues Associated with HUD assisted housing portfolio H.R. 777 - ADA Notification Act of 2013 (all provisions) Privatized Military Housing Program H.R. 4079 - Safe Housing for Homeless Veterans Act (all provisions) Draft building fire and model code legislation H.R. 4310 - National Defense Authorization Act for FY 2013, Sec. 2803(Oversight and accountability for military housing privatization program and related annual reporting requirements.) S. 3254 - National Defense Authorization Act for FY 2013, Sec. 2803 (Oversight and accountability for military housing privatization program and related annual reporting requirements.) S. 563 Jump Start GSE Reform (all provisions)

Tax reform: Asked that Congress take a comprehensive approach to tax reform and not enact reform for C corporations at the expense of flow-thru entities, including partnerships, S Corporations, and LLCs. We also asked policymakers not to tax flow-through entities with revenues over certain thresholds as C corporations or to pass legislation that would disadvantage real estate relative to other industries.We also registered our opposition to modifying the current tax treatment of carried interest. We further requested that Congress maintain the deductibility of business interest and the Low-Income Housing Tax Credit. Also, we urged Congress to maintain the permanent estate tax rules enacted in January 2013 that feature a $5 million exemption, 35 percent top rate, and retention of stepped-up basis rules. Finally, we expressed support for current-law rules regarding Section 1031 like-kind exchanges. With regard to specific tax reform bills, we considered draft legislation released by, but not yet formally introduced by, House Ways and Means Committee Chairman Dave Camp: Tax Reform Act of 2013: Title IITax Reform for Businesses, Subtitle COption 1 Passthrough Entities, all provisions (i.e., Part 1Option 1 S Corporations and Part 2Option 1 Partnerships), and Subtitle COption 2 Unified Rules for Passthroughs, all provisions. Title IVOther Reforms, Subtitle AFinancial Instruments, Part 1Derivatives and Hedges, Section 401. Treatment of Derivatives and Section 402. Treatment of Hedges Identified for Financial Accounting Purposes. S. Con. Res. 8, Concurrent Resolution on the Budget for Fiscal Year 2014: S. Amdt. 155 to S. Con Res. 8. Deficit neutral reserve fund for corporate tax reform S. Amdt. 156 to S. Con. Res. 8 Deficit Reserve Fund for Revenue Neutral Tax Reform Carried Interest. We oppose changes to current law as part of any legislation, including: S.268, Cut Unjustified Tax Loopholes Act, Title VI, Ending the Carried Interest Loophole, Section 601. Short Title, Section 602. Partnership Interests Transferred in Connection with Performance of Services, and Section 603. Special Rules for Partners Providing Investment Management Services to Partnerships. HR 8, American Taxpayer Relief Act of 2012, Section 101: Permanent Extension an Modification of 2001 Tax Relief. Section 102: Permanent Extension and Modification of 2003 Tax Relief. Section 104: Permanent Extension of Alternative Minimum Tax Relief. Section 302: Extension of Temporary Minimum Low-Income Housing Tax Credit for Non-Federally Subsidized New Buildings. Section 305: Extension of New Markets Tax Credit. Section 331: Extension and Modification of Bonus Depreciation. Section 408: Extension of Credit for Energy-Efficient New Homes. Low-Income Housing Tax Credit: No bill introduced yet this Congress, but we support efforts to make permanent the 9 percent tax credit for the Low-Income Housing Tax Credit (LIHTC) and to extend the same policy to 4 percent LIHTCs for acquisition (H.R. 3661 and S. 1989 (all provisions) from 112th Congress). We also urged Congress to preserve the Low-Income Housing Tax Credit as part of any tax reform effort. Although no bill is pending, we asked Congress to support making the Low-Income Housing Tax Credit more flexible by allowing developments to qualify if 40 percent of units go to families with income that averages no more than 60 percent of area median income. No legislation introduced yet this Congress, but we supported efforts to amend the Internal Revenue Code of 1986 to improve and extend the deduction for new and existing energy efficient commercial buildings (S. 3591, Commercial Building Modernization Act from 112th Congress, all provisions). H.R. 892, S Corporation Modernization Act of 2013, all provisions. IRS Temporary (T.D. 9564) and proposed rules (REG-168745-03) regarding deduction and capitalization of expenditures related to tangible property under IRC 263(a). We asked that the regulations be made more administrable through: (1) addition of bright-line examples; (2) expansion of de minimis rules; and (3) treatment of multiple buildings in a development as a single unit of property.

