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Income and expense are whole-filing amounts associated with this lobbyist, not personal compensation or an allocated share.
No topic inference: each bill number appears in source LDA issue text assigned to this lobbyist.
To express the Sense of Congress with respect to Federal preemption of State restrictions on dispensing medication abortion, and for other purposes.
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Tax Cuts and Jobs Act (TCJA) Permanency H.R.8913, TCJA Permanency Act, to amend the Internal Revenue Code of 1986 to make permanent certain provisions of the Tax Cuts and Jobs Act affecting individuals, families, and small businesses, and for other purposes, Sec 101: Modification of rates, Section 111: Deduction for qualified business income, Section 112: Limitation on losses for taxpayers other than corporations, and Sec 151: Increase in estate and gift exemption NMHC supports extending individual tax rates and 20 percent qualified business income tax deduction that expires at the end of 2025 Estate Tax NMHC supports making permanent the Estate Tax rules enacted as part of the Tax Cuts and Jobs Act of 2017. Carried interest NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year. Like-Kind exchanges NMHC supports retaining current law Low-Income Housing Tax Credit and Middle-Income Housing Tax Credit S. 2820, Decent, Affordable, Safe Housing for All Act (DASH Act), to provide rental housing vouchers for the homeless, and for other purposes, Title I -- Housing Assistance, Subtitle A -- General Housing Assistance, Section 111: Rental Vouchers for the Homeless, portion of section pertaining to source of income rules; Title II -- Revenue Provisions: Sections 201-214 pertaining to the Low-Income Housing Tax Credit, Section 215 establishing a renter's tax credit, and Section 216 establishing a middle-income housing tax credit. Draft legislation, to amend the Internal Revenue Code of 1986 to establish a Workforce Housing Tax Credit, and for other purposes, all provisions. H.R. 2573, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions and potential new provisions for inclusion when bill is reintroduced in 118th Congress. S. 1136, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions and potential new provisions for inclusion when bill is reintroduced in 118th Congress. Low-Income Housing Tax Credit Provisions in Potential Year-End Tax Legislation: NMHC supported including in any potential year-end tax legislation provisions to: (1) expand LIHTC credit authority by 50 percent but at a minimum extend the 12.5 percent increase in LIHTC credit authority available in 2018-2021 adjusted for inflation; (2) enhance the use of existing private activity bond authority by reducing the bond financing threshold to maximize 4 percent Low-Income Housing Tax Credits to 25 percent from 50 percent; and (3) increase the state allocation of private activity bonds. Additional issues pertaining to the Low-Income Housing Tax Credit: Regulatory proposals involving: Right of first refusal at the end of the 15-year compliance period, Casualty Losses, the flexible use of Private Activity Bond carryforward authority for affordable housing purposes, application of the Violence Against Women Act to the Low-Income Housing Tax Credit, Disaster Low-Income Housing Tax Credits authorized as part of the Consolidated Appropriations Act of 2021, and the continued qualification of Over-Income Tenants; Legislative Proposal to further target the Low-Income Housing Tax Credit to extremely low-income households. Proposals for tax incentives to spur workforce housing production Department of the Treasury, Internal Revenue Service, 26 CFR Part 1, TD 9967, RIN 1545-BO92, Section 42, Low-Income Housing Credit Average Income Test Regulations. Internal Revenue Service, Notice 2022-52, additional temporary relief from certain requirements under Internal Revenue Code Section 42 pertaining to low-income housing tax credit projects. Bonus Depreciation NMHC supports extension of 100 bonus depreciation that expired at the end of 2022. Deductibility of Business Interest NMHC supports permanent extension (or at least through 2025) of ability to use EBITDA (as opposed to EBIT) for purposes of applying limits on interest deductibility Federal tax policies impacting the conversion of property (e.g., conversion of office buildings into housing) H.R. 4759, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. S. 2511, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. Made proposal to enable jurisdictions that reduce zoning barriers to use tax-exempt bonds to encourage repurposing of non-residential properties into housing. Opportunity Zones NMHC supports reducing the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. Energy Tax Incentives Internal Revenue Service, Notice 2022-50, Request for Comments on Elective Payment of Applicable Credits and Transfer of Certain Credits Internal Revenue Service, Notice 2022-48, Request for Comments on Incentive Provisions for Improving the Energy Efficiency of Residential and Commercial Buildings
Specific issues are shown only where the LDA source assigned them to this lobbyist. Targets apply to the associated filing.
NATIONAL MULTIFAMILY HOUSING COUNCIL INC via NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
2022 · fourth_quarter · Q4
National Defense Authorization Act (NDAA) for Fiscal Year 2023 (Personnel, Housing) Military Housing Privatization Initiative / Basic Allowance for Housing
Federal policies affecting mail and parcel delivery service to multifamily housing communities.
Source: Senate LDA
Not One More Inch or Acre Act
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Tax Cuts and Jobs Act (TCJA) Permanency H.R.8913, TCJA Permanency Act, to amend the Internal Revenue Code of 1986 to make permanent certain provisions of the Tax Cuts and Jobs Act affecting individuals, families, and small businesses, and for other purposes, Sec 101: Modification of rates, Section 111: Deduction for qualified business income, Section 112: Limitation on losses for taxpayers other than corporations, and Sec 151: Increase in estate and gift exemption NMHC supports extending individual tax rates and 20 percent qualified business income tax deduction that expires at the end of 2025 Estate Tax NMHC supports making permanent the Estate Tax rules enacted as part of the Tax Cuts and Jobs Act of 2017. Carried interest NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year. Like-Kind exchanges NMHC supports retaining current law Low-Income Housing Tax Credit and Middle-Income Housing Tax Credit S. 2820, Decent, Affordable, Safe Housing for All Act (DASH Act), to provide rental housing vouchers for the homeless, and for other purposes, Title I -- Housing Assistance, Subtitle A -- General Housing Assistance, Section 111: Rental Vouchers for the Homeless, portion of section pertaining to source of income rules; Title II -- Revenue Provisions: Sections 201-214 pertaining to the Low-Income Housing Tax Credit, Section 215 establishing a renter's tax credit, and Section 216 establishing a middle-income housing tax credit. Draft legislation, to amend the Internal Revenue Code of 1986 to establish a Workforce Housing Tax Credit, and for other purposes, all provisions. H.R. 2573, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions and potential new provisions for inclusion when bill is reintroduced in 118th Congress. S. 1136, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions and potential new provisions for inclusion when bill is reintroduced in 118th Congress. Low-Income Housing Tax Credit Provisions in Potential Year-End Tax Legislation: NMHC supported including in any potential year-end tax legislation provisions to: (1) expand LIHTC credit authority by 50 percent but at a minimum extend the 12.5 percent increase in LIHTC credit authority available in 2018-2021 adjusted for inflation; (2) enhance the use of existing private activity bond authority by reducing the bond financing threshold to maximize 4 percent Low-Income Housing Tax Credits to 25 percent from 50 percent; and (3) increase the state allocation of private activity bonds. Additional issues pertaining to the Low-Income Housing Tax Credit: Regulatory proposals involving: Right of first refusal at the end of the 15-year compliance period, Casualty Losses, the flexible use of Private Activity Bond carryforward authority for affordable housing purposes, application of the Violence Against Women Act to the Low-Income Housing Tax Credit, Disaster Low-Income Housing Tax Credits authorized as part of the Consolidated Appropriations Act of 2021, and the continued qualification of Over-Income Tenants; Legislative Proposal to further target the Low-Income Housing Tax Credit to extremely low-income households. Proposals for tax incentives to spur workforce housing production Department of the Treasury, Internal Revenue Service, 26 CFR Part 1, TD 9967, RIN 1545-BO92, Section 42, Low-Income Housing Credit Average Income Test Regulations. Internal Revenue Service, Notice 2022-52, additional temporary relief from certain requirements under Internal Revenue Code Section 42 pertaining to low-income housing tax credit projects. Bonus Depreciation NMHC supports extension of 100 bonus depreciation that expired at the end of 2022. Deductibility of Business Interest NMHC supports permanent extension (or at least through 2025) of ability to use EBITDA (as opposed to EBIT) for purposes of applying limits on interest deductibility Federal tax policies impacting the conversion of property (e.g., conversion of office buildings into housing) H.R. 4759, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. S. 2511, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. Made proposal to enable jurisdictions that reduce zoning barriers to use tax-exempt bonds to encourage repurposing of non-residential properties into housing. Opportunity Zones NMHC supports reducing the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. Energy Tax Incentives Internal Revenue Service, Notice 2022-50, Request for Comments on Elective Payment of Applicable Credits and Transfer of Certain Credits Internal Revenue Service, Notice 2022-48, Request for Comments on Incentive Provisions for Improving the Energy Efficiency of Residential and Commercial Buildings
American Rescue Plan Act of 2021
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Housing Affordability Biden Housing Supply Action Plan. Balanced Housing Policy Issues Proposals to expand the availability of affordable and workforce housing Rent Control Barriers to Housing Development, Housing Affordability and Infrastructure Issues: Promoted policy that reinvests in the nations infrastructure and drives new investment in housing by eliminating barriers to development, reducing the cost of regulations and incentivizing apartment construction. General Rural Housing/U.S. Department of Agriculture Public policies affecting consumer reporting, resident screening (both financial and criminal) and consumer debt collection. Public policies surrounding the use of rent payment history in consumer reporting COVID-19-Related Housing Issues (Rental Assistance, Housing Development/Construction/Materials, Displacement and Eviction Moratoriums, Liability, Fair Housing, Debt Collection, Resident Screening and Reporting) Housing Stability and Eviction Policies Fair Housing (Fair Housing Act, Disparate Impact Rule, Screening and Reporting) United States Treasury Implementation/Reallocation of Emergency Rental Assistance Programs created in: PL 117-2/H.R.1319 - American Rescue Plan Act of 2021. I. PL 116-260/''Coronavirus Aid, Relief, and. Economic Security Act'' or the ''CARES Act'' President Biden Announces New Actions to Ease the Burden of Housing Costs (announced May 15, 2022), proposals to increase the supply of multifamily housing. Administration Housing Supply Action Plan FHFA oversight over Fannie Mae and Freddie Mac & GSE Reform
American Rescue Plan Act of 2021
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Housing Affordability Biden Housing Supply Action Plan. Balanced Housing Policy Issues Proposals to expand the availability of affordable and workforce housing Rent Control Barriers to Housing Development, Housing Affordability and Infrastructure Issues: Promoted policy that reinvests in the nations infrastructure and drives new investment in housing by eliminating barriers to development, reducing the cost of regulations and incentivizing apartment construction. General Rural Housing/U.S. Department of Agriculture Public policies affecting consumer reporting, resident screening (both financial and criminal) and consumer debt collection. Public policies surrounding the use of rent payment history in consumer reporting COVID-19-Related Housing Issues (Rental Assistance, Housing Development/Construction/Materials, Displacement and Eviction Moratoriums, Liability, Fair Housing, Debt Collection, Resident Screening and Reporting) Housing Stability and Eviction Fair Housing (Fair Housing Act, Disparate Impact Rule, Affirmatively Furthering Fair Housing Rule, Screening and Reporting) United States Treasury Implementation/Reallocation of Emergency Rental Assistance Programs created in: PL 117-2/H.R.1319 - American Rescue Plan Act of 2021. I. PL 116-260/''Coronavirus Aid, Relief, and. Economic Security Act'' or the ''CARES Act'' Legislation Section 8 voucher program updates/improvements H.R 6880/ S 1820: Choice in Affordable Housing Act 2022- all provisions Signed a joint industry advocacy letter to the House Financial Services Committee in support of H.R. 3880 being included in the Committee markup schedule. (June 2022) H.R. _The Housing Inspections Accountability Act of 2022 - Reviewed DRAFT legislation H.R. 7981, the Public Federally Assisted Housing Fire Safety Act of 2022 Section 2, Smoke Alarms in Federally Assisted Housing H.R. 6528, the Housing Temperature Safety Act of 2022 - Reviewed legislation H.R.6529 - To require owners of a covered federally assisted rental dwelling units to install self-closing doors in such units, and for other purposes. Section 2. Self-Closing Doors, (b) Certification H.R. 5828, the Pets Belong with Families Act - Section 2. Prohibition on Breed Restrictions H.R. 3198 and S. 1614 Yes in My Backyard (YIMBY) Act Housing Supply and Affordability Act Housing Development and Construction (Zoning and Land Use Practices, Affordability) U.S. Department of Housing and Urban Development (HUD) NMHC participated/cosponsored HUDs Innovative Housing Showcase (June 2022) Community Development Block Grants (CDBG) HOME Project-Based Voucher Programs Section 8 Source of Income Issues HUD Regulatory Reform Issues Fair Market Rents (FMRs) & Small Area Fair Market Rents (SAFMRs) Rental Assistance Demonstration Program (RAD) Centers for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS) FY 22 Funding - Initiatives Related to Housing Bureau of Labor Statistics funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs FY 2023 Funding/Appropriations Bureau of Labor Statistics Funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs Rural Housing Program Funding - Department of Agriculture Signed a joint industry advocacy letter to the House and Senate Appropriators in support of (FY) 2023 funding and policy provisions that support and strengthen the effectiveness of the Housing Choice Voucher (HCV) program. (June 2022) Emergency Rental Assistance Implementation/Reallocation and federal eviction moratorium issues NMHC participated in the White House stakeholder listening session on renters rights and responsibilities. (June 2022)
American Rescue Plan Act of 2021
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Housing Affordability Balanced Housing Policy Issues Proposals to expand the availability of affordable and workforce housing Rent Control Barriers to Housing Development, Housing Affordability and Infrastructure Issues: Promoted policy that reinvests in the nations infrastructure and drives new investment in housing by eliminating barriers to development, reducing the cost of regulations and incentivizing apartment construction. General Rural Housing/U.S. Department of Agriculture Public policies affecting consumer reporting, resident screening and consumer debt collection. COVID-19-Related Housing Issues (Rental Assistance, Housing Development/Construction/Materials, Displacement and Eviction Moratoriums, Liability, Fair Housing, Debt Collection, Resident Screening and Reporting) Housing Stability and Eviction Fair Housing (Fair Housing Act, Disparate Impact Rule, Affirmatively Furthering Fair Housing Rule, Screening and Reporting) United States Treasury Implementation/Reallocation of Emergency Rental Assistance Programs created in: PL 117-2/H.R.1319 - American Rescue Plan Act of 2021. I. PL 116-260/''Coronavirus Aid, Relief, and. Economic Security Act'' or the ''CARES Act'' Legislation Section 8 voucher program updates/improvements H.R 6880, Choice in Affordable Housing Act 2022- all provisions S. 1820, Choice in Affordable Housing Act -all provisions Signed an industry letter in support of both H.R. 6880 and S. 1820, to the full Congress. H.R. _The Housing Inspections Accountability Act of 2022 - Reviewed DRAFT legislation H.R. 3198 and S. 1614 Yes in My Backyard (YIMBY) Act Housing Supply and Affordability Act Housing Development and Construction (Zoning and Land Use Practices, Affordability) Consolidated Appropriations Act, 2022 - Publ. L. 117-103 S. 3623, the Violence Against Women Act Reauthorization Act of 2022 - Violence Against Women Act, incorporated into the Omnibus, all housing provisions, Title VI - Safe Homes for Victims, Sections: 601, Sec. 602/Sec. 41412, 603, 604, 605, 606, Title IX, Office on Violence Against Women. Signed an industry letter in support of these provisions to the full Congress. Authorization of the National Flood Insurance Program (NFIP) through September 30, 2022. S. 3623, the Violence Against Women Act Reauthorization Act of 2022 - all housing provisions, Title VI - Safe Homes for Victims, Sections: 601, Sec. 602/Sec. 41412, 603, 604, 605, 606, Title IX, Office on Violence Against Women. H.R. 1620, the Violence Against Women Reauthorization Act of 2021, Title Safe Homes for Victims, Sections 601, 602, 603, 604, 605, 606 U.S. Department of Housing and Urban Development (HUD) Community Development Block Grants (CDBG) HOME Project-Based Voucher Programs Section 8 Source of Income Issues HUD Regulatory Reform Issues Fair Market Rents (FMRs) & Small Area Fair Market Rents (SAFMRs) Rental Assistance Demonstration Program (RAD) Signed an industry letter to Secretary of Housing and Urban Development on the on the Real Estate Assessment Centr (REAC) physical inspections - regarding the challenges facing the apartment industry related to REAC inspections as we continue the recovery process related to the pandemic. Singed an industry letter to the Secretary of Housing and Urban Development regarding HUDs November 15, 2021, Clarification Memo on Valuation of Non-Shelter Services related to the valuation of non-shelter services in conjunction with preparing a rent comparability study (RCS). Centers for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS) FY 22 Funding - Initiatives Related to Housing Continuing Resolution ( February 18) Bureau of Labor Statistics funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs FY 2023 Funding Bureau of Labor Statistics Funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs Treasury Department, U.S. Department of Housing, Centers for Disease Control and Prevention, U.S. Department of Agriculture Emergency Rental Assistance Implementation/Reallocation and federal eviction moratorium issues
American Rescue Plan Act of 2021
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Housing Affordability Biden Housing Supply Action Plan. Balanced Housing Policy Issues Proposals to expand the availability of affordable and workforce housing Rent Control Barriers to Housing Development, Housing Affordability and Infrastructure Issues: Promoted policy that reinvests in the nations infrastructure and drives new investment in housing by eliminating barriers to development, reducing the cost of regulations and incentivizing apartment construction. General Rural Housing/U.S. Department of Agriculture Public policies affecting consumer reporting, resident screening (both financial and criminal) and consumer debt collection. Public policies surrounding the use of rent payment history in consumer reporting COVID-19-Related Housing Issues (Rental Assistance, Housing Development/Construction/Materials, Displacement and Eviction Moratoriums, Liability, Fair Housing, Debt Collection, Resident Screening and Reporting) Housing Stability and Eviction Fair Housing (Fair Housing Act, Disparate Impact Rule, Screening and Reporting) United States Treasury Implementation/Reallocation of Emergency Rental Assistance Programs created in: PL 117-2/H.R.1319 - American Rescue Plan Act of 2021. I. PL 116-260/''Coronavirus Aid, Relief, and. Economic Security Act'' or the ''CARES Act'' Treasury announcement made July 27, 2022, regarding new steps to increase affordable housing supply and lower-long term housing costs for American families, including Treasury guidance updates and how-to guide to increase investments in affordable housing under American Rescue Plan. President Biden Announces New Actions to Ease the Burden of Housing Costs (announced May 15, 2022), proposals to increase the supply of multifamily housing. FHFA oversight over Fannie Mae and Freddie Mac & GSE Reform Legislation Section 8 voucher program updates/improvements H.R 6880/ S 1820: Choice in Affordable Housing Act 2022- all provisions Signed a joint industry advocacy letter to the House Financial Services Committee in support of H.R. 3880 being included in the Committee markup schedule. (June 2022) H.R. _The Housing Inspections Accountability Act of 2022 - Reviewed DRAFT legislation H.R. 7981, the Public Federally Assisted Housing Fire Safety Act of 2022 Section 2, Smoke Alarms in Federally Assisted Housing H.R. 5828, the Pets Belong with Families Act - Section 2. Prohibition on Breed Restrictions H.R. 3198 and S. 1614 Yes in My Backyard (YIMBY) Act H.R.8476: the Housing Inspections Accountability Act H.R. 7123, the Studying Barriers to Homelessness Act H.R. 6528, the Housing Temperature Safety Act of 2022 Housing Supply and Affordability Act Housing Development and Construction (Zoning and Land Use Practices, Affordability) Potential legislative proposal to streamline process issues surrounding multifamily projects receiving financing under Federal USDA, HUD, and Low-Income Housing Tax Credit housing programs NMHC submitted a letter to the House Financial Services Committee for the July 20 hearing entitled, Housing in America: Oversight of the Federal Housing Finance Agency. NMHC submitted a letter to the Senate Finance Committee for the July 20, hearing entitled, The Role of Tax Incentives in Affordable Housing. NMHC signed a letter to the Administration on July 1, regarding the real estate industrys perspectives on a White House stakeholder listening session, related to improving affordability and stability for Americas renters, on the topic of renters rights and responsibilities. NMHC submitted a letter to the Administration, on August 11 in response to the White Houses Emergency Rental Assistance to Ensure Long-Term Eviction Reform summit. NMHC signed a letter to the House Financial Services Committee on August 2, regarding H.R. 7981, the Public and Federally Assisted Housing Fire Safety Act of 2022. NMHC submitted a statement to the Committee on Banking and Housing and Urban Affairs on August 5, for the hearing entitled, The Rent Eats First: How Renters and Communities are Impacted by Todays Housing Market. U.S. Department of Housing and Urban Development (HUD) Submitted comments to HUD on August 5, regarding the Proposed Changes to the Methodology Used for Calculation Fair Market Rent. Community Development Block Grants (CDBG) HOME Project-Based Voucher Programs Section 8 Source of Income Issues HUD Regulatory Reform Issues Fair Market Rents (FMRs) & Small Area Fair Market Rents (SAFMRs) Rental Assistance Demonstration Program (RAD) Centers for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS) FY 22 Funding - Initiatives Related to Housing Bureau of Labor Statistics funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs FY 2023 Funding/Appropriations Bureau of Labor Statistics Funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs Rural Housing Program Funding - Department of Agriculture Emergency Rental Assistance Implementation/Reallocation
Revitalizing Economies, Housing, And Businesses Act of 2021
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Inflation Reduction Act of 2022 (version released July 27, 2022 as a draft Senate amendment in a nature of a substitute to H.R. 5376), Title 1 -- Committee on Finance, Subtitle A -- Deficit Reduction, Part 1 -- Corporate Tax Reform, Section 10101: Corporate Alternative Minimum Tax; and Part 2 -- Closing the Carried Interest Loophole, Section 10201: Modification of Rules for Partnership Interests Held in Connection with the Performance of Services; Part 3 -- Clean Energy and Efficiency Incentives for Individuals, Section 13303: Energy Efficient Commercial Buildings Deduction and Section 13304: Extension, Increase, and Modifications of New Energy Efficient Home Credit. Build Back Better / Reconciliation Legislation Revenue Raisers Oppose inclusion of proposals in any reconciliation bill to: (1) expand the 3.8 percent net investment income tax to active income; (2) expand and extend a provision limiting the use of excess business losses by non-corporate taxpayers; or (3) modify the tax treatment of carried interest. Carried interest: NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year. Like-Kind exchanges: NMHC supports retaining current law Low-Income Housing Tax Credit and Middle-Income Housing Tax Credit S. 2820, Decent, Affordable, Safe Housing for All Act (DASH Act), to provide rental housing vouchers for the homeless, and for other purposes, Title I -- Housing Assistance, Subtitle A -- General Housing Assistance, Section 111: Rental Vouchers for the Homeless, portion of section pertaining to source of income rules; Title II -- Revenue Provisions: Sections 201-214 pertaining to the Low-Income Housing Tax Credit, Section 215 establishing a renter's tax credit, and Section 216 establishing a middle-income housing tax credit. Draft legislation, to amend the Internal Revenue Code of 1986 to establish a Workforce Housing Tax Credit, and for other purposes, all provisions. H.R. 2573, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions. S. 1136, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions. Extension of Expired Low-Income Housing Tax Credit Allocation Authority: NMHC supports extending the 12.5 increase in LIHTC credit authority available in 2018-2021. H.R. 7078, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. S. 4181, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. Monitored possible issuance of final rule on Low-Income Housing Tax Credit Average Income Test: Department of the Treasury, Internal Revenue Service, 26 CFR Part 1, REG-119890-18, RIN 1454 BO92, Section 42, Low-Income Housing Credit Average Income Test Regulations. Issues, including FHFA's duty to serve regulatory activities, pertaining to the preservation of LIHTC properties at the end of the 15-year compliance period: nonprofit partners ability to exercise right of first refusal, and the issue of qualified contracts. Monitored mitigation of potential negative impact of OECD Pillar 2 global minimum tax on Low-Income Housing Tax Credit. Bonus Depreciation Support extension of 100 bonus depreciation that expires at the end of 2022. Rehabilitation Tax Credit H.R. 1483, Revitalizing Economies, Housing, and Businesses Act of 2021 or the REHAB Act of 2021, to amend the Internal Revenue Code of 1986 to modify the rehabilitation credit, all provisions. Federal tax policies impacting the conversion of property (e.g., conversion of office buildings into housing) H.R. 4759, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. S. 2511, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. Made proposal to enable jurisdictions that reduce zoning barriers to use tax-exempt bonds to encourage repurposing of non-residential properties into housing. Opportunity Zones H.R. 7467, Opportunity Zones Transparency, Extension, and Improvement Act, to amend the Internal Revenue Code of 1986 to modify the rules relating to qualified opportunity zones, and for other purposes, all provisions. S. 4065, Opportunity Zones Transparency, Extension, and Improvement Act, to amend the Internal Revenue Code of 1986 to modify the rules relating to qualified opportunity zones, and for other purposes, all provisions. Support reducing the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. Energy Tax Incentives New Energy Efficient Homes Credit (IRC Section 45L) NMHC supported making permanent the New Energy Efficient Homes Credit as it existed prior to modification and extension as part of the Inflation Reduction Act. Energy Efficient Commercial Buildings Deduction (IRC Section 179D): NMHC supported expansion of the Energy Efficient Commercial Buildings Deduction to encourage retrofits of existing property, which would help spur investment in energy efficient improvements in older buildings. The Inflation Reduction Act addressed this issue. Taxation of Pass-Through Entities Senator Wyden Pass-Through Reform Discussion Draft, all provisions.
Violence Against Women Act Reauthorization Act of 2021
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Housing Affordability Balanced Housing Policy Issues Proposals to expand the availability of affordable and workforce housing Rent Control Barriers to Housing Development, Housing Affordability and Infrastructure Issues: Promoted policy that reinvests in the nations infrastructure and drives new investment in housing by eliminating barriers to development, reducing the cost of regulations and incentivizing apartment construction. General Rural Housing/U.S. Department of Agriculture Public policies affecting consumer reporting, resident screening and consumer debt collection. COVID-19-Related Housing Issues (Rental Assistance, Housing Development/Construction/Materials, Displacement and Eviction Moratoriums, Liability, Fair Housing, Debt Collection, Resident Screening and Reporting) Housing Stability and Eviction Fair Housing (Fair Housing Act, Disparate Impact Rule, Affirmatively Furthering Fair Housing Rule, Screening and Reporting) United States Treasury Implementation/Reallocation of Emergency Rental Assistance Programs created in: PL 117-2/H.R.1319 - American Rescue Plan Act of 2021. I. PL 116-260/''Coronavirus Aid, Relief, and. Economic Security Act'' or the ''CARES Act'' Legislation Section 8 voucher program updates/improvements H.R 6880, Choice in Affordable Housing Act 2022- all provisions S. 1820, Choice in Affordable Housing Act -all provisions Signed an industry letter in support of both H.R. 6880 and S. 1820, to the full Congress. H.R. _The Housing Inspections Accountability Act of 2022 - Reviewed DRAFT legislation H.R. 3198 and S. 1614 Yes in My Backyard (YIMBY) Act Housing Supply and Affordability Act Housing Development and Construction (Zoning and Land Use Practices, Affordability) Consolidated Appropriations Act, 2022 - Publ. L. 117-103 S. 3623, the Violence Against Women Act Reauthorization Act of 2022 - Violence Against Women Act, incorporated into the Omnibus, all housing provisions, Title VI - Safe Homes for Victims, Sections: 601, Sec. 602/Sec. 41412, 603, 604, 605, 606, Title IX, Office on Violence Against Women. Signed an industry letter in support of these provisions to the full Congress. Authorization of the National Flood Insurance Program (NFIP) through September 30, 2022. S. 3623, the Violence Against Women Act Reauthorization Act of 2022 - all housing provisions, Title VI - Safe Homes for Victims, Sections: 601, Sec. 602/Sec. 41412, 603, 604, 605, 606, Title IX, Office on Violence Against Women. H.R. 1620, the Violence Against Women Reauthorization Act of 2021, Title Safe Homes for Victims, Sections 601, 602, 603, 604, 605, 606 U.S. Department of Housing and Urban Development (HUD) Community Development Block Grants (CDBG) HOME Project-Based Voucher Programs Section 8 Source of Income Issues HUD Regulatory Reform Issues Fair Market Rents (FMRs) & Small Area Fair Market Rents (SAFMRs) Rental Assistance Demonstration Program (RAD) Signed an industry letter to Secretary of Housing and Urban Development on the on the Real Estate Assessment Centr (REAC) physical inspections - regarding the challenges facing the apartment industry related to REAC inspections as we continue the recovery process related to the pandemic. Singed an industry letter to the Secretary of Housing and Urban Development regarding HUDs November 15, 2021, Clarification Memo on Valuation of Non-Shelter Services related to the valuation of non-shelter services in conjunction with preparing a rent comparability study (RCS). Centers for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS) FY 22 Funding - Initiatives Related to Housing Continuing Resolution ( February 18) Bureau of Labor Statistics funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs FY 2023 Funding Bureau of Labor Statistics Funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs Treasury Department, U.S. Department of Housing, Centers for Disease Control and Prevention, U.S. Department of Agriculture Emergency Rental Assistance Implementation/Reallocation and federal eviction moratorium issues
Consolidated Appropriations Act, 2022
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Public policies affecting risk management for flood, terrorism, disaster, cyber, business interruption, liability, builders risk, workers compensation, pandemic and other lines of insurance utilized by multifamily firms. National Flood Insurance Program policies, guidance, and requirements affecting existing and future multifamily and single-family properties. Reauthorization and reform of the National Flood Insurance Program. FEMAs Risk Rating 2.0 program Cost of insurance for the multifamily industry. H.R. 5823, the Pandemic Risk Insurance Act of 2021 H.R.2471 - Consolidated Appropriations Act, 2022
Affordable Housing Credit Improvement Act of 2021
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Reconciliation Legislation H.R. 5376 Build Back Better Act, Low-Income Housing Tax Credit and Middle-Income Housing Tax Credit Support making permanent and augmenting by an additional 50 percent the increased Low-Income Housing Tax Credit authority enacted in March 2018 to enable the production of new units. Support establishment of Middle-Income Housing Tax Credit to spur production of multifamily units serving middle-income families. H.R. 2573 / S. 1136, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions. S. 2820, Decent, Affordable, Safe Housing for All Act (DASH Act), to provide rental housing vouchers for the homeless, and for other purposes, H.R. 7078, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. S. 4181, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. Monitored possible issuance of final rule on Low-Income Housing Tax Credit Average Income Test: Department of the Treasury, Internal Revenue Service, 26 CFR Part 1, REG-119890-18, RIN 1454 BO92, Section 42, Low-Income Housing Credit Average Income Test Regulations. Signed letter of trade associations (sent April 5, 2022) to Secretary of Treasury Janet Yellen requesting that the Treasury Department preserve the value of community development tax incentives, including the Low-Income Tax Credit, as the OECD moves forward on Pillar 2 rules establishing a global minimum tax. Monitored mitigation of potential negative impact OECD Pillar 2 of global minimum tax on Low-Income Housing Tax Credit Biden Administration Tax Proposals General Explanations of the Administration's Fiscal Year 2023 Revenue Proposals: Allow selective basis boosts for bond-financed low-income housing tax credit projects; increase the top marginal income tax rate for high earners; reform the taxation of capital income; impose a minimum tax on the wealthiest taxpayers, tax carried (profits) interests as ordinary income; repeal deferral of gain from like-kind exchanges; and require 100 percent depreciation recapture of depreciation deductions as ordinary income for certain depreciable property. President Biden Announces New Actions to Ease the Burden of Housing Costs (announced May 15, 2022), proposals to increase the supply of multifamily housing. Taxation of Business and Capital Income, Estates, and FIRPTA Like-kind exchanges: Support retaining current law. Capital Gains - Oppose doubling the long-term capital gains tax rate and support current-law capital gains tax rates. Carried interest: NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year. Stepped-Up Basis at Death and Taxation of Unrealized Capital Gains at Death: Support retaining current law providing for stepped-up basis at death and taxation of capital gains upon actual sale. Business Interest Deductibility: Support full deductibility of business interest for multifamily industry. Section 199A Pass-Through Deduction: Support 199A pass-through deduction. Estate Tax: Support making permanent the Estate Tax rules enacted as part of the Tax Cuts and Jobs Act of 2017. Foreign Investment in Real Property Tax Act (FIRPTA): Support repealing FIRPTA to promote investment in U.S. multifamily industry. Extension of Expiring Tax Provisions NMHC supports extending the 12.5 increase in LIHTC credit authority available in 2018-2021. NMHC also supports extending the New Energy Home Credit (IRC 45L). Opportunity Zones Support reducing the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. H.R. 7467 and S. 4065, Opportunity Zones Transparency, Extension, and Improvement Act, to amend the Internal Revenue Code of 1986 to modify the rules relating to qualified opportunity zones, and for other purposes, all provisions. Adaptive Reuse Federal tax policies impacting the conversion of property (e.g, conversion of office buildings into housing) H.R. 4759, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. Also, analyzed proposals to expand bill to enable commercial property types other than office buildings to be converted, as well as to allow REITs to benefit from the incentive S. 2511, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. Also, analyzed proposals to expand bill to enable commercial property types other than office buildings to be converted, as well as to allow REITs to benefit from the incentive Tax Depreciation H.R. 7229, Renewing Investment in American Workers and Supply Chains Act, to amend the Internal Revenue Code of 1986 to modify the depreciation of nonresidential real property and residential rental property, all provisions. S. 4012, Renewing Investment in American Workers and Supply Chains Act, to amend the Internal Revenue Code of 1986 to modify the depreciation of nonresidential real property and residential rental property, all provisions.
Affordable Housing Credit Improvement Act of 2021
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Reconciliation Legislation Senate Finance Committee, Draft Text of Build Back Better Act, Title XII -- Committee on Finance, Subtitle E -- Infrastructure Financing and Community Development, Part 1 -- Low-Income Housing Credit, Section 125101: Increases in State Allocations, Section 125102: Tax-Exempt Bond Financing Requirement; and Section 125103: Buildings Designated to Serve Extremely Low-Income Households; Subtitle F -- Green Energy, Part 3 -- Green Energy and Efficiency Incentives for Individuals, Section 126303: Energy Efficient Commercial Buildings Deduction and Section 126304: Extension, Increase, and Modifications of New Energy Efficient Home Credit; Subtitle H -- Responsibly Funding Our Priorities, Part 1 -- Corporate and International Tax Reforms, Subpart A -- Corporate Tax Rate, Section 128101: Corporate Alternative Minimum Tax; Part 2: Tax Increases for High-Income Individuals, Section 128201: Application of Net Investment Income Tax to Trade or Business Income of Certain High Income Individuals, Section 128202: Limitations on Excess Business Losses of Noncorporate Taxpayers, and Section 128203: Surcharge on High Income Individuals, Estates, and Trusts. H.R. 5376 (as amended by House Rules Committee Print 117-18, the version of the bill that passed the House of Representatives November 19, 2021), Build Back Better Act, Title XIII -- Committee on Ways and Means, Subtitle E -- Infrastructure Financing and Community Development, Part 1 -- Low Income Housing Credit, Section 135101: Increase in State Allocations, Section 135102: Tax-Exempt Bond Financing Requirement, and Section 135103 Buildings Designated to Serve Extremely Low-Income Households; Subtitle F -- Green Energy, Part 3 -- Green Energy and Efficiency Incentives for Individuals, Section 136303: Energy Efficient Commercial Buildings Deduction and Section 136304: Extension, Increase, and Modifications of New Energy Efficient Home Credit. Subtitle H -- Responsibly Funding Our Priorities, Part 1 -- Corporate and International Tax Reforms, Subpart A -- Corporate Tax Rate, Section 138101: Corporate Alternative Minimum Tax; Part 2: Tax Increases for High-Income Individuals, Section 138201: Application of Net Investment Income Tax to Trade or Business Income of Certain High Income Individuals, Section 138202: Limitations on Excess Business Losses of Noncorporate Taxpayers, and Section 138203: Surcharge on High Income Individuals, Estates, and Trusts. Low-Income Housing Tax Credit and Middle-Income Housing Tax Credit Support making permanent and augmenting by an additional 50 percent the increased Low-Income Housing Tax Credit authority enacted in March 2018 to enable the production of new units. H.R. 2573 / S. 1136, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions. S. 2820, Decent, Affordable, Safe Housing for All Act (DASH Act), to provide rental housing vouchers for the homeless, and for other purposes, Title I -- Housing Assistance, Subtitle A -- General Housing Assistance, Section 111: Rental Vouchers for the Homeless, portion of section pertaining to source of income rules; Title II -- Revenue Provisions: Sections 201-214 pertaining to the Low-Income Housing Tax Credit, Section 215 establishing a renter's tax credit, and Section 216 establishing a middle-income housing tax credit. H.R. 7078, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. Signed letter of trade associations (sent April 5, 2022) to Secretary of Treasury Janet Yellen requesting that the Treasury Department preserve the value of community development tax incentives, including the Low-Income Tax Credit, as the OECD moves forward on Pillar 2 rules establishing a global minimum tax. Biden Administration Tax Proposals General Explanations of the Administration's Fiscal Year 2023 Revenue Proposals: Prevent basis shifting by related parties through partnerships; allow selective basis boosts for bond-financed low-income housing tax credit projects; increase the top marginal income tax rate for high earners; reform the taxation of capital income; impose a minimum tax on the wealthiest taxpayers, tax carried (profits) interests as ordinary income; repeal deferral of gain from like-kind exchanges; and require 100 percent depreciation recapture of depreciation deductions as ordinary income for certain depreciable property. Like-kind exchanges: Support retaining current law. Capital Gains - Oppose doubling the long-term capital gains tax rate and support significant differential between ordinary income and capital gains tax rates. Carried interest: NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year. Stepped-Up Basis at Death and Taxation of Unrealized Capital Gains at Death: Support retaining current law providing for stepped-up basis at death and taxation of capital gains upon actual sale. Estate Tax: Support making permanent the Estate Tax rules enacted as part of the Tax Cuts and Jobs Act of 2017. Opportunity Zones Support reducing the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. Real Estate Investment Trusts H.R. 3123, Parity for Non-Traded REITs Act, to amend the Internal Revenue Code of 1986 to provide the same treatment to publicly offered, non-traded Real Estate Investment Trusts as is provided to exchange-traded Real Estate Investment Trusts under the Foreign Investment in Real Property Tax Act of 1980, all provisions. Supported House bill and also requested introduction of companion legislation in the Senate. Adaptive Reuse Federal tax policies impacting the conversion of property (e.g, conversion of office buildings into housing)
Affordable Housing Credit Improvement Act of 2021
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Inflation Reduction Act of 2022 (version released July 27, 2022 as a draft Senate amendment in a nature of a substitute to H.R. 5376), Title 1 -- Committee on Finance, Subtitle A -- Deficit Reduction, Part 1 -- Corporate Tax Reform, Section 10101: Corporate Alternative Minimum Tax; and Part 2 -- Closing the Carried Interest Loophole, Section 10201: Modification of Rules for Partnership Interests Held in Connection with the Performance of Services; Part 3 -- Clean Energy and Efficiency Incentives for Individuals, Section 13303: Energy Efficient Commercial Buildings Deduction and Section 13304: Extension, Increase, and Modifications of New Energy Efficient Home Credit. Build Back Better / Reconciliation Legislation Revenue Raisers Oppose inclusion of proposals in any reconciliation bill to: (1) expand the 3.8 percent net investment income tax to active income; (2) expand and extend a provision limiting the use of excess business losses by non-corporate taxpayers; or (3) modify the tax treatment of carried interest. Carried interest: NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year. Like-Kind exchanges: NMHC supports retaining current law Low-Income Housing Tax Credit and Middle-Income Housing Tax Credit S. 2820, Decent, Affordable, Safe Housing for All Act (DASH Act), to provide rental housing vouchers for the homeless, and for other purposes, Title I -- Housing Assistance, Subtitle A -- General Housing Assistance, Section 111: Rental Vouchers for the Homeless, portion of section pertaining to source of income rules; Title II -- Revenue Provisions: Sections 201-214 pertaining to the Low-Income Housing Tax Credit, Section 215 establishing a renter's tax credit, and Section 216 establishing a middle-income housing tax credit. Draft legislation, to amend the Internal Revenue Code of 1986 to establish a Workforce Housing Tax Credit, and for other purposes, all provisions. H.R. 2573, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions. S. 1136, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions. Extension of Expired Low-Income Housing Tax Credit Allocation Authority: NMHC supports extending the 12.5 increase in LIHTC credit authority available in 2018-2021. H.R. 7078, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. S. 4181, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. Monitored possible issuance of final rule on Low-Income Housing Tax Credit Average Income Test: Department of the Treasury, Internal Revenue Service, 26 CFR Part 1, REG-119890-18, RIN 1454 BO92, Section 42, Low-Income Housing Credit Average Income Test Regulations. Issues, including FHFA's duty to serve regulatory activities, pertaining to the preservation of LIHTC properties at the end of the 15-year compliance period: nonprofit partners ability to exercise right of first refusal, and the issue of qualified contracts. Monitored mitigation of potential negative impact of OECD Pillar 2 global minimum tax on Low-Income Housing Tax Credit. Bonus Depreciation Support extension of 100 bonus depreciation that expires at the end of 2022. Rehabilitation Tax Credit H.R. 1483, Revitalizing Economies, Housing, and Businesses Act of 2021 or the REHAB Act of 2021, to amend the Internal Revenue Code of 1986 to modify the rehabilitation credit, all provisions. Federal tax policies impacting the conversion of property (e.g., conversion of office buildings into housing) H.R. 4759, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. S. 2511, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. Made proposal to enable jurisdictions that reduce zoning barriers to use tax-exempt bonds to encourage repurposing of non-residential properties into housing. Opportunity Zones H.R. 7467, Opportunity Zones Transparency, Extension, and Improvement Act, to amend the Internal Revenue Code of 1986 to modify the rules relating to qualified opportunity zones, and for other purposes, all provisions. S. 4065, Opportunity Zones Transparency, Extension, and Improvement Act, to amend the Internal Revenue Code of 1986 to modify the rules relating to qualified opportunity zones, and for other purposes, all provisions. Support reducing the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. Energy Tax Incentives New Energy Efficient Homes Credit (IRC Section 45L) NMHC supported making permanent the New Energy Efficient Homes Credit as it existed prior to modification and extension as part of the Inflation Reduction Act. Energy Efficient Commercial Buildings Deduction (IRC Section 179D): NMHC supported expansion of the Energy Efficient Commercial Buildings Deduction to encourage retrofits of existing property, which would help spur investment in energy efficient improvements in older buildings. The Inflation Reduction Act addressed this issue. Taxation of Pass-Through Entities Senator Wyden Pass-Through Reform Discussion Draft, all provisions.