Tax reform: Asked that Congress take a comprehensive approach to tax reform and not enact reform for C corporations at the expense of flow-thru entities, including partnerships, S Corporations, and LLCs. We also asked policymakers not to tax flow-through entities with revenues over certain thresholds as C corporations or to pass legislation that would disadvantage real estate relative to other industries.We also favor maintaining: (1) the current-law tax treatment of carried interest; (2) the full deductibility of business interest; (3) the Low-Income Housing Tax Credit; (4) the permanent estate tax rules enacted in January 2013 that feature a $5 million exemption, 40 percent top rate, and retention of stepped-up basis rules; (5) the current-law rules regarding Section 1031 like-kind exchanges; (6) the 27.5 year depreciation period for multifamily real estate; and (7) the deductibility of state and local real estate taxes. With regard to specific tax reform bills, we considered draft legislation released by, but not yet formally introduced by, House Ways and Means Committee Chairman Dave Camp: Tax Reform Act of 2013: Title IITax Reform for Businesses, Subtitle COption 1 Passthrough Entities, all provisions (i.e., Part 1Option 1 S Corporations and Part 2Option 1 Partnerships), and Subtitle COption 2 Unified Rules for Passthroughs, all provisions. Carried Interest. We oppose changes to current law as part of any legislation, including: S.268, Cut Unjustified Tax Loopholes Act, Title VI, Ending the Carried Interest Loophole, Section 601. Short Title, Section 602. Partnership Interests Transferred in Connection with Performance of Services, and Section 603. Special Rules for Partners Providing Investment Management Services to Partnerships. Low-Income Housing Tax Credit: No bill introduced yet this Congress, but we support efforts to make permanent the 9 percent tax credit for the Low-Income Housing Tax Credit (LIHTC) and to extend the same policy to 4 percent LIHTCs for acquisition (H.R. 3661 and S. 1989 (all provisions) from 112th Congress). We also urged Congress to preserve the Low-Income Housing Tax Credit as part of any tax reform effort. Although no bill is pending, we asked Congress to support making the Low-Income Housing Tax Credit more flexible by allowing developments to qualify if 40 percent of units go to families with income that averages no more than 60 percent of area median income. No legislation supported yet this Congress, but we supported efforts to amend the Internal Revenue Code of 1986 to improve and extend the deduction for new and existing energy efficient commercial buildings (S. 3591, Commercial Building Modernization Act from 112th Congress, all provisions). H.R. 892, S Corporation Modernization Act of 2013, all provisions. IRS Temporary (T.D. 9564) and proposed rules (REG-168745-03) regarding deduction and capitalization of expenditures related to tangible property under IRC 263(a). We asked that the regulations be made more administrable through: (1) addition of bright-line examples; (2) expansion of de minimis rules; and (3) treatment of multiple buildings in a development as a single unit of property. Considered possible legislative and regulatory response to U.S. Tax Court Ruling in Historic Boardwalk Hall LLC v. Commissioner impacting the use of the Federal Historic Rehabilitation tax credit. S. 795, Master Limited Partnership Parity Act, Section 2 Subsection X that extends the master limited partnership structure to companies that develop and execute energy performance contracting for capital improvement projects in multifamily buildings to lower energy usage and consumption. S. 1181, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. Internal Revenue Code 21986, Sec. 179D - Energy Efficient Commercial Building Tax Deduction Participated on a panel in Minneapolis on April 9 at which a HUD official (not a covered official under IRS rules) was present. We discussed tax legislation, and went through the industrys priorities.