Consolidated Appropriations Act, 2023
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Public policies affecting risk management for flood, terrorism, disaster, cyber, business interruption, liability, builders risk, workers compensation, pandemic and the cost and availability of insurance utilized by multifamily firms. National Flood Insurance Program policies, guidance, and requirements affecting existing and future multifamily and single-family properties. Reauthorization and reform of the National Flood Insurance Program. FEMAs Risk Rating 2.0 program H.R. 5823, the Pandemic Risk Insurance Act of 2021 Draft Legislation: The National Flood Insurance Program Reauthorization Act of 2022 S.3128/H.R. 5802 - National Flood Insurance Program Reauthorization and Reform Act H.R.2617 - Consolidated Appropriations Act, 2023
Postal Service Reform Act of 2022
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Federal policies affecting mail and parcel delivery service to multifamily housing communities. HR 3076 The Postal Service Reform Act S 1720 The Postal Service Reform Act
Postal Service Reform Act of 2022
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Federal policies affecting mail and parcel delivery service to multifamily housing communities. HR 3076 The Postal Service Reform Act S 1720 The Postal Service Reform Act
Parity for Non-Traded REITs Act
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Reconciliation Legislation Senate Finance Committee, Draft Text of Build Back Better Act, Title XII -- Committee on Finance, Subtitle E -- Infrastructure Financing and Community Development, Part 1 -- Low-Income Housing Credit, Section 125101: Increases in State Allocations, Section 125102: Tax-Exempt Bond Financing Requirement; and Section 125103: Buildings Designated to Serve Extremely Low-Income Households; Subtitle F -- Green Energy, Part 3 -- Green Energy and Efficiency Incentives for Individuals, Section 126303: Energy Efficient Commercial Buildings Deduction and Section 126304: Extension, Increase, and Modifications of New Energy Efficient Home Credit; Subtitle H -- Responsibly Funding Our Priorities, Part 1 -- Corporate and International Tax Reforms, Subpart A -- Corporate Tax Rate, Section 128101: Corporate Alternative Minimum Tax; Part 2: Tax Increases for High-Income Individuals, Section 128201: Application of Net Investment Income Tax to Trade or Business Income of Certain High Income Individuals, Section 128202: Limitations on Excess Business Losses of Noncorporate Taxpayers, and Section 128203: Surcharge on High Income Individuals, Estates, and Trusts. H.R. 5376 (as amended by House Rules Committee Print 117-18, the version of the bill that passed the House of Representatives November 19, 2021), Build Back Better Act, Title XIII -- Committee on Ways and Means, Subtitle E -- Infrastructure Financing and Community Development, Part 1 -- Low Income Housing Credit, Section 135101: Increase in State Allocations, Section 135102: Tax-Exempt Bond Financing Requirement, and Section 135103 Buildings Designated to Serve Extremely Low-Income Households; Subtitle F -- Green Energy, Part 3 -- Green Energy and Efficiency Incentives for Individuals, Section 136303: Energy Efficient Commercial Buildings Deduction and Section 136304: Extension, Increase, and Modifications of New Energy Efficient Home Credit. Subtitle H -- Responsibly Funding Our Priorities, Part 1 -- Corporate and International Tax Reforms, Subpart A -- Corporate Tax Rate, Section 138101: Corporate Alternative Minimum Tax; Part 2: Tax Increases for High-Income Individuals, Section 138201: Application of Net Investment Income Tax to Trade or Business Income of Certain High Income Individuals, Section 138202: Limitations on Excess Business Losses of Noncorporate Taxpayers, and Section 138203: Surcharge on High Income Individuals, Estates, and Trusts. Low-Income Housing Tax Credit and Middle-Income Housing Tax Credit Support making permanent and augmenting by an additional 50 percent the increased Low-Income Housing Tax Credit authority enacted in March 2018 to enable the production of new units. H.R. 2573 / S. 1136, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions. S. 2820, Decent, Affordable, Safe Housing for All Act (DASH Act), to provide rental housing vouchers for the homeless, and for other purposes, Title I -- Housing Assistance, Subtitle A -- General Housing Assistance, Section 111: Rental Vouchers for the Homeless, portion of section pertaining to source of income rules; Title II -- Revenue Provisions: Sections 201-214 pertaining to the Low-Income Housing Tax Credit, Section 215 establishing a renter's tax credit, and Section 216 establishing a middle-income housing tax credit. H.R. 7078, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. Signed letter of trade associations (sent April 5, 2022) to Secretary of Treasury Janet Yellen requesting that the Treasury Department preserve the value of community development tax incentives, including the Low-Income Tax Credit, as the OECD moves forward on Pillar 2 rules establishing a global minimum tax. Biden Administration Tax Proposals General Explanations of the Administration's Fiscal Year 2023 Revenue Proposals: Prevent basis shifting by related parties through partnerships; allow selective basis boosts for bond-financed low-income housing tax credit projects; increase the top marginal income tax rate for high earners; reform the taxation of capital income; impose a minimum tax on the wealthiest taxpayers, tax carried (profits) interests as ordinary income; repeal deferral of gain from like-kind exchanges; and require 100 percent depreciation recapture of depreciation deductions as ordinary income for certain depreciable property. Like-kind exchanges: Support retaining current law. Capital Gains - Oppose doubling the long-term capital gains tax rate and support significant differential between ordinary income and capital gains tax rates. Carried interest: NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year. Stepped-Up Basis at Death and Taxation of Unrealized Capital Gains at Death: Support retaining current law providing for stepped-up basis at death and taxation of capital gains upon actual sale. Estate Tax: Support making permanent the Estate Tax rules enacted as part of the Tax Cuts and Jobs Act of 2017. Opportunity Zones Support reducing the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. Real Estate Investment Trusts H.R. 3123, Parity for Non-Traded REITs Act, to amend the Internal Revenue Code of 1986 to provide the same treatment to publicly offered, non-traded Real Estate Investment Trusts as is provided to exchange-traded Real Estate Investment Trusts under the Foreign Investment in Real Property Tax Act of 1980, all provisions. Supported House bill and also requested introduction of companion legislation in the Senate. Adaptive Reuse Federal tax policies impacting the conversion of property (e.g, conversion of office buildings into housing)
Yes In My Backyard Act
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Housing Affordability Biden Housing Supply Action Plan. Balanced Housing Policy Issues Proposals to expand the availability of affordable and workforce housing Rent Control Barriers to Housing Development, Housing Affordability and Infrastructure Issues: Promoted policy that reinvests in the nations infrastructure and drives new investment in housing by eliminating barriers to development, reducing the cost of regulations and incentivizing apartment construction. General Rural Housing/U.S. Department of Agriculture Public policies affecting consumer reporting, resident screening (both financial and criminal) and consumer debt collection. Public policies surrounding the use of rent payment history in consumer reporting COVID-19-Related Housing Issues (Rental Assistance, Housing Development/Construction/Materials, Displacement and Eviction Moratoriums, Liability, Fair Housing, Debt Collection, Resident Screening and Reporting) Housing Stability and Eviction Fair Housing (Fair Housing Act, Disparate Impact Rule, Screening and Reporting) United States Treasury Implementation/Reallocation of Emergency Rental Assistance Programs created in: PL 117-2/H.R.1319 - American Rescue Plan Act of 2021. I. PL 116-260/''Coronavirus Aid, Relief, and. Economic Security Act'' or the ''CARES Act'' Treasury announcement made July 27, 2022, regarding new steps to increase affordable housing supply and lower-long term housing costs for American families, including Treasury guidance updates and how-to guide to increase investments in affordable housing under American Rescue Plan. President Biden Announces New Actions to Ease the Burden of Housing Costs (announced May 15, 2022), proposals to increase the supply of multifamily housing. FHFA oversight over Fannie Mae and Freddie Mac & GSE Reform Legislation Section 8 voucher program updates/improvements H.R 6880/ S 1820: Choice in Affordable Housing Act 2022- all provisions Signed a joint industry advocacy letter to the House Financial Services Committee in support of H.R. 3880 being included in the Committee markup schedule. (June 2022) H.R. _The Housing Inspections Accountability Act of 2022 - Reviewed DRAFT legislation H.R. 7981, the Public Federally Assisted Housing Fire Safety Act of 2022 Section 2, Smoke Alarms in Federally Assisted Housing H.R. 5828, the Pets Belong with Families Act - Section 2. Prohibition on Breed Restrictions H.R. 3198 and S. 1614 Yes in My Backyard (YIMBY) Act H.R.8476: the Housing Inspections Accountability Act H.R. 7123, the Studying Barriers to Homelessness Act H.R. 6528, the Housing Temperature Safety Act of 2022 Housing Supply and Affordability Act Housing Development and Construction (Zoning and Land Use Practices, Affordability) Potential legislative proposal to streamline process issues surrounding multifamily projects receiving financing under Federal USDA, HUD, and Low-Income Housing Tax Credit housing programs NMHC submitted a letter to the House Financial Services Committee for the July 20 hearing entitled, Housing in America: Oversight of the Federal Housing Finance Agency. NMHC submitted a letter to the Senate Finance Committee for the July 20, hearing entitled, The Role of Tax Incentives in Affordable Housing. NMHC signed a letter to the Administration on July 1, regarding the real estate industrys perspectives on a White House stakeholder listening session, related to improving affordability and stability for Americas renters, on the topic of renters rights and responsibilities. NMHC submitted a letter to the Administration, on August 11 in response to the White Houses Emergency Rental Assistance to Ensure Long-Term Eviction Reform summit. NMHC signed a letter to the House Financial Services Committee on August 2, regarding H.R. 7981, the Public and Federally Assisted Housing Fire Safety Act of 2022. NMHC submitted a statement to the Committee on Banking and Housing and Urban Affairs on August 5, for the hearing entitled, The Rent Eats First: How Renters and Communities are Impacted by Todays Housing Market. U.S. Department of Housing and Urban Development (HUD) Submitted comments to HUD on August 5, regarding the Proposed Changes to the Methodology Used for Calculation Fair Market Rent. Community Development Block Grants (CDBG) HOME Project-Based Voucher Programs Section 8 Source of Income Issues HUD Regulatory Reform Issues Fair Market Rents (FMRs) & Small Area Fair Market Rents (SAFMRs) Rental Assistance Demonstration Program (RAD) Centers for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS) FY 22 Funding - Initiatives Related to Housing Bureau of Labor Statistics funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs FY 2023 Funding/Appropriations Bureau of Labor Statistics Funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs Rural Housing Program Funding - Department of Agriculture Emergency Rental Assistance Implementation/Reallocation
Yes In My Backyard Act
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Housing Affordability Balanced Housing Policy Issues Proposals to expand the availability of affordable and workforce housing Rent Control Barriers to Housing Development, Housing Affordability and Infrastructure Issues: Promoted policy that reinvests in the nations infrastructure and drives new investment in housing by eliminating barriers to development, reducing the cost of regulations and incentivizing apartment construction. General Rural Housing/U.S. Department of Agriculture Public policies affecting consumer reporting, resident screening and consumer debt collection. COVID-19-Related Housing Issues (Rental Assistance, Housing Development/Construction/Materials, Displacement and Eviction Moratoriums, Liability, Fair Housing, Debt Collection, Resident Screening and Reporting) Housing Stability and Eviction Fair Housing (Fair Housing Act, Disparate Impact Rule, Affirmatively Furthering Fair Housing Rule, Screening and Reporting) United States Treasury Implementation/Reallocation of Emergency Rental Assistance Programs created in: PL 117-2/H.R.1319 - American Rescue Plan Act of 2021. I. PL 116-260/''Coronavirus Aid, Relief, and. Economic Security Act'' or the ''CARES Act'' Legislation Section 8 voucher program updates/improvements H.R 6880, Choice in Affordable Housing Act 2022- all provisions S. 1820, Choice in Affordable Housing Act -all provisions Signed an industry letter in support of both H.R. 6880 and S. 1820, to the full Congress. H.R. _The Housing Inspections Accountability Act of 2022 - Reviewed DRAFT legislation H.R. 3198 and S. 1614 Yes in My Backyard (YIMBY) Act Housing Supply and Affordability Act Housing Development and Construction (Zoning and Land Use Practices, Affordability) Consolidated Appropriations Act, 2022 - Publ. L. 117-103 S. 3623, the Violence Against Women Act Reauthorization Act of 2022 - Violence Against Women Act, incorporated into the Omnibus, all housing provisions, Title VI - Safe Homes for Victims, Sections: 601, Sec. 602/Sec. 41412, 603, 604, 605, 606, Title IX, Office on Violence Against Women. Signed an industry letter in support of these provisions to the full Congress. Authorization of the National Flood Insurance Program (NFIP) through September 30, 2022. S. 3623, the Violence Against Women Act Reauthorization Act of 2022 - all housing provisions, Title VI - Safe Homes for Victims, Sections: 601, Sec. 602/Sec. 41412, 603, 604, 605, 606, Title IX, Office on Violence Against Women. H.R. 1620, the Violence Against Women Reauthorization Act of 2021, Title Safe Homes for Victims, Sections 601, 602, 603, 604, 605, 606 U.S. Department of Housing and Urban Development (HUD) Community Development Block Grants (CDBG) HOME Project-Based Voucher Programs Section 8 Source of Income Issues HUD Regulatory Reform Issues Fair Market Rents (FMRs) & Small Area Fair Market Rents (SAFMRs) Rental Assistance Demonstration Program (RAD) Signed an industry letter to Secretary of Housing and Urban Development on the on the Real Estate Assessment Centr (REAC) physical inspections - regarding the challenges facing the apartment industry related to REAC inspections as we continue the recovery process related to the pandemic. Singed an industry letter to the Secretary of Housing and Urban Development regarding HUDs November 15, 2021, Clarification Memo on Valuation of Non-Shelter Services related to the valuation of non-shelter services in conjunction with preparing a rent comparability study (RCS). Centers for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS) FY 22 Funding - Initiatives Related to Housing Continuing Resolution ( February 18) Bureau of Labor Statistics funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs FY 2023 Funding Bureau of Labor Statistics Funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs Treasury Department, U.S. Department of Housing, Centers for Disease Control and Prevention, U.S. Department of Agriculture Emergency Rental Assistance Implementation/Reallocation and federal eviction moratorium issues
Yes In My Backyard Act
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Housing Affordability Biden Housing Supply Action Plan. Balanced Housing Policy Issues Proposals to expand the availability of affordable and workforce housing Rent Control Barriers to Housing Development, Housing Affordability and Infrastructure Issues: Promoted policy that reinvests in the nations infrastructure and drives new investment in housing by eliminating barriers to development, reducing the cost of regulations and incentivizing apartment construction. General Rural Housing/U.S. Department of Agriculture Public policies affecting consumer reporting, resident screening (both financial and criminal) and consumer debt collection. Public policies surrounding the use of rent payment history in consumer reporting COVID-19-Related Housing Issues (Rental Assistance, Housing Development/Construction/Materials, Displacement and Eviction Moratoriums, Liability, Fair Housing, Debt Collection, Resident Screening and Reporting) Housing Stability and Eviction Fair Housing (Fair Housing Act, Disparate Impact Rule, Affirmatively Furthering Fair Housing Rule, Screening and Reporting) United States Treasury Implementation/Reallocation of Emergency Rental Assistance Programs created in: PL 117-2/H.R.1319 - American Rescue Plan Act of 2021. I. PL 116-260/''Coronavirus Aid, Relief, and. Economic Security Act'' or the ''CARES Act'' Legislation Section 8 voucher program updates/improvements H.R 6880/ S 1820: Choice in Affordable Housing Act 2022- all provisions Signed a joint industry advocacy letter to the House Financial Services Committee in support of H.R. 3880 being included in the Committee markup schedule. (June 2022) H.R. _The Housing Inspections Accountability Act of 2022 - Reviewed DRAFT legislation H.R. 7981, the Public Federally Assisted Housing Fire Safety Act of 2022 Section 2, Smoke Alarms in Federally Assisted Housing H.R. 6528, the Housing Temperature Safety Act of 2022 - Reviewed legislation H.R.6529 - To require owners of a covered federally assisted rental dwelling units to install self-closing doors in such units, and for other purposes. Section 2. Self-Closing Doors, (b) Certification H.R. 5828, the Pets Belong with Families Act - Section 2. Prohibition on Breed Restrictions H.R. 3198 and S. 1614 Yes in My Backyard (YIMBY) Act Housing Supply and Affordability Act Housing Development and Construction (Zoning and Land Use Practices, Affordability) U.S. Department of Housing and Urban Development (HUD) NMHC participated/cosponsored HUDs Innovative Housing Showcase (June 2022) Community Development Block Grants (CDBG) HOME Project-Based Voucher Programs Section 8 Source of Income Issues HUD Regulatory Reform Issues Fair Market Rents (FMRs) & Small Area Fair Market Rents (SAFMRs) Rental Assistance Demonstration Program (RAD) Centers for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS) FY 22 Funding - Initiatives Related to Housing Bureau of Labor Statistics funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs FY 2023 Funding/Appropriations Bureau of Labor Statistics Funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs Rural Housing Program Funding - Department of Agriculture Signed a joint industry advocacy letter to the House and Senate Appropriators in support of (FY) 2023 funding and policy provisions that support and strengthen the effectiveness of the Housing Choice Voucher (HCV) program. (June 2022) Emergency Rental Assistance Implementation/Reallocation and federal eviction moratorium issues NMHC participated in the White House stakeholder listening session on renters rights and responsibilities. (June 2022)
Infrastructure Investment and Jobs Act
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Broadband deployment, maintenance, access and adoption issues at multifamily communities. Federal policies impacting availability and reliability of voice, video and data services to multifamily housing communities, including but not limited to inside wiring, broadband and cellular services. FCC Notice of Proposed Rule Making and Declaratory Ruling: Improving Competitive Broadband Access to Multiple Tenant Environments (GN Docket No. 17-142) PL 117-58/H.R. 3684, Infrastructure Investment and Jobs Act, provisions related to the Broadband Equity, Access and Deployment (BEAD) Program and the Affordable Connectivity Program (ACP) FCC Notice of Inquiry on Implementing the Infrastructure Investment and Jobs Act: Prevention and Elimination of Digital Discrimination (GN Docket No. 22-69) Issues Related to FCC Broadband Data Collection and Mapping Efforts H.R. 8778, the Home Internet Accessibility Act
Infrastructure Investment and Jobs Act
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Broadband deployment, maintenance, access and adoption issues at multifamily communities. Federal policies impacting availability and reliability of voice, video and data services to multifamily housing communities, including but not limited to inside wiring, broadband and cellular services. FCC Notice of Proposed Rule Making and Declaratory Ruling: Improving Competitive Broadband Access to Multiple Tenant Environments (GN Docket No. 17-142) PL 117-58/H.R. 3684, Infrastructure Investment and Jobs Act, provisions related to the Broadband Equity, Access and Deployment (BEAD) Program and the Affordable Connectivity Program (ACP) FCC Notice of Inquiry on Implementing the Infrastructure Investment and Jobs Act: Prevention and Elimination of Digital Discrimination (GN Docket No. 22-69)
Infrastructure Investment and Jobs Act
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Broadband deployment, maintenance, access and adoption issues at multifamily communities. Federal policies impacting availability and reliability of voice, video and data services to multifamily housing communities, including but not limited to inside wiring, broadband and cellular services. FCC Notice of Proposed Rule Making and Declaratory Ruling: Improving Competitive Broadband Access to Multiple Tenant Environments (GN Docket No. 17-142) PL 117-58/H.R. 3684, Infrastructure Investment and Jobs Act, provisions related to the Broadband Equity, Access and Deployment (BEAD) Program and the Affordable Connectivity Program (ACP) FCC Notice of Inquiry on Implementing the Infrastructure Investment and Jobs Act: Prevention and Elimination of Digital Discrimination (GN Docket No. 22-69) H.R. 8778, the Home Internet Accessibility Act
Infrastructure Investment and Jobs Act
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Broadband deployment, maintenance, access and adoption issues at multifamily communities. Federal policies impacting availability and reliability of voice, video and data services to multifamily housing communities, including but not limited to inside wiring, broadband and cellular services. FCC Notice of Proposed Rule Making and Declaratory Ruling: Improving Competitive Broadband Access to Multiple Tenant Environments (GN Docket No. 17-142) PL 117-58/H.R. 3684, Infrastructure Investment and Jobs Act, provisions related to the Broadband Equity, Access and Deployment (BEAD) Program and the Affordable Connectivity Program (ACP) FCC Notice of Inquiry on Implementing the Infrastructure Investment and Jobs Act: Prevention and Elimination of Digital Discrimination (GN Docket No. 22-69)
To amend the Internal Revenue Code of 1986 to allow for contributions to the Alzheimer's Research and Caregiving Trust Fund, and for other purposes.
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Housing Affordability Biden Housing Supply Action Plan. Balanced Housing Policy Issues Proposals to expand the availability of affordable and workforce housing Rent Control Barriers to Housing Development, Housing Affordability and Infrastructure Issues: Promoted policy that reinvests in the nations infrastructure and drives new investment in housing by eliminating barriers to development, reducing the cost of regulations and incentivizing apartment construction. General Rural Housing/U.S. Department of Agriculture Public policies affecting consumer reporting, resident screening (both financial and criminal) and consumer debt collection. Public policies surrounding the use of rent payment history in consumer reporting COVID-19-Related Housing Issues (Rental Assistance, Housing Development/Construction/Materials, Displacement and Eviction Moratoriums, Liability, Fair Housing, Debt Collection, Resident Screening and Reporting) Housing Stability and Eviction Fair Housing (Fair Housing Act, Disparate Impact Rule, Affirmatively Furthering Fair Housing Rule, Screening and Reporting) United States Treasury Implementation/Reallocation of Emergency Rental Assistance Programs created in: PL 117-2/H.R.1319 - American Rescue Plan Act of 2021. I. PL 116-260/''Coronavirus Aid, Relief, and. Economic Security Act'' or the ''CARES Act'' Legislation Section 8 voucher program updates/improvements H.R 6880/ S 1820: Choice in Affordable Housing Act 2022- all provisions Signed a joint industry advocacy letter to the House Financial Services Committee in support of H.R. 3880 being included in the Committee markup schedule. (June 2022) H.R. _The Housing Inspections Accountability Act of 2022 - Reviewed DRAFT legislation H.R. 7981, the Public Federally Assisted Housing Fire Safety Act of 2022 Section 2, Smoke Alarms in Federally Assisted Housing H.R. 6528, the Housing Temperature Safety Act of 2022 - Reviewed legislation H.R.6529 - To require owners of a covered federally assisted rental dwelling units to install self-closing doors in such units, and for other purposes. Section 2. Self-Closing Doors, (b) Certification H.R. 5828, the Pets Belong with Families Act - Section 2. Prohibition on Breed Restrictions H.R. 3198 and S. 1614 Yes in My Backyard (YIMBY) Act Housing Supply and Affordability Act Housing Development and Construction (Zoning and Land Use Practices, Affordability) U.S. Department of Housing and Urban Development (HUD) NMHC participated/cosponsored HUDs Innovative Housing Showcase (June 2022) Community Development Block Grants (CDBG) HOME Project-Based Voucher Programs Section 8 Source of Income Issues HUD Regulatory Reform Issues Fair Market Rents (FMRs) & Small Area Fair Market Rents (SAFMRs) Rental Assistance Demonstration Program (RAD) Centers for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS) FY 22 Funding - Initiatives Related to Housing Bureau of Labor Statistics funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs FY 2023 Funding/Appropriations Bureau of Labor Statistics Funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs Rural Housing Program Funding - Department of Agriculture Signed a joint industry advocacy letter to the House and Senate Appropriators in support of (FY) 2023 funding and policy provisions that support and strengthen the effectiveness of the Housing Choice Voucher (HCV) program. (June 2022) Emergency Rental Assistance Implementation/Reallocation and federal eviction moratorium issues NMHC participated in the White House stakeholder listening session on renters rights and responsibilities. (June 2022)
To amend the Internal Revenue Code of 1986 to allow for contributions to the Alzheimer's Research and Caregiving Trust Fund, and for other purposes.
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Housing Affordability Biden Housing Supply Action Plan. Balanced Housing Policy Issues Proposals to expand the availability of affordable and workforce housing Rent Control Barriers to Housing Development, Housing Affordability and Infrastructure Issues: Promoted policy that reinvests in the nations infrastructure and drives new investment in housing by eliminating barriers to development, reducing the cost of regulations and incentivizing apartment construction. General Rural Housing/U.S. Department of Agriculture Public policies affecting consumer reporting, resident screening (both financial and criminal) and consumer debt collection. Public policies surrounding the use of rent payment history in consumer reporting COVID-19-Related Housing Issues (Rental Assistance, Housing Development/Construction/Materials, Displacement and Eviction Moratoriums, Liability, Fair Housing, Debt Collection, Resident Screening and Reporting) Housing Stability and Eviction Fair Housing (Fair Housing Act, Disparate Impact Rule, Screening and Reporting) United States Treasury Implementation/Reallocation of Emergency Rental Assistance Programs created in: PL 117-2/H.R.1319 - American Rescue Plan Act of 2021. I. PL 116-260/''Coronavirus Aid, Relief, and. Economic Security Act'' or the ''CARES Act'' Treasury announcement made July 27, 2022, regarding new steps to increase affordable housing supply and lower-long term housing costs for American families, including Treasury guidance updates and how-to guide to increase investments in affordable housing under American Rescue Plan. President Biden Announces New Actions to Ease the Burden of Housing Costs (announced May 15, 2022), proposals to increase the supply of multifamily housing. FHFA oversight over Fannie Mae and Freddie Mac & GSE Reform Legislation Section 8 voucher program updates/improvements H.R 6880/ S 1820: Choice in Affordable Housing Act 2022- all provisions Signed a joint industry advocacy letter to the House Financial Services Committee in support of H.R. 3880 being included in the Committee markup schedule. (June 2022) H.R. _The Housing Inspections Accountability Act of 2022 - Reviewed DRAFT legislation H.R. 7981, the Public Federally Assisted Housing Fire Safety Act of 2022 Section 2, Smoke Alarms in Federally Assisted Housing H.R. 5828, the Pets Belong with Families Act - Section 2. Prohibition on Breed Restrictions H.R. 3198 and S. 1614 Yes in My Backyard (YIMBY) Act H.R.8476: the Housing Inspections Accountability Act H.R. 7123, the Studying Barriers to Homelessness Act H.R. 6528, the Housing Temperature Safety Act of 2022 Housing Supply and Affordability Act Housing Development and Construction (Zoning and Land Use Practices, Affordability) Potential legislative proposal to streamline process issues surrounding multifamily projects receiving financing under Federal USDA, HUD, and Low-Income Housing Tax Credit housing programs NMHC submitted a letter to the House Financial Services Committee for the July 20 hearing entitled, Housing in America: Oversight of the Federal Housing Finance Agency. NMHC submitted a letter to the Senate Finance Committee for the July 20, hearing entitled, The Role of Tax Incentives in Affordable Housing. NMHC signed a letter to the Administration on July 1, regarding the real estate industrys perspectives on a White House stakeholder listening session, related to improving affordability and stability for Americas renters, on the topic of renters rights and responsibilities. NMHC submitted a letter to the Administration, on August 11 in response to the White Houses Emergency Rental Assistance to Ensure Long-Term Eviction Reform summit. NMHC signed a letter to the House Financial Services Committee on August 2, regarding H.R. 7981, the Public and Federally Assisted Housing Fire Safety Act of 2022. NMHC submitted a statement to the Committee on Banking and Housing and Urban Affairs on August 5, for the hearing entitled, The Rent Eats First: How Renters and Communities are Impacted by Todays Housing Market. U.S. Department of Housing and Urban Development (HUD) Submitted comments to HUD on August 5, regarding the Proposed Changes to the Methodology Used for Calculation Fair Market Rent. Community Development Block Grants (CDBG) HOME Project-Based Voucher Programs Section 8 Source of Income Issues HUD Regulatory Reform Issues Fair Market Rents (FMRs) & Small Area Fair Market Rents (SAFMRs) Rental Assistance Demonstration Program (RAD) Centers for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS) FY 22 Funding - Initiatives Related to Housing Bureau of Labor Statistics funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs FY 2023 Funding/Appropriations Bureau of Labor Statistics Funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs Rural Housing Program Funding - Department of Agriculture Emergency Rental Assistance Implementation/Reallocation
Revitalizing Downtowns Act
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Inflation Reduction Act of 2022 (version released July 27, 2022 as a draft Senate amendment in a nature of a substitute to H.R. 5376), Title 1 -- Committee on Finance, Subtitle A -- Deficit Reduction, Part 1 -- Corporate Tax Reform, Section 10101: Corporate Alternative Minimum Tax; and Part 2 -- Closing the Carried Interest Loophole, Section 10201: Modification of Rules for Partnership Interests Held in Connection with the Performance of Services; Part 3 -- Clean Energy and Efficiency Incentives for Individuals, Section 13303: Energy Efficient Commercial Buildings Deduction and Section 13304: Extension, Increase, and Modifications of New Energy Efficient Home Credit. Build Back Better / Reconciliation Legislation Revenue Raisers Oppose inclusion of proposals in any reconciliation bill to: (1) expand the 3.8 percent net investment income tax to active income; (2) expand and extend a provision limiting the use of excess business losses by non-corporate taxpayers; or (3) modify the tax treatment of carried interest. Carried interest: NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year. Like-Kind exchanges: NMHC supports retaining current law Low-Income Housing Tax Credit and Middle-Income Housing Tax Credit S. 2820, Decent, Affordable, Safe Housing for All Act (DASH Act), to provide rental housing vouchers for the homeless, and for other purposes, Title I -- Housing Assistance, Subtitle A -- General Housing Assistance, Section 111: Rental Vouchers for the Homeless, portion of section pertaining to source of income rules; Title II -- Revenue Provisions: Sections 201-214 pertaining to the Low-Income Housing Tax Credit, Section 215 establishing a renter's tax credit, and Section 216 establishing a middle-income housing tax credit. Draft legislation, to amend the Internal Revenue Code of 1986 to establish a Workforce Housing Tax Credit, and for other purposes, all provisions. H.R. 2573, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions. S. 1136, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions. Extension of Expired Low-Income Housing Tax Credit Allocation Authority: NMHC supports extending the 12.5 increase in LIHTC credit authority available in 2018-2021. H.R. 7078, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. S. 4181, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. Monitored possible issuance of final rule on Low-Income Housing Tax Credit Average Income Test: Department of the Treasury, Internal Revenue Service, 26 CFR Part 1, REG-119890-18, RIN 1454 BO92, Section 42, Low-Income Housing Credit Average Income Test Regulations. Issues, including FHFA's duty to serve regulatory activities, pertaining to the preservation of LIHTC properties at the end of the 15-year compliance period: nonprofit partners ability to exercise right of first refusal, and the issue of qualified contracts. Monitored mitigation of potential negative impact of OECD Pillar 2 global minimum tax on Low-Income Housing Tax Credit. Bonus Depreciation Support extension of 100 bonus depreciation that expires at the end of 2022. Rehabilitation Tax Credit H.R. 1483, Revitalizing Economies, Housing, and Businesses Act of 2021 or the REHAB Act of 2021, to amend the Internal Revenue Code of 1986 to modify the rehabilitation credit, all provisions. Federal tax policies impacting the conversion of property (e.g., conversion of office buildings into housing) H.R. 4759, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. S. 2511, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. Made proposal to enable jurisdictions that reduce zoning barriers to use tax-exempt bonds to encourage repurposing of non-residential properties into housing. Opportunity Zones H.R. 7467, Opportunity Zones Transparency, Extension, and Improvement Act, to amend the Internal Revenue Code of 1986 to modify the rules relating to qualified opportunity zones, and for other purposes, all provisions. S. 4065, Opportunity Zones Transparency, Extension, and Improvement Act, to amend the Internal Revenue Code of 1986 to modify the rules relating to qualified opportunity zones, and for other purposes, all provisions. Support reducing the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. Energy Tax Incentives New Energy Efficient Homes Credit (IRC Section 45L) NMHC supported making permanent the New Energy Efficient Homes Credit as it existed prior to modification and extension as part of the Inflation Reduction Act. Energy Efficient Commercial Buildings Deduction (IRC Section 179D): NMHC supported expansion of the Energy Efficient Commercial Buildings Deduction to encourage retrofits of existing property, which would help spur investment in energy efficient improvements in older buildings. The Inflation Reduction Act addressed this issue. Taxation of Pass-Through Entities Senator Wyden Pass-Through Reform Discussion Draft, all provisions.
Revitalizing Downtowns Act
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Tax Cuts and Jobs Act (TCJA) Permanency H.R.8913, TCJA Permanency Act, to amend the Internal Revenue Code of 1986 to make permanent certain provisions of the Tax Cuts and Jobs Act affecting individuals, families, and small businesses, and for other purposes, Sec 101: Modification of rates, Section 111: Deduction for qualified business income, Section 112: Limitation on losses for taxpayers other than corporations, and Sec 151: Increase in estate and gift exemption NMHC supports extending individual tax rates and 20 percent qualified business income tax deduction that expires at the end of 2025 Estate Tax NMHC supports making permanent the Estate Tax rules enacted as part of the Tax Cuts and Jobs Act of 2017. Carried interest NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year. Like-Kind exchanges NMHC supports retaining current law Low-Income Housing Tax Credit and Middle-Income Housing Tax Credit S. 2820, Decent, Affordable, Safe Housing for All Act (DASH Act), to provide rental housing vouchers for the homeless, and for other purposes, Title I -- Housing Assistance, Subtitle A -- General Housing Assistance, Section 111: Rental Vouchers for the Homeless, portion of section pertaining to source of income rules; Title II -- Revenue Provisions: Sections 201-214 pertaining to the Low-Income Housing Tax Credit, Section 215 establishing a renter's tax credit, and Section 216 establishing a middle-income housing tax credit. Draft legislation, to amend the Internal Revenue Code of 1986 to establish a Workforce Housing Tax Credit, and for other purposes, all provisions. H.R. 2573, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions and potential new provisions for inclusion when bill is reintroduced in 118th Congress. S. 1136, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions and potential new provisions for inclusion when bill is reintroduced in 118th Congress. Low-Income Housing Tax Credit Provisions in Potential Year-End Tax Legislation: NMHC supported including in any potential year-end tax legislation provisions to: (1) expand LIHTC credit authority by 50 percent but at a minimum extend the 12.5 percent increase in LIHTC credit authority available in 2018-2021 adjusted for inflation; (2) enhance the use of existing private activity bond authority by reducing the bond financing threshold to maximize 4 percent Low-Income Housing Tax Credits to 25 percent from 50 percent; and (3) increase the state allocation of private activity bonds. Additional issues pertaining to the Low-Income Housing Tax Credit: Regulatory proposals involving: Right of first refusal at the end of the 15-year compliance period, Casualty Losses, the flexible use of Private Activity Bond carryforward authority for affordable housing purposes, application of the Violence Against Women Act to the Low-Income Housing Tax Credit, Disaster Low-Income Housing Tax Credits authorized as part of the Consolidated Appropriations Act of 2021, and the continued qualification of Over-Income Tenants; Legislative Proposal to further target the Low-Income Housing Tax Credit to extremely low-income households. Proposals for tax incentives to spur workforce housing production Department of the Treasury, Internal Revenue Service, 26 CFR Part 1, TD 9967, RIN 1545-BO92, Section 42, Low-Income Housing Credit Average Income Test Regulations. Internal Revenue Service, Notice 2022-52, additional temporary relief from certain requirements under Internal Revenue Code Section 42 pertaining to low-income housing tax credit projects. Bonus Depreciation NMHC supports extension of 100 bonus depreciation that expired at the end of 2022. Deductibility of Business Interest NMHC supports permanent extension (or at least through 2025) of ability to use EBITDA (as opposed to EBIT) for purposes of applying limits on interest deductibility Federal tax policies impacting the conversion of property (e.g., conversion of office buildings into housing) H.R. 4759, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. S. 2511, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. Made proposal to enable jurisdictions that reduce zoning barriers to use tax-exempt bonds to encourage repurposing of non-residential properties into housing. Opportunity Zones NMHC supports reducing the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. Energy Tax Incentives Internal Revenue Service, Notice 2022-50, Request for Comments on Elective Payment of Applicable Credits and Transfer of Certain Credits Internal Revenue Service, Notice 2022-48, Request for Comments on Incentive Provisions for Improving the Energy Efficiency of Residential and Commercial Buildings
Inflation Reduction Act of 2022
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Inflation Reduction Act of 2022 (version released July 27, 2022 as a draft Senate amendment in a nature of a substitute to H.R. 5376), Title 1 -- Committee on Finance, Subtitle A -- Deficit Reduction, Part 1 -- Corporate Tax Reform, Section 10101: Corporate Alternative Minimum Tax; and Part 2 -- Closing the Carried Interest Loophole, Section 10201: Modification of Rules for Partnership Interests Held in Connection with the Performance of Services; Part 3 -- Clean Energy and Efficiency Incentives for Individuals, Section 13303: Energy Efficient Commercial Buildings Deduction and Section 13304: Extension, Increase, and Modifications of New Energy Efficient Home Credit. Build Back Better / Reconciliation Legislation Revenue Raisers Oppose inclusion of proposals in any reconciliation bill to: (1) expand the 3.8 percent net investment income tax to active income; (2) expand and extend a provision limiting the use of excess business losses by non-corporate taxpayers; or (3) modify the tax treatment of carried interest. Carried interest: NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year. Like-Kind exchanges: NMHC supports retaining current law Low-Income Housing Tax Credit and Middle-Income Housing Tax Credit S. 2820, Decent, Affordable, Safe Housing for All Act (DASH Act), to provide rental housing vouchers for the homeless, and for other purposes, Title I -- Housing Assistance, Subtitle A -- General Housing Assistance, Section 111: Rental Vouchers for the Homeless, portion of section pertaining to source of income rules; Title II -- Revenue Provisions: Sections 201-214 pertaining to the Low-Income Housing Tax Credit, Section 215 establishing a renter's tax credit, and Section 216 establishing a middle-income housing tax credit. Draft legislation, to amend the Internal Revenue Code of 1986 to establish a Workforce Housing Tax Credit, and for other purposes, all provisions. H.R. 2573, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions. S. 1136, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions. Extension of Expired Low-Income Housing Tax Credit Allocation Authority: NMHC supports extending the 12.5 increase in LIHTC credit authority available in 2018-2021. H.R. 7078, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. S. 4181, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. Monitored possible issuance of final rule on Low-Income Housing Tax Credit Average Income Test: Department of the Treasury, Internal Revenue Service, 26 CFR Part 1, REG-119890-18, RIN 1454 BO92, Section 42, Low-Income Housing Credit Average Income Test Regulations. Issues, including FHFA's duty to serve regulatory activities, pertaining to the preservation of LIHTC properties at the end of the 15-year compliance period: nonprofit partners ability to exercise right of first refusal, and the issue of qualified contracts. Monitored mitigation of potential negative impact of OECD Pillar 2 global minimum tax on Low-Income Housing Tax Credit. Bonus Depreciation Support extension of 100 bonus depreciation that expires at the end of 2022. Rehabilitation Tax Credit H.R. 1483, Revitalizing Economies, Housing, and Businesses Act of 2021 or the REHAB Act of 2021, to amend the Internal Revenue Code of 1986 to modify the rehabilitation credit, all provisions. Federal tax policies impacting the conversion of property (e.g., conversion of office buildings into housing) H.R. 4759, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. S. 2511, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. Made proposal to enable jurisdictions that reduce zoning barriers to use tax-exempt bonds to encourage repurposing of non-residential properties into housing. Opportunity Zones H.R. 7467, Opportunity Zones Transparency, Extension, and Improvement Act, to amend the Internal Revenue Code of 1986 to modify the rules relating to qualified opportunity zones, and for other purposes, all provisions. S. 4065, Opportunity Zones Transparency, Extension, and Improvement Act, to amend the Internal Revenue Code of 1986 to modify the rules relating to qualified opportunity zones, and for other purposes, all provisions. Support reducing the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. Energy Tax Incentives New Energy Efficient Homes Credit (IRC Section 45L) NMHC supported making permanent the New Energy Efficient Homes Credit as it existed prior to modification and extension as part of the Inflation Reduction Act. Energy Efficient Commercial Buildings Deduction (IRC Section 179D): NMHC supported expansion of the Energy Efficient Commercial Buildings Deduction to encourage retrofits of existing property, which would help spur investment in energy efficient improvements in older buildings. The Inflation Reduction Act addressed this issue. Taxation of Pass-Through Entities Senator Wyden Pass-Through Reform Discussion Draft, all provisions.
Inflation Reduction Act of 2022
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Reconciliation Legislation H.R. 5376 Build Back Better Act, Low-Income Housing Tax Credit and Middle-Income Housing Tax Credit Support making permanent and augmenting by an additional 50 percent the increased Low-Income Housing Tax Credit authority enacted in March 2018 to enable the production of new units. Support establishment of Middle-Income Housing Tax Credit to spur production of multifamily units serving middle-income families. H.R. 2573 / S. 1136, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions. S. 2820, Decent, Affordable, Safe Housing for All Act (DASH Act), to provide rental housing vouchers for the homeless, and for other purposes, H.R. 7078, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. S. 4181, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. Monitored possible issuance of final rule on Low-Income Housing Tax Credit Average Income Test: Department of the Treasury, Internal Revenue Service, 26 CFR Part 1, REG-119890-18, RIN 1454 BO92, Section 42, Low-Income Housing Credit Average Income Test Regulations. Signed letter of trade associations (sent April 5, 2022) to Secretary of Treasury Janet Yellen requesting that the Treasury Department preserve the value of community development tax incentives, including the Low-Income Tax Credit, as the OECD moves forward on Pillar 2 rules establishing a global minimum tax. Monitored mitigation of potential negative impact OECD Pillar 2 of global minimum tax on Low-Income Housing Tax Credit Biden Administration Tax Proposals General Explanations of the Administration's Fiscal Year 2023 Revenue Proposals: Allow selective basis boosts for bond-financed low-income housing tax credit projects; increase the top marginal income tax rate for high earners; reform the taxation of capital income; impose a minimum tax on the wealthiest taxpayers, tax carried (profits) interests as ordinary income; repeal deferral of gain from like-kind exchanges; and require 100 percent depreciation recapture of depreciation deductions as ordinary income for certain depreciable property. President Biden Announces New Actions to Ease the Burden of Housing Costs (announced May 15, 2022), proposals to increase the supply of multifamily housing. Taxation of Business and Capital Income, Estates, and FIRPTA Like-kind exchanges: Support retaining current law. Capital Gains - Oppose doubling the long-term capital gains tax rate and support current-law capital gains tax rates. Carried interest: NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year. Stepped-Up Basis at Death and Taxation of Unrealized Capital Gains at Death: Support retaining current law providing for stepped-up basis at death and taxation of capital gains upon actual sale. Business Interest Deductibility: Support full deductibility of business interest for multifamily industry. Section 199A Pass-Through Deduction: Support 199A pass-through deduction. Estate Tax: Support making permanent the Estate Tax rules enacted as part of the Tax Cuts and Jobs Act of 2017. Foreign Investment in Real Property Tax Act (FIRPTA): Support repealing FIRPTA to promote investment in U.S. multifamily industry. Extension of Expiring Tax Provisions NMHC supports extending the 12.5 increase in LIHTC credit authority available in 2018-2021. NMHC also supports extending the New Energy Home Credit (IRC 45L). Opportunity Zones Support reducing the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. H.R. 7467 and S. 4065, Opportunity Zones Transparency, Extension, and Improvement Act, to amend the Internal Revenue Code of 1986 to modify the rules relating to qualified opportunity zones, and for other purposes, all provisions. Adaptive Reuse Federal tax policies impacting the conversion of property (e.g, conversion of office buildings into housing) H.R. 4759, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. Also, analyzed proposals to expand bill to enable commercial property types other than office buildings to be converted, as well as to allow REITs to benefit from the incentive S. 2511, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. Also, analyzed proposals to expand bill to enable commercial property types other than office buildings to be converted, as well as to allow REITs to benefit from the incentive Tax Depreciation H.R. 7229, Renewing Investment in American Workers and Supply Chains Act, to amend the Internal Revenue Code of 1986 to modify the depreciation of nonresidential real property and residential rental property, all provisions. S. 4012, Renewing Investment in American Workers and Supply Chains Act, to amend the Internal Revenue Code of 1986 to modify the depreciation of nonresidential real property and residential rental property, all provisions.
Inflation Reduction Act of 2022
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Reconciliation Legislation Senate Finance Committee, Draft Text of Build Back Better Act, Title XII -- Committee on Finance, Subtitle E -- Infrastructure Financing and Community Development, Part 1 -- Low-Income Housing Credit, Section 125101: Increases in State Allocations, Section 125102: Tax-Exempt Bond Financing Requirement; and Section 125103: Buildings Designated to Serve Extremely Low-Income Households; Subtitle F -- Green Energy, Part 3 -- Green Energy and Efficiency Incentives for Individuals, Section 126303: Energy Efficient Commercial Buildings Deduction and Section 126304: Extension, Increase, and Modifications of New Energy Efficient Home Credit; Subtitle H -- Responsibly Funding Our Priorities, Part 1 -- Corporate and International Tax Reforms, Subpart A -- Corporate Tax Rate, Section 128101: Corporate Alternative Minimum Tax; Part 2: Tax Increases for High-Income Individuals, Section 128201: Application of Net Investment Income Tax to Trade or Business Income of Certain High Income Individuals, Section 128202: Limitations on Excess Business Losses of Noncorporate Taxpayers, and Section 128203: Surcharge on High Income Individuals, Estates, and Trusts. H.R. 5376 (as amended by House Rules Committee Print 117-18, the version of the bill that passed the House of Representatives November 19, 2021), Build Back Better Act, Title XIII -- Committee on Ways and Means, Subtitle E -- Infrastructure Financing and Community Development, Part 1 -- Low Income Housing Credit, Section 135101: Increase in State Allocations, Section 135102: Tax-Exempt Bond Financing Requirement, and Section 135103 Buildings Designated to Serve Extremely Low-Income Households; Subtitle F -- Green Energy, Part 3 -- Green Energy and Efficiency Incentives for Individuals, Section 136303: Energy Efficient Commercial Buildings Deduction and Section 136304: Extension, Increase, and Modifications of New Energy Efficient Home Credit. Subtitle H -- Responsibly Funding Our Priorities, Part 1 -- Corporate and International Tax Reforms, Subpart A -- Corporate Tax Rate, Section 138101: Corporate Alternative Minimum Tax; Part 2: Tax Increases for High-Income Individuals, Section 138201: Application of Net Investment Income Tax to Trade or Business Income of Certain High Income Individuals, Section 138202: Limitations on Excess Business Losses of Noncorporate Taxpayers, and Section 138203: Surcharge on High Income Individuals, Estates, and Trusts. Low-Income Housing Tax Credit and Middle-Income Housing Tax Credit Support making permanent and augmenting by an additional 50 percent the increased Low-Income Housing Tax Credit authority enacted in March 2018 to enable the production of new units. H.R. 2573 / S. 1136, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions. S. 2820, Decent, Affordable, Safe Housing for All Act (DASH Act), to provide rental housing vouchers for the homeless, and for other purposes, Title I -- Housing Assistance, Subtitle A -- General Housing Assistance, Section 111: Rental Vouchers for the Homeless, portion of section pertaining to source of income rules; Title II -- Revenue Provisions: Sections 201-214 pertaining to the Low-Income Housing Tax Credit, Section 215 establishing a renter's tax credit, and Section 216 establishing a middle-income housing tax credit. H.R. 7078, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. Signed letter of trade associations (sent April 5, 2022) to Secretary of Treasury Janet Yellen requesting that the Treasury Department preserve the value of community development tax incentives, including the Low-Income Tax Credit, as the OECD moves forward on Pillar 2 rules establishing a global minimum tax. Biden Administration Tax Proposals General Explanations of the Administration's Fiscal Year 2023 Revenue Proposals: Prevent basis shifting by related parties through partnerships; allow selective basis boosts for bond-financed low-income housing tax credit projects; increase the top marginal income tax rate for high earners; reform the taxation of capital income; impose a minimum tax on the wealthiest taxpayers, tax carried (profits) interests as ordinary income; repeal deferral of gain from like-kind exchanges; and require 100 percent depreciation recapture of depreciation deductions as ordinary income for certain depreciable property. Like-kind exchanges: Support retaining current law. Capital Gains - Oppose doubling the long-term capital gains tax rate and support significant differential between ordinary income and capital gains tax rates. Carried interest: NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year. Stepped-Up Basis at Death and Taxation of Unrealized Capital Gains at Death: Support retaining current law providing for stepped-up basis at death and taxation of capital gains upon actual sale. Estate Tax: Support making permanent the Estate Tax rules enacted as part of the Tax Cuts and Jobs Act of 2017. Opportunity Zones Support reducing the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. Real Estate Investment Trusts H.R. 3123, Parity for Non-Traded REITs Act, to amend the Internal Revenue Code of 1986 to provide the same treatment to publicly offered, non-traded Real Estate Investment Trusts as is provided to exchange-traded Real Estate Investment Trusts under the Foreign Investment in Real Property Tax Act of 1980, all provisions. Supported House bill and also requested introduction of companion legislation in the Senate. Adaptive Reuse Federal tax policies impacting the conversion of property (e.g, conversion of office buildings into housing)
National Flood Insurance Program Reauthorization and Reform Act of 2021
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Public policies affecting risk management for flood, terrorism, disaster, cyber, business interruption, liability, builders risk, workers compensation, pandemic and the cost and availability of insurance utilized by multifamily firms. National Flood Insurance Program policies, guidance, and requirements affecting existing and future multifamily and single-family properties. Reauthorization and reform of the National Flood Insurance Program. FEMAs Risk Rating 2.0 program H.R. 5823, the Pandemic Risk Insurance Act of 2021 Draft Legislation: The National Flood Insurance Program Reauthorization Act of 2022 S.3128/H.R. 5802 - National Flood Insurance Program Reauthorization and Reform Act
National Flood Insurance Program Reauthorization and Reform Act of 2021
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Public policies affecting risk management for flood, terrorism, disaster, cyber, business interruption, liability, builders risk, workers compensation, pandemic and the cost and availability of insurance utilized by multifamily firms. National Flood Insurance Program policies, guidance, and requirements affecting existing and future multifamily and single-family properties. Reauthorization and reform of the National Flood Insurance Program. FEMAs Risk Rating 2.0 program H.R. 5823, the Pandemic Risk Insurance Act of 2021 Draft Legislation: The National Flood Insurance Program Reauthorization Act of 2022 S.3128/H.R. 5802 - National Flood Insurance Program Reauthorization and Reform Act H.R.2617 - Consolidated Appropriations Act, 2023
Pandemic Risk Insurance Act of 2021
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Public policies affecting risk management for flood, terrorism, disaster, cyber, business interruption, liability, builders risk, workers compensation, pandemic and the cost and availability of insurance utilized by multifamily firms. National Flood Insurance Program policies, guidance, and requirements affecting existing and future multifamily and single-family properties. Reauthorization and reform of the National Flood Insurance Program. FEMAs Risk Rating 2.0 program H.R. 5823, the Pandemic Risk Insurance Act of 2021 Draft Legislation: The National Flood Insurance Program Reauthorization Act of 2022 S.3128/H.R. 5802 - National Flood Insurance Program Reauthorization and Reform Act
Pandemic Risk Insurance Act of 2021
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Public policies affecting risk management for flood, terrorism, disaster, cyber, business interruption, liability, builders risk, workers compensation, pandemic and the cost and availability of insurance utilized by multifamily firms. National Flood Insurance Program policies, guidance, and requirements affecting existing and future multifamily and single-family properties. Reauthorization and reform of the National Flood Insurance Program. FEMAs Risk Rating 2.0 program H.R. 5823, the Pandemic Risk Insurance Act of 2021 Draft Legislation: The National Flood Insurance Program Reauthorization Act of 2022 S.3128/H.R. 5802 - National Flood Insurance Program Reauthorization and Reform Act H.R.2617 - Consolidated Appropriations Act, 2023
Pandemic Risk Insurance Act of 2021
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Public policies affecting risk management for flood, terrorism, disaster, cyber, business interruption, liability, builders risk, workers compensation, pandemic and other lines of insurance utilized by multifamily firms. National Flood Insurance Program policies, guidance, and requirements affecting existing and future multifamily and single-family properties. Reauthorization and reform of the National Flood Insurance Program. FEMAs Risk Rating 2.0 program Cost of insurance for the multifamily industry. H.R. 5823, the Pandemic Risk Insurance Act of 2021 H.R.2471 - Consolidated Appropriations Act, 2022
Pandemic Risk Insurance Act of 2021
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Public policies affecting risk management for flood, terrorism, disaster, cyber, business interruption, liability, builders risk, workers compensation, pandemic and other lines of insurance utilized by multifamily firms. National Flood Insurance Program policies, guidance, and requirements affecting existing and future multifamily and single-family properties. Reauthorization and reform of the National Flood Insurance Program. FEMAs Risk Rating 2.0 program Cost of insurance for the multifamily industry. H.R. 5823, the Pandemic Risk Insurance Act of 2021 Draft Legislation: The National Flood Insurance Program Reauthorization Act of 2022
Pets Belong With Families Act
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Housing Affordability Biden Housing Supply Action Plan. Balanced Housing Policy Issues Proposals to expand the availability of affordable and workforce housing Rent Control Barriers to Housing Development, Housing Affordability and Infrastructure Issues: Promoted policy that reinvests in the nations infrastructure and drives new investment in housing by eliminating barriers to development, reducing the cost of regulations and incentivizing apartment construction. General Rural Housing/U.S. Department of Agriculture Public policies affecting consumer reporting, resident screening (both financial and criminal) and consumer debt collection. Public policies surrounding the use of rent payment history in consumer reporting COVID-19-Related Housing Issues (Rental Assistance, Housing Development/Construction/Materials, Displacement and Eviction Moratoriums, Liability, Fair Housing, Debt Collection, Resident Screening and Reporting) Housing Stability and Eviction Fair Housing (Fair Housing Act, Disparate Impact Rule, Screening and Reporting) United States Treasury Implementation/Reallocation of Emergency Rental Assistance Programs created in: PL 117-2/H.R.1319 - American Rescue Plan Act of 2021. I. PL 116-260/''Coronavirus Aid, Relief, and. Economic Security Act'' or the ''CARES Act'' Treasury announcement made July 27, 2022, regarding new steps to increase affordable housing supply and lower-long term housing costs for American families, including Treasury guidance updates and how-to guide to increase investments in affordable housing under American Rescue Plan. President Biden Announces New Actions to Ease the Burden of Housing Costs (announced May 15, 2022), proposals to increase the supply of multifamily housing. FHFA oversight over Fannie Mae and Freddie Mac & GSE Reform Legislation Section 8 voucher program updates/improvements H.R 6880/ S 1820: Choice in Affordable Housing Act 2022- all provisions Signed a joint industry advocacy letter to the House Financial Services Committee in support of H.R. 3880 being included in the Committee markup schedule. (June 2022) H.R. _The Housing Inspections Accountability Act of 2022 - Reviewed DRAFT legislation H.R. 7981, the Public Federally Assisted Housing Fire Safety Act of 2022 Section 2, Smoke Alarms in Federally Assisted Housing H.R. 5828, the Pets Belong with Families Act - Section 2. Prohibition on Breed Restrictions H.R. 3198 and S. 1614 Yes in My Backyard (YIMBY) Act H.R.8476: the Housing Inspections Accountability Act H.R. 7123, the Studying Barriers to Homelessness Act H.R. 6528, the Housing Temperature Safety Act of 2022 Housing Supply and Affordability Act Housing Development and Construction (Zoning and Land Use Practices, Affordability) Potential legislative proposal to streamline process issues surrounding multifamily projects receiving financing under Federal USDA, HUD, and Low-Income Housing Tax Credit housing programs NMHC submitted a letter to the House Financial Services Committee for the July 20 hearing entitled, Housing in America: Oversight of the Federal Housing Finance Agency. NMHC submitted a letter to the Senate Finance Committee for the July 20, hearing entitled, The Role of Tax Incentives in Affordable Housing. NMHC signed a letter to the Administration on July 1, regarding the real estate industrys perspectives on a White House stakeholder listening session, related to improving affordability and stability for Americas renters, on the topic of renters rights and responsibilities. NMHC submitted a letter to the Administration, on August 11 in response to the White Houses Emergency Rental Assistance to Ensure Long-Term Eviction Reform summit. NMHC signed a letter to the House Financial Services Committee on August 2, regarding H.R. 7981, the Public and Federally Assisted Housing Fire Safety Act of 2022. NMHC submitted a statement to the Committee on Banking and Housing and Urban Affairs on August 5, for the hearing entitled, The Rent Eats First: How Renters and Communities are Impacted by Todays Housing Market. U.S. Department of Housing and Urban Development (HUD) Submitted comments to HUD on August 5, regarding the Proposed Changes to the Methodology Used for Calculation Fair Market Rent. Community Development Block Grants (CDBG) HOME Project-Based Voucher Programs Section 8 Source of Income Issues HUD Regulatory Reform Issues Fair Market Rents (FMRs) & Small Area Fair Market Rents (SAFMRs) Rental Assistance Demonstration Program (RAD) Centers for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS) FY 22 Funding - Initiatives Related to Housing Bureau of Labor Statistics funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs FY 2023 Funding/Appropriations Bureau of Labor Statistics Funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs Rural Housing Program Funding - Department of Agriculture Emergency Rental Assistance Implementation/Reallocation
Pets Belong With Families Act
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Housing Affordability Biden Housing Supply Action Plan. Balanced Housing Policy Issues Proposals to expand the availability of affordable and workforce housing Rent Control Barriers to Housing Development, Housing Affordability and Infrastructure Issues: Promoted policy that reinvests in the nations infrastructure and drives new investment in housing by eliminating barriers to development, reducing the cost of regulations and incentivizing apartment construction. General Rural Housing/U.S. Department of Agriculture Public policies affecting consumer reporting, resident screening (both financial and criminal) and consumer debt collection. Public policies surrounding the use of rent payment history in consumer reporting COVID-19-Related Housing Issues (Rental Assistance, Housing Development/Construction/Materials, Displacement and Eviction Moratoriums, Liability, Fair Housing, Debt Collection, Resident Screening and Reporting) Housing Stability and Eviction Fair Housing (Fair Housing Act, Disparate Impact Rule, Affirmatively Furthering Fair Housing Rule, Screening and Reporting) United States Treasury Implementation/Reallocation of Emergency Rental Assistance Programs created in: PL 117-2/H.R.1319 - American Rescue Plan Act of 2021. I. PL 116-260/''Coronavirus Aid, Relief, and. Economic Security Act'' or the ''CARES Act'' Legislation Section 8 voucher program updates/improvements H.R 6880/ S 1820: Choice in Affordable Housing Act 2022- all provisions Signed a joint industry advocacy letter to the House Financial Services Committee in support of H.R. 3880 being included in the Committee markup schedule. (June 2022) H.R. _The Housing Inspections Accountability Act of 2022 - Reviewed DRAFT legislation H.R. 7981, the Public Federally Assisted Housing Fire Safety Act of 2022 Section 2, Smoke Alarms in Federally Assisted Housing H.R. 6528, the Housing Temperature Safety Act of 2022 - Reviewed legislation H.R.6529 - To require owners of a covered federally assisted rental dwelling units to install self-closing doors in such units, and for other purposes. Section 2. Self-Closing Doors, (b) Certification H.R. 5828, the Pets Belong with Families Act - Section 2. Prohibition on Breed Restrictions H.R. 3198 and S. 1614 Yes in My Backyard (YIMBY) Act Housing Supply and Affordability Act Housing Development and Construction (Zoning and Land Use Practices, Affordability) U.S. Department of Housing and Urban Development (HUD) NMHC participated/cosponsored HUDs Innovative Housing Showcase (June 2022) Community Development Block Grants (CDBG) HOME Project-Based Voucher Programs Section 8 Source of Income Issues HUD Regulatory Reform Issues Fair Market Rents (FMRs) & Small Area Fair Market Rents (SAFMRs) Rental Assistance Demonstration Program (RAD) Centers for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS) FY 22 Funding - Initiatives Related to Housing Bureau of Labor Statistics funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs FY 2023 Funding/Appropriations Bureau of Labor Statistics Funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs Rural Housing Program Funding - Department of Agriculture Signed a joint industry advocacy letter to the House and Senate Appropriators in support of (FY) 2023 funding and policy provisions that support and strengthen the effectiveness of the Housing Choice Voucher (HCV) program. (June 2022) Emergency Rental Assistance Implementation/Reallocation and federal eviction moratorium issues NMHC participated in the White House stakeholder listening session on renters rights and responsibilities. (June 2022)
Housing Temperature Safety Act of 2022
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Housing Affordability Biden Housing Supply Action Plan. Balanced Housing Policy Issues Proposals to expand the availability of affordable and workforce housing Rent Control Barriers to Housing Development, Housing Affordability and Infrastructure Issues: Promoted policy that reinvests in the nations infrastructure and drives new investment in housing by eliminating barriers to development, reducing the cost of regulations and incentivizing apartment construction. General Rural Housing/U.S. Department of Agriculture Public policies affecting consumer reporting, resident screening (both financial and criminal) and consumer debt collection. Public policies surrounding the use of rent payment history in consumer reporting COVID-19-Related Housing Issues (Rental Assistance, Housing Development/Construction/Materials, Displacement and Eviction Moratoriums, Liability, Fair Housing, Debt Collection, Resident Screening and Reporting) Housing Stability and Eviction Fair Housing (Fair Housing Act, Disparate Impact Rule, Screening and Reporting) United States Treasury Implementation/Reallocation of Emergency Rental Assistance Programs created in: PL 117-2/H.R.1319 - American Rescue Plan Act of 2021. I. PL 116-260/''Coronavirus Aid, Relief, and. Economic Security Act'' or the ''CARES Act'' Treasury announcement made July 27, 2022, regarding new steps to increase affordable housing supply and lower-long term housing costs for American families, including Treasury guidance updates and how-to guide to increase investments in affordable housing under American Rescue Plan. President Biden Announces New Actions to Ease the Burden of Housing Costs (announced May 15, 2022), proposals to increase the supply of multifamily housing. FHFA oversight over Fannie Mae and Freddie Mac & GSE Reform Legislation Section 8 voucher program updates/improvements H.R 6880/ S 1820: Choice in Affordable Housing Act 2022- all provisions Signed a joint industry advocacy letter to the House Financial Services Committee in support of H.R. 3880 being included in the Committee markup schedule. (June 2022) H.R. _The Housing Inspections Accountability Act of 2022 - Reviewed DRAFT legislation H.R. 7981, the Public Federally Assisted Housing Fire Safety Act of 2022 Section 2, Smoke Alarms in Federally Assisted Housing H.R. 5828, the Pets Belong with Families Act - Section 2. Prohibition on Breed Restrictions H.R. 3198 and S. 1614 Yes in My Backyard (YIMBY) Act H.R.8476: the Housing Inspections Accountability Act H.R. 7123, the Studying Barriers to Homelessness Act H.R. 6528, the Housing Temperature Safety Act of 2022 Housing Supply and Affordability Act Housing Development and Construction (Zoning and Land Use Practices, Affordability) Potential legislative proposal to streamline process issues surrounding multifamily projects receiving financing under Federal USDA, HUD, and Low-Income Housing Tax Credit housing programs NMHC submitted a letter to the House Financial Services Committee for the July 20 hearing entitled, Housing in America: Oversight of the Federal Housing Finance Agency. NMHC submitted a letter to the Senate Finance Committee for the July 20, hearing entitled, The Role of Tax Incentives in Affordable Housing. NMHC signed a letter to the Administration on July 1, regarding the real estate industrys perspectives on a White House stakeholder listening session, related to improving affordability and stability for Americas renters, on the topic of renters rights and responsibilities. NMHC submitted a letter to the Administration, on August 11 in response to the White Houses Emergency Rental Assistance to Ensure Long-Term Eviction Reform summit. NMHC signed a letter to the House Financial Services Committee on August 2, regarding H.R. 7981, the Public and Federally Assisted Housing Fire Safety Act of 2022. NMHC submitted a statement to the Committee on Banking and Housing and Urban Affairs on August 5, for the hearing entitled, The Rent Eats First: How Renters and Communities are Impacted by Todays Housing Market. U.S. Department of Housing and Urban Development (HUD) Submitted comments to HUD on August 5, regarding the Proposed Changes to the Methodology Used for Calculation Fair Market Rent. Community Development Block Grants (CDBG) HOME Project-Based Voucher Programs Section 8 Source of Income Issues HUD Regulatory Reform Issues Fair Market Rents (FMRs) & Small Area Fair Market Rents (SAFMRs) Rental Assistance Demonstration Program (RAD) Centers for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS) FY 22 Funding - Initiatives Related to Housing Bureau of Labor Statistics funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs FY 2023 Funding/Appropriations Bureau of Labor Statistics Funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs Rural Housing Program Funding - Department of Agriculture Emergency Rental Assistance Implementation/Reallocation
Housing Temperature Safety Act of 2022
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Housing Affordability Biden Housing Supply Action Plan. Balanced Housing Policy Issues Proposals to expand the availability of affordable and workforce housing Rent Control Barriers to Housing Development, Housing Affordability and Infrastructure Issues: Promoted policy that reinvests in the nations infrastructure and drives new investment in housing by eliminating barriers to development, reducing the cost of regulations and incentivizing apartment construction. General Rural Housing/U.S. Department of Agriculture Public policies affecting consumer reporting, resident screening (both financial and criminal) and consumer debt collection. Public policies surrounding the use of rent payment history in consumer reporting COVID-19-Related Housing Issues (Rental Assistance, Housing Development/Construction/Materials, Displacement and Eviction Moratoriums, Liability, Fair Housing, Debt Collection, Resident Screening and Reporting) Housing Stability and Eviction Fair Housing (Fair Housing Act, Disparate Impact Rule, Affirmatively Furthering Fair Housing Rule, Screening and Reporting) United States Treasury Implementation/Reallocation of Emergency Rental Assistance Programs created in: PL 117-2/H.R.1319 - American Rescue Plan Act of 2021. I. PL 116-260/''Coronavirus Aid, Relief, and. Economic Security Act'' or the ''CARES Act'' Legislation Section 8 voucher program updates/improvements H.R 6880/ S 1820: Choice in Affordable Housing Act 2022- all provisions Signed a joint industry advocacy letter to the House Financial Services Committee in support of H.R. 3880 being included in the Committee markup schedule. (June 2022) H.R. _The Housing Inspections Accountability Act of 2022 - Reviewed DRAFT legislation H.R. 7981, the Public Federally Assisted Housing Fire Safety Act of 2022 Section 2, Smoke Alarms in Federally Assisted Housing H.R. 6528, the Housing Temperature Safety Act of 2022 - Reviewed legislation H.R.6529 - To require owners of a covered federally assisted rental dwelling units to install self-closing doors in such units, and for other purposes. Section 2. Self-Closing Doors, (b) Certification H.R. 5828, the Pets Belong with Families Act - Section 2. Prohibition on Breed Restrictions H.R. 3198 and S. 1614 Yes in My Backyard (YIMBY) Act Housing Supply and Affordability Act Housing Development and Construction (Zoning and Land Use Practices, Affordability) U.S. Department of Housing and Urban Development (HUD) NMHC participated/cosponsored HUDs Innovative Housing Showcase (June 2022) Community Development Block Grants (CDBG) HOME Project-Based Voucher Programs Section 8 Source of Income Issues HUD Regulatory Reform Issues Fair Market Rents (FMRs) & Small Area Fair Market Rents (SAFMRs) Rental Assistance Demonstration Program (RAD) Centers for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS) FY 22 Funding - Initiatives Related to Housing Bureau of Labor Statistics funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs FY 2023 Funding/Appropriations Bureau of Labor Statistics Funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs Rural Housing Program Funding - Department of Agriculture Signed a joint industry advocacy letter to the House and Senate Appropriators in support of (FY) 2023 funding and policy provisions that support and strengthen the effectiveness of the Housing Choice Voucher (HCV) program. (June 2022) Emergency Rental Assistance Implementation/Reallocation and federal eviction moratorium issues NMHC participated in the White House stakeholder listening session on renters rights and responsibilities. (June 2022)
_____ Act of 2022
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Housing Affordability Biden Housing Supply Action Plan. Balanced Housing Policy Issues Proposals to expand the availability of affordable and workforce housing Rent Control Barriers to Housing Development, Housing Affordability and Infrastructure Issues: Promoted policy that reinvests in the nations infrastructure and drives new investment in housing by eliminating barriers to development, reducing the cost of regulations and incentivizing apartment construction. General Rural Housing/U.S. Department of Agriculture Public policies affecting consumer reporting, resident screening (both financial and criminal) and consumer debt collection. Public policies surrounding the use of rent payment history in consumer reporting COVID-19-Related Housing Issues (Rental Assistance, Housing Development/Construction/Materials, Displacement and Eviction Moratoriums, Liability, Fair Housing, Debt Collection, Resident Screening and Reporting) Housing Stability and Eviction Fair Housing (Fair Housing Act, Disparate Impact Rule, Affirmatively Furthering Fair Housing Rule, Screening and Reporting) United States Treasury Implementation/Reallocation of Emergency Rental Assistance Programs created in: PL 117-2/H.R.1319 - American Rescue Plan Act of 2021. I. PL 116-260/''Coronavirus Aid, Relief, and. Economic Security Act'' or the ''CARES Act'' Legislation Section 8 voucher program updates/improvements H.R 6880/ S 1820: Choice in Affordable Housing Act 2022- all provisions Signed a joint industry advocacy letter to the House Financial Services Committee in support of H.R. 3880 being included in the Committee markup schedule. (June 2022) H.R. _The Housing Inspections Accountability Act of 2022 - Reviewed DRAFT legislation H.R. 7981, the Public Federally Assisted Housing Fire Safety Act of 2022 Section 2, Smoke Alarms in Federally Assisted Housing H.R. 6528, the Housing Temperature Safety Act of 2022 - Reviewed legislation H.R.6529 - To require owners of a covered federally assisted rental dwelling units to install self-closing doors in such units, and for other purposes. Section 2. Self-Closing Doors, (b) Certification H.R. 5828, the Pets Belong with Families Act - Section 2. Prohibition on Breed Restrictions H.R. 3198 and S. 1614 Yes in My Backyard (YIMBY) Act Housing Supply and Affordability Act Housing Development and Construction (Zoning and Land Use Practices, Affordability) U.S. Department of Housing and Urban Development (HUD) NMHC participated/cosponsored HUDs Innovative Housing Showcase (June 2022) Community Development Block Grants (CDBG) HOME Project-Based Voucher Programs Section 8 Source of Income Issues HUD Regulatory Reform Issues Fair Market Rents (FMRs) & Small Area Fair Market Rents (SAFMRs) Rental Assistance Demonstration Program (RAD) Centers for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS) FY 22 Funding - Initiatives Related to Housing Bureau of Labor Statistics funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs FY 2023 Funding/Appropriations Bureau of Labor Statistics Funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs Rural Housing Program Funding - Department of Agriculture Signed a joint industry advocacy letter to the House and Senate Appropriators in support of (FY) 2023 funding and policy provisions that support and strengthen the effectiveness of the Housing Choice Voucher (HCV) program. (June 2022) Emergency Rental Assistance Implementation/Reallocation and federal eviction moratorium issues NMHC participated in the White House stakeholder listening session on renters rights and responsibilities. (June 2022)
Choice in Affordable Housing Act of 2022
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Housing Affordability Balanced Housing Policy Issues Proposals to expand the availability of affordable and workforce housing Rent Control Barriers to Housing Development, Housing Affordability and Infrastructure Issues: Promoted policy that reinvests in the nations infrastructure and drives new investment in housing by eliminating barriers to development, reducing the cost of regulations and incentivizing apartment construction. General Rural Housing/U.S. Department of Agriculture Public policies affecting consumer reporting, resident screening and consumer debt collection. COVID-19-Related Housing Issues (Rental Assistance, Housing Development/Construction/Materials, Displacement and Eviction Moratoriums, Liability, Fair Housing, Debt Collection, Resident Screening and Reporting) Housing Stability and Eviction Fair Housing (Fair Housing Act, Disparate Impact Rule, Affirmatively Furthering Fair Housing Rule, Screening and Reporting) United States Treasury Implementation/Reallocation of Emergency Rental Assistance Programs created in: PL 117-2/H.R.1319 - American Rescue Plan Act of 2021. I. PL 116-260/''Coronavirus Aid, Relief, and. Economic Security Act'' or the ''CARES Act'' Legislation Section 8 voucher program updates/improvements H.R 6880, Choice in Affordable Housing Act 2022- all provisions S. 1820, Choice in Affordable Housing Act -all provisions Signed an industry letter in support of both H.R. 6880 and S. 1820, to the full Congress. H.R. _The Housing Inspections Accountability Act of 2022 - Reviewed DRAFT legislation H.R. 3198 and S. 1614 Yes in My Backyard (YIMBY) Act Housing Supply and Affordability Act Housing Development and Construction (Zoning and Land Use Practices, Affordability) Consolidated Appropriations Act, 2022 - Publ. L. 117-103 S. 3623, the Violence Against Women Act Reauthorization Act of 2022 - Violence Against Women Act, incorporated into the Omnibus, all housing provisions, Title VI - Safe Homes for Victims, Sections: 601, Sec. 602/Sec. 41412, 603, 604, 605, 606, Title IX, Office on Violence Against Women. Signed an industry letter in support of these provisions to the full Congress. Authorization of the National Flood Insurance Program (NFIP) through September 30, 2022. S. 3623, the Violence Against Women Act Reauthorization Act of 2022 - all housing provisions, Title VI - Safe Homes for Victims, Sections: 601, Sec. 602/Sec. 41412, 603, 604, 605, 606, Title IX, Office on Violence Against Women. H.R. 1620, the Violence Against Women Reauthorization Act of 2021, Title Safe Homes for Victims, Sections 601, 602, 603, 604, 605, 606 U.S. Department of Housing and Urban Development (HUD) Community Development Block Grants (CDBG) HOME Project-Based Voucher Programs Section 8 Source of Income Issues HUD Regulatory Reform Issues Fair Market Rents (FMRs) & Small Area Fair Market Rents (SAFMRs) Rental Assistance Demonstration Program (RAD) Signed an industry letter to Secretary of Housing and Urban Development on the on the Real Estate Assessment Centr (REAC) physical inspections - regarding the challenges facing the apartment industry related to REAC inspections as we continue the recovery process related to the pandemic. Singed an industry letter to the Secretary of Housing and Urban Development regarding HUDs November 15, 2021, Clarification Memo on Valuation of Non-Shelter Services related to the valuation of non-shelter services in conjunction with preparing a rent comparability study (RCS). Centers for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS) FY 22 Funding - Initiatives Related to Housing Continuing Resolution ( February 18) Bureau of Labor Statistics funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs FY 2023 Funding Bureau of Labor Statistics Funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs Treasury Department, U.S. Department of Housing, Centers for Disease Control and Prevention, U.S. Department of Agriculture Emergency Rental Assistance Implementation/Reallocation and federal eviction moratorium issues
Choice in Affordable Housing Act of 2022
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Housing Affordability Biden Housing Supply Action Plan. Balanced Housing Policy Issues Proposals to expand the availability of affordable and workforce housing Rent Control Barriers to Housing Development, Housing Affordability and Infrastructure Issues: Promoted policy that reinvests in the nations infrastructure and drives new investment in housing by eliminating barriers to development, reducing the cost of regulations and incentivizing apartment construction. General Rural Housing/U.S. Department of Agriculture Public policies affecting consumer reporting, resident screening (both financial and criminal) and consumer debt collection. Public policies surrounding the use of rent payment history in consumer reporting COVID-19-Related Housing Issues (Rental Assistance, Housing Development/Construction/Materials, Displacement and Eviction Moratoriums, Liability, Fair Housing, Debt Collection, Resident Screening and Reporting) Housing Stability and Eviction Fair Housing (Fair Housing Act, Disparate Impact Rule, Affirmatively Furthering Fair Housing Rule, Screening and Reporting) United States Treasury Implementation/Reallocation of Emergency Rental Assistance Programs created in: PL 117-2/H.R.1319 - American Rescue Plan Act of 2021. I. PL 116-260/''Coronavirus Aid, Relief, and. Economic Security Act'' or the ''CARES Act'' Legislation Section 8 voucher program updates/improvements H.R 6880/ S 1820: Choice in Affordable Housing Act 2022- all provisions Signed a joint industry advocacy letter to the House Financial Services Committee in support of H.R. 3880 being included in the Committee markup schedule. (June 2022) H.R. _The Housing Inspections Accountability Act of 2022 - Reviewed DRAFT legislation H.R. 7981, the Public Federally Assisted Housing Fire Safety Act of 2022 Section 2, Smoke Alarms in Federally Assisted Housing H.R. 6528, the Housing Temperature Safety Act of 2022 - Reviewed legislation H.R.6529 - To require owners of a covered federally assisted rental dwelling units to install self-closing doors in such units, and for other purposes. Section 2. Self-Closing Doors, (b) Certification H.R. 5828, the Pets Belong with Families Act - Section 2. Prohibition on Breed Restrictions H.R. 3198 and S. 1614 Yes in My Backyard (YIMBY) Act Housing Supply and Affordability Act Housing Development and Construction (Zoning and Land Use Practices, Affordability) U.S. Department of Housing and Urban Development (HUD) NMHC participated/cosponsored HUDs Innovative Housing Showcase (June 2022) Community Development Block Grants (CDBG) HOME Project-Based Voucher Programs Section 8 Source of Income Issues HUD Regulatory Reform Issues Fair Market Rents (FMRs) & Small Area Fair Market Rents (SAFMRs) Rental Assistance Demonstration Program (RAD) Centers for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS) FY 22 Funding - Initiatives Related to Housing Bureau of Labor Statistics funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs FY 2023 Funding/Appropriations Bureau of Labor Statistics Funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs Rural Housing Program Funding - Department of Agriculture Signed a joint industry advocacy letter to the House and Senate Appropriators in support of (FY) 2023 funding and policy provisions that support and strengthen the effectiveness of the Housing Choice Voucher (HCV) program. (June 2022) Emergency Rental Assistance Implementation/Reallocation and federal eviction moratorium issues NMHC participated in the White House stakeholder listening session on renters rights and responsibilities. (June 2022)
Choice in Affordable Housing Act of 2022
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Housing Affordability Biden Housing Supply Action Plan. Balanced Housing Policy Issues Proposals to expand the availability of affordable and workforce housing Rent Control Barriers to Housing Development, Housing Affordability and Infrastructure Issues: Promoted policy that reinvests in the nations infrastructure and drives new investment in housing by eliminating barriers to development, reducing the cost of regulations and incentivizing apartment construction. General Rural Housing/U.S. Department of Agriculture Public policies affecting consumer reporting, resident screening (both financial and criminal) and consumer debt collection. Public policies surrounding the use of rent payment history in consumer reporting COVID-19-Related Housing Issues (Rental Assistance, Housing Development/Construction/Materials, Displacement and Eviction Moratoriums, Liability, Fair Housing, Debt Collection, Resident Screening and Reporting) Housing Stability and Eviction Fair Housing (Fair Housing Act, Disparate Impact Rule, Screening and Reporting) United States Treasury Implementation/Reallocation of Emergency Rental Assistance Programs created in: PL 117-2/H.R.1319 - American Rescue Plan Act of 2021. I. PL 116-260/''Coronavirus Aid, Relief, and. Economic Security Act'' or the ''CARES Act'' Treasury announcement made July 27, 2022, regarding new steps to increase affordable housing supply and lower-long term housing costs for American families, including Treasury guidance updates and how-to guide to increase investments in affordable housing under American Rescue Plan. President Biden Announces New Actions to Ease the Burden of Housing Costs (announced May 15, 2022), proposals to increase the supply of multifamily housing. FHFA oversight over Fannie Mae and Freddie Mac & GSE Reform Legislation Section 8 voucher program updates/improvements H.R 6880/ S 1820: Choice in Affordable Housing Act 2022- all provisions Signed a joint industry advocacy letter to the House Financial Services Committee in support of H.R. 3880 being included in the Committee markup schedule. (June 2022) H.R. _The Housing Inspections Accountability Act of 2022 - Reviewed DRAFT legislation H.R. 7981, the Public Federally Assisted Housing Fire Safety Act of 2022 Section 2, Smoke Alarms in Federally Assisted Housing H.R. 5828, the Pets Belong with Families Act - Section 2. Prohibition on Breed Restrictions H.R. 3198 and S. 1614 Yes in My Backyard (YIMBY) Act H.R.8476: the Housing Inspections Accountability Act H.R. 7123, the Studying Barriers to Homelessness Act H.R. 6528, the Housing Temperature Safety Act of 2022 Housing Supply and Affordability Act Housing Development and Construction (Zoning and Land Use Practices, Affordability) Potential legislative proposal to streamline process issues surrounding multifamily projects receiving financing under Federal USDA, HUD, and Low-Income Housing Tax Credit housing programs NMHC submitted a letter to the House Financial Services Committee for the July 20 hearing entitled, Housing in America: Oversight of the Federal Housing Finance Agency. NMHC submitted a letter to the Senate Finance Committee for the July 20, hearing entitled, The Role of Tax Incentives in Affordable Housing. NMHC signed a letter to the Administration on July 1, regarding the real estate industrys perspectives on a White House stakeholder listening session, related to improving affordability and stability for Americas renters, on the topic of renters rights and responsibilities. NMHC submitted a letter to the Administration, on August 11 in response to the White Houses Emergency Rental Assistance to Ensure Long-Term Eviction Reform summit. NMHC signed a letter to the House Financial Services Committee on August 2, regarding H.R. 7981, the Public and Federally Assisted Housing Fire Safety Act of 2022. NMHC submitted a statement to the Committee on Banking and Housing and Urban Affairs on August 5, for the hearing entitled, The Rent Eats First: How Renters and Communities are Impacted by Todays Housing Market. U.S. Department of Housing and Urban Development (HUD) Submitted comments to HUD on August 5, regarding the Proposed Changes to the Methodology Used for Calculation Fair Market Rent. Community Development Block Grants (CDBG) HOME Project-Based Voucher Programs Section 8 Source of Income Issues HUD Regulatory Reform Issues Fair Market Rents (FMRs) & Small Area Fair Market Rents (SAFMRs) Rental Assistance Demonstration Program (RAD) Centers for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS) FY 22 Funding - Initiatives Related to Housing Bureau of Labor Statistics funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs FY 2023 Funding/Appropriations Bureau of Labor Statistics Funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs Rural Housing Program Funding - Department of Agriculture Emergency Rental Assistance Implementation/Reallocation
LIFELINE Act
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Inflation Reduction Act of 2022 (version released July 27, 2022 as a draft Senate amendment in a nature of a substitute to H.R. 5376), Title 1 -- Committee on Finance, Subtitle A -- Deficit Reduction, Part 1 -- Corporate Tax Reform, Section 10101: Corporate Alternative Minimum Tax; and Part 2 -- Closing the Carried Interest Loophole, Section 10201: Modification of Rules for Partnership Interests Held in Connection with the Performance of Services; Part 3 -- Clean Energy and Efficiency Incentives for Individuals, Section 13303: Energy Efficient Commercial Buildings Deduction and Section 13304: Extension, Increase, and Modifications of New Energy Efficient Home Credit. Build Back Better / Reconciliation Legislation Revenue Raisers Oppose inclusion of proposals in any reconciliation bill to: (1) expand the 3.8 percent net investment income tax to active income; (2) expand and extend a provision limiting the use of excess business losses by non-corporate taxpayers; or (3) modify the tax treatment of carried interest. Carried interest: NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year. Like-Kind exchanges: NMHC supports retaining current law Low-Income Housing Tax Credit and Middle-Income Housing Tax Credit S. 2820, Decent, Affordable, Safe Housing for All Act (DASH Act), to provide rental housing vouchers for the homeless, and for other purposes, Title I -- Housing Assistance, Subtitle A -- General Housing Assistance, Section 111: Rental Vouchers for the Homeless, portion of section pertaining to source of income rules; Title II -- Revenue Provisions: Sections 201-214 pertaining to the Low-Income Housing Tax Credit, Section 215 establishing a renter's tax credit, and Section 216 establishing a middle-income housing tax credit. Draft legislation, to amend the Internal Revenue Code of 1986 to establish a Workforce Housing Tax Credit, and for other purposes, all provisions. H.R. 2573, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions. S. 1136, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions. Extension of Expired Low-Income Housing Tax Credit Allocation Authority: NMHC supports extending the 12.5 increase in LIHTC credit authority available in 2018-2021. H.R. 7078, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. S. 4181, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. Monitored possible issuance of final rule on Low-Income Housing Tax Credit Average Income Test: Department of the Treasury, Internal Revenue Service, 26 CFR Part 1, REG-119890-18, RIN 1454 BO92, Section 42, Low-Income Housing Credit Average Income Test Regulations. Issues, including FHFA's duty to serve regulatory activities, pertaining to the preservation of LIHTC properties at the end of the 15-year compliance period: nonprofit partners ability to exercise right of first refusal, and the issue of qualified contracts. Monitored mitigation of potential negative impact of OECD Pillar 2 global minimum tax on Low-Income Housing Tax Credit. Bonus Depreciation Support extension of 100 bonus depreciation that expires at the end of 2022. Rehabilitation Tax Credit H.R. 1483, Revitalizing Economies, Housing, and Businesses Act of 2021 or the REHAB Act of 2021, to amend the Internal Revenue Code of 1986 to modify the rehabilitation credit, all provisions. Federal tax policies impacting the conversion of property (e.g., conversion of office buildings into housing) H.R. 4759, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. S. 2511, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. Made proposal to enable jurisdictions that reduce zoning barriers to use tax-exempt bonds to encourage repurposing of non-residential properties into housing. Opportunity Zones H.R. 7467, Opportunity Zones Transparency, Extension, and Improvement Act, to amend the Internal Revenue Code of 1986 to modify the rules relating to qualified opportunity zones, and for other purposes, all provisions. S. 4065, Opportunity Zones Transparency, Extension, and Improvement Act, to amend the Internal Revenue Code of 1986 to modify the rules relating to qualified opportunity zones, and for other purposes, all provisions. Support reducing the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. Energy Tax Incentives New Energy Efficient Homes Credit (IRC Section 45L) NMHC supported making permanent the New Energy Efficient Homes Credit as it existed prior to modification and extension as part of the Inflation Reduction Act. Energy Efficient Commercial Buildings Deduction (IRC Section 179D): NMHC supported expansion of the Energy Efficient Commercial Buildings Deduction to encourage retrofits of existing property, which would help spur investment in energy efficient improvements in older buildings. The Inflation Reduction Act addressed this issue. Taxation of Pass-Through Entities Senator Wyden Pass-Through Reform Discussion Draft, all provisions.