Tax reform: We advocated for the following priorities as Congress considers tax reform: We asked that Congress take a comprehensive approach to tax reform and not enact reform for C corporations at the expense of flow-through entities, including partnerships, S Corporations, and LLCs. We also asked policymakers not to tax flow-through entities with revenues over certain thresholds as C Corporations or to pass legislation that would disadvantage real estate relative to other industries.We also favor maintaining current law regarding: (1) the tax treatment of carried interest; (2) the full deductibility of business interest; (3) the Low-Income Housing Tax Credit and tax-exempt private activity housing bonds; (4) the permanent estate tax rules enacted in January 2013 that feature a $5 million exemption, 40 percent top rate, and retention of stepped-up basis; (5) Section 1031 like-kind exchanges; and (6) the deductibility of state and local real estate taxes. We also favor: (1) loosening FIRPTA rules to incent foreign investment in U.S. real estate and (2) expanding incentives for energy efficiency in commercial buildings (i.e., Internal Revenue Code Section 179D). Finally, we oppose: (1)increasing the 27.5-year depreciation period for multifamily buildings and (2) increasing taxes applicable to depreciation recapture. We conducted lobbying activities with regard to the following tax reform proposals: - Senate Committee on Finance Chairman's Staff Discussion Draft on Provisions to Reform International Business Taxation. Section 93: Modification to Tax on Foreign Investments in United States Real Property Interests. - Senate Committee on Finance Chairman's Staff Discussion Draft to Reform Certain Business Provisions. Section 2: Repeal of Certain Specialized Expensing Provisions (i.e., Section 179D). Section 11: Pooled Asset Cost Recovery System and Depreciation of Real Property. Section 12. Rules Related to Treatment of Gains from Depreciable Property. Section 15. Repeal of Like-Kind Exchanges - Senate Committee on Finance Chairman's Staff Discussion Draft to Reform Certain Energy Tax Provisions. Section 2. Clean Energy Investment Credit. Carried Interest: We oppose changes to current law as part of any legislation, including: S. 268, Cut Unjustified Tax Loopholes Act, Title VI, Ending the Carried Interest Loophole (Section 601: Short Title. Section 602: Partnership Interests Transferred in Connection with Performance of Services. Section 603: Special rules for Partners Providing Investment Management Services to Partnerships. Low-Income Housing Tax Credit: - We support efforts to make permanent the 9 percent tax credit for the Low-Income Housing Tax Credit (LIHTC) and to extend the same policy to 4 percent LIHTCs for acquisition. We specifically support S. 1442, Improving the Low Income Housing Tax Credit Rate Act (all provisions) that would put this policy into place. - We also urged Congress to preserve the LIHTC and tax-exempt private activity housing bonds as part of any tax reform efforts. - Although no bill is pending, we asked Congress to support making the LIHTC more flexible by allowing developments to qualify if 40 percent of units go to families with incomes that average no more than 60 percent of area median income. No specific legislation supported yet this Congress, but we supported efforts to amend the Internal Revenue Code to improve and extend the deduction for new and existing energy efficient commercial buildings (S. 3591, Commercial Building Modernization Act from 112th Congress, all provisions). Foreign Investment in Real Property Tax Act (FIRPTA): - H.R. 2870, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. - S. 1181, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. IRS Final Rule (TD 9636) and temporary (TD 9564) and proposed rules (REG-110732-13) and REG-168745-03) regarding the deduction and capitalization of expenditures related to tangible property under Internal Revenue Code Sections 162(a) and 263(a). We asked that the temporary and proposed regulations be made more administrable through: (1) addition of bright-line examples; (2) expansion of de minimis rules; and (3) treatment of multiple buildings in a development as a single unit of property.

Tax reform: We asked that Congress take a comprehensive approach to tax reform and not enact reform for C corporations at the expense of flow-thru entities, including partnerships, S Corporations, and LLCs. We also asked policymakers not to tax flow-through entities with revenues over certain thresholds as C corporations or to pass legislation that would disadvantage real estate relative to other industries.We also favor maintaining: (1) the current-law tax treatment of carried interest; (2) the full deductibility of business interest; (3) the Low-Income Housing Tax Credit and tax-exempt private activity housing bonds; (4) the permanent estate tax rules enacted in January 2013 that feature a $5 million exemption, 40 percent top rate, and retention of stepped-up basis rules; (5) the current-law rules regarding Section 1031 like-kind exchanges; (6) the 27.5 year depreciation period for multifamily real estate; and (7) the deductibility of state and local real estate taxes. Additionally, we signed a real estate industry letter on tax reform. This letter called on Congress to foster a tax code that promotes: (1) capital formation (i.e., preserving reduced rates on capital gains, preserving capital gains treatment for carried interest, maintaining the tax exclusion for the sale of a principal residence, and stimulating inbound foreign investment); (2) cost recovery (i.e., decreasing depreciable lives of real estate assets and retaining stepped-up basis on inherited assets); (3) retaining the full deductibility of business interest; (4) a vibrant housing sector by maintaining the Low-Income Housing Tax Credit and the deductibility of mortgage interest and real property taxes; (5) retaining like-kind exchanges; and (6) maintaining entity choice and a single level of tax for pass-through entities. Carried Interest. We oppose changes to current law as part of any legislation, including: S.268, Cut Unjustified Tax Loopholes Act, Title VI, Ending the Carried Interest Loophole, Section 601. Short Title, Section 602. Partnership Interests Transferred in Connection with Performance of Services, and Section 603. Special Rules for Partners Providing Investment Management Services to Partnerships. Low-Income Housing Tax Credit: We support efforts to make permanent the 9 percent tax credit for the Low-Income Housing Tax Credit (LIHTC) and to extend the same policy to 4 percent LIHTCs for acquisition. We specifically support S. 1442, Improving the Low Income Housing Tax Credit Rate Act, all provisions, that would put this policy into place. We also urged Congress to preserve the Low-Income Housing Tax Credit and tax-exempt private activity housing bonds as part of any tax reform effort. Although no bill is pending, we asked Congress to support making the Low-Income Housing Tax Credit more flexible by allowing developments to qualify if 40 percent of units go to families with incomes that average no more than 60 percent of area median income. No specific legislation supported yet this Congress, but we supported efforts to amend the Internal Revenue Code of 1986 to improve and extend the deduction for new and existing energy efficient commercial buildings (S. 3591, Commercial Building Modernization Act from 112th Congress, all provisions). H.R. 2870, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. S. 1181, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. IRS Final Rule (TD 9636) and temporary (T.D. 9564) and proposed rules (REG-110732-13 and REG-168745-03) regarding the deduction and capitalization of expenditures related to tangible property under Internal Revenue Code Sections 162(a) and 263(a). Asked that temporary and proposed regulations be made more administrable through: (1) addition of bright-line examples; (2) expansion of de minimis rules; and (3) treatment of multiple buildings in a development as a single unit of property.