LIFELINE Act
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Reconciliation Legislation Senate Finance Committee, Draft Text of Build Back Better Act, Title XII -- Committee on Finance, Subtitle E -- Infrastructure Financing and Community Development, Part 1 -- Low-Income Housing Credit, Section 125101: Increases in State Allocations, Section 125102: Tax-Exempt Bond Financing Requirement; and Section 125103: Buildings Designated to Serve Extremely Low-Income Households; Subtitle F -- Green Energy, Part 3 -- Green Energy and Efficiency Incentives for Individuals, Section 126303: Energy Efficient Commercial Buildings Deduction and Section 126304: Extension, Increase, and Modifications of New Energy Efficient Home Credit; Subtitle H -- Responsibly Funding Our Priorities, Part 1 -- Corporate and International Tax Reforms, Subpart A -- Corporate Tax Rate, Section 128101: Corporate Alternative Minimum Tax; Part 2: Tax Increases for High-Income Individuals, Section 128201: Application of Net Investment Income Tax to Trade or Business Income of Certain High Income Individuals, Section 128202: Limitations on Excess Business Losses of Noncorporate Taxpayers, and Section 128203: Surcharge on High Income Individuals, Estates, and Trusts. H.R. 5376 (as amended by House Rules Committee Print 117-18, the version of the bill that passed the House of Representatives November 19, 2021), Build Back Better Act, Title XIII -- Committee on Ways and Means, Subtitle E -- Infrastructure Financing and Community Development, Part 1 -- Low Income Housing Credit, Section 135101: Increase in State Allocations, Section 135102: Tax-Exempt Bond Financing Requirement, and Section 135103 Buildings Designated to Serve Extremely Low-Income Households; Subtitle F -- Green Energy, Part 3 -- Green Energy and Efficiency Incentives for Individuals, Section 136303: Energy Efficient Commercial Buildings Deduction and Section 136304: Extension, Increase, and Modifications of New Energy Efficient Home Credit. Subtitle H -- Responsibly Funding Our Priorities, Part 1 -- Corporate and International Tax Reforms, Subpart A -- Corporate Tax Rate, Section 138101: Corporate Alternative Minimum Tax; Part 2: Tax Increases for High-Income Individuals, Section 138201: Application of Net Investment Income Tax to Trade or Business Income of Certain High Income Individuals, Section 138202: Limitations on Excess Business Losses of Noncorporate Taxpayers, and Section 138203: Surcharge on High Income Individuals, Estates, and Trusts. Low-Income Housing Tax Credit and Middle-Income Housing Tax Credit Support making permanent and augmenting by an additional 50 percent the increased Low-Income Housing Tax Credit authority enacted in March 2018 to enable the production of new units. H.R. 2573 / S. 1136, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions. S. 2820, Decent, Affordable, Safe Housing for All Act (DASH Act), to provide rental housing vouchers for the homeless, and for other purposes, Title I -- Housing Assistance, Subtitle A -- General Housing Assistance, Section 111: Rental Vouchers for the Homeless, portion of section pertaining to source of income rules; Title II -- Revenue Provisions: Sections 201-214 pertaining to the Low-Income Housing Tax Credit, Section 215 establishing a renter's tax credit, and Section 216 establishing a middle-income housing tax credit. H.R. 7078, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. Signed letter of trade associations (sent April 5, 2022) to Secretary of Treasury Janet Yellen requesting that the Treasury Department preserve the value of community development tax incentives, including the Low-Income Tax Credit, as the OECD moves forward on Pillar 2 rules establishing a global minimum tax. Biden Administration Tax Proposals General Explanations of the Administration's Fiscal Year 2023 Revenue Proposals: Prevent basis shifting by related parties through partnerships; allow selective basis boosts for bond-financed low-income housing tax credit projects; increase the top marginal income tax rate for high earners; reform the taxation of capital income; impose a minimum tax on the wealthiest taxpayers, tax carried (profits) interests as ordinary income; repeal deferral of gain from like-kind exchanges; and require 100 percent depreciation recapture of depreciation deductions as ordinary income for certain depreciable property. Like-kind exchanges: Support retaining current law. Capital Gains - Oppose doubling the long-term capital gains tax rate and support significant differential between ordinary income and capital gains tax rates. Carried interest: NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year. Stepped-Up Basis at Death and Taxation of Unrealized Capital Gains at Death: Support retaining current law providing for stepped-up basis at death and taxation of capital gains upon actual sale. Estate Tax: Support making permanent the Estate Tax rules enacted as part of the Tax Cuts and Jobs Act of 2017. Opportunity Zones Support reducing the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. Real Estate Investment Trusts H.R. 3123, Parity for Non-Traded REITs Act, to amend the Internal Revenue Code of 1986 to provide the same treatment to publicly offered, non-traded Real Estate Investment Trusts as is provided to exchange-traded Real Estate Investment Trusts under the Foreign Investment in Real Property Tax Act of 1980, all provisions. Supported House bill and also requested introduction of companion legislation in the Senate. Adaptive Reuse Federal tax policies impacting the conversion of property (e.g, conversion of office buildings into housing)
LIFELINE Act
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Reconciliation Legislation H.R. 5376 Build Back Better Act, Low-Income Housing Tax Credit and Middle-Income Housing Tax Credit Support making permanent and augmenting by an additional 50 percent the increased Low-Income Housing Tax Credit authority enacted in March 2018 to enable the production of new units. Support establishment of Middle-Income Housing Tax Credit to spur production of multifamily units serving middle-income families. H.R. 2573 / S. 1136, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions. S. 2820, Decent, Affordable, Safe Housing for All Act (DASH Act), to provide rental housing vouchers for the homeless, and for other purposes, H.R. 7078, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. S. 4181, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. Monitored possible issuance of final rule on Low-Income Housing Tax Credit Average Income Test: Department of the Treasury, Internal Revenue Service, 26 CFR Part 1, REG-119890-18, RIN 1454 BO92, Section 42, Low-Income Housing Credit Average Income Test Regulations. Signed letter of trade associations (sent April 5, 2022) to Secretary of Treasury Janet Yellen requesting that the Treasury Department preserve the value of community development tax incentives, including the Low-Income Tax Credit, as the OECD moves forward on Pillar 2 rules establishing a global minimum tax. Monitored mitigation of potential negative impact OECD Pillar 2 of global minimum tax on Low-Income Housing Tax Credit Biden Administration Tax Proposals General Explanations of the Administration's Fiscal Year 2023 Revenue Proposals: Allow selective basis boosts for bond-financed low-income housing tax credit projects; increase the top marginal income tax rate for high earners; reform the taxation of capital income; impose a minimum tax on the wealthiest taxpayers, tax carried (profits) interests as ordinary income; repeal deferral of gain from like-kind exchanges; and require 100 percent depreciation recapture of depreciation deductions as ordinary income for certain depreciable property. President Biden Announces New Actions to Ease the Burden of Housing Costs (announced May 15, 2022), proposals to increase the supply of multifamily housing. Taxation of Business and Capital Income, Estates, and FIRPTA Like-kind exchanges: Support retaining current law. Capital Gains - Oppose doubling the long-term capital gains tax rate and support current-law capital gains tax rates. Carried interest: NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year. Stepped-Up Basis at Death and Taxation of Unrealized Capital Gains at Death: Support retaining current law providing for stepped-up basis at death and taxation of capital gains upon actual sale. Business Interest Deductibility: Support full deductibility of business interest for multifamily industry. Section 199A Pass-Through Deduction: Support 199A pass-through deduction. Estate Tax: Support making permanent the Estate Tax rules enacted as part of the Tax Cuts and Jobs Act of 2017. Foreign Investment in Real Property Tax Act (FIRPTA): Support repealing FIRPTA to promote investment in U.S. multifamily industry. Extension of Expiring Tax Provisions NMHC supports extending the 12.5 increase in LIHTC credit authority available in 2018-2021. NMHC also supports extending the New Energy Home Credit (IRC 45L). Opportunity Zones Support reducing the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. H.R. 7467 and S. 4065, Opportunity Zones Transparency, Extension, and Improvement Act, to amend the Internal Revenue Code of 1986 to modify the rules relating to qualified opportunity zones, and for other purposes, all provisions. Adaptive Reuse Federal tax policies impacting the conversion of property (e.g, conversion of office buildings into housing) H.R. 4759, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. Also, analyzed proposals to expand bill to enable commercial property types other than office buildings to be converted, as well as to allow REITs to benefit from the incentive S. 2511, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. Also, analyzed proposals to expand bill to enable commercial property types other than office buildings to be converted, as well as to allow REITs to benefit from the incentive Tax Depreciation H.R. 7229, Renewing Investment in American Workers and Supply Chains Act, to amend the Internal Revenue Code of 1986 to modify the depreciation of nonresidential real property and residential rental property, all provisions. S. 4012, Renewing Investment in American Workers and Supply Chains Act, to amend the Internal Revenue Code of 1986 to modify the depreciation of nonresidential real property and residential rental property, all provisions.
Studying Barriers to Homelessness Act
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Housing Affordability Biden Housing Supply Action Plan. Balanced Housing Policy Issues Proposals to expand the availability of affordable and workforce housing Rent Control Barriers to Housing Development, Housing Affordability and Infrastructure Issues: Promoted policy that reinvests in the nations infrastructure and drives new investment in housing by eliminating barriers to development, reducing the cost of regulations and incentivizing apartment construction. General Rural Housing/U.S. Department of Agriculture Public policies affecting consumer reporting, resident screening (both financial and criminal) and consumer debt collection. Public policies surrounding the use of rent payment history in consumer reporting COVID-19-Related Housing Issues (Rental Assistance, Housing Development/Construction/Materials, Displacement and Eviction Moratoriums, Liability, Fair Housing, Debt Collection, Resident Screening and Reporting) Housing Stability and Eviction Fair Housing (Fair Housing Act, Disparate Impact Rule, Screening and Reporting) United States Treasury Implementation/Reallocation of Emergency Rental Assistance Programs created in: PL 117-2/H.R.1319 - American Rescue Plan Act of 2021. I. PL 116-260/''Coronavirus Aid, Relief, and. Economic Security Act'' or the ''CARES Act'' Treasury announcement made July 27, 2022, regarding new steps to increase affordable housing supply and lower-long term housing costs for American families, including Treasury guidance updates and how-to guide to increase investments in affordable housing under American Rescue Plan. President Biden Announces New Actions to Ease the Burden of Housing Costs (announced May 15, 2022), proposals to increase the supply of multifamily housing. FHFA oversight over Fannie Mae and Freddie Mac & GSE Reform Legislation Section 8 voucher program updates/improvements H.R 6880/ S 1820: Choice in Affordable Housing Act 2022- all provisions Signed a joint industry advocacy letter to the House Financial Services Committee in support of H.R. 3880 being included in the Committee markup schedule. (June 2022) H.R. _The Housing Inspections Accountability Act of 2022 - Reviewed DRAFT legislation H.R. 7981, the Public Federally Assisted Housing Fire Safety Act of 2022 Section 2, Smoke Alarms in Federally Assisted Housing H.R. 5828, the Pets Belong with Families Act - Section 2. Prohibition on Breed Restrictions H.R. 3198 and S. 1614 Yes in My Backyard (YIMBY) Act H.R.8476: the Housing Inspections Accountability Act H.R. 7123, the Studying Barriers to Homelessness Act H.R. 6528, the Housing Temperature Safety Act of 2022 Housing Supply and Affordability Act Housing Development and Construction (Zoning and Land Use Practices, Affordability) Potential legislative proposal to streamline process issues surrounding multifamily projects receiving financing under Federal USDA, HUD, and Low-Income Housing Tax Credit housing programs NMHC submitted a letter to the House Financial Services Committee for the July 20 hearing entitled, Housing in America: Oversight of the Federal Housing Finance Agency. NMHC submitted a letter to the Senate Finance Committee for the July 20, hearing entitled, The Role of Tax Incentives in Affordable Housing. NMHC signed a letter to the Administration on July 1, regarding the real estate industrys perspectives on a White House stakeholder listening session, related to improving affordability and stability for Americas renters, on the topic of renters rights and responsibilities. NMHC submitted a letter to the Administration, on August 11 in response to the White Houses Emergency Rental Assistance to Ensure Long-Term Eviction Reform summit. NMHC signed a letter to the House Financial Services Committee on August 2, regarding H.R. 7981, the Public and Federally Assisted Housing Fire Safety Act of 2022. NMHC submitted a statement to the Committee on Banking and Housing and Urban Affairs on August 5, for the hearing entitled, The Rent Eats First: How Renters and Communities are Impacted by Todays Housing Market. U.S. Department of Housing and Urban Development (HUD) Submitted comments to HUD on August 5, regarding the Proposed Changes to the Methodology Used for Calculation Fair Market Rent. Community Development Block Grants (CDBG) HOME Project-Based Voucher Programs Section 8 Source of Income Issues HUD Regulatory Reform Issues Fair Market Rents (FMRs) & Small Area Fair Market Rents (SAFMRs) Rental Assistance Demonstration Program (RAD) Centers for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS) FY 22 Funding - Initiatives Related to Housing Bureau of Labor Statistics funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs FY 2023 Funding/Appropriations Bureau of Labor Statistics Funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs Rural Housing Program Funding - Department of Agriculture Emergency Rental Assistance Implementation/Reallocation
Opportunity Zones Improvement, Transparency, and Extension Act
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Inflation Reduction Act of 2022 (version released July 27, 2022 as a draft Senate amendment in a nature of a substitute to H.R. 5376), Title 1 -- Committee on Finance, Subtitle A -- Deficit Reduction, Part 1 -- Corporate Tax Reform, Section 10101: Corporate Alternative Minimum Tax; and Part 2 -- Closing the Carried Interest Loophole, Section 10201: Modification of Rules for Partnership Interests Held in Connection with the Performance of Services; Part 3 -- Clean Energy and Efficiency Incentives for Individuals, Section 13303: Energy Efficient Commercial Buildings Deduction and Section 13304: Extension, Increase, and Modifications of New Energy Efficient Home Credit. Build Back Better / Reconciliation Legislation Revenue Raisers Oppose inclusion of proposals in any reconciliation bill to: (1) expand the 3.8 percent net investment income tax to active income; (2) expand and extend a provision limiting the use of excess business losses by non-corporate taxpayers; or (3) modify the tax treatment of carried interest. Carried interest: NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year. Like-Kind exchanges: NMHC supports retaining current law Low-Income Housing Tax Credit and Middle-Income Housing Tax Credit S. 2820, Decent, Affordable, Safe Housing for All Act (DASH Act), to provide rental housing vouchers for the homeless, and for other purposes, Title I -- Housing Assistance, Subtitle A -- General Housing Assistance, Section 111: Rental Vouchers for the Homeless, portion of section pertaining to source of income rules; Title II -- Revenue Provisions: Sections 201-214 pertaining to the Low-Income Housing Tax Credit, Section 215 establishing a renter's tax credit, and Section 216 establishing a middle-income housing tax credit. Draft legislation, to amend the Internal Revenue Code of 1986 to establish a Workforce Housing Tax Credit, and for other purposes, all provisions. H.R. 2573, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions. S. 1136, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions. Extension of Expired Low-Income Housing Tax Credit Allocation Authority: NMHC supports extending the 12.5 increase in LIHTC credit authority available in 2018-2021. H.R. 7078, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. S. 4181, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. Monitored possible issuance of final rule on Low-Income Housing Tax Credit Average Income Test: Department of the Treasury, Internal Revenue Service, 26 CFR Part 1, REG-119890-18, RIN 1454 BO92, Section 42, Low-Income Housing Credit Average Income Test Regulations. Issues, including FHFA's duty to serve regulatory activities, pertaining to the preservation of LIHTC properties at the end of the 15-year compliance period: nonprofit partners ability to exercise right of first refusal, and the issue of qualified contracts. Monitored mitigation of potential negative impact of OECD Pillar 2 global minimum tax on Low-Income Housing Tax Credit. Bonus Depreciation Support extension of 100 bonus depreciation that expires at the end of 2022. Rehabilitation Tax Credit H.R. 1483, Revitalizing Economies, Housing, and Businesses Act of 2021 or the REHAB Act of 2021, to amend the Internal Revenue Code of 1986 to modify the rehabilitation credit, all provisions. Federal tax policies impacting the conversion of property (e.g., conversion of office buildings into housing) H.R. 4759, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. S. 2511, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. Made proposal to enable jurisdictions that reduce zoning barriers to use tax-exempt bonds to encourage repurposing of non-residential properties into housing. Opportunity Zones H.R. 7467, Opportunity Zones Transparency, Extension, and Improvement Act, to amend the Internal Revenue Code of 1986 to modify the rules relating to qualified opportunity zones, and for other purposes, all provisions. S. 4065, Opportunity Zones Transparency, Extension, and Improvement Act, to amend the Internal Revenue Code of 1986 to modify the rules relating to qualified opportunity zones, and for other purposes, all provisions. Support reducing the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. Energy Tax Incentives New Energy Efficient Homes Credit (IRC Section 45L) NMHC supported making permanent the New Energy Efficient Homes Credit as it existed prior to modification and extension as part of the Inflation Reduction Act. Energy Efficient Commercial Buildings Deduction (IRC Section 179D): NMHC supported expansion of the Energy Efficient Commercial Buildings Deduction to encourage retrofits of existing property, which would help spur investment in energy efficient improvements in older buildings. The Inflation Reduction Act addressed this issue. Taxation of Pass-Through Entities Senator Wyden Pass-Through Reform Discussion Draft, all provisions.
Public and Federally Assisted Housing Fire Safety Act of 2022
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Housing Affordability Biden Housing Supply Action Plan. Balanced Housing Policy Issues Proposals to expand the availability of affordable and workforce housing Rent Control Barriers to Housing Development, Housing Affordability and Infrastructure Issues: Promoted policy that reinvests in the nations infrastructure and drives new investment in housing by eliminating barriers to development, reducing the cost of regulations and incentivizing apartment construction. General Rural Housing/U.S. Department of Agriculture Public policies affecting consumer reporting, resident screening (both financial and criminal) and consumer debt collection. Public policies surrounding the use of rent payment history in consumer reporting COVID-19-Related Housing Issues (Rental Assistance, Housing Development/Construction/Materials, Displacement and Eviction Moratoriums, Liability, Fair Housing, Debt Collection, Resident Screening and Reporting) Housing Stability and Eviction Fair Housing (Fair Housing Act, Disparate Impact Rule, Screening and Reporting) United States Treasury Implementation/Reallocation of Emergency Rental Assistance Programs created in: PL 117-2/H.R.1319 - American Rescue Plan Act of 2021. I. PL 116-260/''Coronavirus Aid, Relief, and. Economic Security Act'' or the ''CARES Act'' Treasury announcement made July 27, 2022, regarding new steps to increase affordable housing supply and lower-long term housing costs for American families, including Treasury guidance updates and how-to guide to increase investments in affordable housing under American Rescue Plan. President Biden Announces New Actions to Ease the Burden of Housing Costs (announced May 15, 2022), proposals to increase the supply of multifamily housing. FHFA oversight over Fannie Mae and Freddie Mac & GSE Reform Legislation Section 8 voucher program updates/improvements H.R 6880/ S 1820: Choice in Affordable Housing Act 2022- all provisions Signed a joint industry advocacy letter to the House Financial Services Committee in support of H.R. 3880 being included in the Committee markup schedule. (June 2022) H.R. _The Housing Inspections Accountability Act of 2022 - Reviewed DRAFT legislation H.R. 7981, the Public Federally Assisted Housing Fire Safety Act of 2022 Section 2, Smoke Alarms in Federally Assisted Housing H.R. 5828, the Pets Belong with Families Act - Section 2. Prohibition on Breed Restrictions H.R. 3198 and S. 1614 Yes in My Backyard (YIMBY) Act H.R.8476: the Housing Inspections Accountability Act H.R. 7123, the Studying Barriers to Homelessness Act H.R. 6528, the Housing Temperature Safety Act of 2022 Housing Supply and Affordability Act Housing Development and Construction (Zoning and Land Use Practices, Affordability) Potential legislative proposal to streamline process issues surrounding multifamily projects receiving financing under Federal USDA, HUD, and Low-Income Housing Tax Credit housing programs NMHC submitted a letter to the House Financial Services Committee for the July 20 hearing entitled, Housing in America: Oversight of the Federal Housing Finance Agency. NMHC submitted a letter to the Senate Finance Committee for the July 20, hearing entitled, The Role of Tax Incentives in Affordable Housing. NMHC signed a letter to the Administration on July 1, regarding the real estate industrys perspectives on a White House stakeholder listening session, related to improving affordability and stability for Americas renters, on the topic of renters rights and responsibilities. NMHC submitted a letter to the Administration, on August 11 in response to the White Houses Emergency Rental Assistance to Ensure Long-Term Eviction Reform summit. NMHC signed a letter to the House Financial Services Committee on August 2, regarding H.R. 7981, the Public and Federally Assisted Housing Fire Safety Act of 2022. NMHC submitted a statement to the Committee on Banking and Housing and Urban Affairs on August 5, for the hearing entitled, The Rent Eats First: How Renters and Communities are Impacted by Todays Housing Market. U.S. Department of Housing and Urban Development (HUD) Submitted comments to HUD on August 5, regarding the Proposed Changes to the Methodology Used for Calculation Fair Market Rent. Community Development Block Grants (CDBG) HOME Project-Based Voucher Programs Section 8 Source of Income Issues HUD Regulatory Reform Issues Fair Market Rents (FMRs) & Small Area Fair Market Rents (SAFMRs) Rental Assistance Demonstration Program (RAD) Centers for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS) FY 22 Funding - Initiatives Related to Housing Bureau of Labor Statistics funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs FY 2023 Funding/Appropriations Bureau of Labor Statistics Funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs Rural Housing Program Funding - Department of Agriculture Emergency Rental Assistance Implementation/Reallocation
Public and Federally Assisted Housing Fire Safety Act of 2022
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Housing Affordability Biden Housing Supply Action Plan. Balanced Housing Policy Issues Proposals to expand the availability of affordable and workforce housing Rent Control Barriers to Housing Development, Housing Affordability and Infrastructure Issues: Promoted policy that reinvests in the nations infrastructure and drives new investment in housing by eliminating barriers to development, reducing the cost of regulations and incentivizing apartment construction. General Rural Housing/U.S. Department of Agriculture Public policies affecting consumer reporting, resident screening (both financial and criminal) and consumer debt collection. Public policies surrounding the use of rent payment history in consumer reporting COVID-19-Related Housing Issues (Rental Assistance, Housing Development/Construction/Materials, Displacement and Eviction Moratoriums, Liability, Fair Housing, Debt Collection, Resident Screening and Reporting) Housing Stability and Eviction Fair Housing (Fair Housing Act, Disparate Impact Rule, Affirmatively Furthering Fair Housing Rule, Screening and Reporting) United States Treasury Implementation/Reallocation of Emergency Rental Assistance Programs created in: PL 117-2/H.R.1319 - American Rescue Plan Act of 2021. I. PL 116-260/''Coronavirus Aid, Relief, and. Economic Security Act'' or the ''CARES Act'' Legislation Section 8 voucher program updates/improvements H.R 6880/ S 1820: Choice in Affordable Housing Act 2022- all provisions Signed a joint industry advocacy letter to the House Financial Services Committee in support of H.R. 3880 being included in the Committee markup schedule. (June 2022) H.R. _The Housing Inspections Accountability Act of 2022 - Reviewed DRAFT legislation H.R. 7981, the Public Federally Assisted Housing Fire Safety Act of 2022 Section 2, Smoke Alarms in Federally Assisted Housing H.R. 6528, the Housing Temperature Safety Act of 2022 - Reviewed legislation H.R.6529 - To require owners of a covered federally assisted rental dwelling units to install self-closing doors in such units, and for other purposes. Section 2. Self-Closing Doors, (b) Certification H.R. 5828, the Pets Belong with Families Act - Section 2. Prohibition on Breed Restrictions H.R. 3198 and S. 1614 Yes in My Backyard (YIMBY) Act Housing Supply and Affordability Act Housing Development and Construction (Zoning and Land Use Practices, Affordability) U.S. Department of Housing and Urban Development (HUD) NMHC participated/cosponsored HUDs Innovative Housing Showcase (June 2022) Community Development Block Grants (CDBG) HOME Project-Based Voucher Programs Section 8 Source of Income Issues HUD Regulatory Reform Issues Fair Market Rents (FMRs) & Small Area Fair Market Rents (SAFMRs) Rental Assistance Demonstration Program (RAD) Centers for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS) FY 22 Funding - Initiatives Related to Housing Bureau of Labor Statistics funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs FY 2023 Funding/Appropriations Bureau of Labor Statistics Funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs Rural Housing Program Funding - Department of Agriculture Signed a joint industry advocacy letter to the House and Senate Appropriators in support of (FY) 2023 funding and policy provisions that support and strengthen the effectiveness of the Housing Choice Voucher (HCV) program. (June 2022) Emergency Rental Assistance Implementation/Reallocation and federal eviction moratorium issues NMHC participated in the White House stakeholder listening session on renters rights and responsibilities. (June 2022)
American Data Privacy and Protection Act
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Federal policies affecting data security, breach notification and privacy policies affecting owners, developers, managers and suppliers of the multifamily industry. Public policies affecting risk management for flood, terrorism, disaster, cyber pandemic, and other areas of risk faced by multifamily firms. S.2499 Setting an American Framework to Ensure Data Access, Transparency, and Accountability (SAFE DATA) Act S.1494 - Consumer Data Privacy and Security Act of 2021 H.R. 8152 The American Data Privacy and Protection Act Federal Trade Commission, Docket No. FTC-2022-0053 Commercial Surveillance ANPR, R111004 Securities and Exchange Commission, File Number S7-09-22: Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure
American Data Privacy and Protection Act
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Federal policies affecting data security, breach notification and privacy policies affecting owners, developers, managers and suppliers of the multifamily industry. Public policies affecting risk management for flood, terrorism, disaster, cyber pandemic, and other areas of risk faced by multifamily firms. S.2499 Setting an American Framework to Ensure Data Access, Transparency, and Accountability (SAFE DATA) Act S.1494 - Consumer Data Privacy and Security Act of 2021 H.R. 8152 The American Data Privacy and Protection Act Federal Trade Commission, Docket No. FTC-2022-0053Commercial Surveillance ANPR, R111004
American Data Privacy and Protection Act
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Federal policies affecting data security, breach notification and privacy policies affecting owners, developers, managers and suppliers of the multifamily industry. Public policies affecting risk management for flood, terrorism, disaster, cyber pandemic, and other areas of risk faced by multifamily firms. S.2499 Setting an American Framework to Ensure Data Access, Transparency, and Accountability (SAFE DATA) Act S.1494 - Consumer Data Privacy and Security Act of 2021 H.R. 8152 The American Data Privacy and Protection Act
Housing Inspections Accountability Act
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Housing Affordability Biden Housing Supply Action Plan. Balanced Housing Policy Issues Proposals to expand the availability of affordable and workforce housing Rent Control Barriers to Housing Development, Housing Affordability and Infrastructure Issues: Promoted policy that reinvests in the nations infrastructure and drives new investment in housing by eliminating barriers to development, reducing the cost of regulations and incentivizing apartment construction. General Rural Housing/U.S. Department of Agriculture Public policies affecting consumer reporting, resident screening (both financial and criminal) and consumer debt collection. Public policies surrounding the use of rent payment history in consumer reporting COVID-19-Related Housing Issues (Rental Assistance, Housing Development/Construction/Materials, Displacement and Eviction Moratoriums, Liability, Fair Housing, Debt Collection, Resident Screening and Reporting) Housing Stability and Eviction Fair Housing (Fair Housing Act, Disparate Impact Rule, Screening and Reporting) United States Treasury Implementation/Reallocation of Emergency Rental Assistance Programs created in: PL 117-2/H.R.1319 - American Rescue Plan Act of 2021. I. PL 116-260/''Coronavirus Aid, Relief, and. Economic Security Act'' or the ''CARES Act'' Treasury announcement made July 27, 2022, regarding new steps to increase affordable housing supply and lower-long term housing costs for American families, including Treasury guidance updates and how-to guide to increase investments in affordable housing under American Rescue Plan. President Biden Announces New Actions to Ease the Burden of Housing Costs (announced May 15, 2022), proposals to increase the supply of multifamily housing. FHFA oversight over Fannie Mae and Freddie Mac & GSE Reform Legislation Section 8 voucher program updates/improvements H.R 6880/ S 1820: Choice in Affordable Housing Act 2022- all provisions Signed a joint industry advocacy letter to the House Financial Services Committee in support of H.R. 3880 being included in the Committee markup schedule. (June 2022) H.R. _The Housing Inspections Accountability Act of 2022 - Reviewed DRAFT legislation H.R. 7981, the Public Federally Assisted Housing Fire Safety Act of 2022 Section 2, Smoke Alarms in Federally Assisted Housing H.R. 5828, the Pets Belong with Families Act - Section 2. Prohibition on Breed Restrictions H.R. 3198 and S. 1614 Yes in My Backyard (YIMBY) Act H.R.8476: the Housing Inspections Accountability Act H.R. 7123, the Studying Barriers to Homelessness Act H.R. 6528, the Housing Temperature Safety Act of 2022 Housing Supply and Affordability Act Housing Development and Construction (Zoning and Land Use Practices, Affordability) Potential legislative proposal to streamline process issues surrounding multifamily projects receiving financing under Federal USDA, HUD, and Low-Income Housing Tax Credit housing programs NMHC submitted a letter to the House Financial Services Committee for the July 20 hearing entitled, Housing in America: Oversight of the Federal Housing Finance Agency. NMHC submitted a letter to the Senate Finance Committee for the July 20, hearing entitled, The Role of Tax Incentives in Affordable Housing. NMHC signed a letter to the Administration on July 1, regarding the real estate industrys perspectives on a White House stakeholder listening session, related to improving affordability and stability for Americas renters, on the topic of renters rights and responsibilities. NMHC submitted a letter to the Administration, on August 11 in response to the White Houses Emergency Rental Assistance to Ensure Long-Term Eviction Reform summit. NMHC signed a letter to the House Financial Services Committee on August 2, regarding H.R. 7981, the Public and Federally Assisted Housing Fire Safety Act of 2022. NMHC submitted a statement to the Committee on Banking and Housing and Urban Affairs on August 5, for the hearing entitled, The Rent Eats First: How Renters and Communities are Impacted by Todays Housing Market. U.S. Department of Housing and Urban Development (HUD) Submitted comments to HUD on August 5, regarding the Proposed Changes to the Methodology Used for Calculation Fair Market Rent. Community Development Block Grants (CDBG) HOME Project-Based Voucher Programs Section 8 Source of Income Issues HUD Regulatory Reform Issues Fair Market Rents (FMRs) & Small Area Fair Market Rents (SAFMRs) Rental Assistance Demonstration Program (RAD) Centers for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS) FY 22 Funding - Initiatives Related to Housing Bureau of Labor Statistics funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs FY 2023 Funding/Appropriations Bureau of Labor Statistics Funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs Rural Housing Program Funding - Department of Agriculture Emergency Rental Assistance Implementation/Reallocation
Home Internet Accessibility Act
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Broadband deployment, maintenance, access and adoption issues at multifamily communities. Federal policies impacting availability and reliability of voice, video and data services to multifamily housing communities, including but not limited to inside wiring, broadband and cellular services. FCC Notice of Proposed Rule Making and Declaratory Ruling: Improving Competitive Broadband Access to Multiple Tenant Environments (GN Docket No. 17-142) PL 117-58/H.R. 3684, Infrastructure Investment and Jobs Act, provisions related to the Broadband Equity, Access and Deployment (BEAD) Program and the Affordable Connectivity Program (ACP) FCC Notice of Inquiry on Implementing the Infrastructure Investment and Jobs Act: Prevention and Elimination of Digital Discrimination (GN Docket No. 22-69) H.R. 8778, the Home Internet Accessibility Act
Home Internet Accessibility Act
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Broadband deployment, maintenance, access and adoption issues at multifamily communities. Federal policies impacting availability and reliability of voice, video and data services to multifamily housing communities, including but not limited to inside wiring, broadband and cellular services. FCC Notice of Proposed Rule Making and Declaratory Ruling: Improving Competitive Broadband Access to Multiple Tenant Environments (GN Docket No. 17-142) PL 117-58/H.R. 3684, Infrastructure Investment and Jobs Act, provisions related to the Broadband Equity, Access and Deployment (BEAD) Program and the Affordable Connectivity Program (ACP) FCC Notice of Inquiry on Implementing the Infrastructure Investment and Jobs Act: Prevention and Elimination of Digital Discrimination (GN Docket No. 22-69) Issues Related to FCC Broadband Data Collection and Mapping Efforts H.R. 8778, the Home Internet Accessibility Act
Affordable Housing Credit Improvement Act of 2021
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Reconciliation Legislation H.R. 5376 Build Back Better Act, Low-Income Housing Tax Credit and Middle-Income Housing Tax Credit Support making permanent and augmenting by an additional 50 percent the increased Low-Income Housing Tax Credit authority enacted in March 2018 to enable the production of new units. Support establishment of Middle-Income Housing Tax Credit to spur production of multifamily units serving middle-income families. H.R. 2573 / S. 1136, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions. S. 2820, Decent, Affordable, Safe Housing for All Act (DASH Act), to provide rental housing vouchers for the homeless, and for other purposes, H.R. 7078, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. S. 4181, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. Monitored possible issuance of final rule on Low-Income Housing Tax Credit Average Income Test: Department of the Treasury, Internal Revenue Service, 26 CFR Part 1, REG-119890-18, RIN 1454 BO92, Section 42, Low-Income Housing Credit Average Income Test Regulations. Signed letter of trade associations (sent April 5, 2022) to Secretary of Treasury Janet Yellen requesting that the Treasury Department preserve the value of community development tax incentives, including the Low-Income Tax Credit, as the OECD moves forward on Pillar 2 rules establishing a global minimum tax. Monitored mitigation of potential negative impact OECD Pillar 2 of global minimum tax on Low-Income Housing Tax Credit Biden Administration Tax Proposals General Explanations of the Administration's Fiscal Year 2023 Revenue Proposals: Allow selective basis boosts for bond-financed low-income housing tax credit projects; increase the top marginal income tax rate for high earners; reform the taxation of capital income; impose a minimum tax on the wealthiest taxpayers, tax carried (profits) interests as ordinary income; repeal deferral of gain from like-kind exchanges; and require 100 percent depreciation recapture of depreciation deductions as ordinary income for certain depreciable property. President Biden Announces New Actions to Ease the Burden of Housing Costs (announced May 15, 2022), proposals to increase the supply of multifamily housing. Taxation of Business and Capital Income, Estates, and FIRPTA Like-kind exchanges: Support retaining current law. Capital Gains - Oppose doubling the long-term capital gains tax rate and support current-law capital gains tax rates. Carried interest: NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year. Stepped-Up Basis at Death and Taxation of Unrealized Capital Gains at Death: Support retaining current law providing for stepped-up basis at death and taxation of capital gains upon actual sale. Business Interest Deductibility: Support full deductibility of business interest for multifamily industry. Section 199A Pass-Through Deduction: Support 199A pass-through deduction. Estate Tax: Support making permanent the Estate Tax rules enacted as part of the Tax Cuts and Jobs Act of 2017. Foreign Investment in Real Property Tax Act (FIRPTA): Support repealing FIRPTA to promote investment in U.S. multifamily industry. Extension of Expiring Tax Provisions NMHC supports extending the 12.5 increase in LIHTC credit authority available in 2018-2021. NMHC also supports extending the New Energy Home Credit (IRC 45L). Opportunity Zones Support reducing the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. H.R. 7467 and S. 4065, Opportunity Zones Transparency, Extension, and Improvement Act, to amend the Internal Revenue Code of 1986 to modify the rules relating to qualified opportunity zones, and for other purposes, all provisions. Adaptive Reuse Federal tax policies impacting the conversion of property (e.g, conversion of office buildings into housing) H.R. 4759, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. Also, analyzed proposals to expand bill to enable commercial property types other than office buildings to be converted, as well as to allow REITs to benefit from the incentive S. 2511, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. Also, analyzed proposals to expand bill to enable commercial property types other than office buildings to be converted, as well as to allow REITs to benefit from the incentive Tax Depreciation H.R. 7229, Renewing Investment in American Workers and Supply Chains Act, to amend the Internal Revenue Code of 1986 to modify the depreciation of nonresidential real property and residential rental property, all provisions. S. 4012, Renewing Investment in American Workers and Supply Chains Act, to amend the Internal Revenue Code of 1986 to modify the depreciation of nonresidential real property and residential rental property, all provisions.