Tax reform: Asked that Congress take a comprehensive approach to tax reform and not enact reform for C corporations at the expense of flow-thru entities, including partnerships, S Corporations, and LLCs. We also asked policymakers not to tax flow-through entities with revenues over certain thresholds as C corporations or to pass legislation that would disadvantage real estate relative to other industries.We also favor maintaining: (1) the current-law tax treatment of carried interest; (2) the full deductibility of business interest; (3) the Low-Income Housing Tax Credit; (4) the permanent estate tax rules enacted in January 2013 that feature a $5 million exemption, 40 percent top rate, and retention of stepped-up basis rules; (5) the current-law rules regarding Section 1031 like-kind exchanges; (6) the 27.5 year depreciation period for multifamily real estate; and (7) the deductibility of state and local real estate taxes. With regard to specific tax reform bills, we considered draft legislation released by, but not yet formally introduced by, House Ways and Means Committee Chairman Dave Camp: Tax Reform Act of 2013: Title IITax Reform for Businesses, Subtitle COption 1 Passthrough Entities, all provisions (i.e., Part 1Option 1 S Corporations and Part 2Option 1 Partnerships), and Subtitle COption 2 Unified Rules for Passthroughs, all provisions. Carried Interest. We oppose changes to current law as part of any legislation, including: S.268, Cut Unjustified Tax Loopholes Act, Title VI, Ending the Carried Interest Loophole, Section 601. Short Title, Section 602. Partnership Interests Transferred in Connection with Performance of Services, and Section 603. Special Rules for Partners Providing Investment Management Services to Partnerships. Low-Income Housing Tax Credit: No bill introduced yet this Congress, but we support efforts to make permanent the 9 percent tax credit for the Low-Income Housing Tax Credit (LIHTC) and to extend the same policy to 4 percent LIHTCs for acquisition (H.R. 3661 and S. 1989 (all provisions) from 112th Congress). We also urged Congress to preserve the Low-Income Housing Tax Credit as part of any tax reform effort. Although no bill is pending, we asked Congress to support making the Low-Income Housing Tax Credit more flexible by allowing developments to qualify if 40 percent of units go to families with income that averages no more than 60 percent of area median income. No legislation supported yet this Congress, but we supported efforts to amend the Internal Revenue Code of 1986 to improve and extend the deduction for new and existing energy efficient commercial buildings (S. 3591, Commercial Building Modernization Act from 112th Congress, all provisions). H.R. 892, S Corporation Modernization Act of 2013, all provisions. IRS Temporary (T.D. 9564) and proposed rules (REG-168745-03) regarding deduction and capitalization of expenditures related to tangible property under IRC 263(a). We asked that the regulations be made more administrable through: (1) addition of bright-line examples; (2) expansion of de minimis rules; and (3) treatment of multiple buildings in a development as a single unit of property. Considered possible legislative and regulatory response to U.S. Tax Court Ruling in Historic Boardwalk Hall LLC v. Commissioner impacting the use of the Federal Historic Rehabilitation tax credit. S. 795, Master Limited Partnership Parity Act, Section 2 Subsection X that extends the master limited partnership structure to companies that develop and execute energy performance contracting for capital improvement projects in multifamily buildings to lower energy usage and consumption. S. 1181, to amend the Internal Revenue Code to exempt certain stock of real estate investment trusts from the tax on foreign investments in United States real property, all provisions. Internal Revenue Code 21986, Sec. 179D - Energy Efficient Commercial Building Tax Deduction Participated on a panel in Minneapolis on April 9 at which a HUD official (not a covered official under IRS rules) was present. We discussed tax legislation, and went through the industrys priorities.