Affordable Housing Credit Improvement Act of 2021
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Reconciliation Legislation Senate Finance Committee, Draft Text of Build Back Better Act, Title XII -- Committee on Finance, Subtitle E -- Infrastructure Financing and Community Development, Part 1 -- Low-Income Housing Credit, Section 125101: Increases in State Allocations, Section 125102: Tax-Exempt Bond Financing Requirement; and Section 125103: Buildings Designated to Serve Extremely Low-Income Households; Subtitle F -- Green Energy, Part 3 -- Green Energy and Efficiency Incentives for Individuals, Section 126303: Energy Efficient Commercial Buildings Deduction and Section 126304: Extension, Increase, and Modifications of New Energy Efficient Home Credit; Subtitle H -- Responsibly Funding Our Priorities, Part 1 -- Corporate and International Tax Reforms, Subpart A -- Corporate Tax Rate, Section 128101: Corporate Alternative Minimum Tax; Part 2: Tax Increases for High-Income Individuals, Section 128201: Application of Net Investment Income Tax to Trade or Business Income of Certain High Income Individuals, Section 128202: Limitations on Excess Business Losses of Noncorporate Taxpayers, and Section 128203: Surcharge on High Income Individuals, Estates, and Trusts. H.R. 5376 (as amended by House Rules Committee Print 117-18, the version of the bill that passed the House of Representatives November 19, 2021), Build Back Better Act, Title XIII -- Committee on Ways and Means, Subtitle E -- Infrastructure Financing and Community Development, Part 1 -- Low Income Housing Credit, Section 135101: Increase in State Allocations, Section 135102: Tax-Exempt Bond Financing Requirement, and Section 135103 Buildings Designated to Serve Extremely Low-Income Households; Subtitle F -- Green Energy, Part 3 -- Green Energy and Efficiency Incentives for Individuals, Section 136303: Energy Efficient Commercial Buildings Deduction and Section 136304: Extension, Increase, and Modifications of New Energy Efficient Home Credit. Subtitle H -- Responsibly Funding Our Priorities, Part 1 -- Corporate and International Tax Reforms, Subpart A -- Corporate Tax Rate, Section 138101: Corporate Alternative Minimum Tax; Part 2: Tax Increases for High-Income Individuals, Section 138201: Application of Net Investment Income Tax to Trade or Business Income of Certain High Income Individuals, Section 138202: Limitations on Excess Business Losses of Noncorporate Taxpayers, and Section 138203: Surcharge on High Income Individuals, Estates, and Trusts. Low-Income Housing Tax Credit and Middle-Income Housing Tax Credit Support making permanent and augmenting by an additional 50 percent the increased Low-Income Housing Tax Credit authority enacted in March 2018 to enable the production of new units. H.R. 2573 / S. 1136, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions. S. 2820, Decent, Affordable, Safe Housing for All Act (DASH Act), to provide rental housing vouchers for the homeless, and for other purposes, Title I -- Housing Assistance, Subtitle A -- General Housing Assistance, Section 111: Rental Vouchers for the Homeless, portion of section pertaining to source of income rules; Title II -- Revenue Provisions: Sections 201-214 pertaining to the Low-Income Housing Tax Credit, Section 215 establishing a renter's tax credit, and Section 216 establishing a middle-income housing tax credit. H.R. 7078, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. Signed letter of trade associations (sent April 5, 2022) to Secretary of Treasury Janet Yellen requesting that the Treasury Department preserve the value of community development tax incentives, including the Low-Income Tax Credit, as the OECD moves forward on Pillar 2 rules establishing a global minimum tax. Biden Administration Tax Proposals General Explanations of the Administration's Fiscal Year 2023 Revenue Proposals: Prevent basis shifting by related parties through partnerships; allow selective basis boosts for bond-financed low-income housing tax credit projects; increase the top marginal income tax rate for high earners; reform the taxation of capital income; impose a minimum tax on the wealthiest taxpayers, tax carried (profits) interests as ordinary income; repeal deferral of gain from like-kind exchanges; and require 100 percent depreciation recapture of depreciation deductions as ordinary income for certain depreciable property. Like-kind exchanges: Support retaining current law. Capital Gains - Oppose doubling the long-term capital gains tax rate and support significant differential between ordinary income and capital gains tax rates. Carried interest: NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year. Stepped-Up Basis at Death and Taxation of Unrealized Capital Gains at Death: Support retaining current law providing for stepped-up basis at death and taxation of capital gains upon actual sale. Estate Tax: Support making permanent the Estate Tax rules enacted as part of the Tax Cuts and Jobs Act of 2017. Opportunity Zones Support reducing the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. Real Estate Investment Trusts H.R. 3123, Parity for Non-Traded REITs Act, to amend the Internal Revenue Code of 1986 to provide the same treatment to publicly offered, non-traded Real Estate Investment Trusts as is provided to exchange-traded Real Estate Investment Trusts under the Foreign Investment in Real Property Tax Act of 1980, all provisions. Supported House bill and also requested introduction of companion legislation in the Senate. Adaptive Reuse Federal tax policies impacting the conversion of property (e.g, conversion of office buildings into housing)
Affordable Housing Credit Improvement Act of 2021
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Inflation Reduction Act of 2022 (version released July 27, 2022 as a draft Senate amendment in a nature of a substitute to H.R. 5376), Title 1 -- Committee on Finance, Subtitle A -- Deficit Reduction, Part 1 -- Corporate Tax Reform, Section 10101: Corporate Alternative Minimum Tax; and Part 2 -- Closing the Carried Interest Loophole, Section 10201: Modification of Rules for Partnership Interests Held in Connection with the Performance of Services; Part 3 -- Clean Energy and Efficiency Incentives for Individuals, Section 13303: Energy Efficient Commercial Buildings Deduction and Section 13304: Extension, Increase, and Modifications of New Energy Efficient Home Credit. Build Back Better / Reconciliation Legislation Revenue Raisers Oppose inclusion of proposals in any reconciliation bill to: (1) expand the 3.8 percent net investment income tax to active income; (2) expand and extend a provision limiting the use of excess business losses by non-corporate taxpayers; or (3) modify the tax treatment of carried interest. Carried interest: NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year. Like-Kind exchanges: NMHC supports retaining current law Low-Income Housing Tax Credit and Middle-Income Housing Tax Credit S. 2820, Decent, Affordable, Safe Housing for All Act (DASH Act), to provide rental housing vouchers for the homeless, and for other purposes, Title I -- Housing Assistance, Subtitle A -- General Housing Assistance, Section 111: Rental Vouchers for the Homeless, portion of section pertaining to source of income rules; Title II -- Revenue Provisions: Sections 201-214 pertaining to the Low-Income Housing Tax Credit, Section 215 establishing a renter's tax credit, and Section 216 establishing a middle-income housing tax credit. Draft legislation, to amend the Internal Revenue Code of 1986 to establish a Workforce Housing Tax Credit, and for other purposes, all provisions. H.R. 2573, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions. S. 1136, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions. Extension of Expired Low-Income Housing Tax Credit Allocation Authority: NMHC supports extending the 12.5 increase in LIHTC credit authority available in 2018-2021. H.R. 7078, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. S. 4181, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. Monitored possible issuance of final rule on Low-Income Housing Tax Credit Average Income Test: Department of the Treasury, Internal Revenue Service, 26 CFR Part 1, REG-119890-18, RIN 1454 BO92, Section 42, Low-Income Housing Credit Average Income Test Regulations. Issues, including FHFA's duty to serve regulatory activities, pertaining to the preservation of LIHTC properties at the end of the 15-year compliance period: nonprofit partners ability to exercise right of first refusal, and the issue of qualified contracts. Monitored mitigation of potential negative impact of OECD Pillar 2 global minimum tax on Low-Income Housing Tax Credit. Bonus Depreciation Support extension of 100 bonus depreciation that expires at the end of 2022. Rehabilitation Tax Credit H.R. 1483, Revitalizing Economies, Housing, and Businesses Act of 2021 or the REHAB Act of 2021, to amend the Internal Revenue Code of 1986 to modify the rehabilitation credit, all provisions. Federal tax policies impacting the conversion of property (e.g., conversion of office buildings into housing) H.R. 4759, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. S. 2511, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. Made proposal to enable jurisdictions that reduce zoning barriers to use tax-exempt bonds to encourage repurposing of non-residential properties into housing. Opportunity Zones H.R. 7467, Opportunity Zones Transparency, Extension, and Improvement Act, to amend the Internal Revenue Code of 1986 to modify the rules relating to qualified opportunity zones, and for other purposes, all provisions. S. 4065, Opportunity Zones Transparency, Extension, and Improvement Act, to amend the Internal Revenue Code of 1986 to modify the rules relating to qualified opportunity zones, and for other purposes, all provisions. Support reducing the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. Energy Tax Incentives New Energy Efficient Homes Credit (IRC Section 45L) NMHC supported making permanent the New Energy Efficient Homes Credit as it existed prior to modification and extension as part of the Inflation Reduction Act. Energy Efficient Commercial Buildings Deduction (IRC Section 179D): NMHC supported expansion of the Energy Efficient Commercial Buildings Deduction to encourage retrofits of existing property, which would help spur investment in energy efficient improvements in older buildings. The Inflation Reduction Act addressed this issue. Taxation of Pass-Through Entities Senator Wyden Pass-Through Reform Discussion Draft, all provisions.
Consumer Data Privacy and Security Act of 2021
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Federal policies affecting data security, breach notification and privacy policies affecting owners, developers, managers and suppliers of the multifamily industry. Public policies affecting risk management for flood, terrorism, disaster, cyber pandemic, and other areas of risk faced by multifamily firms. S.2499 Setting an American Framework to Ensure Data Access, Transparency, and Accountability (SAFE DATA) Act S.1494 - Consumer Data Privacy and Security Act of 2021 H.R. 8152 The American Data Privacy and Protection Act
Consumer Data Privacy and Security Act of 2021
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Federal policies affecting data security, breach notification and privacy policies affecting owners, developers, managers and suppliers of the multifamily industry. Public policies affecting risk management for flood, terrorism, disaster, cyber pandemic, and other areas of risk faced by multifamily firms. S.2499 Setting an American Framework to Ensure Data Access, Transparency, and Accountability (SAFE DATA) Act S.1494 - Consumer Data Privacy and Security Act of 2021 H.R. 8152 The American Data Privacy and Protection Act Federal Trade Commission, Docket No. FTC-2022-0053 Commercial Surveillance ANPR, R111004 Securities and Exchange Commission, File Number S7-09-22: Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure
Consumer Data Privacy and Security Act of 2021
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Federal policies affecting data security, breach notification and privacy policies affecting owners, developers, managers and suppliers of the multifamily industry. Public policies affecting risk management for flood, terrorism, disaster, cyber pandemic, and other areas of risk faced by multifamily firms. S.2499 Setting an American Framework to Ensure Data Access, Transparency, and Accountability (SAFE DATA) Act S.1494 - Consumer Data Privacy and Security Act of 2021
Consumer Data Privacy and Security Act of 2021
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Federal policies affecting data security, breach notification and privacy policies affecting owners, developers, managers and suppliers of the multifamily industry. Public policies affecting risk management for flood, terrorism, disaster, cyber pandemic, and other areas of risk faced by multifamily firms. S.2499 Setting an American Framework to Ensure Data Access, Transparency, and Accountability (SAFE DATA) Act S.1494 - Consumer Data Privacy and Security Act of 2021 H.R. 8152 The American Data Privacy and Protection Act Federal Trade Commission, Docket No. FTC-2022-0053Commercial Surveillance ANPR, R111004
Yes In My Backyard Act
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Housing Affordability Biden Housing Supply Action Plan. Balanced Housing Policy Issues Proposals to expand the availability of affordable and workforce housing Rent Control Barriers to Housing Development, Housing Affordability and Infrastructure Issues: Promoted policy that reinvests in the nations infrastructure and drives new investment in housing by eliminating barriers to development, reducing the cost of regulations and incentivizing apartment construction. General Rural Housing/U.S. Department of Agriculture Public policies affecting consumer reporting, resident screening (both financial and criminal) and consumer debt collection. Public policies surrounding the use of rent payment history in consumer reporting COVID-19-Related Housing Issues (Rental Assistance, Housing Development/Construction/Materials, Displacement and Eviction Moratoriums, Liability, Fair Housing, Debt Collection, Resident Screening and Reporting) Housing Stability and Eviction Fair Housing (Fair Housing Act, Disparate Impact Rule, Affirmatively Furthering Fair Housing Rule, Screening and Reporting) United States Treasury Implementation/Reallocation of Emergency Rental Assistance Programs created in: PL 117-2/H.R.1319 - American Rescue Plan Act of 2021. I. PL 116-260/''Coronavirus Aid, Relief, and. Economic Security Act'' or the ''CARES Act'' Legislation Section 8 voucher program updates/improvements H.R 6880/ S 1820: Choice in Affordable Housing Act 2022- all provisions Signed a joint industry advocacy letter to the House Financial Services Committee in support of H.R. 3880 being included in the Committee markup schedule. (June 2022) H.R. _The Housing Inspections Accountability Act of 2022 - Reviewed DRAFT legislation H.R. 7981, the Public Federally Assisted Housing Fire Safety Act of 2022 Section 2, Smoke Alarms in Federally Assisted Housing H.R. 6528, the Housing Temperature Safety Act of 2022 - Reviewed legislation H.R.6529 - To require owners of a covered federally assisted rental dwelling units to install self-closing doors in such units, and for other purposes. Section 2. Self-Closing Doors, (b) Certification H.R. 5828, the Pets Belong with Families Act - Section 2. Prohibition on Breed Restrictions H.R. 3198 and S. 1614 Yes in My Backyard (YIMBY) Act Housing Supply and Affordability Act Housing Development and Construction (Zoning and Land Use Practices, Affordability) U.S. Department of Housing and Urban Development (HUD) NMHC participated/cosponsored HUDs Innovative Housing Showcase (June 2022) Community Development Block Grants (CDBG) HOME Project-Based Voucher Programs Section 8 Source of Income Issues HUD Regulatory Reform Issues Fair Market Rents (FMRs) & Small Area Fair Market Rents (SAFMRs) Rental Assistance Demonstration Program (RAD) Centers for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS) FY 22 Funding - Initiatives Related to Housing Bureau of Labor Statistics funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs FY 2023 Funding/Appropriations Bureau of Labor Statistics Funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs Rural Housing Program Funding - Department of Agriculture Signed a joint industry advocacy letter to the House and Senate Appropriators in support of (FY) 2023 funding and policy provisions that support and strengthen the effectiveness of the Housing Choice Voucher (HCV) program. (June 2022) Emergency Rental Assistance Implementation/Reallocation and federal eviction moratorium issues NMHC participated in the White House stakeholder listening session on renters rights and responsibilities. (June 2022)
Yes In My Backyard Act
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Housing Affordability Balanced Housing Policy Issues Proposals to expand the availability of affordable and workforce housing Rent Control Barriers to Housing Development, Housing Affordability and Infrastructure Issues: Promoted policy that reinvests in the nations infrastructure and drives new investment in housing by eliminating barriers to development, reducing the cost of regulations and incentivizing apartment construction. General Rural Housing/U.S. Department of Agriculture Public policies affecting consumer reporting, resident screening and consumer debt collection. COVID-19-Related Housing Issues (Rental Assistance, Housing Development/Construction/Materials, Displacement and Eviction Moratoriums, Liability, Fair Housing, Debt Collection, Resident Screening and Reporting) Housing Stability and Eviction Fair Housing (Fair Housing Act, Disparate Impact Rule, Affirmatively Furthering Fair Housing Rule, Screening and Reporting) United States Treasury Implementation/Reallocation of Emergency Rental Assistance Programs created in: PL 117-2/H.R.1319 - American Rescue Plan Act of 2021. I. PL 116-260/''Coronavirus Aid, Relief, and. Economic Security Act'' or the ''CARES Act'' Legislation Section 8 voucher program updates/improvements H.R 6880, Choice in Affordable Housing Act 2022- all provisions S. 1820, Choice in Affordable Housing Act -all provisions Signed an industry letter in support of both H.R. 6880 and S. 1820, to the full Congress. H.R. _The Housing Inspections Accountability Act of 2022 - Reviewed DRAFT legislation H.R. 3198 and S. 1614 Yes in My Backyard (YIMBY) Act Housing Supply and Affordability Act Housing Development and Construction (Zoning and Land Use Practices, Affordability) Consolidated Appropriations Act, 2022 - Publ. L. 117-103 S. 3623, the Violence Against Women Act Reauthorization Act of 2022 - Violence Against Women Act, incorporated into the Omnibus, all housing provisions, Title VI - Safe Homes for Victims, Sections: 601, Sec. 602/Sec. 41412, 603, 604, 605, 606, Title IX, Office on Violence Against Women. Signed an industry letter in support of these provisions to the full Congress. Authorization of the National Flood Insurance Program (NFIP) through September 30, 2022. S. 3623, the Violence Against Women Act Reauthorization Act of 2022 - all housing provisions, Title VI - Safe Homes for Victims, Sections: 601, Sec. 602/Sec. 41412, 603, 604, 605, 606, Title IX, Office on Violence Against Women. H.R. 1620, the Violence Against Women Reauthorization Act of 2021, Title Safe Homes for Victims, Sections 601, 602, 603, 604, 605, 606 U.S. Department of Housing and Urban Development (HUD) Community Development Block Grants (CDBG) HOME Project-Based Voucher Programs Section 8 Source of Income Issues HUD Regulatory Reform Issues Fair Market Rents (FMRs) & Small Area Fair Market Rents (SAFMRs) Rental Assistance Demonstration Program (RAD) Signed an industry letter to Secretary of Housing and Urban Development on the on the Real Estate Assessment Centr (REAC) physical inspections - regarding the challenges facing the apartment industry related to REAC inspections as we continue the recovery process related to the pandemic. Singed an industry letter to the Secretary of Housing and Urban Development regarding HUDs November 15, 2021, Clarification Memo on Valuation of Non-Shelter Services related to the valuation of non-shelter services in conjunction with preparing a rent comparability study (RCS). Centers for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS) FY 22 Funding - Initiatives Related to Housing Continuing Resolution ( February 18) Bureau of Labor Statistics funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs FY 2023 Funding Bureau of Labor Statistics Funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs Treasury Department, U.S. Department of Housing, Centers for Disease Control and Prevention, U.S. Department of Agriculture Emergency Rental Assistance Implementation/Reallocation and federal eviction moratorium issues
Yes In My Backyard Act
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Housing Affordability Biden Housing Supply Action Plan. Balanced Housing Policy Issues Proposals to expand the availability of affordable and workforce housing Rent Control Barriers to Housing Development, Housing Affordability and Infrastructure Issues: Promoted policy that reinvests in the nations infrastructure and drives new investment in housing by eliminating barriers to development, reducing the cost of regulations and incentivizing apartment construction. General Rural Housing/U.S. Department of Agriculture Public policies affecting consumer reporting, resident screening (both financial and criminal) and consumer debt collection. Public policies surrounding the use of rent payment history in consumer reporting COVID-19-Related Housing Issues (Rental Assistance, Housing Development/Construction/Materials, Displacement and Eviction Moratoriums, Liability, Fair Housing, Debt Collection, Resident Screening and Reporting) Housing Stability and Eviction Fair Housing (Fair Housing Act, Disparate Impact Rule, Screening and Reporting) United States Treasury Implementation/Reallocation of Emergency Rental Assistance Programs created in: PL 117-2/H.R.1319 - American Rescue Plan Act of 2021. I. PL 116-260/''Coronavirus Aid, Relief, and. Economic Security Act'' or the ''CARES Act'' Treasury announcement made July 27, 2022, regarding new steps to increase affordable housing supply and lower-long term housing costs for American families, including Treasury guidance updates and how-to guide to increase investments in affordable housing under American Rescue Plan. President Biden Announces New Actions to Ease the Burden of Housing Costs (announced May 15, 2022), proposals to increase the supply of multifamily housing. FHFA oversight over Fannie Mae and Freddie Mac & GSE Reform Legislation Section 8 voucher program updates/improvements H.R 6880/ S 1820: Choice in Affordable Housing Act 2022- all provisions Signed a joint industry advocacy letter to the House Financial Services Committee in support of H.R. 3880 being included in the Committee markup schedule. (June 2022) H.R. _The Housing Inspections Accountability Act of 2022 - Reviewed DRAFT legislation H.R. 7981, the Public Federally Assisted Housing Fire Safety Act of 2022 Section 2, Smoke Alarms in Federally Assisted Housing H.R. 5828, the Pets Belong with Families Act - Section 2. Prohibition on Breed Restrictions H.R. 3198 and S. 1614 Yes in My Backyard (YIMBY) Act H.R.8476: the Housing Inspections Accountability Act H.R. 7123, the Studying Barriers to Homelessness Act H.R. 6528, the Housing Temperature Safety Act of 2022 Housing Supply and Affordability Act Housing Development and Construction (Zoning and Land Use Practices, Affordability) Potential legislative proposal to streamline process issues surrounding multifamily projects receiving financing under Federal USDA, HUD, and Low-Income Housing Tax Credit housing programs NMHC submitted a letter to the House Financial Services Committee for the July 20 hearing entitled, Housing in America: Oversight of the Federal Housing Finance Agency. NMHC submitted a letter to the Senate Finance Committee for the July 20, hearing entitled, The Role of Tax Incentives in Affordable Housing. NMHC signed a letter to the Administration on July 1, regarding the real estate industrys perspectives on a White House stakeholder listening session, related to improving affordability and stability for Americas renters, on the topic of renters rights and responsibilities. NMHC submitted a letter to the Administration, on August 11 in response to the White Houses Emergency Rental Assistance to Ensure Long-Term Eviction Reform summit. NMHC signed a letter to the House Financial Services Committee on August 2, regarding H.R. 7981, the Public and Federally Assisted Housing Fire Safety Act of 2022. NMHC submitted a statement to the Committee on Banking and Housing and Urban Affairs on August 5, for the hearing entitled, The Rent Eats First: How Renters and Communities are Impacted by Todays Housing Market. U.S. Department of Housing and Urban Development (HUD) Submitted comments to HUD on August 5, regarding the Proposed Changes to the Methodology Used for Calculation Fair Market Rent. Community Development Block Grants (CDBG) HOME Project-Based Voucher Programs Section 8 Source of Income Issues HUD Regulatory Reform Issues Fair Market Rents (FMRs) & Small Area Fair Market Rents (SAFMRs) Rental Assistance Demonstration Program (RAD) Centers for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS) FY 22 Funding - Initiatives Related to Housing Bureau of Labor Statistics funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs FY 2023 Funding/Appropriations Bureau of Labor Statistics Funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs Rural Housing Program Funding - Department of Agriculture Emergency Rental Assistance Implementation/Reallocation
Postal Service Reform Act of 2021
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Federal policies affecting mail and parcel delivery service to multifamily housing communities. HR 3076 The Postal Service Reform Act S 1720 The Postal Service Reform Act
Postal Service Reform Act of 2021
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Federal policies affecting mail and parcel delivery service to multifamily housing communities. HR 3076 The Postal Service Reform Act S 1720 The Postal Service Reform Act
Choice in Affordable Housing Act of 2021
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Housing Affordability Biden Housing Supply Action Plan. Balanced Housing Policy Issues Proposals to expand the availability of affordable and workforce housing Rent Control Barriers to Housing Development, Housing Affordability and Infrastructure Issues: Promoted policy that reinvests in the nations infrastructure and drives new investment in housing by eliminating barriers to development, reducing the cost of regulations and incentivizing apartment construction. General Rural Housing/U.S. Department of Agriculture Public policies affecting consumer reporting, resident screening (both financial and criminal) and consumer debt collection. Public policies surrounding the use of rent payment history in consumer reporting COVID-19-Related Housing Issues (Rental Assistance, Housing Development/Construction/Materials, Displacement and Eviction Moratoriums, Liability, Fair Housing, Debt Collection, Resident Screening and Reporting) Housing Stability and Eviction Fair Housing (Fair Housing Act, Disparate Impact Rule, Affirmatively Furthering Fair Housing Rule, Screening and Reporting) United States Treasury Implementation/Reallocation of Emergency Rental Assistance Programs created in: PL 117-2/H.R.1319 - American Rescue Plan Act of 2021. I. PL 116-260/''Coronavirus Aid, Relief, and. Economic Security Act'' or the ''CARES Act'' Legislation Section 8 voucher program updates/improvements H.R 6880/ S 1820: Choice in Affordable Housing Act 2022- all provisions Signed a joint industry advocacy letter to the House Financial Services Committee in support of H.R. 3880 being included in the Committee markup schedule. (June 2022) H.R. _The Housing Inspections Accountability Act of 2022 - Reviewed DRAFT legislation H.R. 7981, the Public Federally Assisted Housing Fire Safety Act of 2022 Section 2, Smoke Alarms in Federally Assisted Housing H.R. 6528, the Housing Temperature Safety Act of 2022 - Reviewed legislation H.R.6529 - To require owners of a covered federally assisted rental dwelling units to install self-closing doors in such units, and for other purposes. Section 2. Self-Closing Doors, (b) Certification H.R. 5828, the Pets Belong with Families Act - Section 2. Prohibition on Breed Restrictions H.R. 3198 and S. 1614 Yes in My Backyard (YIMBY) Act Housing Supply and Affordability Act Housing Development and Construction (Zoning and Land Use Practices, Affordability) U.S. Department of Housing and Urban Development (HUD) NMHC participated/cosponsored HUDs Innovative Housing Showcase (June 2022) Community Development Block Grants (CDBG) HOME Project-Based Voucher Programs Section 8 Source of Income Issues HUD Regulatory Reform Issues Fair Market Rents (FMRs) & Small Area Fair Market Rents (SAFMRs) Rental Assistance Demonstration Program (RAD) Centers for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS) FY 22 Funding - Initiatives Related to Housing Bureau of Labor Statistics funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs FY 2023 Funding/Appropriations Bureau of Labor Statistics Funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs Rural Housing Program Funding - Department of Agriculture Signed a joint industry advocacy letter to the House and Senate Appropriators in support of (FY) 2023 funding and policy provisions that support and strengthen the effectiveness of the Housing Choice Voucher (HCV) program. (June 2022) Emergency Rental Assistance Implementation/Reallocation and federal eviction moratorium issues NMHC participated in the White House stakeholder listening session on renters rights and responsibilities. (June 2022)
Choice in Affordable Housing Act of 2021
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Housing Affordability Biden Housing Supply Action Plan. Balanced Housing Policy Issues Proposals to expand the availability of affordable and workforce housing Rent Control Barriers to Housing Development, Housing Affordability and Infrastructure Issues: Promoted policy that reinvests in the nations infrastructure and drives new investment in housing by eliminating barriers to development, reducing the cost of regulations and incentivizing apartment construction. General Rural Housing/U.S. Department of Agriculture Public policies affecting consumer reporting, resident screening (both financial and criminal) and consumer debt collection. Public policies surrounding the use of rent payment history in consumer reporting COVID-19-Related Housing Issues (Rental Assistance, Housing Development/Construction/Materials, Displacement and Eviction Moratoriums, Liability, Fair Housing, Debt Collection, Resident Screening and Reporting) Housing Stability and Eviction Fair Housing (Fair Housing Act, Disparate Impact Rule, Screening and Reporting) United States Treasury Implementation/Reallocation of Emergency Rental Assistance Programs created in: PL 117-2/H.R.1319 - American Rescue Plan Act of 2021. I. PL 116-260/''Coronavirus Aid, Relief, and. Economic Security Act'' or the ''CARES Act'' Treasury announcement made July 27, 2022, regarding new steps to increase affordable housing supply and lower-long term housing costs for American families, including Treasury guidance updates and how-to guide to increase investments in affordable housing under American Rescue Plan. President Biden Announces New Actions to Ease the Burden of Housing Costs (announced May 15, 2022), proposals to increase the supply of multifamily housing. FHFA oversight over Fannie Mae and Freddie Mac & GSE Reform Legislation Section 8 voucher program updates/improvements H.R 6880/ S 1820: Choice in Affordable Housing Act 2022- all provisions Signed a joint industry advocacy letter to the House Financial Services Committee in support of H.R. 3880 being included in the Committee markup schedule. (June 2022) H.R. _The Housing Inspections Accountability Act of 2022 - Reviewed DRAFT legislation H.R. 7981, the Public Federally Assisted Housing Fire Safety Act of 2022 Section 2, Smoke Alarms in Federally Assisted Housing H.R. 5828, the Pets Belong with Families Act - Section 2. Prohibition on Breed Restrictions H.R. 3198 and S. 1614 Yes in My Backyard (YIMBY) Act H.R.8476: the Housing Inspections Accountability Act H.R. 7123, the Studying Barriers to Homelessness Act H.R. 6528, the Housing Temperature Safety Act of 2022 Housing Supply and Affordability Act Housing Development and Construction (Zoning and Land Use Practices, Affordability) Potential legislative proposal to streamline process issues surrounding multifamily projects receiving financing under Federal USDA, HUD, and Low-Income Housing Tax Credit housing programs NMHC submitted a letter to the House Financial Services Committee for the July 20 hearing entitled, Housing in America: Oversight of the Federal Housing Finance Agency. NMHC submitted a letter to the Senate Finance Committee for the July 20, hearing entitled, The Role of Tax Incentives in Affordable Housing. NMHC signed a letter to the Administration on July 1, regarding the real estate industrys perspectives on a White House stakeholder listening session, related to improving affordability and stability for Americas renters, on the topic of renters rights and responsibilities. NMHC submitted a letter to the Administration, on August 11 in response to the White Houses Emergency Rental Assistance to Ensure Long-Term Eviction Reform summit. NMHC signed a letter to the House Financial Services Committee on August 2, regarding H.R. 7981, the Public and Federally Assisted Housing Fire Safety Act of 2022. NMHC submitted a statement to the Committee on Banking and Housing and Urban Affairs on August 5, for the hearing entitled, The Rent Eats First: How Renters and Communities are Impacted by Todays Housing Market. U.S. Department of Housing and Urban Development (HUD) Submitted comments to HUD on August 5, regarding the Proposed Changes to the Methodology Used for Calculation Fair Market Rent. Community Development Block Grants (CDBG) HOME Project-Based Voucher Programs Section 8 Source of Income Issues HUD Regulatory Reform Issues Fair Market Rents (FMRs) & Small Area Fair Market Rents (SAFMRs) Rental Assistance Demonstration Program (RAD) Centers for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS) FY 22 Funding - Initiatives Related to Housing Bureau of Labor Statistics funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs FY 2023 Funding/Appropriations Bureau of Labor Statistics Funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs Rural Housing Program Funding - Department of Agriculture Emergency Rental Assistance Implementation/Reallocation
Choice in Affordable Housing Act of 2021
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Housing Affordability Balanced Housing Policy Issues Proposals to expand the availability of affordable and workforce housing Rent Control Barriers to Housing Development, Housing Affordability and Infrastructure Issues: Promoted policy that reinvests in the nations infrastructure and drives new investment in housing by eliminating barriers to development, reducing the cost of regulations and incentivizing apartment construction. General Rural Housing/U.S. Department of Agriculture Public policies affecting consumer reporting, resident screening and consumer debt collection. COVID-19-Related Housing Issues (Rental Assistance, Housing Development/Construction/Materials, Displacement and Eviction Moratoriums, Liability, Fair Housing, Debt Collection, Resident Screening and Reporting) Housing Stability and Eviction Fair Housing (Fair Housing Act, Disparate Impact Rule, Affirmatively Furthering Fair Housing Rule, Screening and Reporting) United States Treasury Implementation/Reallocation of Emergency Rental Assistance Programs created in: PL 117-2/H.R.1319 - American Rescue Plan Act of 2021. I. PL 116-260/''Coronavirus Aid, Relief, and. Economic Security Act'' or the ''CARES Act'' Legislation Section 8 voucher program updates/improvements H.R 6880, Choice in Affordable Housing Act 2022- all provisions S. 1820, Choice in Affordable Housing Act -all provisions Signed an industry letter in support of both H.R. 6880 and S. 1820, to the full Congress. H.R. _The Housing Inspections Accountability Act of 2022 - Reviewed DRAFT legislation H.R. 3198 and S. 1614 Yes in My Backyard (YIMBY) Act Housing Supply and Affordability Act Housing Development and Construction (Zoning and Land Use Practices, Affordability) Consolidated Appropriations Act, 2022 - Publ. L. 117-103 S. 3623, the Violence Against Women Act Reauthorization Act of 2022 - Violence Against Women Act, incorporated into the Omnibus, all housing provisions, Title VI - Safe Homes for Victims, Sections: 601, Sec. 602/Sec. 41412, 603, 604, 605, 606, Title IX, Office on Violence Against Women. Signed an industry letter in support of these provisions to the full Congress. Authorization of the National Flood Insurance Program (NFIP) through September 30, 2022. S. 3623, the Violence Against Women Act Reauthorization Act of 2022 - all housing provisions, Title VI - Safe Homes for Victims, Sections: 601, Sec. 602/Sec. 41412, 603, 604, 605, 606, Title IX, Office on Violence Against Women. H.R. 1620, the Violence Against Women Reauthorization Act of 2021, Title Safe Homes for Victims, Sections 601, 602, 603, 604, 605, 606 U.S. Department of Housing and Urban Development (HUD) Community Development Block Grants (CDBG) HOME Project-Based Voucher Programs Section 8 Source of Income Issues HUD Regulatory Reform Issues Fair Market Rents (FMRs) & Small Area Fair Market Rents (SAFMRs) Rental Assistance Demonstration Program (RAD) Signed an industry letter to Secretary of Housing and Urban Development on the on the Real Estate Assessment Centr (REAC) physical inspections - regarding the challenges facing the apartment industry related to REAC inspections as we continue the recovery process related to the pandemic. Singed an industry letter to the Secretary of Housing and Urban Development regarding HUDs November 15, 2021, Clarification Memo on Valuation of Non-Shelter Services related to the valuation of non-shelter services in conjunction with preparing a rent comparability study (RCS). Centers for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS) FY 22 Funding - Initiatives Related to Housing Continuing Resolution ( February 18) Bureau of Labor Statistics funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs FY 2023 Funding Bureau of Labor Statistics Funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs Treasury Department, U.S. Department of Housing, Centers for Disease Control and Prevention, U.S. Department of Agriculture Emergency Rental Assistance Implementation/Reallocation and federal eviction moratorium issues
SAFE DATA Act
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Federal policies affecting data security, breach notification and privacy policies affecting owners, developers, managers and suppliers of the multifamily industry. Public policies affecting risk management for flood, terrorism, disaster, cyber pandemic, and other areas of risk faced by multifamily firms. S.2499 Setting an American Framework to Ensure Data Access, Transparency, and Accountability (SAFE DATA) Act S.1494 - Consumer Data Privacy and Security Act of 2021 H.R. 8152 The American Data Privacy and Protection Act
SAFE DATA Act
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Federal policies affecting data security, breach notification and privacy policies affecting owners, developers, managers and suppliers of the multifamily industry. Public policies affecting risk management for flood, terrorism, disaster, cyber pandemic, and other areas of risk faced by multifamily firms. S.2499 Setting an American Framework to Ensure Data Access, Transparency, and Accountability (SAFE DATA) Act S.1494 - Consumer Data Privacy and Security Act of 2021 H.R. 8152 The American Data Privacy and Protection Act Federal Trade Commission, Docket No. FTC-2022-0053Commercial Surveillance ANPR, R111004
SAFE DATA Act
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Federal policies affecting data security, breach notification and privacy policies affecting owners, developers, managers and suppliers of the multifamily industry. Public policies affecting risk management for flood, terrorism, disaster, cyber pandemic, and other areas of risk faced by multifamily firms. S.2499 Setting an American Framework to Ensure Data Access, Transparency, and Accountability (SAFE DATA) Act S.1494 - Consumer Data Privacy and Security Act of 2021
SAFE DATA Act
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Federal policies affecting data security, breach notification and privacy policies affecting owners, developers, managers and suppliers of the multifamily industry. Public policies affecting risk management for flood, terrorism, disaster, cyber pandemic, and other areas of risk faced by multifamily firms. S.2499 Setting an American Framework to Ensure Data Access, Transparency, and Accountability (SAFE DATA) Act S.1494 - Consumer Data Privacy and Security Act of 2021 H.R. 8152 The American Data Privacy and Protection Act Federal Trade Commission, Docket No. FTC-2022-0053 Commercial Surveillance ANPR, R111004 Securities and Exchange Commission, File Number S7-09-22: Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure
Revitalizing Downtowns Act
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Tax Cuts and Jobs Act (TCJA) Permanency H.R.8913, TCJA Permanency Act, to amend the Internal Revenue Code of 1986 to make permanent certain provisions of the Tax Cuts and Jobs Act affecting individuals, families, and small businesses, and for other purposes, Sec 101: Modification of rates, Section 111: Deduction for qualified business income, Section 112: Limitation on losses for taxpayers other than corporations, and Sec 151: Increase in estate and gift exemption NMHC supports extending individual tax rates and 20 percent qualified business income tax deduction that expires at the end of 2025 Estate Tax NMHC supports making permanent the Estate Tax rules enacted as part of the Tax Cuts and Jobs Act of 2017. Carried interest NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year. Like-Kind exchanges NMHC supports retaining current law Low-Income Housing Tax Credit and Middle-Income Housing Tax Credit S. 2820, Decent, Affordable, Safe Housing for All Act (DASH Act), to provide rental housing vouchers for the homeless, and for other purposes, Title I -- Housing Assistance, Subtitle A -- General Housing Assistance, Section 111: Rental Vouchers for the Homeless, portion of section pertaining to source of income rules; Title II -- Revenue Provisions: Sections 201-214 pertaining to the Low-Income Housing Tax Credit, Section 215 establishing a renter's tax credit, and Section 216 establishing a middle-income housing tax credit. Draft legislation, to amend the Internal Revenue Code of 1986 to establish a Workforce Housing Tax Credit, and for other purposes, all provisions. H.R. 2573, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions and potential new provisions for inclusion when bill is reintroduced in 118th Congress. S. 1136, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions and potential new provisions for inclusion when bill is reintroduced in 118th Congress. Low-Income Housing Tax Credit Provisions in Potential Year-End Tax Legislation: NMHC supported including in any potential year-end tax legislation provisions to: (1) expand LIHTC credit authority by 50 percent but at a minimum extend the 12.5 percent increase in LIHTC credit authority available in 2018-2021 adjusted for inflation; (2) enhance the use of existing private activity bond authority by reducing the bond financing threshold to maximize 4 percent Low-Income Housing Tax Credits to 25 percent from 50 percent; and (3) increase the state allocation of private activity bonds. Additional issues pertaining to the Low-Income Housing Tax Credit: Regulatory proposals involving: Right of first refusal at the end of the 15-year compliance period, Casualty Losses, the flexible use of Private Activity Bond carryforward authority for affordable housing purposes, application of the Violence Against Women Act to the Low-Income Housing Tax Credit, Disaster Low-Income Housing Tax Credits authorized as part of the Consolidated Appropriations Act of 2021, and the continued qualification of Over-Income Tenants; Legislative Proposal to further target the Low-Income Housing Tax Credit to extremely low-income households. Proposals for tax incentives to spur workforce housing production Department of the Treasury, Internal Revenue Service, 26 CFR Part 1, TD 9967, RIN 1545-BO92, Section 42, Low-Income Housing Credit Average Income Test Regulations. Internal Revenue Service, Notice 2022-52, additional temporary relief from certain requirements under Internal Revenue Code Section 42 pertaining to low-income housing tax credit projects. Bonus Depreciation NMHC supports extension of 100 bonus depreciation that expired at the end of 2022. Deductibility of Business Interest NMHC supports permanent extension (or at least through 2025) of ability to use EBITDA (as opposed to EBIT) for purposes of applying limits on interest deductibility Federal tax policies impacting the conversion of property (e.g., conversion of office buildings into housing) H.R. 4759, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. S. 2511, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. Made proposal to enable jurisdictions that reduce zoning barriers to use tax-exempt bonds to encourage repurposing of non-residential properties into housing. Opportunity Zones NMHC supports reducing the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. Energy Tax Incentives Internal Revenue Service, Notice 2022-50, Request for Comments on Elective Payment of Applicable Credits and Transfer of Certain Credits Internal Revenue Service, Notice 2022-48, Request for Comments on Incentive Provisions for Improving the Energy Efficiency of Residential and Commercial Buildings
Revitalizing Downtowns Act
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Inflation Reduction Act of 2022 (version released July 27, 2022 as a draft Senate amendment in a nature of a substitute to H.R. 5376), Title 1 -- Committee on Finance, Subtitle A -- Deficit Reduction, Part 1 -- Corporate Tax Reform, Section 10101: Corporate Alternative Minimum Tax; and Part 2 -- Closing the Carried Interest Loophole, Section 10201: Modification of Rules for Partnership Interests Held in Connection with the Performance of Services; Part 3 -- Clean Energy and Efficiency Incentives for Individuals, Section 13303: Energy Efficient Commercial Buildings Deduction and Section 13304: Extension, Increase, and Modifications of New Energy Efficient Home Credit. Build Back Better / Reconciliation Legislation Revenue Raisers Oppose inclusion of proposals in any reconciliation bill to: (1) expand the 3.8 percent net investment income tax to active income; (2) expand and extend a provision limiting the use of excess business losses by non-corporate taxpayers; or (3) modify the tax treatment of carried interest. Carried interest: NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year. Like-Kind exchanges: NMHC supports retaining current law Low-Income Housing Tax Credit and Middle-Income Housing Tax Credit S. 2820, Decent, Affordable, Safe Housing for All Act (DASH Act), to provide rental housing vouchers for the homeless, and for other purposes, Title I -- Housing Assistance, Subtitle A -- General Housing Assistance, Section 111: Rental Vouchers for the Homeless, portion of section pertaining to source of income rules; Title II -- Revenue Provisions: Sections 201-214 pertaining to the Low-Income Housing Tax Credit, Section 215 establishing a renter's tax credit, and Section 216 establishing a middle-income housing tax credit. Draft legislation, to amend the Internal Revenue Code of 1986 to establish a Workforce Housing Tax Credit, and for other purposes, all provisions. H.R. 2573, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions. S. 1136, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions. Extension of Expired Low-Income Housing Tax Credit Allocation Authority: NMHC supports extending the 12.5 increase in LIHTC credit authority available in 2018-2021. H.R. 7078, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. S. 4181, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. Monitored possible issuance of final rule on Low-Income Housing Tax Credit Average Income Test: Department of the Treasury, Internal Revenue Service, 26 CFR Part 1, REG-119890-18, RIN 1454 BO92, Section 42, Low-Income Housing Credit Average Income Test Regulations. Issues, including FHFA's duty to serve regulatory activities, pertaining to the preservation of LIHTC properties at the end of the 15-year compliance period: nonprofit partners ability to exercise right of first refusal, and the issue of qualified contracts. Monitored mitigation of potential negative impact of OECD Pillar 2 global minimum tax on Low-Income Housing Tax Credit. Bonus Depreciation Support extension of 100 bonus depreciation that expires at the end of 2022. Rehabilitation Tax Credit H.R. 1483, Revitalizing Economies, Housing, and Businesses Act of 2021 or the REHAB Act of 2021, to amend the Internal Revenue Code of 1986 to modify the rehabilitation credit, all provisions. Federal tax policies impacting the conversion of property (e.g., conversion of office buildings into housing) H.R. 4759, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. S. 2511, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. Made proposal to enable jurisdictions that reduce zoning barriers to use tax-exempt bonds to encourage repurposing of non-residential properties into housing. Opportunity Zones H.R. 7467, Opportunity Zones Transparency, Extension, and Improvement Act, to amend the Internal Revenue Code of 1986 to modify the rules relating to qualified opportunity zones, and for other purposes, all provisions. S. 4065, Opportunity Zones Transparency, Extension, and Improvement Act, to amend the Internal Revenue Code of 1986 to modify the rules relating to qualified opportunity zones, and for other purposes, all provisions. Support reducing the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. Energy Tax Incentives New Energy Efficient Homes Credit (IRC Section 45L) NMHC supported making permanent the New Energy Efficient Homes Credit as it existed prior to modification and extension as part of the Inflation Reduction Act. Energy Efficient Commercial Buildings Deduction (IRC Section 179D): NMHC supported expansion of the Energy Efficient Commercial Buildings Deduction to encourage retrofits of existing property, which would help spur investment in energy efficient improvements in older buildings. The Inflation Reduction Act addressed this issue. Taxation of Pass-Through Entities Senator Wyden Pass-Through Reform Discussion Draft, all provisions.