GSE Reform: NMHC/NAA GSE proposal and other proposals discussed to ensure liquidity in multifamily mortgage markets in post Fannie Mae/Freddie Mac environment.P.L. 111-203, DoddFrank Wall Street Reform and Consumer Protection Act Public Proposals for the Future of the Housing Finance System S 1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) H.R. 2767, Protecting American Taxpayers and Homeowners (PATH) Act, provisions impacting multifamily housing. (all provisions) S. 563 Jump Start GSE Reform (all provisions) H.R. 2348 Jump Start GSE Reform (all provisions) FHFA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business GSE Reform: Proposals to ensure liquidity in multifamily mortgage markets in a post Fannie Mae / Freddie Mac environment. This includes: legislation being developed by the Senate Banking Committee; S. 1216, the Housing Finance Reform and Taxpayer Protection Act (all provisions impacting multifamily housing); and H.R. 2767 Protecting American Taxpayers and Homeowners Act (provisions impacting multifamily housing) Conference on H. Con. Res. 25/S. Con. Res 8. that resulted in H.J. Res. 59: Bipartisan Budget Act of 2013, possible provisions impacting multifamily guarantee fees on mortgages guaranteed by Fannie Mae and Freddie Mac. Nomination of Melvin L. Watt to be director of the Federal Housing Finance Agency (PN408)

Balanced Housing Policy Section 8 ReformSection 8 - Rental Assistance Reform Legislation HUDs FY 2013/2014 Budget - HUD Assisted Housing Programs Federal Affordable Housing Programs HUD Fair Market Rent/Small Area Fair Market Rent issue HUD National Affordability Index Title X of the Housing and Community Development Act of 1992 (P.L. 102-550) Section 1017 FHA Multi Family Commitment Authority Sequestration Issues Associated with HUD assisted housing portfolio and Housing for Service Members Military Housing - Sequestration, Privatized Military Housing Program and BAH HR 1960 - National Defense Authorization Act for FY 2014, Sec. 2807 (Addl Element for Annual Report on Military Housing Privatization Projects), and Sec. 2821 (Limiting the use of funds for environmental performance certifications) S. 1197 - National Defense Authorization Act for FY 2014, (litigation study provisions), and Sec. 2821 (Provisions to limiting the use of funds for environmental performance certifications) S. 563 Jump Start GSE Reform Act (all provisions) H.R. 2348 Jump Start GSE Reform Act (all provisions) Impacts of sequestration and continuing resolution funding for FY 2013 on assisted housing providers Issues related to the American Community Survey S 1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) H.R. 2767, Protecting American Taxpayers and Homeowners (PATH) Act, provisions impacting multifamily housing. HUD Fair Market Rents FHFA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business Submitted comments to the U.S. Department of Agriculture on shortfalls in FY 2013 and unnumbered letter guidance for multifamily transactions, September 2013. Section 521 Rental Assistance Program Comments submitted to the U.S. Department of Housing and Urban Development on "The Violence Against Women Reauthorization Act of 2013: Overview of Applicability of HUD Progams," Docket# FR-5720-N-01 Comments submitted, to HUD regarding Proposed Fair Market Rents for the Housing Choice Voucher Program and Moderate Rehabilitation Single Room Occupancy Program Fiscal Year 2014 Notice, Docket No. FR5725-N-01 HUD 24 CFR Parts 5, 91, 92, et al - Affirmatively Furthering Fair Housing Proposed Rule H.J. RES. 91 - Department of Defense Survivor Benefits Continuing Appropriations Resolution, 2014 (all provisions) FHA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business GSE Reform: Proposals to ensure liquidity in multifamily mortgage markets in a post Fannie Mae / Freddie Mac environment. This includes: legislation being developed by the Senate Banking Committee; S. 1217, the Housing Finance Reform and Taxpayer Protection Act (all provisions impacting multifamily housing); and H.R. 2767 Protecting American Taxpayers and Homeowners Act (provisions impacting multifamily housing) Conference on H. Con. Res. 25/S. Con. Res 8. that resulted in H.J. Res. 59: Bipartisan Budget Act of 2013, possible provisions impacting multifamily guarantee fees on mortgages guaranteed by Fannie Mae and Freddie Mac. Nomination of Melvin L. Watt to be director of the Federal Housing Finance Agency (PN408). Comments submitted to HUD regarding Small Loan Pilot Program Docket #FR-5728-N-01 Comments submitted to FRB, FDIC, SEC, Treasury, and HUD regarding commerical mortgage-backed securities. Release #34-70277 Rural Housing Issues with the United State Department of Agriculture FY 2014 Management Fees in Rural Housing issues with the United States Department of Agriculture

Balanced Housing Policy Section 8 ReformSection 8 - Affordable Housing and Self -Sufficiency Improvment Act of 2012 (No bill number at this time.), Section 101: Inspection of dwelling units, Section 102: Rent reform and income reviews, Section 103: Eligibility for assistance based on assets, Section 201: Demonstration to expand role of private capital in affordable housing, Section 501: Access to HUD programs for persons with limited English proficiency. Rental Assistance Reform Legislation HUDs FY 2013/2014 Budget - HUD Assisted Housing Programs GSE Reform: Proposals discussed to ensure liquidity in multifamily mortgage markets in post Fannie Mae/Freddie Mac environment. Federal Affordable Housing Programs HUD-Docket FR 5508-P-01 - Regulations on Implementation of the Fair Housing Acts Discriminatory Effects Standard The General Accountability Office (GAO) - Multifamily Study HUD Fair Market Rent/Small Area Fair Market Rent issue S. 3179 - Servicemember Housing Protection Act of 2012 (all provisions) HUD National Affordability Index Title X of the Housing and Community Development Act of 1992 (P.L. 102-550) Section 1017 FHA Multi Family Commitment Authority Sequestration Issues Associated with HUD assisted housing portfolio H.R. 777 - ADA Notification Act of 2013 (all provisions) Privatized Military Housing Program H.R. 2065 - Safe Housing for Homeless Veterans Act (all provisions) Draft building fire and model code legislation HR 1960 - National Defense Authorization Act for FY 2014, Sec. 2807 (Addl Element for Annual Report on Military Housing Privatization Projects) S. 1197 - National Defense Authorization Act for FY 2014, (litigation study provisions) S. 563 Jump Start GSE Reform (all provisions) Impacts of sequestration and continuing resolution funding for FY 2013 on assisted housing providers FY 2013 Section 8 Project Based Rental Assistance Under Sequestration Issues related to the American Community Survey HR 1638, Census Reform Act of 2013 (all provisions) H.R. 1078, To make participation in the American Community Survey voluntary, except with respect to certain basic questions, and for other purposes. (all provisions) S. 530, A bill to make participation in the American Community Survey voluntary, except with respect to certain basic questions, and for other purposes. (all provisions) S 1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) HUD Fair Market Rents Submitted comments to the U.S. Department of Housing and Urban Development (HUD), regarding Cityscape: A Journal of Policy Development and Research article regarding HUDs intent to evaluate the Small Area Fair Market Rent (SAFMR) demonstration program FHA Multi Family Commitment Authority H.R. 2610: Transportation, Housing and Urban Development, and Related Agencies Appropriations Act, 2014 (all provisions) S.1243 - Transportation, Housing and Urban Development, and Related Agencies Appropriations, 2014 (all provisions) HUD Field Office Restructuring Federal Reserve Board Basel III Capital Standards final rule HUD Guidance on Section 202 Direct Loan Program and 236 Preservation Applications Participated in HFSC Ranking Member Water's Housing Finance Reform Roundtable on June 28. We discussed GSEs, and went through the industrys priorities. Participated on a panel in Minneapolis on April 9 at which a HUD official was present. We discussed GSEs, and went through the industrys priorities.

International Banking Reform BASEL III Accord (Interagency Guidance) Premium Capture Cash Reserve Account provision of the proposed rule on credit risk retention under the Dodd-Frank Act (76 Fed. Reg. 24090 (April 29, 2011)).GSE Reform: NMHC/NAA GSE proposal and other proposals discussed to ensure liquidity in multifamily mortgage markets in post Fannie Mae/Freddie Mac environment. P.L. 111-203, DoddFrank Wall Street Reform and Consumer Protection Act Public Proposals for the Future of the Housing Finance System Section 538 Multifamily Loan Guarantee program which is administered by the United States Department of Agricultures Lease Accounting Rules: Monitored Financial Accounting Standards Board (FASB) action on proposed lease accounting rules that FASB has agreed to reexpose for comment, File Reference: No. 1850-100, Exposure Draft: Leases and Exposure Draft. S 1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) FHA Commitment Authority for General and Special Risk Insurance Fund Participated on a panel in Minneapolis on April 9 at which a HUD official was present. We discussed GSEs, and went through the industrys priorities.