DASH Act
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Reconciliation Legislation H.R. 5376 Build Back Better Act, Low-Income Housing Tax Credit and Middle-Income Housing Tax Credit Support making permanent and augmenting by an additional 50 percent the increased Low-Income Housing Tax Credit authority enacted in March 2018 to enable the production of new units. Support establishment of Middle-Income Housing Tax Credit to spur production of multifamily units serving middle-income families. H.R. 2573 / S. 1136, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions. S. 2820, Decent, Affordable, Safe Housing for All Act (DASH Act), to provide rental housing vouchers for the homeless, and for other purposes, H.R. 7078, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. S. 4181, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. Monitored possible issuance of final rule on Low-Income Housing Tax Credit Average Income Test: Department of the Treasury, Internal Revenue Service, 26 CFR Part 1, REG-119890-18, RIN 1454 BO92, Section 42, Low-Income Housing Credit Average Income Test Regulations. Signed letter of trade associations (sent April 5, 2022) to Secretary of Treasury Janet Yellen requesting that the Treasury Department preserve the value of community development tax incentives, including the Low-Income Tax Credit, as the OECD moves forward on Pillar 2 rules establishing a global minimum tax. Monitored mitigation of potential negative impact OECD Pillar 2 of global minimum tax on Low-Income Housing Tax Credit Biden Administration Tax Proposals General Explanations of the Administration's Fiscal Year 2023 Revenue Proposals: Allow selective basis boosts for bond-financed low-income housing tax credit projects; increase the top marginal income tax rate for high earners; reform the taxation of capital income; impose a minimum tax on the wealthiest taxpayers, tax carried (profits) interests as ordinary income; repeal deferral of gain from like-kind exchanges; and require 100 percent depreciation recapture of depreciation deductions as ordinary income for certain depreciable property. President Biden Announces New Actions to Ease the Burden of Housing Costs (announced May 15, 2022), proposals to increase the supply of multifamily housing. Taxation of Business and Capital Income, Estates, and FIRPTA Like-kind exchanges: Support retaining current law. Capital Gains - Oppose doubling the long-term capital gains tax rate and support current-law capital gains tax rates. Carried interest: NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year. Stepped-Up Basis at Death and Taxation of Unrealized Capital Gains at Death: Support retaining current law providing for stepped-up basis at death and taxation of capital gains upon actual sale. Business Interest Deductibility: Support full deductibility of business interest for multifamily industry. Section 199A Pass-Through Deduction: Support 199A pass-through deduction. Estate Tax: Support making permanent the Estate Tax rules enacted as part of the Tax Cuts and Jobs Act of 2017. Foreign Investment in Real Property Tax Act (FIRPTA): Support repealing FIRPTA to promote investment in U.S. multifamily industry. Extension of Expiring Tax Provisions NMHC supports extending the 12.5 increase in LIHTC credit authority available in 2018-2021. NMHC also supports extending the New Energy Home Credit (IRC 45L). Opportunity Zones Support reducing the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. H.R. 7467 and S. 4065, Opportunity Zones Transparency, Extension, and Improvement Act, to amend the Internal Revenue Code of 1986 to modify the rules relating to qualified opportunity zones, and for other purposes, all provisions. Adaptive Reuse Federal tax policies impacting the conversion of property (e.g, conversion of office buildings into housing) H.R. 4759, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. Also, analyzed proposals to expand bill to enable commercial property types other than office buildings to be converted, as well as to allow REITs to benefit from the incentive S. 2511, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. Also, analyzed proposals to expand bill to enable commercial property types other than office buildings to be converted, as well as to allow REITs to benefit from the incentive Tax Depreciation H.R. 7229, Renewing Investment in American Workers and Supply Chains Act, to amend the Internal Revenue Code of 1986 to modify the depreciation of nonresidential real property and residential rental property, all provisions. S. 4012, Renewing Investment in American Workers and Supply Chains Act, to amend the Internal Revenue Code of 1986 to modify the depreciation of nonresidential real property and residential rental property, all provisions.
DASH Act
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Reconciliation Legislation Senate Finance Committee, Draft Text of Build Back Better Act, Title XII -- Committee on Finance, Subtitle E -- Infrastructure Financing and Community Development, Part 1 -- Low-Income Housing Credit, Section 125101: Increases in State Allocations, Section 125102: Tax-Exempt Bond Financing Requirement; and Section 125103: Buildings Designated to Serve Extremely Low-Income Households; Subtitle F -- Green Energy, Part 3 -- Green Energy and Efficiency Incentives for Individuals, Section 126303: Energy Efficient Commercial Buildings Deduction and Section 126304: Extension, Increase, and Modifications of New Energy Efficient Home Credit; Subtitle H -- Responsibly Funding Our Priorities, Part 1 -- Corporate and International Tax Reforms, Subpart A -- Corporate Tax Rate, Section 128101: Corporate Alternative Minimum Tax; Part 2: Tax Increases for High-Income Individuals, Section 128201: Application of Net Investment Income Tax to Trade or Business Income of Certain High Income Individuals, Section 128202: Limitations on Excess Business Losses of Noncorporate Taxpayers, and Section 128203: Surcharge on High Income Individuals, Estates, and Trusts. H.R. 5376 (as amended by House Rules Committee Print 117-18, the version of the bill that passed the House of Representatives November 19, 2021), Build Back Better Act, Title XIII -- Committee on Ways and Means, Subtitle E -- Infrastructure Financing and Community Development, Part 1 -- Low Income Housing Credit, Section 135101: Increase in State Allocations, Section 135102: Tax-Exempt Bond Financing Requirement, and Section 135103 Buildings Designated to Serve Extremely Low-Income Households; Subtitle F -- Green Energy, Part 3 -- Green Energy and Efficiency Incentives for Individuals, Section 136303: Energy Efficient Commercial Buildings Deduction and Section 136304: Extension, Increase, and Modifications of New Energy Efficient Home Credit. Subtitle H -- Responsibly Funding Our Priorities, Part 1 -- Corporate and International Tax Reforms, Subpart A -- Corporate Tax Rate, Section 138101: Corporate Alternative Minimum Tax; Part 2: Tax Increases for High-Income Individuals, Section 138201: Application of Net Investment Income Tax to Trade or Business Income of Certain High Income Individuals, Section 138202: Limitations on Excess Business Losses of Noncorporate Taxpayers, and Section 138203: Surcharge on High Income Individuals, Estates, and Trusts. Low-Income Housing Tax Credit and Middle-Income Housing Tax Credit Support making permanent and augmenting by an additional 50 percent the increased Low-Income Housing Tax Credit authority enacted in March 2018 to enable the production of new units. H.R. 2573 / S. 1136, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions. S. 2820, Decent, Affordable, Safe Housing for All Act (DASH Act), to provide rental housing vouchers for the homeless, and for other purposes, Title I -- Housing Assistance, Subtitle A -- General Housing Assistance, Section 111: Rental Vouchers for the Homeless, portion of section pertaining to source of income rules; Title II -- Revenue Provisions: Sections 201-214 pertaining to the Low-Income Housing Tax Credit, Section 215 establishing a renter's tax credit, and Section 216 establishing a middle-income housing tax credit. H.R. 7078, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. Signed letter of trade associations (sent April 5, 2022) to Secretary of Treasury Janet Yellen requesting that the Treasury Department preserve the value of community development tax incentives, including the Low-Income Tax Credit, as the OECD moves forward on Pillar 2 rules establishing a global minimum tax. Biden Administration Tax Proposals General Explanations of the Administration's Fiscal Year 2023 Revenue Proposals: Prevent basis shifting by related parties through partnerships; allow selective basis boosts for bond-financed low-income housing tax credit projects; increase the top marginal income tax rate for high earners; reform the taxation of capital income; impose a minimum tax on the wealthiest taxpayers, tax carried (profits) interests as ordinary income; repeal deferral of gain from like-kind exchanges; and require 100 percent depreciation recapture of depreciation deductions as ordinary income for certain depreciable property. Like-kind exchanges: Support retaining current law. Capital Gains - Oppose doubling the long-term capital gains tax rate and support significant differential between ordinary income and capital gains tax rates. Carried interest: NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year. Stepped-Up Basis at Death and Taxation of Unrealized Capital Gains at Death: Support retaining current law providing for stepped-up basis at death and taxation of capital gains upon actual sale. Estate Tax: Support making permanent the Estate Tax rules enacted as part of the Tax Cuts and Jobs Act of 2017. Opportunity Zones Support reducing the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. Real Estate Investment Trusts H.R. 3123, Parity for Non-Traded REITs Act, to amend the Internal Revenue Code of 1986 to provide the same treatment to publicly offered, non-traded Real Estate Investment Trusts as is provided to exchange-traded Real Estate Investment Trusts under the Foreign Investment in Real Property Tax Act of 1980, all provisions. Supported House bill and also requested introduction of companion legislation in the Senate. Adaptive Reuse Federal tax policies impacting the conversion of property (e.g, conversion of office buildings into housing)
DASH Act
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Inflation Reduction Act of 2022 (version released July 27, 2022 as a draft Senate amendment in a nature of a substitute to H.R. 5376), Title 1 -- Committee on Finance, Subtitle A -- Deficit Reduction, Part 1 -- Corporate Tax Reform, Section 10101: Corporate Alternative Minimum Tax; and Part 2 -- Closing the Carried Interest Loophole, Section 10201: Modification of Rules for Partnership Interests Held in Connection with the Performance of Services; Part 3 -- Clean Energy and Efficiency Incentives for Individuals, Section 13303: Energy Efficient Commercial Buildings Deduction and Section 13304: Extension, Increase, and Modifications of New Energy Efficient Home Credit. Build Back Better / Reconciliation Legislation Revenue Raisers Oppose inclusion of proposals in any reconciliation bill to: (1) expand the 3.8 percent net investment income tax to active income; (2) expand and extend a provision limiting the use of excess business losses by non-corporate taxpayers; or (3) modify the tax treatment of carried interest. Carried interest: NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year. Like-Kind exchanges: NMHC supports retaining current law Low-Income Housing Tax Credit and Middle-Income Housing Tax Credit S. 2820, Decent, Affordable, Safe Housing for All Act (DASH Act), to provide rental housing vouchers for the homeless, and for other purposes, Title I -- Housing Assistance, Subtitle A -- General Housing Assistance, Section 111: Rental Vouchers for the Homeless, portion of section pertaining to source of income rules; Title II -- Revenue Provisions: Sections 201-214 pertaining to the Low-Income Housing Tax Credit, Section 215 establishing a renter's tax credit, and Section 216 establishing a middle-income housing tax credit. Draft legislation, to amend the Internal Revenue Code of 1986 to establish a Workforce Housing Tax Credit, and for other purposes, all provisions. H.R. 2573, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions. S. 1136, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions. Extension of Expired Low-Income Housing Tax Credit Allocation Authority: NMHC supports extending the 12.5 increase in LIHTC credit authority available in 2018-2021. H.R. 7078, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. S. 4181, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. Monitored possible issuance of final rule on Low-Income Housing Tax Credit Average Income Test: Department of the Treasury, Internal Revenue Service, 26 CFR Part 1, REG-119890-18, RIN 1454 BO92, Section 42, Low-Income Housing Credit Average Income Test Regulations. Issues, including FHFA's duty to serve regulatory activities, pertaining to the preservation of LIHTC properties at the end of the 15-year compliance period: nonprofit partners ability to exercise right of first refusal, and the issue of qualified contracts. Monitored mitigation of potential negative impact of OECD Pillar 2 global minimum tax on Low-Income Housing Tax Credit. Bonus Depreciation Support extension of 100 bonus depreciation that expires at the end of 2022. Rehabilitation Tax Credit H.R. 1483, Revitalizing Economies, Housing, and Businesses Act of 2021 or the REHAB Act of 2021, to amend the Internal Revenue Code of 1986 to modify the rehabilitation credit, all provisions. Federal tax policies impacting the conversion of property (e.g., conversion of office buildings into housing) H.R. 4759, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. S. 2511, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. Made proposal to enable jurisdictions that reduce zoning barriers to use tax-exempt bonds to encourage repurposing of non-residential properties into housing. Opportunity Zones H.R. 7467, Opportunity Zones Transparency, Extension, and Improvement Act, to amend the Internal Revenue Code of 1986 to modify the rules relating to qualified opportunity zones, and for other purposes, all provisions. S. 4065, Opportunity Zones Transparency, Extension, and Improvement Act, to amend the Internal Revenue Code of 1986 to modify the rules relating to qualified opportunity zones, and for other purposes, all provisions. Support reducing the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. Energy Tax Incentives New Energy Efficient Homes Credit (IRC Section 45L) NMHC supported making permanent the New Energy Efficient Homes Credit as it existed prior to modification and extension as part of the Inflation Reduction Act. Energy Efficient Commercial Buildings Deduction (IRC Section 179D): NMHC supported expansion of the Energy Efficient Commercial Buildings Deduction to encourage retrofits of existing property, which would help spur investment in energy efficient improvements in older buildings. The Inflation Reduction Act addressed this issue. Taxation of Pass-Through Entities Senator Wyden Pass-Through Reform Discussion Draft, all provisions.
National Flood Insurance Program Reauthorization and Reform Act of 2021
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Public policies affecting risk management for flood, terrorism, disaster, cyber, business interruption, liability, builders risk, workers compensation, pandemic and the cost and availability of insurance utilized by multifamily firms. National Flood Insurance Program policies, guidance, and requirements affecting existing and future multifamily and single-family properties. Reauthorization and reform of the National Flood Insurance Program. FEMAs Risk Rating 2.0 program H.R. 5823, the Pandemic Risk Insurance Act of 2021 Draft Legislation: The National Flood Insurance Program Reauthorization Act of 2022 S.3128/H.R. 5802 - National Flood Insurance Program Reauthorization and Reform Act H.R.2617 - Consolidated Appropriations Act, 2023
National Flood Insurance Program Reauthorization and Reform Act of 2021
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Public policies affecting risk management for flood, terrorism, disaster, cyber, business interruption, liability, builders risk, workers compensation, pandemic and the cost and availability of insurance utilized by multifamily firms. National Flood Insurance Program policies, guidance, and requirements affecting existing and future multifamily and single-family properties. Reauthorization and reform of the National Flood Insurance Program. FEMAs Risk Rating 2.0 program H.R. 5823, the Pandemic Risk Insurance Act of 2021 Draft Legislation: The National Flood Insurance Program Reauthorization Act of 2022 S.3128/H.R. 5802 - National Flood Insurance Program Reauthorization and Reform Act
Violence Against Women Act Reauthorization Act of 2022
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Housing Affordability Balanced Housing Policy Issues Proposals to expand the availability of affordable and workforce housing Rent Control Barriers to Housing Development, Housing Affordability and Infrastructure Issues: Promoted policy that reinvests in the nations infrastructure and drives new investment in housing by eliminating barriers to development, reducing the cost of regulations and incentivizing apartment construction. General Rural Housing/U.S. Department of Agriculture Public policies affecting consumer reporting, resident screening and consumer debt collection. COVID-19-Related Housing Issues (Rental Assistance, Housing Development/Construction/Materials, Displacement and Eviction Moratoriums, Liability, Fair Housing, Debt Collection, Resident Screening and Reporting) Housing Stability and Eviction Fair Housing (Fair Housing Act, Disparate Impact Rule, Affirmatively Furthering Fair Housing Rule, Screening and Reporting) United States Treasury Implementation/Reallocation of Emergency Rental Assistance Programs created in: PL 117-2/H.R.1319 - American Rescue Plan Act of 2021. I. PL 116-260/''Coronavirus Aid, Relief, and. Economic Security Act'' or the ''CARES Act'' Legislation Section 8 voucher program updates/improvements H.R 6880, Choice in Affordable Housing Act 2022- all provisions S. 1820, Choice in Affordable Housing Act -all provisions Signed an industry letter in support of both H.R. 6880 and S. 1820, to the full Congress. H.R. _The Housing Inspections Accountability Act of 2022 - Reviewed DRAFT legislation H.R. 3198 and S. 1614 Yes in My Backyard (YIMBY) Act Housing Supply and Affordability Act Housing Development and Construction (Zoning and Land Use Practices, Affordability) Consolidated Appropriations Act, 2022 - Publ. L. 117-103 S. 3623, the Violence Against Women Act Reauthorization Act of 2022 - Violence Against Women Act, incorporated into the Omnibus, all housing provisions, Title VI - Safe Homes for Victims, Sections: 601, Sec. 602/Sec. 41412, 603, 604, 605, 606, Title IX, Office on Violence Against Women. Signed an industry letter in support of these provisions to the full Congress. Authorization of the National Flood Insurance Program (NFIP) through September 30, 2022. S. 3623, the Violence Against Women Act Reauthorization Act of 2022 - all housing provisions, Title VI - Safe Homes for Victims, Sections: 601, Sec. 602/Sec. 41412, 603, 604, 605, 606, Title IX, Office on Violence Against Women. H.R. 1620, the Violence Against Women Reauthorization Act of 2021, Title Safe Homes for Victims, Sections 601, 602, 603, 604, 605, 606 U.S. Department of Housing and Urban Development (HUD) Community Development Block Grants (CDBG) HOME Project-Based Voucher Programs Section 8 Source of Income Issues HUD Regulatory Reform Issues Fair Market Rents (FMRs) & Small Area Fair Market Rents (SAFMRs) Rental Assistance Demonstration Program (RAD) Signed an industry letter to Secretary of Housing and Urban Development on the on the Real Estate Assessment Centr (REAC) physical inspections - regarding the challenges facing the apartment industry related to REAC inspections as we continue the recovery process related to the pandemic. Singed an industry letter to the Secretary of Housing and Urban Development regarding HUDs November 15, 2021, Clarification Memo on Valuation of Non-Shelter Services related to the valuation of non-shelter services in conjunction with preparing a rent comparability study (RCS). Centers for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS) FY 22 Funding - Initiatives Related to Housing Continuing Resolution ( February 18) Bureau of Labor Statistics funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs FY 2023 Funding Bureau of Labor Statistics Funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs Treasury Department, U.S. Department of Housing, Centers for Disease Control and Prevention, U.S. Department of Agriculture Emergency Rental Assistance Implementation/Reallocation and federal eviction moratorium issues
Opportunity Zones Transparency, Extension, and Improvement Act
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Inflation Reduction Act of 2022 (version released July 27, 2022 as a draft Senate amendment in a nature of a substitute to H.R. 5376), Title 1 -- Committee on Finance, Subtitle A -- Deficit Reduction, Part 1 -- Corporate Tax Reform, Section 10101: Corporate Alternative Minimum Tax; and Part 2 -- Closing the Carried Interest Loophole, Section 10201: Modification of Rules for Partnership Interests Held in Connection with the Performance of Services; Part 3 -- Clean Energy and Efficiency Incentives for Individuals, Section 13303: Energy Efficient Commercial Buildings Deduction and Section 13304: Extension, Increase, and Modifications of New Energy Efficient Home Credit. Build Back Better / Reconciliation Legislation Revenue Raisers Oppose inclusion of proposals in any reconciliation bill to: (1) expand the 3.8 percent net investment income tax to active income; (2) expand and extend a provision limiting the use of excess business losses by non-corporate taxpayers; or (3) modify the tax treatment of carried interest. Carried interest: NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year. Like-Kind exchanges: NMHC supports retaining current law Low-Income Housing Tax Credit and Middle-Income Housing Tax Credit S. 2820, Decent, Affordable, Safe Housing for All Act (DASH Act), to provide rental housing vouchers for the homeless, and for other purposes, Title I -- Housing Assistance, Subtitle A -- General Housing Assistance, Section 111: Rental Vouchers for the Homeless, portion of section pertaining to source of income rules; Title II -- Revenue Provisions: Sections 201-214 pertaining to the Low-Income Housing Tax Credit, Section 215 establishing a renter's tax credit, and Section 216 establishing a middle-income housing tax credit. Draft legislation, to amend the Internal Revenue Code of 1986 to establish a Workforce Housing Tax Credit, and for other purposes, all provisions. H.R. 2573, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions. S. 1136, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions. Extension of Expired Low-Income Housing Tax Credit Allocation Authority: NMHC supports extending the 12.5 increase in LIHTC credit authority available in 2018-2021. H.R. 7078, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. S. 4181, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. Monitored possible issuance of final rule on Low-Income Housing Tax Credit Average Income Test: Department of the Treasury, Internal Revenue Service, 26 CFR Part 1, REG-119890-18, RIN 1454 BO92, Section 42, Low-Income Housing Credit Average Income Test Regulations. Issues, including FHFA's duty to serve regulatory activities, pertaining to the preservation of LIHTC properties at the end of the 15-year compliance period: nonprofit partners ability to exercise right of first refusal, and the issue of qualified contracts. Monitored mitigation of potential negative impact of OECD Pillar 2 global minimum tax on Low-Income Housing Tax Credit. Bonus Depreciation Support extension of 100 bonus depreciation that expires at the end of 2022. Rehabilitation Tax Credit H.R. 1483, Revitalizing Economies, Housing, and Businesses Act of 2021 or the REHAB Act of 2021, to amend the Internal Revenue Code of 1986 to modify the rehabilitation credit, all provisions. Federal tax policies impacting the conversion of property (e.g., conversion of office buildings into housing) H.R. 4759, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. S. 2511, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. Made proposal to enable jurisdictions that reduce zoning barriers to use tax-exempt bonds to encourage repurposing of non-residential properties into housing. Opportunity Zones H.R. 7467, Opportunity Zones Transparency, Extension, and Improvement Act, to amend the Internal Revenue Code of 1986 to modify the rules relating to qualified opportunity zones, and for other purposes, all provisions. S. 4065, Opportunity Zones Transparency, Extension, and Improvement Act, to amend the Internal Revenue Code of 1986 to modify the rules relating to qualified opportunity zones, and for other purposes, all provisions. Support reducing the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. Energy Tax Incentives New Energy Efficient Homes Credit (IRC Section 45L) NMHC supported making permanent the New Energy Efficient Homes Credit as it existed prior to modification and extension as part of the Inflation Reduction Act. Energy Efficient Commercial Buildings Deduction (IRC Section 179D): NMHC supported expansion of the Energy Efficient Commercial Buildings Deduction to encourage retrofits of existing property, which would help spur investment in energy efficient improvements in older buildings. The Inflation Reduction Act addressed this issue. Taxation of Pass-Through Entities Senator Wyden Pass-Through Reform Discussion Draft, all provisions.
LIFELINE Act
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Inflation Reduction Act of 2022 (version released July 27, 2022 as a draft Senate amendment in a nature of a substitute to H.R. 5376), Title 1 -- Committee on Finance, Subtitle A -- Deficit Reduction, Part 1 -- Corporate Tax Reform, Section 10101: Corporate Alternative Minimum Tax; and Part 2 -- Closing the Carried Interest Loophole, Section 10201: Modification of Rules for Partnership Interests Held in Connection with the Performance of Services; Part 3 -- Clean Energy and Efficiency Incentives for Individuals, Section 13303: Energy Efficient Commercial Buildings Deduction and Section 13304: Extension, Increase, and Modifications of New Energy Efficient Home Credit. Build Back Better / Reconciliation Legislation Revenue Raisers Oppose inclusion of proposals in any reconciliation bill to: (1) expand the 3.8 percent net investment income tax to active income; (2) expand and extend a provision limiting the use of excess business losses by non-corporate taxpayers; or (3) modify the tax treatment of carried interest. Carried interest: NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year. Like-Kind exchanges: NMHC supports retaining current law Low-Income Housing Tax Credit and Middle-Income Housing Tax Credit S. 2820, Decent, Affordable, Safe Housing for All Act (DASH Act), to provide rental housing vouchers for the homeless, and for other purposes, Title I -- Housing Assistance, Subtitle A -- General Housing Assistance, Section 111: Rental Vouchers for the Homeless, portion of section pertaining to source of income rules; Title II -- Revenue Provisions: Sections 201-214 pertaining to the Low-Income Housing Tax Credit, Section 215 establishing a renter's tax credit, and Section 216 establishing a middle-income housing tax credit. Draft legislation, to amend the Internal Revenue Code of 1986 to establish a Workforce Housing Tax Credit, and for other purposes, all provisions. H.R. 2573, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions. S. 1136, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions. Extension of Expired Low-Income Housing Tax Credit Allocation Authority: NMHC supports extending the 12.5 increase in LIHTC credit authority available in 2018-2021. H.R. 7078, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. S. 4181, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. Monitored possible issuance of final rule on Low-Income Housing Tax Credit Average Income Test: Department of the Treasury, Internal Revenue Service, 26 CFR Part 1, REG-119890-18, RIN 1454 BO92, Section 42, Low-Income Housing Credit Average Income Test Regulations. Issues, including FHFA's duty to serve regulatory activities, pertaining to the preservation of LIHTC properties at the end of the 15-year compliance period: nonprofit partners ability to exercise right of first refusal, and the issue of qualified contracts. Monitored mitigation of potential negative impact of OECD Pillar 2 global minimum tax on Low-Income Housing Tax Credit. Bonus Depreciation Support extension of 100 bonus depreciation that expires at the end of 2022. Rehabilitation Tax Credit H.R. 1483, Revitalizing Economies, Housing, and Businesses Act of 2021 or the REHAB Act of 2021, to amend the Internal Revenue Code of 1986 to modify the rehabilitation credit, all provisions. Federal tax policies impacting the conversion of property (e.g., conversion of office buildings into housing) H.R. 4759, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. S. 2511, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. Made proposal to enable jurisdictions that reduce zoning barriers to use tax-exempt bonds to encourage repurposing of non-residential properties into housing. Opportunity Zones H.R. 7467, Opportunity Zones Transparency, Extension, and Improvement Act, to amend the Internal Revenue Code of 1986 to modify the rules relating to qualified opportunity zones, and for other purposes, all provisions. S. 4065, Opportunity Zones Transparency, Extension, and Improvement Act, to amend the Internal Revenue Code of 1986 to modify the rules relating to qualified opportunity zones, and for other purposes, all provisions. Support reducing the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. Energy Tax Incentives New Energy Efficient Homes Credit (IRC Section 45L) NMHC supported making permanent the New Energy Efficient Homes Credit as it existed prior to modification and extension as part of the Inflation Reduction Act. Energy Efficient Commercial Buildings Deduction (IRC Section 179D): NMHC supported expansion of the Energy Efficient Commercial Buildings Deduction to encourage retrofits of existing property, which would help spur investment in energy efficient improvements in older buildings. The Inflation Reduction Act addressed this issue. Taxation of Pass-Through Entities Senator Wyden Pass-Through Reform Discussion Draft, all provisions.
LIFELINE Act
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Reconciliation Legislation H.R. 5376 Build Back Better Act, Low-Income Housing Tax Credit and Middle-Income Housing Tax Credit Support making permanent and augmenting by an additional 50 percent the increased Low-Income Housing Tax Credit authority enacted in March 2018 to enable the production of new units. Support establishment of Middle-Income Housing Tax Credit to spur production of multifamily units serving middle-income families. H.R. 2573 / S. 1136, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions. S. 2820, Decent, Affordable, Safe Housing for All Act (DASH Act), to provide rental housing vouchers for the homeless, and for other purposes, H.R. 7078, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. S. 4181, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. Monitored possible issuance of final rule on Low-Income Housing Tax Credit Average Income Test: Department of the Treasury, Internal Revenue Service, 26 CFR Part 1, REG-119890-18, RIN 1454 BO92, Section 42, Low-Income Housing Credit Average Income Test Regulations. Signed letter of trade associations (sent April 5, 2022) to Secretary of Treasury Janet Yellen requesting that the Treasury Department preserve the value of community development tax incentives, including the Low-Income Tax Credit, as the OECD moves forward on Pillar 2 rules establishing a global minimum tax. Monitored mitigation of potential negative impact OECD Pillar 2 of global minimum tax on Low-Income Housing Tax Credit Biden Administration Tax Proposals General Explanations of the Administration's Fiscal Year 2023 Revenue Proposals: Allow selective basis boosts for bond-financed low-income housing tax credit projects; increase the top marginal income tax rate for high earners; reform the taxation of capital income; impose a minimum tax on the wealthiest taxpayers, tax carried (profits) interests as ordinary income; repeal deferral of gain from like-kind exchanges; and require 100 percent depreciation recapture of depreciation deductions as ordinary income for certain depreciable property. President Biden Announces New Actions to Ease the Burden of Housing Costs (announced May 15, 2022), proposals to increase the supply of multifamily housing. Taxation of Business and Capital Income, Estates, and FIRPTA Like-kind exchanges: Support retaining current law. Capital Gains - Oppose doubling the long-term capital gains tax rate and support current-law capital gains tax rates. Carried interest: NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year. Stepped-Up Basis at Death and Taxation of Unrealized Capital Gains at Death: Support retaining current law providing for stepped-up basis at death and taxation of capital gains upon actual sale. Business Interest Deductibility: Support full deductibility of business interest for multifamily industry. Section 199A Pass-Through Deduction: Support 199A pass-through deduction. Estate Tax: Support making permanent the Estate Tax rules enacted as part of the Tax Cuts and Jobs Act of 2017. Foreign Investment in Real Property Tax Act (FIRPTA): Support repealing FIRPTA to promote investment in U.S. multifamily industry. Extension of Expiring Tax Provisions NMHC supports extending the 12.5 increase in LIHTC credit authority available in 2018-2021. NMHC also supports extending the New Energy Home Credit (IRC 45L). Opportunity Zones Support reducing the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. H.R. 7467 and S. 4065, Opportunity Zones Transparency, Extension, and Improvement Act, to amend the Internal Revenue Code of 1986 to modify the rules relating to qualified opportunity zones, and for other purposes, all provisions. Adaptive Reuse Federal tax policies impacting the conversion of property (e.g, conversion of office buildings into housing) H.R. 4759, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. Also, analyzed proposals to expand bill to enable commercial property types other than office buildings to be converted, as well as to allow REITs to benefit from the incentive S. 2511, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. Also, analyzed proposals to expand bill to enable commercial property types other than office buildings to be converted, as well as to allow REITs to benefit from the incentive Tax Depreciation H.R. 7229, Renewing Investment in American Workers and Supply Chains Act, to amend the Internal Revenue Code of 1986 to modify the depreciation of nonresidential real property and residential rental property, all provisions. S. 4012, Renewing Investment in American Workers and Supply Chains Act, to amend the Internal Revenue Code of 1986 to modify the depreciation of nonresidential real property and residential rental property, all provisions.
VAWA Technical Amendment Act of 2022
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Federal policies affecting data security, breach notification and privacy policies affecting owners, developers, managers and suppliers of the multifamily industry. Public policies affecting risk management for flood, terrorism, disaster, cyber pandemic, and other areas of risk faced by multifamily firms. S.2499 Setting an American Framework to Ensure Data Access, Transparency, and Accountability (SAFE DATA) Act S.1494 - Consumer Data Privacy and Security Act of 2021 H.R. 8152 The American Data Privacy and Protection Act Federal Trade Commission, Docket No. FTC-2022-0053 Commercial Surveillance ANPR, R111004 Securities and Exchange Commission, File Number S7-09-22: Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure
FOMC Representation Improvement Act
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Reconciliation Legislation H.R. 5376 Build Back Better Act, Low-Income Housing Tax Credit and Middle-Income Housing Tax Credit Support making permanent and augmenting by an additional 50 percent the increased Low-Income Housing Tax Credit authority enacted in March 2018 to enable the production of new units. Support establishment of Middle-Income Housing Tax Credit to spur production of multifamily units serving middle-income families. H.R. 2573 / S. 1136, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions. S. 2820, Decent, Affordable, Safe Housing for All Act (DASH Act), to provide rental housing vouchers for the homeless, and for other purposes, H.R. 7078, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. S. 4181, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. Monitored possible issuance of final rule on Low-Income Housing Tax Credit Average Income Test: Department of the Treasury, Internal Revenue Service, 26 CFR Part 1, REG-119890-18, RIN 1454 BO92, Section 42, Low-Income Housing Credit Average Income Test Regulations. Signed letter of trade associations (sent April 5, 2022) to Secretary of Treasury Janet Yellen requesting that the Treasury Department preserve the value of community development tax incentives, including the Low-Income Tax Credit, as the OECD moves forward on Pillar 2 rules establishing a global minimum tax. Monitored mitigation of potential negative impact OECD Pillar 2 of global minimum tax on Low-Income Housing Tax Credit Biden Administration Tax Proposals General Explanations of the Administration's Fiscal Year 2023 Revenue Proposals: Allow selective basis boosts for bond-financed low-income housing tax credit projects; increase the top marginal income tax rate for high earners; reform the taxation of capital income; impose a minimum tax on the wealthiest taxpayers, tax carried (profits) interests as ordinary income; repeal deferral of gain from like-kind exchanges; and require 100 percent depreciation recapture of depreciation deductions as ordinary income for certain depreciable property. President Biden Announces New Actions to Ease the Burden of Housing Costs (announced May 15, 2022), proposals to increase the supply of multifamily housing. Taxation of Business and Capital Income, Estates, and FIRPTA Like-kind exchanges: Support retaining current law. Capital Gains - Oppose doubling the long-term capital gains tax rate and support current-law capital gains tax rates. Carried interest: NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year. Stepped-Up Basis at Death and Taxation of Unrealized Capital Gains at Death: Support retaining current law providing for stepped-up basis at death and taxation of capital gains upon actual sale. Business Interest Deductibility: Support full deductibility of business interest for multifamily industry. Section 199A Pass-Through Deduction: Support 199A pass-through deduction. Estate Tax: Support making permanent the Estate Tax rules enacted as part of the Tax Cuts and Jobs Act of 2017. Foreign Investment in Real Property Tax Act (FIRPTA): Support repealing FIRPTA to promote investment in U.S. multifamily industry. Extension of Expiring Tax Provisions NMHC supports extending the 12.5 increase in LIHTC credit authority available in 2018-2021. NMHC also supports extending the New Energy Home Credit (IRC 45L). Opportunity Zones Support reducing the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. H.R. 7467 and S. 4065, Opportunity Zones Transparency, Extension, and Improvement Act, to amend the Internal Revenue Code of 1986 to modify the rules relating to qualified opportunity zones, and for other purposes, all provisions. Adaptive Reuse Federal tax policies impacting the conversion of property (e.g, conversion of office buildings into housing) H.R. 4759, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. Also, analyzed proposals to expand bill to enable commercial property types other than office buildings to be converted, as well as to allow REITs to benefit from the incentive S. 2511, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. Also, analyzed proposals to expand bill to enable commercial property types other than office buildings to be converted, as well as to allow REITs to benefit from the incentive Tax Depreciation H.R. 7229, Renewing Investment in American Workers and Supply Chains Act, to amend the Internal Revenue Code of 1986 to modify the depreciation of nonresidential real property and residential rental property, all provisions. S. 4012, Renewing Investment in American Workers and Supply Chains Act, to amend the Internal Revenue Code of 1986 to modify the depreciation of nonresidential real property and residential rental property, all provisions.
Student Rights Act of 2018
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Reconciliation Legislation H.R. 5376 Build Back Better Act, Low-Income Housing Tax Credit and Middle-Income Housing Tax Credit Support making permanent and augmenting by an additional 50 percent the increased Low-Income Housing Tax Credit authority enacted in March 2018 to enable the production of new units. Support establishment of Middle-Income Housing Tax Credit to spur production of multifamily units serving middle-income families. H.R. 2573 / S. 1136, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions. S. 2820, Decent, Affordable, Safe Housing for All Act (DASH Act), to provide rental housing vouchers for the homeless, and for other purposes, H.R. 7078, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. S. 4181, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. Monitored possible issuance of final rule on Low-Income Housing Tax Credit Average Income Test: Department of the Treasury, Internal Revenue Service, 26 CFR Part 1, REG-119890-18, RIN 1454 BO92, Section 42, Low-Income Housing Credit Average Income Test Regulations. Signed letter of trade associations (sent April 5, 2022) to Secretary of Treasury Janet Yellen requesting that the Treasury Department preserve the value of community development tax incentives, including the Low-Income Tax Credit, as the OECD moves forward on Pillar 2 rules establishing a global minimum tax. Monitored mitigation of potential negative impact OECD Pillar 2 of global minimum tax on Low-Income Housing Tax Credit Biden Administration Tax Proposals General Explanations of the Administration's Fiscal Year 2023 Revenue Proposals: Allow selective basis boosts for bond-financed low-income housing tax credit projects; increase the top marginal income tax rate for high earners; reform the taxation of capital income; impose a minimum tax on the wealthiest taxpayers, tax carried (profits) interests as ordinary income; repeal deferral of gain from like-kind exchanges; and require 100 percent depreciation recapture of depreciation deductions as ordinary income for certain depreciable property. President Biden Announces New Actions to Ease the Burden of Housing Costs (announced May 15, 2022), proposals to increase the supply of multifamily housing. Taxation of Business and Capital Income, Estates, and FIRPTA Like-kind exchanges: Support retaining current law. Capital Gains - Oppose doubling the long-term capital gains tax rate and support current-law capital gains tax rates. Carried interest: NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year. Stepped-Up Basis at Death and Taxation of Unrealized Capital Gains at Death: Support retaining current law providing for stepped-up basis at death and taxation of capital gains upon actual sale. Business Interest Deductibility: Support full deductibility of business interest for multifamily industry. Section 199A Pass-Through Deduction: Support 199A pass-through deduction. Estate Tax: Support making permanent the Estate Tax rules enacted as part of the Tax Cuts and Jobs Act of 2017. Foreign Investment in Real Property Tax Act (FIRPTA): Support repealing FIRPTA to promote investment in U.S. multifamily industry. Extension of Expiring Tax Provisions NMHC supports extending the 12.5 increase in LIHTC credit authority available in 2018-2021. NMHC also supports extending the New Energy Home Credit (IRC 45L). Opportunity Zones Support reducing the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. H.R. 7467 and S. 4065, Opportunity Zones Transparency, Extension, and Improvement Act, to amend the Internal Revenue Code of 1986 to modify the rules relating to qualified opportunity zones, and for other purposes, all provisions. Adaptive Reuse Federal tax policies impacting the conversion of property (e.g, conversion of office buildings into housing) H.R. 4759, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. Also, analyzed proposals to expand bill to enable commercial property types other than office buildings to be converted, as well as to allow REITs to benefit from the incentive S. 2511, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. Also, analyzed proposals to expand bill to enable commercial property types other than office buildings to be converted, as well as to allow REITs to benefit from the incentive Tax Depreciation H.R. 7229, Renewing Investment in American Workers and Supply Chains Act, to amend the Internal Revenue Code of 1986 to modify the depreciation of nonresidential real property and residential rental property, all provisions. S. 4012, Renewing Investment in American Workers and Supply Chains Act, to amend the Internal Revenue Code of 1986 to modify the depreciation of nonresidential real property and residential rental property, all provisions.
CENOTE Act of 2018
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Reconciliation Legislation H.R. 5376 Build Back Better Act, Low-Income Housing Tax Credit and Middle-Income Housing Tax Credit Support making permanent and augmenting by an additional 50 percent the increased Low-Income Housing Tax Credit authority enacted in March 2018 to enable the production of new units. Support establishment of Middle-Income Housing Tax Credit to spur production of multifamily units serving middle-income families. H.R. 2573 / S. 1136, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions. S. 2820, Decent, Affordable, Safe Housing for All Act (DASH Act), to provide rental housing vouchers for the homeless, and for other purposes, H.R. 7078, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. S. 4181, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. Monitored possible issuance of final rule on Low-Income Housing Tax Credit Average Income Test: Department of the Treasury, Internal Revenue Service, 26 CFR Part 1, REG-119890-18, RIN 1454 BO92, Section 42, Low-Income Housing Credit Average Income Test Regulations. Signed letter of trade associations (sent April 5, 2022) to Secretary of Treasury Janet Yellen requesting that the Treasury Department preserve the value of community development tax incentives, including the Low-Income Tax Credit, as the OECD moves forward on Pillar 2 rules establishing a global minimum tax. Monitored mitigation of potential negative impact OECD Pillar 2 of global minimum tax on Low-Income Housing Tax Credit Biden Administration Tax Proposals General Explanations of the Administration's Fiscal Year 2023 Revenue Proposals: Allow selective basis boosts for bond-financed low-income housing tax credit projects; increase the top marginal income tax rate for high earners; reform the taxation of capital income; impose a minimum tax on the wealthiest taxpayers, tax carried (profits) interests as ordinary income; repeal deferral of gain from like-kind exchanges; and require 100 percent depreciation recapture of depreciation deductions as ordinary income for certain depreciable property. President Biden Announces New Actions to Ease the Burden of Housing Costs (announced May 15, 2022), proposals to increase the supply of multifamily housing. Taxation of Business and Capital Income, Estates, and FIRPTA Like-kind exchanges: Support retaining current law. Capital Gains - Oppose doubling the long-term capital gains tax rate and support current-law capital gains tax rates. Carried interest: NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year. Stepped-Up Basis at Death and Taxation of Unrealized Capital Gains at Death: Support retaining current law providing for stepped-up basis at death and taxation of capital gains upon actual sale. Business Interest Deductibility: Support full deductibility of business interest for multifamily industry. Section 199A Pass-Through Deduction: Support 199A pass-through deduction. Estate Tax: Support making permanent the Estate Tax rules enacted as part of the Tax Cuts and Jobs Act of 2017. Foreign Investment in Real Property Tax Act (FIRPTA): Support repealing FIRPTA to promote investment in U.S. multifamily industry. Extension of Expiring Tax Provisions NMHC supports extending the 12.5 increase in LIHTC credit authority available in 2018-2021. NMHC also supports extending the New Energy Home Credit (IRC 45L). Opportunity Zones Support reducing the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. H.R. 7467 and S. 4065, Opportunity Zones Transparency, Extension, and Improvement Act, to amend the Internal Revenue Code of 1986 to modify the rules relating to qualified opportunity zones, and for other purposes, all provisions. Adaptive Reuse Federal tax policies impacting the conversion of property (e.g, conversion of office buildings into housing) H.R. 4759, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. Also, analyzed proposals to expand bill to enable commercial property types other than office buildings to be converted, as well as to allow REITs to benefit from the incentive S. 2511, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. Also, analyzed proposals to expand bill to enable commercial property types other than office buildings to be converted, as well as to allow REITs to benefit from the incentive Tax Depreciation H.R. 7229, Renewing Investment in American Workers and Supply Chains Act, to amend the Internal Revenue Code of 1986 to modify the depreciation of nonresidential real property and residential rental property, all provisions. S. 4012, Renewing Investment in American Workers and Supply Chains Act, to amend the Internal Revenue Code of 1986 to modify the depreciation of nonresidential real property and residential rental property, all provisions.