GSE Reform: NMHC/NAA GSE proposal and other proposals discussed to ensure liquidity in multifamily mortgage markets in post Fannie Mae/Freddie Mac environment.P.L. 111-203, DoddFrank Wall Street Reform and Consumer Protection Act Public Proposals for the Future of the Housing Finance System S 1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) H.R. 2767, Protecting American Taxpayers and Homeowners (PATH) Act, provisions impacting multifamily housing. (all provisions) S. 563 Jump Start GSE Reform (all provisions) H.R. 2348 Jump Start GSE Reform (all provisions) FHFA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business GSE Reform: Proposals to ensure liquidity in multifamily mortgage markets in a post Fannie Mae / Freddie Mac environment. This includes: legislation being developed by the Senate Banking Committee; S. 1216, the Housing Finance Reform and Taxpayer Protection Act (all provisions impacting multifamily housing); and H.R. 2767 Protecting American Taxpayers and Homeowners Act (provisions impacting multifamily housing) Conference on H. Con. Res. 25/S. Con. Res 8. that resulted in H.J. Res. 59: Bipartisan Budget Act of 2013, possible provisions impacting multifamily guarantee fees on mortgages guaranteed by Fannie Mae and Freddie Mac. Nomination of Melvin L. Watt to be director of the Federal Housing Finance Agency (PN408)

Balanced Housing Policy Section 8 ReformSection 8 - Rental Assistance Reform Legislation HUDs FY 2013/2014 Budget - HUD Assisted Housing Programs GSE Reform: NMHC/NAA GSE proposal and other proposals discussed to ensure liquidity in multifamily mortgage markets in post Fannie Mae/Freddie Mac environment. Federal Affordable Housing Programs HUD Fair Market Rent/Small Area Fair Market Rent issue HUD National Affordability Index Title X of the Housing and Community Development Act of 1992 (P.L. 102-550) Section 1017 FHA Multi Family Commitment Authority Sequestration Issues Associated with HUD assisted housing portfolio and Housing for Service Members Military Housing - Sequestration, Privatized Military Housing Program and BAH H.R. 2065 - Safe Housing for Homeless Veterans Act (all provisions) Draft building fire and model code legislation HR 1960 - National Defense Authorization Act for FY 2014, Sec. 2807 (Addl Element for Annual Report on Military Housing Privatization Projects), and Sec. 2821 (Limiting the use of funds for environmental performance certifications) S. 1197 - National Defense Authorization Act for FY 2014, (litigation study provisions), and Sec. 2822 (Provisions to limitiing the use of funds for environmental performance certifications) S. 563 Jump Start GSE Reform Act (all provisions) H.R. 2348 Jump Start GSE Reform Act (all provisions) Impacts of sequestration and continuing resolution funding for FY 2013 on assisted housing providers Issues related to the American Community Survey S 1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) H.R. 2767, Protecting American Taxpayers and Homeowners (PATH) Act, provisions impacting multifamily housing. HUD Fair Market Rents FHA Multi Family Commitment Authority FHFA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business Submitted comments to the U.S. Department of Agriculture on shortfalls in FY 2013. Section 521 Rental Assistance Program Comments submitted to the U.S. Department of Housing and Urban Development on "The Violence Against Women Reauthorization Act of 2013: Overview of Applicability of HUD Progams," Docket# FR-5720-N-01 Comments submitted, to HUD regarding Proposed Fair Market Rents for the Housing Choice Voucher Program and Moderate Rehabilitation Single Room Occupancy Program Fiscal Year 2014 Notice, Docket No. FR5725-N-01 HUD 24 CFR Parts 5, 91, 92, et al - Affirmatively Furthering Fair Housing Proposed Rule

GSE Reform: NMHC/NAA GSE proposal and other proposals discussed to ensure liquidity in multifamily mortgage markets in post Fannie Mae/Freddie Mac environment.P.L. 111-203, DoddFrank Wall Street Reform and Consumer Protection Act Public Proposals for the Future of the Housing Finance System S 1217, The Housing Finance Reform and Taxpayer Protection Act (all provisions) H.R. 2767, Protecting American Taxpayers and Homeowners (PATH) Act, provisions impacting multifamily housing. (all provisions) FHA Commitment Authority for General and Special Risk Insurance Fund S. 563 Jump Start GSE Reform (all provisions) H.R. 2348 Jump Start GSE Reform (all provisions) FHFA Notice on 2014 Reduction of GSE Multifamily Origination Activities, Options for Reducing Fannie Mae and Freddie Macs Multifamily Business