Repeal the Trump Tax Hike on Victims of Sexual Harassment Act of 2018
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Tax Cuts and Jobs Act (TCJA) Permanency H.R.8913, TCJA Permanency Act, to amend the Internal Revenue Code of 1986 to make permanent certain provisions of the Tax Cuts and Jobs Act affecting individuals, families, and small businesses, and for other purposes, Sec 101: Modification of rates, Section 111: Deduction for qualified business income, Section 112: Limitation on losses for taxpayers other than corporations, and Sec 151: Increase in estate and gift exemption NMHC supports extending individual tax rates and 20 percent qualified business income tax deduction that expires at the end of 2025 Estate Tax NMHC supports making permanent the Estate Tax rules enacted as part of the Tax Cuts and Jobs Act of 2017. Carried interest NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year. Like-Kind exchanges NMHC supports retaining current law Low-Income Housing Tax Credit and Middle-Income Housing Tax Credit S. 2820, Decent, Affordable, Safe Housing for All Act (DASH Act), to provide rental housing vouchers for the homeless, and for other purposes, Title I -- Housing Assistance, Subtitle A -- General Housing Assistance, Section 111: Rental Vouchers for the Homeless, portion of section pertaining to source of income rules; Title II -- Revenue Provisions: Sections 201-214 pertaining to the Low-Income Housing Tax Credit, Section 215 establishing a renter's tax credit, and Section 216 establishing a middle-income housing tax credit. Draft legislation, to amend the Internal Revenue Code of 1986 to establish a Workforce Housing Tax Credit, and for other purposes, all provisions. H.R. 2573, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions and potential new provisions for inclusion when bill is reintroduced in 118th Congress. S. 1136, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions and potential new provisions for inclusion when bill is reintroduced in 118th Congress. Low-Income Housing Tax Credit Provisions in Potential Year-End Tax Legislation: NMHC supported including in any potential year-end tax legislation provisions to: (1) expand LIHTC credit authority by 50 percent but at a minimum extend the 12.5 percent increase in LIHTC credit authority available in 2018-2021 adjusted for inflation; (2) enhance the use of existing private activity bond authority by reducing the bond financing threshold to maximize 4 percent Low-Income Housing Tax Credits to 25 percent from 50 percent; and (3) increase the state allocation of private activity bonds. Additional issues pertaining to the Low-Income Housing Tax Credit: Regulatory proposals involving: Right of first refusal at the end of the 15-year compliance period, Casualty Losses, the flexible use of Private Activity Bond carryforward authority for affordable housing purposes, application of the Violence Against Women Act to the Low-Income Housing Tax Credit, Disaster Low-Income Housing Tax Credits authorized as part of the Consolidated Appropriations Act of 2021, and the continued qualification of Over-Income Tenants; Legislative Proposal to further target the Low-Income Housing Tax Credit to extremely low-income households. Proposals for tax incentives to spur workforce housing production Department of the Treasury, Internal Revenue Service, 26 CFR Part 1, TD 9967, RIN 1545-BO92, Section 42, Low-Income Housing Credit Average Income Test Regulations. Internal Revenue Service, Notice 2022-52, additional temporary relief from certain requirements under Internal Revenue Code Section 42 pertaining to low-income housing tax credit projects. Bonus Depreciation NMHC supports extension of 100 bonus depreciation that expired at the end of 2022. Deductibility of Business Interest NMHC supports permanent extension (or at least through 2025) of ability to use EBITDA (as opposed to EBIT) for purposes of applying limits on interest deductibility Federal tax policies impacting the conversion of property (e.g., conversion of office buildings into housing) H.R. 4759, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. S. 2511, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. Made proposal to enable jurisdictions that reduce zoning barriers to use tax-exempt bonds to encourage repurposing of non-residential properties into housing. Opportunity Zones NMHC supports reducing the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. Energy Tax Incentives Internal Revenue Service, Notice 2022-50, Request for Comments on Elective Payment of Applicable Credits and Transfer of Certain Credits Internal Revenue Service, Notice 2022-48, Request for Comments on Incentive Provisions for Improving the Energy Efficiency of Residential and Commercial Buildings
Carried Interest Fairness Act of 2021
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Reconciliation Legislation H.R. 5376, to provide for reconciliation pursuant to title II of S. Con. Res. 14, Title XIII -- Committee on Ways and Means, Subtitle F -- Infrastructure Financing and Community Development, Part 3 -- Rehabilitation Tax Credit, Section 135301: Determination of Credit Percentage, Section 135302: Increase in the Rehabilitation Credit for Certain Small Projects, Section 135303: Modification of Definition of Substantially Rehabilitated, and Section 135304: Elimination of Rehabilitation Credit Basis Adjustment; Part 5 -- Housing, Subpart A -- Low-Income Housing Tax Credit, Section 135501: Increase in State Allocations, Section 135502: Tax-Exempt Bond Financing Requirement, Section 135503: Buildings Designated to Serve Extremely Low-Income Households, Section 135504: Inclusion of Rural Areas as Difficult Development Areas, and Section 135507: Increase in Credit for Bond-Financed Projects Designated by Housing Credit Agency; Subtitle G -- Green Energy, Part 3 -- Green Energy and Efficiency Incentives for Individuals, Section 136303: Energy Efficient Commercial Buildings Deduction and Section 136304: Extension, Increase, and Modifications of New Energy Efficient Home Credit. Subtitle I -- Responsibly Funding Our Priorities, Part 1 -- Corporate and International Tax Reforms, Subpart E -- Other Business Tax Provisions, Section 138149: Modification of Rules for Partnership Interests Held in Connection with the Performance of Services; Part 2: Tax Increases for High-Income Individuals, Section 138201: Increase in Top Marginal Individual Income Tax Rate, Section 138202: Increase in Capital Gains Rate for Certain High Income Individuals, Section 138203: Application of Net Investment Income Tax to Trade or Business Income of Certain High Income Individuals, Section 138204: Limitation on Deduction of Qualified Business Income for Certain High Income Individuals, Section 138205: Limitations on Excess Business Losses of Noncorporate Taxpayers, Section 138206: Surcharge on High Income Individuals, Estates, and Trusts, and Section 138207: Termination of Temporary Increase in Unified Credit; Part 3 -- Modifications of Rules Relating to Retirement Plans, Subpart B -- Other Provisions Relating to Individual Retirement Accounts, Section 138312: Prohibitions of IRA Investments Conditioned on Account Holder Status House Committee on Ways and Means, Amendment in the Nature of a Substitute to the Revenue Provisions of Subtitles F, G, H, I, and J of the Budget Reconciliation Legislative Recommendations Relating to Infrastructure Financing and Community Development, Green Energy, Social Safety Net, Responsibly Financing Our Priorities, and Prescription Drug Pricing: Subtitle F -- Infrastructure Financing and Community Development, Part 3 -- Rehabilitation Tax Credit, Section 135301: Determination of Credit Percentage, Section 135302: Increase in the Rehabilitation Credit for Certain Small Projects, Section 135303: Modification of Definition of Substantially Rehabilitated, and Section 135304: Elimination of Rehabilitation Credit Basis Adjustment; Part 5 -- Housing, Subpart A -- Low-Income Housing Tax Credit, Section 135501: Increase in State Allocations, Section 135502: Tax-Exempt Bond Financing Requirement, Section 135503: Buildings Designated to Serve Extremely Low-Income Households, Section 135504: Inclusion of Rural Areas as Difficult Development Areas, and Section 135507: Increase in Credit for Bond-Financed Projects Designated by Housing Credit Agency; Subtitle G -- Green Energy, Part 3 -- Green Energy and Efficiency Incentives for Individuals, Section 136303: Energy Efficient Commercial Buildings Deduction and Section 136304: Extension, Increase, and Modifications of New Energy Efficient Home Credit. Subtitle I -- Responsibly Funding Our Priorities, Part 1 -- Corporate and International Tax Reforms, Subpart E -- Other Business Tax Provisions, Section 138149: Modification of Rules for Partnership Interests Held in Connection with the Performance of Services; Part 2: Tax Increases for High-Income Individuals, Section 138201: Increase in Top Marginal Individual Income Tax Rate, Section 138202: Increase in Capital Gains Rate for Certain High Income Individuals, Section 138203: Application of Net Investment Income Tax to Trade or Business Income of Certain High Income Individuals, Section 138204: Limitation on Deduction of Qualified Business Income for Certain High Income Individuals, Section 138205: Limitations on Excess Business Losses of Noncorporate Taxpayers, Section 138206: Surcharge on High Income Individuals, Estates, and Trusts, and Section 138207: Termination of Temporary Increase in Unified Credit; Part 3 -- Modifications of Rules Relating to Retirement Plans, Subpart B -- Other Provisions Relating to Individual Retirement Accounts, Section 138312: Prohibitions of IRA Investments Conditioned on Account Holder Status Taxation of Pass-Through Entities Section 199A Qualified Business Income Tax Deduction: Oppose any reduction to or repeal of the 20-percent deduction for qualified business income under Section 199A, including phasing out the deduction above certain income thresholds. S. 2387, Small Business Tax Fairness Act, to amend the Internal Revenue Code of 1986 to improve the deduction for qualified business income, all provisions. Senator Wyden Pass-Through Reform Discussion Draft, all provisions. Low-Income Housing Tax Credit and Middle-Income Housing Tax Credit H.R. 2573, Affordable Housing Credit Improvement Act of 2021, to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes, all provisions. S. 1136, Affordable Housing Credit Improvement Act of 2021, to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes, all provisions. S. 2820, Decent, Affordable, Safe Housing for All Act (DASH Act), to provide rental housing vouchers for the homeless, and for other purposes, Title I -- Housing Assistance, Subtitle A -- General Housing Assistance, Section 111: Rental Vouchers for the Homeless, portion of section pertaining to source of income rules; Title II -- Revenue Provisions: Sections 201-214 pertaining to the Low-Income Housing Tax Credit, Section 215 establishing a renter's tax credit, and Section 216 establishing a middle-income housing tax credit. S. 3365 (115th Congress), Middle-Income Housing Tax Credit Act of 2018, to amend the Internal Revenue Code of 1986 to provide a credit for middle-income housing, and for other purposes, all provisions. Analyzed legislative proposal to establish a 6 percent Low-Income Housing Tax Credit Rehabilitation Tax Credit H.R. 1483, Revitalizing Economies, Housing, and Businesses Act of 2021 or the REHAB Act of 2021, to amend the Internal Revenue Code of 1986 to modify the rehabilitation credit, all provisions. Energy Tax Incentives H.R. 848, Growing Renewable Energy and Efficiency Now Act of 2021 (GREEN Act of 2021), to amend the Internal Revenue Code of 1986 to provide incentives for renewable energy and energy efficiency, and for other purposes, Section 303: Energy Efficient Commercial Buildings Deduction and Section 304: Extension, Increase, and Modifications of New Energy Efficient Home Credit. S. 2118, Clean Energy for America Act, to amend the Internal Revenue Code of 1986 to provide tax incentives for increased investment in clean energy: Title III -- Incentives for Energy Efficiency, Section 301: Credit for new energy efficient residential buildings and Section 303: Enhancement of energy efficient commercial buildings deduction; and Title V -- Workforce Development Requirements, Section 501: Use of qualified apprentices. H.R. 5188 New Home Energy Efficient Act of 2021 Support long-term extension of New energy efficient home credit (IRC 45L). Support expansion of Energy efficient commercial buildings deduction (IRC 179D) to establish a sliding scale of energy improvements, which would help spur investment in energy efficient improvements in older buildings. Biden Tax Proposals Department of the Treasury, General Explanations of the Administration's Fiscal Year 2022 Revenue Proposals, American Families Plan: Increase the Top Marginal Income Tax Rate for High Earners, Reform the Taxation of Capital Income, Rationalize Net Investment Income and Self-Employment Contribution Act Taxes, Tax Carried (Profits) Interests as Ordinary Income, and Repeal Deferral of Gain from Like-Kind Exchanges. Like-kind exchanges: Support retaining current law. S. Amdt. 3753 (to establish a deficit-neutral reserve fund relating to maintaining the current law tax treatment of like kind exchanges) to S. Con Res. 14 (a concurrent resolution setting forth the congressional budget for the United States Government for fiscal year 2022 and setting forth the appropriate budgetary levels for fiscal years 2023 through 2031). Capital Gains - Oppose doubling the long-term capital gains tax rate. Carried interest: NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year. H.R. 1068, Carried Interest Fairness Act of 2021, to amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of personal service income earned in pass-thru entities, all provisions. S. 1598, Carried Interest Fairness Act of 2021, to amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of personal service income earned in pass-thru entities, all provisions. S. 2617, Ending the Carried Interest Loophole Act, to amend the Internal Revenue Code of 1986 to revise the treatment of partnership interests received in connection with the performance of services, and for other purposes, all provisions. Stepped-Up Basis at Death and Taxation of Unrealized Capital Gains at Death Support retaining current law providing for stepped-up basis at death and taxation of capital gains upon actual sale. H.R 2286, to amend the Internal Revenue Code of 1986 to treat property transferred by gift or at death as sold for fair market value, and for other purposes, all provisions. Foreign Investment in Real Property Tax Act (FIRPTA) H.R. 2210 (116th Congress), Invest in America Act, to amend the Internal Revenue Code of 1986 to repeal certain provisions applicable to foreign investment in United States real property, all provisions. H.R. 3123, Parity for Non-Traded REITs Act, to amend the Internal Revenue Code of 1986 to provide the same treatment to publicly offered, non-traded Real Estate Investment Trusts as is provided to exchange-traded Real Estate Investment Trusts under the Foreign Investment in Real Property Tax Act of 1980, all provisions.
American Rescue Plan Act of 2021
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Housing Affordability Balanced Housing Policy Issues Proposals to expand the availability of affordable and workforce housing Rent Control Barriers to Housing Development, Housing Affordability and Infrastructure Issues: Promoted policy that reinvests in the nations infrastructure and drives new investment in housing by eliminating barriers to development, reducing the cost of regulations and incentivizing apartment construction. General Rural Housing/U.S. Department of Agriculture Public policies affecting consumer reporting, resident screening and consumer debt collection. COVID-19-Related Housing Issues (Rental Assistance, Housing Development/Construction/Materials, Displacement and Eviction Moratoriums, Liability, Fair Housing, Debt Collection, Resident Screening and Reporting) Housing Stability and Eviction Fair Housing (Fair Housing Act, Disparate Impact Rule, Affirmatively Furthering Fair Housing Rule, Screening and Reporting) H.R.1319 - American Rescue Plan Act of 2021. In particular Subtitle B - Housing Provisions. Implementation of rental assistance program enacted in Public Law 116-260. Legislation Section 8 voucher program updates/improvements Housing Supply and Affordability Act S. 1820, Choice in Affordable Housing Act Stable Families Act S.2182 - Eviction Crisis Act of 2021 H.R. 3913, the Renter Protection Act The American Jobs Plan (Housing and Building/Community Infrastructure and Transportation Provisions) H.R. 5187, Housing is Infrastructure Act of 2019, to facilitate the development of affordable housing, and for other purposes, all provisions. S. 768, Better PLAN Act H.R. 3198 and S. 1614 Yes in My Backyard (YIMBY) Act H.R. 2483, Build More Housing Near Transit Act H.R. 4791, Protecting Renters from Evictions Act, of 2021 NMHC testified before the House Financial Services Committee at a hearing titled Protecting Renters During the Pandemic: Reviewing Reform to Expedite Emergency Rental Assistance. H.R. 5196, Expediting Assistance to Renters and Landlords Act of 2021 Housing Supply and Affordability Act H.R.2126 - To authorize a grant program for the development and implementation of housing supply and affordability plans, and for other purposes. Consumer Finance Protection Bureau Enforcement and Compliance (Related to Eviction Moratoriums and Notice, Resident/Consumer Protections, Debt Collection) Housing Development and Construction (Zoning and Land Use Practices, Affordability) Housing is Infrastructure Initiatives Violence Against Women Act H.R. 1620, the Violence Against Women Reauthorization Act of 2021, Title Safe Homes for Victims, Sections 601, 602, 603, 604, 605, 606 U.S. Department of Housing and Urban Development Adrianne Todmans nomination to become Deputy Secretary of the U.S. Department of Housing and Urban Development Solomon Greenes nomination to become Assistant Secretary of HUD's Office of Policy Development and Research Community Development Block Grants (CDBG) HOME Project-Based Voucher Programs Section 8 Source of Income Issues HUD Regulatory Reform Issues Fair Market Rents (FMRs) & Small Area Fair Market Rents (SAFMRs) HUD Quarterly Real Estate Meeting FHA Multifamily Processing Delays Centers for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS) Eviction Moratorium Temporary Halt in Residential Evictions to prevent the Further Spread of COVID-19" and Guidance FY 22 Funding - Reconciliation Initiatives Related to Housing Continuing Resolution (December 3) Bureau of Labor Statistics funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs Treasury Department, U.S. Department of Housing, Centers for Disease Control and Prevention, U.S. Department of Agriculture Emergency Rental Assistance Implementation and federal eviction moratorium issues General Accounting Office Real Estate issues related to COVID-19
American Rescue Plan Act of 2021
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Housing Affordability Balanced Housing Policy Issues Proposals to expand the availability of affordable and workforce housing Rent Control Barriers to Housing Development, Housing Affordability and Infrastructure Issues: Promoted policy that reinvests in the nations infrastructure and drives new investment in housing by eliminating barriers to development, reducing the cost of regulations and incentivizing apartment construction. General Rural Housing/U.S. Department of Agriculture Public policies affecting consumer reporting, resident screening and consumer debt collection. COVID-19-Related Housing Issues (Rental Assistance, Housing Development/Construction/Materials, Displacement and Eviction Moratoriums, Liability, Fair Housing, Debt Collection, Resident Screening and Reporting) Housing Stability and Eviction Fair Housing (Fair Housing Act, Disparate Impact Rule, Affirmatively Furthering Fair Housing Rule, Screening and Reporting) PL 117-2/H.R.1319 - American Rescue Plan Act of 2021. In particular Subtitle B - Housing Provisions. Implementation of rental assistance program enacted in Public Law 116-260. Legislation Section 8 voucher program updates/improvements S. 1820, Choice in Affordable Housing Act . H.R. 3913, the Renter Protection Act Reviewed DRAFT Emergency Rental Assistance Proposals PL 117-58/H.R. 3684, Infrastructure Investment and Jobs Act (Barriers to Housing, Land Use and Planning, Infrastructure and Housing Development/Operation) H.R. 3198 and S. 1614 Yes in My Backyard (YIMBY) Act H.R. 5196, Expediting Assistance to Renters and Landlords Act of 2021, Section 2. Expediting Applications for Assistance Submitted by Landlords, Section 3. Mandating Tenant Access to Financial Assistance, Section 4. Performance Improvement Plans, Section 5. Outreach to Renters and Landlords and Technical Assistance, Section 6. Allocation and Recapture Process Modification, Section 7. Collaboration with Public Entities, Section 8. Oversight and Enforcement, Section 9. Application of False Claims Act. Also provided additional real estate industry policy recommendations. H.R. 5915, FHA Fairness Act Housing Supply and Affordability Act H.R.2126 - To authorize a grant program for the development and implementation of housing supply and affordability plans, and for other purposes. Consumer Finance Protection Bureau Enforcement and Compliance (Related to Eviction Moratoriums and Notice, Resident/Consumer Protections, Debt Collection) Housing Development and Construction (Zoning and Land Use Practices, Affordability) Violence Against Women Act H.R. 1620, the Violence Against Women Reauthorization Act of 2021, Title Safe Homes for Victims, Sections 601, 602, 603, 604, 605, 606 U.S. Department of Housing and Urban Development Community Development Block Grants (CDBG) HOME Project-Based Voucher Programs Section 8 Source of Income Issues HUD Regulatory Reform Issues Fair Market Rents (FMRs) & Small Area Fair Market Rents (SAFMRs) Rental Assistance Demonstration Program (RAD) Centers for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS) Eviction Moratorium Temporary Halt in Residential Evictions to prevent the Further Spread of COVID-19" and Guidance FY 22 Funding - Reconciliation Initiatives Related to Housing Continuing Resolution ( February 18) Bureau of Labor Statistics funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs Treasury Department, U.S. Department of Housing, Centers for Disease Control and Prevention, U.S. Department of Agriculture Emergency Rental Assistance Implementation/Reallocation and federal eviction moratorium issues General Accounting Office Real Estate issues related to COVID-19
Revitalizing Economies, Housing, And Businesses Act of 2021
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Reconciliation Legislation H.R. 5376, to provide for reconciliation pursuant to title II of S. Con. Res. 14, Title XIII -- Committee on Ways and Means, Subtitle F -- Infrastructure Financing and Community Development, Part 3 -- Rehabilitation Tax Credit, Section 135301: Determination of Credit Percentage, Section 135302: Increase in the Rehabilitation Credit for Certain Small Projects, Section 135303: Modification of Definition of Substantially Rehabilitated, and Section 135304: Elimination of Rehabilitation Credit Basis Adjustment; Part 5 -- Housing, Subpart A -- Low-Income Housing Tax Credit, Section 135501: Increase in State Allocations, Section 135502: Tax-Exempt Bond Financing Requirement, Section 135503: Buildings Designated to Serve Extremely Low-Income Households, Section 135504: Inclusion of Rural Areas as Difficult Development Areas, and Section 135507: Increase in Credit for Bond-Financed Projects Designated by Housing Credit Agency; Subtitle G -- Green Energy, Part 3 -- Green Energy and Efficiency Incentives for Individuals, Section 136303: Energy Efficient Commercial Buildings Deduction and Section 136304: Extension, Increase, and Modifications of New Energy Efficient Home Credit. Subtitle I -- Responsibly Funding Our Priorities, Part 1 -- Corporate and International Tax Reforms, Subpart E -- Other Business Tax Provisions, Section 138149: Modification of Rules for Partnership Interests Held in Connection with the Performance of Services; Part 2: Tax Increases for High-Income Individuals, Section 138201: Increase in Top Marginal Individual Income Tax Rate, Section 138202: Increase in Capital Gains Rate for Certain High Income Individuals, Section 138203: Application of Net Investment Income Tax to Trade or Business Income of Certain High Income Individuals, Section 138204: Limitation on Deduction of Qualified Business Income for Certain High Income Individuals, Section 138205: Limitations on Excess Business Losses of Noncorporate Taxpayers, Section 138206: Surcharge on High Income Individuals, Estates, and Trusts, and Section 138207: Termination of Temporary Increase in Unified Credit; Part 3 -- Modifications of Rules Relating to Retirement Plans, Subpart B -- Other Provisions Relating to Individual Retirement Accounts, Section 138312: Prohibitions of IRA Investments Conditioned on Account Holder Status House Committee on Ways and Means, Amendment in the Nature of a Substitute to the Revenue Provisions of Subtitles F, G, H, I, and J of the Budget Reconciliation Legislative Recommendations Relating to Infrastructure Financing and Community Development, Green Energy, Social Safety Net, Responsibly Financing Our Priorities, and Prescription Drug Pricing: Subtitle F -- Infrastructure Financing and Community Development, Part 3 -- Rehabilitation Tax Credit, Section 135301: Determination of Credit Percentage, Section 135302: Increase in the Rehabilitation Credit for Certain Small Projects, Section 135303: Modification of Definition of Substantially Rehabilitated, and Section 135304: Elimination of Rehabilitation Credit Basis Adjustment; Part 5 -- Housing, Subpart A -- Low-Income Housing Tax Credit, Section 135501: Increase in State Allocations, Section 135502: Tax-Exempt Bond Financing Requirement, Section 135503: Buildings Designated to Serve Extremely Low-Income Households, Section 135504: Inclusion of Rural Areas as Difficult Development Areas, and Section 135507: Increase in Credit for Bond-Financed Projects Designated by Housing Credit Agency; Subtitle G -- Green Energy, Part 3 -- Green Energy and Efficiency Incentives for Individuals, Section 136303: Energy Efficient Commercial Buildings Deduction and Section 136304: Extension, Increase, and Modifications of New Energy Efficient Home Credit. Subtitle I -- Responsibly Funding Our Priorities, Part 1 -- Corporate and International Tax Reforms, Subpart E -- Other Business Tax Provisions, Section 138149: Modification of Rules for Partnership Interests Held in Connection with the Performance of Services; Part 2: Tax Increases for High-Income Individuals, Section 138201: Increase in Top Marginal Individual Income Tax Rate, Section 138202: Increase in Capital Gains Rate for Certain High Income Individuals, Section 138203: Application of Net Investment Income Tax to Trade or Business Income of Certain High Income Individuals, Section 138204: Limitation on Deduction of Qualified Business Income for Certain High Income Individuals, Section 138205: Limitations on Excess Business Losses of Noncorporate Taxpayers, Section 138206: Surcharge on High Income Individuals, Estates, and Trusts, and Section 138207: Termination of Temporary Increase in Unified Credit; Part 3 -- Modifications of Rules Relating to Retirement Plans, Subpart B -- Other Provisions Relating to Individual Retirement Accounts, Section 138312: Prohibitions of IRA Investments Conditioned on Account Holder Status Taxation of Pass-Through Entities Section 199A Qualified Business Income Tax Deduction: Oppose any reduction to or repeal of the 20-percent deduction for qualified business income under Section 199A, including phasing out the deduction above certain income thresholds. S. 2387, Small Business Tax Fairness Act, to amend the Internal Revenue Code of 1986 to improve the deduction for qualified business income, all provisions. Senator Wyden Pass-Through Reform Discussion Draft, all provisions. Low-Income Housing Tax Credit and Middle-Income Housing Tax Credit H.R. 2573, Affordable Housing Credit Improvement Act of 2021, to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes, all provisions. S. 1136, Affordable Housing Credit Improvement Act of 2021, to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes, all provisions. S. 2820, Decent, Affordable, Safe Housing for All Act (DASH Act), to provide rental housing vouchers for the homeless, and for other purposes, Title I -- Housing Assistance, Subtitle A -- General Housing Assistance, Section 111: Rental Vouchers for the Homeless, portion of section pertaining to source of income rules; Title II -- Revenue Provisions: Sections 201-214 pertaining to the Low-Income Housing Tax Credit, Section 215 establishing a renter's tax credit, and Section 216 establishing a middle-income housing tax credit. S. 3365 (115th Congress), Middle-Income Housing Tax Credit Act of 2018, to amend the Internal Revenue Code of 1986 to provide a credit for middle-income housing, and for other purposes, all provisions. Analyzed legislative proposal to establish a 6 percent Low-Income Housing Tax Credit Rehabilitation Tax Credit H.R. 1483, Revitalizing Economies, Housing, and Businesses Act of 2021 or the REHAB Act of 2021, to amend the Internal Revenue Code of 1986 to modify the rehabilitation credit, all provisions. Energy Tax Incentives H.R. 848, Growing Renewable Energy and Efficiency Now Act of 2021 (GREEN Act of 2021), to amend the Internal Revenue Code of 1986 to provide incentives for renewable energy and energy efficiency, and for other purposes, Section 303: Energy Efficient Commercial Buildings Deduction and Section 304: Extension, Increase, and Modifications of New Energy Efficient Home Credit. S. 2118, Clean Energy for America Act, to amend the Internal Revenue Code of 1986 to provide tax incentives for increased investment in clean energy: Title III -- Incentives for Energy Efficiency, Section 301: Credit for new energy efficient residential buildings and Section 303: Enhancement of energy efficient commercial buildings deduction; and Title V -- Workforce Development Requirements, Section 501: Use of qualified apprentices. H.R. 5188 New Home Energy Efficient Act of 2021 Support long-term extension of New energy efficient home credit (IRC 45L). Support expansion of Energy efficient commercial buildings deduction (IRC 179D) to establish a sliding scale of energy improvements, which would help spur investment in energy efficient improvements in older buildings. Biden Tax Proposals Department of the Treasury, General Explanations of the Administration's Fiscal Year 2022 Revenue Proposals, American Families Plan: Increase the Top Marginal Income Tax Rate for High Earners, Reform the Taxation of Capital Income, Rationalize Net Investment Income and Self-Employment Contribution Act Taxes, Tax Carried (Profits) Interests as Ordinary Income, and Repeal Deferral of Gain from Like-Kind Exchanges. Like-kind exchanges: Support retaining current law. S. Amdt. 3753 (to establish a deficit-neutral reserve fund relating to maintaining the current law tax treatment of like kind exchanges) to S. Con Res. 14 (a concurrent resolution setting forth the congressional budget for the United States Government for fiscal year 2022 and setting forth the appropriate budgetary levels for fiscal years 2023 through 2031). Capital Gains - Oppose doubling the long-term capital gains tax rate. Carried interest: NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year. H.R. 1068, Carried Interest Fairness Act of 2021, to amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of personal service income earned in pass-thru entities, all provisions. S. 1598, Carried Interest Fairness Act of 2021, to amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of personal service income earned in pass-thru entities, all provisions. S. 2617, Ending the Carried Interest Loophole Act, to amend the Internal Revenue Code of 1986 to revise the treatment of partnership interests received in connection with the performance of services, and for other purposes, all provisions. Stepped-Up Basis at Death and Taxation of Unrealized Capital Gains at Death Support retaining current law providing for stepped-up basis at death and taxation of capital gains upon actual sale. H.R 2286, to amend the Internal Revenue Code of 1986 to treat property transferred by gift or at death as sold for fair market value, and for other purposes, all provisions. Foreign Investment in Real Property Tax Act (FIRPTA) H.R. 2210 (116th Congress), Invest in America Act, to amend the Internal Revenue Code of 1986 to repeal certain provisions applicable to foreign investment in United States real property, all provisions. H.R. 3123, Parity for Non-Traded REITs Act, to amend the Internal Revenue Code of 1986 to provide the same treatment to publicly offered, non-traded Real Estate Investment Trusts as is provided to exchange-traded Real Estate Investment Trusts under the Foreign Investment in Real Property Tax Act of 1980, all provisions.
Violence Against Women Act Reauthorization Act of 2021
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Housing Affordability Balanced Housing Policy Issues Proposals to expand the availability of affordable and workforce housing Rent Control Barriers to Housing Development, Housing Affordability and Infrastructure Issues: Promoted policy that reinvests in the nations infrastructure and drives new investment in housing by eliminating barriers to development, reducing the cost of regulations and incentivizing apartment construction. General Rural Housing/U.S. Department of Agriculture Public policies affecting consumer reporting, resident screening and consumer debt collection. COVID-19-Related Housing Issues (Rental Assistance, Housing Development/Construction/Materials, Displacement and Eviction Moratoriums, Liability, Fair Housing, Debt Collection, Resident Screening and Reporting) Housing Stability and Eviction Fair Housing (Fair Housing Act, Disparate Impact Rule, Affirmatively Furthering Fair Housing Rule, Screening and Reporting) PL 117-2/H.R.1319 - American Rescue Plan Act of 2021. In particular Subtitle B - Housing Provisions. Implementation of rental assistance program enacted in Public Law 116-260. Legislation Section 8 voucher program updates/improvements S. 1820, Choice in Affordable Housing Act . H.R. 3913, the Renter Protection Act Reviewed DRAFT Emergency Rental Assistance Proposals PL 117-58/H.R. 3684, Infrastructure Investment and Jobs Act (Barriers to Housing, Land Use and Planning, Infrastructure and Housing Development/Operation) H.R. 3198 and S. 1614 Yes in My Backyard (YIMBY) Act H.R. 5196, Expediting Assistance to Renters and Landlords Act of 2021, Section 2. Expediting Applications for Assistance Submitted by Landlords, Section 3. Mandating Tenant Access to Financial Assistance, Section 4. Performance Improvement Plans, Section 5. Outreach to Renters and Landlords and Technical Assistance, Section 6. Allocation and Recapture Process Modification, Section 7. Collaboration with Public Entities, Section 8. Oversight and Enforcement, Section 9. Application of False Claims Act. Also provided additional real estate industry policy recommendations. H.R. 5915, FHA Fairness Act Housing Supply and Affordability Act H.R.2126 - To authorize a grant program for the development and implementation of housing supply and affordability plans, and for other purposes. Consumer Finance Protection Bureau Enforcement and Compliance (Related to Eviction Moratoriums and Notice, Resident/Consumer Protections, Debt Collection) Housing Development and Construction (Zoning and Land Use Practices, Affordability) Violence Against Women Act H.R. 1620, the Violence Against Women Reauthorization Act of 2021, Title Safe Homes for Victims, Sections 601, 602, 603, 604, 605, 606 U.S. Department of Housing and Urban Development Community Development Block Grants (CDBG) HOME Project-Based Voucher Programs Section 8 Source of Income Issues HUD Regulatory Reform Issues Fair Market Rents (FMRs) & Small Area Fair Market Rents (SAFMRs) Rental Assistance Demonstration Program (RAD) Centers for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS) Eviction Moratorium Temporary Halt in Residential Evictions to prevent the Further Spread of COVID-19" and Guidance FY 22 Funding - Reconciliation Initiatives Related to Housing Continuing Resolution ( February 18) Bureau of Labor Statistics funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs Treasury Department, U.S. Department of Housing, Centers for Disease Control and Prevention, U.S. Department of Agriculture Emergency Rental Assistance Implementation/Reallocation and federal eviction moratorium issues General Accounting Office Real Estate issues related to COVID-19
Violence Against Women Act Reauthorization Act of 2021
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Housing Affordability Balanced Housing Policy Issues Proposals to expand the availability of affordable and workforce housing Rent Control Barriers to Housing Development, Housing Affordability and Infrastructure Issues: Promoted policy that reinvests in the nations infrastructure and drives new investment in housing by eliminating barriers to development, reducing the cost of regulations and incentivizing apartment construction. General Rural Housing/U.S. Department of Agriculture Public policies affecting consumer reporting, resident screening and consumer debt collection. COVID-19-Related Housing Issues (Rental Assistance, Housing Development/Construction/Materials, Displacement and Eviction Moratoriums, Liability, Fair Housing, Debt Collection, Resident Screening and Reporting) Housing Stability and Eviction Fair Housing (Fair Housing Act, Disparate Impact Rule, Affirmatively Furthering Fair Housing Rule, Screening and Reporting) H.R.1319 - American Rescue Plan Act of 2021. In particular Subtitle B - Housing Provisions. Implementation of rental assistance program enacted in Public Law 116-260. Legislation Section 8 voucher program updates/improvements Housing Supply and Affordability Act S. 1820, Choice in Affordable Housing Act Stable Families Act S.2182 - Eviction Crisis Act of 2021 H.R. 3913, the Renter Protection Act The American Jobs Plan (Housing and Building/Community Infrastructure and Transportation Provisions) H.R. 5187, Housing is Infrastructure Act of 2019, to facilitate the development of affordable housing, and for other purposes, all provisions. S. 768, Better PLAN Act H.R. 3198 and S. 1614 Yes in My Backyard (YIMBY) Act H.R. 2483, Build More Housing Near Transit Act H.R. 4791, Protecting Renters from Evictions Act, of 2021 NMHC testified before the House Financial Services Committee at a hearing titled Protecting Renters During the Pandemic: Reviewing Reform to Expedite Emergency Rental Assistance. H.R. 5196, Expediting Assistance to Renters and Landlords Act of 2021 Housing Supply and Affordability Act H.R.2126 - To authorize a grant program for the development and implementation of housing supply and affordability plans, and for other purposes. Consumer Finance Protection Bureau Enforcement and Compliance (Related to Eviction Moratoriums and Notice, Resident/Consumer Protections, Debt Collection) Housing Development and Construction (Zoning and Land Use Practices, Affordability) Housing is Infrastructure Initiatives Violence Against Women Act H.R. 1620, the Violence Against Women Reauthorization Act of 2021, Title Safe Homes for Victims, Sections 601, 602, 603, 604, 605, 606 U.S. Department of Housing and Urban Development Adrianne Todmans nomination to become Deputy Secretary of the U.S. Department of Housing and Urban Development Solomon Greenes nomination to become Assistant Secretary of HUD's Office of Policy Development and Research Community Development Block Grants (CDBG) HOME Project-Based Voucher Programs Section 8 Source of Income Issues HUD Regulatory Reform Issues Fair Market Rents (FMRs) & Small Area Fair Market Rents (SAFMRs) HUD Quarterly Real Estate Meeting FHA Multifamily Processing Delays Centers for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS) Eviction Moratorium Temporary Halt in Residential Evictions to prevent the Further Spread of COVID-19" and Guidance FY 22 Funding - Reconciliation Initiatives Related to Housing Continuing Resolution (December 3) Bureau of Labor Statistics funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs Treasury Department, U.S. Department of Housing, Centers for Disease Control and Prevention, U.S. Department of Agriculture Emergency Rental Assistance Implementation and federal eviction moratorium issues General Accounting Office Real Estate issues related to COVID-19
Housing Supply and Affordability Act
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Housing Affordability Balanced Housing Policy Issues Proposals to expand the availability of affordable and workforce housing Rent Control Barriers to Housing Development, Housing Affordability and Infrastructure Issues: Promoted policy that reinvests in the nations infrastructure and drives new investment in housing by eliminating barriers to development, reducing the cost of regulations and incentivizing apartment construction. General Rural Housing/U.S. Department of Agriculture Public policies affecting consumer reporting, resident screening and consumer debt collection. COVID-19-Related Housing Issues (Rental Assistance, Housing Development/Construction/Materials, Displacement and Eviction Moratoriums, Liability, Fair Housing, Debt Collection, Resident Screening and Reporting) Housing Stability and Eviction Fair Housing (Fair Housing Act, Disparate Impact Rule, Affirmatively Furthering Fair Housing Rule, Screening and Reporting) H.R.1319 - American Rescue Plan Act of 2021. In particular Subtitle B - Housing Provisions. Implementation of rental assistance program enacted in Public Law 116-260. Legislation Section 8 voucher program updates/improvements Housing Supply and Affordability Act S. 1820, Choice in Affordable Housing Act Stable Families Act S.2182 - Eviction Crisis Act of 2021 H.R. 3913, the Renter Protection Act The American Jobs Plan (Housing and Building/Community Infrastructure and Transportation Provisions) H.R. 5187, Housing is Infrastructure Act of 2019, to facilitate the development of affordable housing, and for other purposes, all provisions. S. 768, Better PLAN Act H.R. 3198 and S. 1614 Yes in My Backyard (YIMBY) Act H.R. 2483, Build More Housing Near Transit Act H.R. 4791, Protecting Renters from Evictions Act, of 2021 NMHC testified before the House Financial Services Committee at a hearing titled Protecting Renters During the Pandemic: Reviewing Reform to Expedite Emergency Rental Assistance. H.R. 5196, Expediting Assistance to Renters and Landlords Act of 2021 Housing Supply and Affordability Act H.R.2126 - To authorize a grant program for the development and implementation of housing supply and affordability plans, and for other purposes. Consumer Finance Protection Bureau Enforcement and Compliance (Related to Eviction Moratoriums and Notice, Resident/Consumer Protections, Debt Collection) Housing Development and Construction (Zoning and Land Use Practices, Affordability) Housing is Infrastructure Initiatives Violence Against Women Act H.R. 1620, the Violence Against Women Reauthorization Act of 2021, Title Safe Homes for Victims, Sections 601, 602, 603, 604, 605, 606 U.S. Department of Housing and Urban Development Adrianne Todmans nomination to become Deputy Secretary of the U.S. Department of Housing and Urban Development Solomon Greenes nomination to become Assistant Secretary of HUD's Office of Policy Development and Research Community Development Block Grants (CDBG) HOME Project-Based Voucher Programs Section 8 Source of Income Issues HUD Regulatory Reform Issues Fair Market Rents (FMRs) & Small Area Fair Market Rents (SAFMRs) HUD Quarterly Real Estate Meeting FHA Multifamily Processing Delays Centers for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS) Eviction Moratorium Temporary Halt in Residential Evictions to prevent the Further Spread of COVID-19" and Guidance FY 22 Funding - Reconciliation Initiatives Related to Housing Continuing Resolution (December 3) Bureau of Labor Statistics funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs Treasury Department, U.S. Department of Housing, Centers for Disease Control and Prevention, U.S. Department of Agriculture Emergency Rental Assistance Implementation and federal eviction moratorium issues General Accounting Office Real Estate issues related to COVID-19
Housing Supply and Affordability Act
Client: NATIONAL MULTIFAMILY HOUSING COUNCIL INC · Firm: NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
Housing Affordability Balanced Housing Policy Issues Proposals to expand the availability of affordable and workforce housing Rent Control Barriers to Housing Development, Housing Affordability and Infrastructure Issues: Promoted policy that reinvests in the nations infrastructure and drives new investment in housing by eliminating barriers to development, reducing the cost of regulations and incentivizing apartment construction. General Rural Housing/U.S. Department of Agriculture Public policies affecting consumer reporting, resident screening and consumer debt collection. COVID-19-Related Housing Issues (Rental Assistance, Housing Development/Construction/Materials, Displacement and Eviction Moratoriums, Liability, Fair Housing, Debt Collection, Resident Screening and Reporting) Housing Stability and Eviction Fair Housing (Fair Housing Act, Disparate Impact Rule, Affirmatively Furthering Fair Housing Rule, Screening and Reporting) PL 117-2/H.R.1319 - American Rescue Plan Act of 2021. In particular Subtitle B - Housing Provisions. Implementation of rental assistance program enacted in Public Law 116-260. Legislation Section 8 voucher program updates/improvements S. 1820, Choice in Affordable Housing Act . H.R. 3913, the Renter Protection Act Reviewed DRAFT Emergency Rental Assistance Proposals PL 117-58/H.R. 3684, Infrastructure Investment and Jobs Act (Barriers to Housing, Land Use and Planning, Infrastructure and Housing Development/Operation) H.R. 3198 and S. 1614 Yes in My Backyard (YIMBY) Act H.R. 5196, Expediting Assistance to Renters and Landlords Act of 2021, Section 2. Expediting Applications for Assistance Submitted by Landlords, Section 3. Mandating Tenant Access to Financial Assistance, Section 4. Performance Improvement Plans, Section 5. Outreach to Renters and Landlords and Technical Assistance, Section 6. Allocation and Recapture Process Modification, Section 7. Collaboration with Public Entities, Section 8. Oversight and Enforcement, Section 9. Application of False Claims Act. Also provided additional real estate industry policy recommendations. H.R. 5915, FHA Fairness Act Housing Supply and Affordability Act H.R.2126 - To authorize a grant program for the development and implementation of housing supply and affordability plans, and for other purposes. Consumer Finance Protection Bureau Enforcement and Compliance (Related to Eviction Moratoriums and Notice, Resident/Consumer Protections, Debt Collection) Housing Development and Construction (Zoning and Land Use Practices, Affordability) Violence Against Women Act H.R. 1620, the Violence Against Women Reauthorization Act of 2021, Title Safe Homes for Victims, Sections 601, 602, 603, 604, 605, 606 U.S. Department of Housing and Urban Development Community Development Block Grants (CDBG) HOME Project-Based Voucher Programs Section 8 Source of Income Issues HUD Regulatory Reform Issues Fair Market Rents (FMRs) & Small Area Fair Market Rents (SAFMRs) Rental Assistance Demonstration Program (RAD) Centers for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS) Eviction Moratorium Temporary Halt in Residential Evictions to prevent the Further Spread of COVID-19" and Guidance FY 22 Funding - Reconciliation Initiatives Related to Housing Continuing Resolution ( February 18) Bureau of Labor Statistics funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs Treasury Department, U.S. Department of Housing, Centers for Disease Control and Prevention, U.S. Department of Agriculture Emergency Rental Assistance Implementation/Reallocation and federal eviction moratorium issues General Accounting Office Real Estate issues related to COVID-19
Department of the Treasury, Office of the Comptroller of the Currency, 12 CFR Part 25, Docket ID OCC-2022-0002, RIN 1557-AF15; Federal Reserve System, 12 CFR Part 228, Regulation BB, Docket No. R-1769, RIN 7100-AG29; Federal Deposit Insurance Corporation, 12 CFR Part 345, RIN 3064-AF81, Community Reinvestment Act Access to capital related to FHFA conservatorship of Fannie Mae & Freddie Mac Proposal to enable student housing to qualify to meet FHFA affordability goals for purposes of GSE lending Biden Administration steps to increase affordable housing supply announced September 1, 2021, provisions impacting multifamily housing (i.e., Relaunching the Federal Financing Bank and HUD Risk Sharing Program, Increasing Fannie Mae and Freddie Macs Low-Income Housing Tax Credit Investment Cap, and Making Funding Available for Affordable Housing Production Under the Capital Magnet Fund). President Biden Announces New Actions to Ease the Burden of Housing Costs (announced May 15, 2022), proposals to increase the supply of multifamily housing. Biden Administration steps to increase affordable housing supply announced September 1, 2021, provisions impacting multifamily housing (i.e., Relaunching the Federal Financing Bank and HUD Risk Sharing Program, Increasing Fannie Mae and Freddie Macs Low-Income Housing Tax Credit Investment Cap, and Making Funding Available for Affordable Housing Production Under the Capital Magnet Fund). President Biden Announces New Actions to Ease the Burden of Housing Costs (announced May 15, 2022), proposals to increase the supply of multifamily housing. Bureau of Consumer Financial Protection, 12 CFR Part 1002, Docket No. CFPB-2021-0015, RIN 3170-AA09, Small Business Lending Data Collection Under the Equal Credit Opportunity Act (Regulation B). Securities and Exchange Commission, The Enhancement and Standardization of Climate-Related Disclosures for Investors, Proposed Rule, 17 CFR 210, 229, 232, 239, and 249, RIN 3235-AM87 . FHFA Notice of Proposed Rule Making on 2023-24 Multifamily Enterprise Housing Goals FHFA Housing Equity Plans
Immigration reforms related to multifamily industry labor shortages Reauthorization of the EB-5 Immigrant Investor Program
Public policies affecting risk management for flood, terrorism, disaster, cyber, business interruption, liability, builders risk, workers compensation, pandemic and the cost and availability of insurance utilized by multifamily firms. National Flood Insurance Program policies, guidance, and requirements affecting existing and future multifamily and single-family properties. Reauthorization and reform of the National Flood Insurance Program. FEMAs Risk Rating 2.0 program H.R. 5823, the Pandemic Risk Insurance Act of 2021 Draft Legislation: The National Flood Insurance Program Reauthorization Act of 2022 S.3128/H.R. 5802 - National Flood Insurance Program Reauthorization and Reform Act H.R.2617 - Consolidated Appropriations Act, 2023
Housing Affordability Biden Housing Supply Action Plan. Balanced Housing Policy Issues Proposals to expand the availability of affordable and workforce housing Rent Control Barriers to Housing Development, Housing Affordability and Infrastructure Issues: Promoted policy that reinvests in the nations infrastructure and drives new investment in housing by eliminating barriers to development, reducing the cost of regulations and incentivizing apartment construction. General Rural Housing/U.S. Department of Agriculture Public policies affecting consumer reporting, resident screening (both financial and criminal) and consumer debt collection. Public policies surrounding the use of rent payment history in consumer reporting COVID-19-Related Housing Issues (Rental Assistance, Housing Development/Construction/Materials, Displacement and Eviction Moratoriums, Liability, Fair Housing, Debt Collection, Resident Screening and Reporting) Housing Stability and Eviction Policies Fair Housing (Fair Housing Act, Disparate Impact Rule, Screening and Reporting) United States Treasury Implementation/Reallocation of Emergency Rental Assistance Programs created in: PL 117-2/H.R.1319 - American Rescue Plan Act of 2021. I. PL 116-260/''Coronavirus Aid, Relief, and. Economic Security Act'' or the ''CARES Act'' President Biden Announces New Actions to Ease the Burden of Housing Costs (announced May 15, 2022), proposals to increase the supply of multifamily housing. Administration Housing Supply Action Plan FHFA oversight over Fannie Mae and Freddie Mac & GSE Reform
Federal policies on patent enforcement and litigation impacting the multifamily industry. Federal policies surrounding music and audiovisual copyright law and licensing.
Tax Cuts and Jobs Act (TCJA) Permanency H.R.8913, TCJA Permanency Act, to amend the Internal Revenue Code of 1986 to make permanent certain provisions of the Tax Cuts and Jobs Act affecting individuals, families, and small businesses, and for other purposes, Sec 101: Modification of rates, Section 111: Deduction for qualified business income, Section 112: Limitation on losses for taxpayers other than corporations, and Sec 151: Increase in estate and gift exemption NMHC supports extending individual tax rates and 20 percent qualified business income tax deduction that expires at the end of 2025 Estate Tax NMHC supports making permanent the Estate Tax rules enacted as part of the Tax Cuts and Jobs Act of 2017. Carried interest NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year. Like-Kind exchanges NMHC supports retaining current law Low-Income Housing Tax Credit and Middle-Income Housing Tax Credit S. 2820, Decent, Affordable, Safe Housing for All Act (DASH Act), to provide rental housing vouchers for the homeless, and for other purposes, Title I -- Housing Assistance, Subtitle A -- General Housing Assistance, Section 111: Rental Vouchers for the Homeless, portion of section pertaining to source of income rules; Title II -- Revenue Provisions: Sections 201-214 pertaining to the Low-Income Housing Tax Credit, Section 215 establishing a renter's tax credit, and Section 216 establishing a middle-income housing tax credit. Draft legislation, to amend the Internal Revenue Code of 1986 to establish a Workforce Housing Tax Credit, and for other purposes, all provisions. H.R. 2573, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions and potential new provisions for inclusion when bill is reintroduced in 118th Congress. S. 1136, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions and potential new provisions for inclusion when bill is reintroduced in 118th Congress. Low-Income Housing Tax Credit Provisions in Potential Year-End Tax Legislation: NMHC supported including in any potential year-end tax legislation provisions to: (1) expand LIHTC credit authority by 50 percent but at a minimum extend the 12.5 percent increase in LIHTC credit authority available in 2018-2021 adjusted for inflation; (2) enhance the use of existing private activity bond authority by reducing the bond financing threshold to maximize 4 percent Low-Income Housing Tax Credits to 25 percent from 50 percent; and (3) increase the state allocation of private activity bonds. Additional issues pertaining to the Low-Income Housing Tax Credit: Regulatory proposals involving: Right of first refusal at the end of the 15-year compliance period, Casualty Losses, the flexible use of Private Activity Bond carryforward authority for affordable housing purposes, application of the Violence Against Women Act to the Low-Income Housing Tax Credit, Disaster Low-Income Housing Tax Credits authorized as part of the Consolidated Appropriations Act of 2021, and the continued qualification of Over-Income Tenants; Legislative Proposal to further target the Low-Income Housing Tax Credit to extremely low-income households. Proposals for tax incentives to spur workforce housing production Department of the Treasury, Internal Revenue Service, 26 CFR Part 1, TD 9967, RIN 1545-BO92, Section 42, Low-Income Housing Credit Average Income Test Regulations. Internal Revenue Service, Notice 2022-52, additional temporary relief from certain requirements under Internal Revenue Code Section 42 pertaining to low-income housing tax credit projects. Bonus Depreciation NMHC supports extension of 100 bonus depreciation that expired at the end of 2022. Deductibility of Business Interest NMHC supports permanent extension (or at least through 2025) of ability to use EBITDA (as opposed to EBIT) for purposes of applying limits on interest deductibility Federal tax policies impacting the conversion of property (e.g., conversion of office buildings into housing) H.R. 4759, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. S. 2511, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. Made proposal to enable jurisdictions that reduce zoning barriers to use tax-exempt bonds to encourage repurposing of non-residential properties into housing. Opportunity Zones NMHC supports reducing the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. Energy Tax Incentives Internal Revenue Service, Notice 2022-50, Request for Comments on Elective Payment of Applicable Credits and Transfer of Certain Credits Internal Revenue Service, Notice 2022-48, Request for Comments on Incentive Provisions for Improving the Energy Efficiency of Residential and Commercial Buildings
Broadband deployment, maintenance, access and adoption issues at multifamily communities. Federal policies impacting availability and reliability of voice, video and data services to multifamily housing communities, including but not limited to inside wiring, broadband and cellular services. FCC Notice of Proposed Rule Making and Declaratory Ruling: Improving Competitive Broadband Access to Multiple Tenant Environments (GN Docket No. 17-142) PL 117-58/H.R. 3684, Infrastructure Investment and Jobs Act, provisions related to the Broadband Equity, Access and Deployment (BEAD) Program and the Affordable Connectivity Program (ACP) FCC Notice of Inquiry on Implementing the Infrastructure Investment and Jobs Act: Prevention and Elimination of Digital Discrimination (GN Docket No. 22-69) Issues Related to FCC Broadband Data Collection and Mapping Efforts H.R. 8778, the Home Internet Accessibility Act
Federal policies affecting data security, breach notification and privacy policies affecting owners, developers, managers and suppliers of the multifamily industry. Public policies affecting risk management for flood, terrorism, disaster, cyber pandemic, and other areas of risk faced by multifamily firms. S.2499 Setting an American Framework to Ensure Data Access, Transparency, and Accountability (SAFE DATA) Act S.1494 - Consumer Data Privacy and Security Act of 2021 H.R. 8152 The American Data Privacy and Protection Act Federal Trade Commission, Docket No. FTC-2022-0053 Commercial Surveillance ANPR, R111004 Securities and Exchange Commission, File Number S7-09-22: Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure
Filing targets: Agriculture, Dept of (USDA), Centers For Disease Control & Prevention (CDC), Consumer Financial Protection Bureau (CFPB), Energy, Dept of, Environmental Protection Agency (EPA), Executive Office of the President (EOP), Federal Communications Commission (FCC), Federal Deposit Insurance Corporation (FDIC), Federal Emergency Management Agency (FEMA), Federal Housing Finance Agency (FHFA), Federal Reserve System, Government Accountability Office (GAO), HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Internal Revenue Service (IRS), Justice, Dept of (DOJ), Labor, Dept of (DOL), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Small Business Administration (SBA), Transportation, Dept of (DOT), Treasury, Dept of, U.S. Postal Service (USPS), White House Office
NATIONAL MULTIFAMILY HOUSING COUNCIL INC via NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
2022 · third_quarter · Q3
Public policies affecting risk management for flood, terrorism, disaster, cyber, business interruption, liability, builders risk, workers compensation, pandemic and the cost and availability of insurance utilized by multifamily firms. National Flood Insurance Program policies, guidance, and requirements affecting existing and future multifamily and single-family properties. Reauthorization and reform of the National Flood Insurance Program. FEMAs Risk Rating 2.0 program H.R. 5823, the Pandemic Risk Insurance Act of 2021 Draft Legislation: The National Flood Insurance Program Reauthorization Act of 2022 S.3128/H.R. 5802 - National Flood Insurance Program Reauthorization and Reform Act
National Defense Authorization Act (NDAA) for Fiscal Year 2023 (Personnel, Housing) Military Housing Privatization Initiative / Basic Allowance for Housing
Inflation Reduction Act of 2022 (version released July 27, 2022 as a draft Senate amendment in a nature of a substitute to H.R. 5376), Title 1 -- Committee on Finance, Subtitle A -- Deficit Reduction, Part 1 -- Corporate Tax Reform, Section 10101: Corporate Alternative Minimum Tax; and Part 2 -- Closing the Carried Interest Loophole, Section 10201: Modification of Rules for Partnership Interests Held in Connection with the Performance of Services; Part 3 -- Clean Energy and Efficiency Incentives for Individuals, Section 13303: Energy Efficient Commercial Buildings Deduction and Section 13304: Extension, Increase, and Modifications of New Energy Efficient Home Credit. Build Back Better / Reconciliation Legislation Revenue Raisers Oppose inclusion of proposals in any reconciliation bill to: (1) expand the 3.8 percent net investment income tax to active income; (2) expand and extend a provision limiting the use of excess business losses by non-corporate taxpayers; or (3) modify the tax treatment of carried interest. Carried interest: NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year. Like-Kind exchanges: NMHC supports retaining current law Low-Income Housing Tax Credit and Middle-Income Housing Tax Credit S. 2820, Decent, Affordable, Safe Housing for All Act (DASH Act), to provide rental housing vouchers for the homeless, and for other purposes, Title I -- Housing Assistance, Subtitle A -- General Housing Assistance, Section 111: Rental Vouchers for the Homeless, portion of section pertaining to source of income rules; Title II -- Revenue Provisions: Sections 201-214 pertaining to the Low-Income Housing Tax Credit, Section 215 establishing a renter's tax credit, and Section 216 establishing a middle-income housing tax credit. Draft legislation, to amend the Internal Revenue Code of 1986 to establish a Workforce Housing Tax Credit, and for other purposes, all provisions. H.R. 2573, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions. S. 1136, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions. Extension of Expired Low-Income Housing Tax Credit Allocation Authority: NMHC supports extending the 12.5 increase in LIHTC credit authority available in 2018-2021. H.R. 7078, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. S. 4181, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. Monitored possible issuance of final rule on Low-Income Housing Tax Credit Average Income Test: Department of the Treasury, Internal Revenue Service, 26 CFR Part 1, REG-119890-18, RIN 1454 BO92, Section 42, Low-Income Housing Credit Average Income Test Regulations. Issues, including FHFA's duty to serve regulatory activities, pertaining to the preservation of LIHTC properties at the end of the 15-year compliance period: nonprofit partners ability to exercise right of first refusal, and the issue of qualified contracts. Monitored mitigation of potential negative impact of OECD Pillar 2 global minimum tax on Low-Income Housing Tax Credit. Bonus Depreciation Support extension of 100 bonus depreciation that expires at the end of 2022. Rehabilitation Tax Credit H.R. 1483, Revitalizing Economies, Housing, and Businesses Act of 2021 or the REHAB Act of 2021, to amend the Internal Revenue Code of 1986 to modify the rehabilitation credit, all provisions. Federal tax policies impacting the conversion of property (e.g., conversion of office buildings into housing) H.R. 4759, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. S. 2511, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. Made proposal to enable jurisdictions that reduce zoning barriers to use tax-exempt bonds to encourage repurposing of non-residential properties into housing. Opportunity Zones H.R. 7467, Opportunity Zones Transparency, Extension, and Improvement Act, to amend the Internal Revenue Code of 1986 to modify the rules relating to qualified opportunity zones, and for other purposes, all provisions. S. 4065, Opportunity Zones Transparency, Extension, and Improvement Act, to amend the Internal Revenue Code of 1986 to modify the rules relating to qualified opportunity zones, and for other purposes, all provisions. Support reducing the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. Energy Tax Incentives New Energy Efficient Homes Credit (IRC Section 45L) NMHC supported making permanent the New Energy Efficient Homes Credit as it existed prior to modification and extension as part of the Inflation Reduction Act. Energy Efficient Commercial Buildings Deduction (IRC Section 179D): NMHC supported expansion of the Energy Efficient Commercial Buildings Deduction to encourage retrofits of existing property, which would help spur investment in energy efficient improvements in older buildings. The Inflation Reduction Act addressed this issue. Taxation of Pass-Through Entities Senator Wyden Pass-Through Reform Discussion Draft, all provisions.
Department of the Treasury, Office of the Comptroller of the Currency, 12 CFR Part 25, Docket ID OCC-2022-0002, RIN 1557-AF15; Federal Reserve System, 12 CFR Part 228, Regulation BB, Docket No. R-1769, RIN 7100-AG29; Federal Deposit Insurance Corporation, 12 CFR Part 345, RIN 3064-AF81, Community Reinvestment Act Access to capital related to FHFA conservatorship of Fannie Mae & Freddie Mac Biden Administration steps to increase affordable housing supply announced September 1, 2021, provisions impacting multifamily housing (i.e., Relaunching the Federal Financing Bank and HUD Risk Sharing Program, Increasing Fannie Mae and Freddie Macs Low-Income Housing Tax Credit Investment Cap, and Making Funding Available for Affordable Housing Production Under the Capital Magnet Fund). President Biden Announces New Actions to Ease the Burden of Housing Costs (announced May 15, 2022), proposals to increase the supply of multifamily housing. Fannie Mae multifamily pilot program to expand the number of landlords that accept Housing Choice Vouchers. Bureau of Consumer Financial Protection, 12 CFR Part 1002, Docket No. CFPB-2021-0015, RIN 3170-AA09, Small Business Lending Data Collection Under the Equal Credit Opportunity Act (Regulation B). Securities and Exchange Commission, The Enhancement and Standardization of Climate-Related Disclosures for Investors, Proposed Rule, 17 CFR 210, 229, 232, 239, and 249, RIN 3235-AM87. NMHC submitted comments to the Federal Reserve, OCC & FDIC on a proposed Community Reinvestment Act Rule (CRA) FHFA Notice of Proposed Rule Making on 2023-24 Multifamily Enterprise Housing Goals
Federal policies on patent enforcement and litigation impacting the multifamily industry. Federal policies surrounding music copyright law and licensing.
Housing Affordability Biden Housing Supply Action Plan. Balanced Housing Policy Issues Proposals to expand the availability of affordable and workforce housing Rent Control Barriers to Housing Development, Housing Affordability and Infrastructure Issues: Promoted policy that reinvests in the nations infrastructure and drives new investment in housing by eliminating barriers to development, reducing the cost of regulations and incentivizing apartment construction. General Rural Housing/U.S. Department of Agriculture Public policies affecting consumer reporting, resident screening (both financial and criminal) and consumer debt collection. Public policies surrounding the use of rent payment history in consumer reporting COVID-19-Related Housing Issues (Rental Assistance, Housing Development/Construction/Materials, Displacement and Eviction Moratoriums, Liability, Fair Housing, Debt Collection, Resident Screening and Reporting) Housing Stability and Eviction Fair Housing (Fair Housing Act, Disparate Impact Rule, Screening and Reporting) United States Treasury Implementation/Reallocation of Emergency Rental Assistance Programs created in: PL 117-2/H.R.1319 - American Rescue Plan Act of 2021. I. PL 116-260/''Coronavirus Aid, Relief, and. Economic Security Act'' or the ''CARES Act'' Treasury announcement made July 27, 2022, regarding new steps to increase affordable housing supply and lower-long term housing costs for American families, including Treasury guidance updates and how-to guide to increase investments in affordable housing under American Rescue Plan. President Biden Announces New Actions to Ease the Burden of Housing Costs (announced May 15, 2022), proposals to increase the supply of multifamily housing. FHFA oversight over Fannie Mae and Freddie Mac & GSE Reform Legislation Section 8 voucher program updates/improvements H.R 6880/ S 1820: Choice in Affordable Housing Act 2022- all provisions Signed a joint industry advocacy letter to the House Financial Services Committee in support of H.R. 3880 being included in the Committee markup schedule. (June 2022) H.R. _The Housing Inspections Accountability Act of 2022 - Reviewed DRAFT legislation H.R. 7981, the Public Federally Assisted Housing Fire Safety Act of 2022 Section 2, Smoke Alarms in Federally Assisted Housing H.R. 5828, the Pets Belong with Families Act - Section 2. Prohibition on Breed Restrictions H.R. 3198 and S. 1614 Yes in My Backyard (YIMBY) Act H.R.8476: the Housing Inspections Accountability Act H.R. 7123, the Studying Barriers to Homelessness Act H.R. 6528, the Housing Temperature Safety Act of 2022 Housing Supply and Affordability Act Housing Development and Construction (Zoning and Land Use Practices, Affordability) Potential legislative proposal to streamline process issues surrounding multifamily projects receiving financing under Federal USDA, HUD, and Low-Income Housing Tax Credit housing programs NMHC submitted a letter to the House Financial Services Committee for the July 20 hearing entitled, Housing in America: Oversight of the Federal Housing Finance Agency. NMHC submitted a letter to the Senate Finance Committee for the July 20, hearing entitled, The Role of Tax Incentives in Affordable Housing. NMHC signed a letter to the Administration on July 1, regarding the real estate industrys perspectives on a White House stakeholder listening session, related to improving affordability and stability for Americas renters, on the topic of renters rights and responsibilities. NMHC submitted a letter to the Administration, on August 11 in response to the White Houses Emergency Rental Assistance to Ensure Long-Term Eviction Reform summit. NMHC signed a letter to the House Financial Services Committee on August 2, regarding H.R. 7981, the Public and Federally Assisted Housing Fire Safety Act of 2022. NMHC submitted a statement to the Committee on Banking and Housing and Urban Affairs on August 5, for the hearing entitled, The Rent Eats First: How Renters and Communities are Impacted by Todays Housing Market. U.S. Department of Housing and Urban Development (HUD) Submitted comments to HUD on August 5, regarding the Proposed Changes to the Methodology Used for Calculation Fair Market Rent. Community Development Block Grants (CDBG) HOME Project-Based Voucher Programs Section 8 Source of Income Issues HUD Regulatory Reform Issues Fair Market Rents (FMRs) & Small Area Fair Market Rents (SAFMRs) Rental Assistance Demonstration Program (RAD) Centers for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS) FY 22 Funding - Initiatives Related to Housing Bureau of Labor Statistics funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs FY 2023 Funding/Appropriations Bureau of Labor Statistics Funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs Rural Housing Program Funding - Department of Agriculture Emergency Rental Assistance Implementation/Reallocation
Federal policies affecting data security, breach notification and privacy policies affecting owners, developers, managers and suppliers of the multifamily industry. Public policies affecting risk management for flood, terrorism, disaster, cyber pandemic, and other areas of risk faced by multifamily firms. S.2499 Setting an American Framework to Ensure Data Access, Transparency, and Accountability (SAFE DATA) Act S.1494 - Consumer Data Privacy and Security Act of 2021 H.R. 8152 The American Data Privacy and Protection Act Federal Trade Commission, Docket No. FTC-2022-0053Commercial Surveillance ANPR, R111004
Broadband deployment, maintenance, access and adoption issues at multifamily communities. Federal policies impacting availability and reliability of voice, video and data services to multifamily housing communities, including but not limited to inside wiring, broadband and cellular services. FCC Notice of Proposed Rule Making and Declaratory Ruling: Improving Competitive Broadband Access to Multiple Tenant Environments (GN Docket No. 17-142) PL 117-58/H.R. 3684, Infrastructure Investment and Jobs Act, provisions related to the Broadband Equity, Access and Deployment (BEAD) Program and the Affordable Connectivity Program (ACP) FCC Notice of Inquiry on Implementing the Infrastructure Investment and Jobs Act: Prevention and Elimination of Digital Discrimination (GN Docket No. 22-69) H.R. 8778, the Home Internet Accessibility Act
Federal policies affecting mail and parcel delivery service to multifamily housing communities.
Immigration reforms related to multifamily industry labor shortages Reauthorization of the EB-5 Immigrant Investor Program
Filing targets: Consumer Financial Protection Bureau (CFPB), Energy, Dept of, Environmental Protection Agency (EPA), Executive Office of the President (EOP), Federal Communications Commission (FCC), Federal Deposit Insurance Corporation (FDIC), Federal Emergency Management Agency (FEMA), Federal Housing Finance Agency (FHFA), Federal Reserve System, Government Accountability Office (GAO), HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Justice, Dept of (DOJ), Labor, Dept of (DOL), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Small Business Administration (SBA), Transportation, Dept of (DOT), Treasury, Dept of, U.S. Postal Service (USPS)
NATIONAL MULTIFAMILY HOUSING COUNCIL INC via NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
2022 · second_quarter · Q2
Reconciliation Legislation H.R. 5376 Build Back Better Act, Low-Income Housing Tax Credit and Middle-Income Housing Tax Credit Support making permanent and augmenting by an additional 50 percent the increased Low-Income Housing Tax Credit authority enacted in March 2018 to enable the production of new units. Support establishment of Middle-Income Housing Tax Credit to spur production of multifamily units serving middle-income families. H.R. 2573 / S. 1136, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions. S. 2820, Decent, Affordable, Safe Housing for All Act (DASH Act), to provide rental housing vouchers for the homeless, and for other purposes, H.R. 7078, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. S. 4181, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. Monitored possible issuance of final rule on Low-Income Housing Tax Credit Average Income Test: Department of the Treasury, Internal Revenue Service, 26 CFR Part 1, REG-119890-18, RIN 1454 BO92, Section 42, Low-Income Housing Credit Average Income Test Regulations. Signed letter of trade associations (sent April 5, 2022) to Secretary of Treasury Janet Yellen requesting that the Treasury Department preserve the value of community development tax incentives, including the Low-Income Tax Credit, as the OECD moves forward on Pillar 2 rules establishing a global minimum tax. Monitored mitigation of potential negative impact OECD Pillar 2 of global minimum tax on Low-Income Housing Tax Credit Biden Administration Tax Proposals General Explanations of the Administration's Fiscal Year 2023 Revenue Proposals: Allow selective basis boosts for bond-financed low-income housing tax credit projects; increase the top marginal income tax rate for high earners; reform the taxation of capital income; impose a minimum tax on the wealthiest taxpayers, tax carried (profits) interests as ordinary income; repeal deferral of gain from like-kind exchanges; and require 100 percent depreciation recapture of depreciation deductions as ordinary income for certain depreciable property. President Biden Announces New Actions to Ease the Burden of Housing Costs (announced May 15, 2022), proposals to increase the supply of multifamily housing. Taxation of Business and Capital Income, Estates, and FIRPTA Like-kind exchanges: Support retaining current law. Capital Gains - Oppose doubling the long-term capital gains tax rate and support current-law capital gains tax rates. Carried interest: NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year. Stepped-Up Basis at Death and Taxation of Unrealized Capital Gains at Death: Support retaining current law providing for stepped-up basis at death and taxation of capital gains upon actual sale. Business Interest Deductibility: Support full deductibility of business interest for multifamily industry. Section 199A Pass-Through Deduction: Support 199A pass-through deduction. Estate Tax: Support making permanent the Estate Tax rules enacted as part of the Tax Cuts and Jobs Act of 2017. Foreign Investment in Real Property Tax Act (FIRPTA): Support repealing FIRPTA to promote investment in U.S. multifamily industry. Extension of Expiring Tax Provisions NMHC supports extending the 12.5 increase in LIHTC credit authority available in 2018-2021. NMHC also supports extending the New Energy Home Credit (IRC 45L). Opportunity Zones Support reducing the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. H.R. 7467 and S. 4065, Opportunity Zones Transparency, Extension, and Improvement Act, to amend the Internal Revenue Code of 1986 to modify the rules relating to qualified opportunity zones, and for other purposes, all provisions. Adaptive Reuse Federal tax policies impacting the conversion of property (e.g, conversion of office buildings into housing) H.R. 4759, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. Also, analyzed proposals to expand bill to enable commercial property types other than office buildings to be converted, as well as to allow REITs to benefit from the incentive S. 2511, Revitalizing Downtowns Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for the conversion of office buildings into other uses, all provisions. Also, analyzed proposals to expand bill to enable commercial property types other than office buildings to be converted, as well as to allow REITs to benefit from the incentive Tax Depreciation H.R. 7229, Renewing Investment in American Workers and Supply Chains Act, to amend the Internal Revenue Code of 1986 to modify the depreciation of nonresidential real property and residential rental property, all provisions. S. 4012, Renewing Investment in American Workers and Supply Chains Act, to amend the Internal Revenue Code of 1986 to modify the depreciation of nonresidential real property and residential rental property, all provisions.
Public policies affecting risk management for flood, terrorism, disaster, cyber, business interruption, liability, builders risk, workers compensation, pandemic and other lines of insurance utilized by multifamily firms. National Flood Insurance Program policies, guidance, and requirements affecting existing and future multifamily and single-family properties. Reauthorization and reform of the National Flood Insurance Program. FEMAs Risk Rating 2.0 program Cost of insurance for the multifamily industry. H.R. 5823, the Pandemic Risk Insurance Act of 2021 Draft Legislation: The National Flood Insurance Program Reauthorization Act of 2022
Federal policies affecting mail and parcel delivery service to multifamily housing communities. HR 3076 The Postal Service Reform Act S 1720 The Postal Service Reform Act
Federal policies affecting data security, breach notification and privacy policies affecting owners, developers, managers and suppliers of the multifamily industry. Public policies affecting risk management for flood, terrorism, disaster, cyber pandemic, and other areas of risk faced by multifamily firms. S.2499 Setting an American Framework to Ensure Data Access, Transparency, and Accountability (SAFE DATA) Act S.1494 - Consumer Data Privacy and Security Act of 2021 H.R. 8152 The American Data Privacy and Protection Act
Department of the Treasury, Office of the Comptroller of the Currency, 12 CFR Part 25, Docket ID OCC-2022-0002, RIN 1557-AF15; Federal Reserve System, 12 CFR Part 228, Regulation BB, Docket No. R-1769, RIN 7100-AG29; Federal Deposit Insurance Corporation, 12 CFR Part 345, RIN 3064-AF81, Community Reinvestment Act Access to capital related to FHFA conservatorship of Fannie Mae & Freddie Mac Biden Administration steps to increase affordable housing supply announced September 1, 2021, provisions impacting multifamily housing (i.e., Relaunching the Federal Financing Bank and HUD Risk Sharing Program, Increasing Fannie Mae and Freddie Macs Low-Income Housing Tax Credit Investment Cap, and Making Funding Available for Affordable Housing Production Under the Capital Magnet Fund). President Biden Announces New Actions to Ease the Burden of Housing Costs (announced May 15, 2022), proposals to increase the supply of multifamily housing. Fannie Mae multifamily pilot program to expand the number of landlords that accept Housing Choice Vouchers. Bureau of Consumer Financial Protection, 12 CFR Part 1002, Docket No. CFPB-2021-0015, RIN 3170-AA09, Small Business Lending Data Collection Under the Equal Credit Opportunity Act (Regulation B). Securities and Exchange Commission, The Enhancement and Standardization of Climate-Related Disclosures for Investors, Proposed Rule, 17 CFR 210, 229, 232, 239, and 249, RIN 3235-AM87.
Federal policies on patent enforcement and litigation impacting the multifamily industry. Federal policies surrounding music copyright law and licensing.
Broadband deployment, maintenance, access and adoption issues at multifamily communities. Federal policies impacting availability and reliability of voice, video and data services to multifamily housing communities, including but not limited to inside wiring, broadband and cellular services. FCC Notice of Proposed Rule Making and Declaratory Ruling: Improving Competitive Broadband Access to Multiple Tenant Environments (GN Docket No. 17-142) PL 117-58/H.R. 3684, Infrastructure Investment and Jobs Act, provisions related to the Broadband Equity, Access and Deployment (BEAD) Program and the Affordable Connectivity Program (ACP) FCC Notice of Inquiry on Implementing the Infrastructure Investment and Jobs Act: Prevention and Elimination of Digital Discrimination (GN Docket No. 22-69)
Housing Affordability Biden Housing Supply Action Plan. Balanced Housing Policy Issues Proposals to expand the availability of affordable and workforce housing Rent Control Barriers to Housing Development, Housing Affordability and Infrastructure Issues: Promoted policy that reinvests in the nations infrastructure and drives new investment in housing by eliminating barriers to development, reducing the cost of regulations and incentivizing apartment construction. General Rural Housing/U.S. Department of Agriculture Public policies affecting consumer reporting, resident screening (both financial and criminal) and consumer debt collection. Public policies surrounding the use of rent payment history in consumer reporting COVID-19-Related Housing Issues (Rental Assistance, Housing Development/Construction/Materials, Displacement and Eviction Moratoriums, Liability, Fair Housing, Debt Collection, Resident Screening and Reporting) Housing Stability and Eviction Fair Housing (Fair Housing Act, Disparate Impact Rule, Affirmatively Furthering Fair Housing Rule, Screening and Reporting) United States Treasury Implementation/Reallocation of Emergency Rental Assistance Programs created in: PL 117-2/H.R.1319 - American Rescue Plan Act of 2021. I. PL 116-260/''Coronavirus Aid, Relief, and. Economic Security Act'' or the ''CARES Act'' Legislation Section 8 voucher program updates/improvements H.R 6880/ S 1820: Choice in Affordable Housing Act 2022- all provisions Signed a joint industry advocacy letter to the House Financial Services Committee in support of H.R. 3880 being included in the Committee markup schedule. (June 2022) H.R. _The Housing Inspections Accountability Act of 2022 - Reviewed DRAFT legislation H.R. 7981, the Public Federally Assisted Housing Fire Safety Act of 2022 Section 2, Smoke Alarms in Federally Assisted Housing H.R. 6528, the Housing Temperature Safety Act of 2022 - Reviewed legislation H.R.6529 - To require owners of a covered federally assisted rental dwelling units to install self-closing doors in such units, and for other purposes. Section 2. Self-Closing Doors, (b) Certification H.R. 5828, the Pets Belong with Families Act - Section 2. Prohibition on Breed Restrictions H.R. 3198 and S. 1614 Yes in My Backyard (YIMBY) Act Housing Supply and Affordability Act Housing Development and Construction (Zoning and Land Use Practices, Affordability) U.S. Department of Housing and Urban Development (HUD) NMHC participated/cosponsored HUDs Innovative Housing Showcase (June 2022) Community Development Block Grants (CDBG) HOME Project-Based Voucher Programs Section 8 Source of Income Issues HUD Regulatory Reform Issues Fair Market Rents (FMRs) & Small Area Fair Market Rents (SAFMRs) Rental Assistance Demonstration Program (RAD) Centers for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS) FY 22 Funding - Initiatives Related to Housing Bureau of Labor Statistics funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs FY 2023 Funding/Appropriations Bureau of Labor Statistics Funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs Rural Housing Program Funding - Department of Agriculture Signed a joint industry advocacy letter to the House and Senate Appropriators in support of (FY) 2023 funding and policy provisions that support and strengthen the effectiveness of the Housing Choice Voucher (HCV) program. (June 2022) Emergency Rental Assistance Implementation/Reallocation and federal eviction moratorium issues NMHC participated in the White House stakeholder listening session on renters rights and responsibilities. (June 2022)
Immigration reforms related to multifamily industry labor shortages Reauthorization of the EB-5 Immigrant Investor Program
National Defense Authorization Act (NDAA) for Fiscal Year 2023 (Personnel, Housing) Military Housing Privatization Initiative / Basic Allowance for Housing
Filing targets: Consumer Financial Protection Bureau (CFPB), Energy, Dept of, Environmental Protection Agency (EPA), Executive Office of the President (EOP), Federal Communications Commission (FCC), Federal Deposit Insurance Corporation (FDIC), Federal Emergency Management Agency (FEMA), Federal Housing Finance Agency (FHFA), Federal Reserve System, Government Accountability Office (GAO), HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Justice, Dept of (DOJ), Labor, Dept of (DOL), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Small Business Administration (SBA), Transportation, Dept of (DOT), Treasury, Dept of, U.S. Postal Service (USPS)
NATIONAL MULTIFAMILY HOUSING COUNCIL INC via NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
2022 · first_quarter · Q1
Federal policies on patent enforcement and litigation impacting the multifamily industry. Federal policies surrounding music copyright law and licensing.
Public policies affecting risk management for flood, terrorism, disaster, cyber, business interruption, liability, builders risk, workers compensation, pandemic and other lines of insurance utilized by multifamily firms. National Flood Insurance Program policies, guidance, and requirements affecting existing and future multifamily and single-family properties. Reauthorization and reform of the National Flood Insurance Program. FEMAs Risk Rating 2.0 program Cost of insurance for the multifamily industry. H.R. 5823, the Pandemic Risk Insurance Act of 2021 H.R.2471 - Consolidated Appropriations Act, 2022
Immigration reforms related to multifamily industry labor shortages Reauthorization of the EB-5 Immigrant Investor Program
Housing Affordability Balanced Housing Policy Issues Proposals to expand the availability of affordable and workforce housing Rent Control Barriers to Housing Development, Housing Affordability and Infrastructure Issues: Promoted policy that reinvests in the nations infrastructure and drives new investment in housing by eliminating barriers to development, reducing the cost of regulations and incentivizing apartment construction. General Rural Housing/U.S. Department of Agriculture Public policies affecting consumer reporting, resident screening and consumer debt collection. COVID-19-Related Housing Issues (Rental Assistance, Housing Development/Construction/Materials, Displacement and Eviction Moratoriums, Liability, Fair Housing, Debt Collection, Resident Screening and Reporting) Housing Stability and Eviction Fair Housing (Fair Housing Act, Disparate Impact Rule, Affirmatively Furthering Fair Housing Rule, Screening and Reporting) United States Treasury Implementation/Reallocation of Emergency Rental Assistance Programs created in: PL 117-2/H.R.1319 - American Rescue Plan Act of 2021. I. PL 116-260/''Coronavirus Aid, Relief, and. Economic Security Act'' or the ''CARES Act'' Legislation Section 8 voucher program updates/improvements H.R 6880, Choice in Affordable Housing Act 2022- all provisions S. 1820, Choice in Affordable Housing Act -all provisions Signed an industry letter in support of both H.R. 6880 and S. 1820, to the full Congress. H.R. _The Housing Inspections Accountability Act of 2022 - Reviewed DRAFT legislation H.R. 3198 and S. 1614 Yes in My Backyard (YIMBY) Act Housing Supply and Affordability Act Housing Development and Construction (Zoning and Land Use Practices, Affordability) Consolidated Appropriations Act, 2022 - Publ. L. 117-103 S. 3623, the Violence Against Women Act Reauthorization Act of 2022 - Violence Against Women Act, incorporated into the Omnibus, all housing provisions, Title VI - Safe Homes for Victims, Sections: 601, Sec. 602/Sec. 41412, 603, 604, 605, 606, Title IX, Office on Violence Against Women. Signed an industry letter in support of these provisions to the full Congress. Authorization of the National Flood Insurance Program (NFIP) through September 30, 2022. S. 3623, the Violence Against Women Act Reauthorization Act of 2022 - all housing provisions, Title VI - Safe Homes for Victims, Sections: 601, Sec. 602/Sec. 41412, 603, 604, 605, 606, Title IX, Office on Violence Against Women. H.R. 1620, the Violence Against Women Reauthorization Act of 2021, Title Safe Homes for Victims, Sections 601, 602, 603, 604, 605, 606 U.S. Department of Housing and Urban Development (HUD) Community Development Block Grants (CDBG) HOME Project-Based Voucher Programs Section 8 Source of Income Issues HUD Regulatory Reform Issues Fair Market Rents (FMRs) & Small Area Fair Market Rents (SAFMRs) Rental Assistance Demonstration Program (RAD) Signed an industry letter to Secretary of Housing and Urban Development on the on the Real Estate Assessment Centr (REAC) physical inspections - regarding the challenges facing the apartment industry related to REAC inspections as we continue the recovery process related to the pandemic. Singed an industry letter to the Secretary of Housing and Urban Development regarding HUDs November 15, 2021, Clarification Memo on Valuation of Non-Shelter Services related to the valuation of non-shelter services in conjunction with preparing a rent comparability study (RCS). Centers for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS) FY 22 Funding - Initiatives Related to Housing Continuing Resolution ( February 18) Bureau of Labor Statistics funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs FY 2023 Funding Bureau of Labor Statistics Funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs Treasury Department, U.S. Department of Housing, Centers for Disease Control and Prevention, U.S. Department of Agriculture Emergency Rental Assistance Implementation/Reallocation and federal eviction moratorium issues
Reconciliation Legislation Senate Finance Committee, Draft Text of Build Back Better Act, Title XII -- Committee on Finance, Subtitle E -- Infrastructure Financing and Community Development, Part 1 -- Low-Income Housing Credit, Section 125101: Increases in State Allocations, Section 125102: Tax-Exempt Bond Financing Requirement; and Section 125103: Buildings Designated to Serve Extremely Low-Income Households; Subtitle F -- Green Energy, Part 3 -- Green Energy and Efficiency Incentives for Individuals, Section 126303: Energy Efficient Commercial Buildings Deduction and Section 126304: Extension, Increase, and Modifications of New Energy Efficient Home Credit; Subtitle H -- Responsibly Funding Our Priorities, Part 1 -- Corporate and International Tax Reforms, Subpart A -- Corporate Tax Rate, Section 128101: Corporate Alternative Minimum Tax; Part 2: Tax Increases for High-Income Individuals, Section 128201: Application of Net Investment Income Tax to Trade or Business Income of Certain High Income Individuals, Section 128202: Limitations on Excess Business Losses of Noncorporate Taxpayers, and Section 128203: Surcharge on High Income Individuals, Estates, and Trusts. H.R. 5376 (as amended by House Rules Committee Print 117-18, the version of the bill that passed the House of Representatives November 19, 2021), Build Back Better Act, Title XIII -- Committee on Ways and Means, Subtitle E -- Infrastructure Financing and Community Development, Part 1 -- Low Income Housing Credit, Section 135101: Increase in State Allocations, Section 135102: Tax-Exempt Bond Financing Requirement, and Section 135103 Buildings Designated to Serve Extremely Low-Income Households; Subtitle F -- Green Energy, Part 3 -- Green Energy and Efficiency Incentives for Individuals, Section 136303: Energy Efficient Commercial Buildings Deduction and Section 136304: Extension, Increase, and Modifications of New Energy Efficient Home Credit. Subtitle H -- Responsibly Funding Our Priorities, Part 1 -- Corporate and International Tax Reforms, Subpart A -- Corporate Tax Rate, Section 138101: Corporate Alternative Minimum Tax; Part 2: Tax Increases for High-Income Individuals, Section 138201: Application of Net Investment Income Tax to Trade or Business Income of Certain High Income Individuals, Section 138202: Limitations on Excess Business Losses of Noncorporate Taxpayers, and Section 138203: Surcharge on High Income Individuals, Estates, and Trusts. Low-Income Housing Tax Credit and Middle-Income Housing Tax Credit Support making permanent and augmenting by an additional 50 percent the increased Low-Income Housing Tax Credit authority enacted in March 2018 to enable the production of new units. H.R. 2573 / S. 1136, Affordable Housing Credit Improvement Act of 2021, to reform the low-income housing credit, and for other purposes, all provisions. S. 2820, Decent, Affordable, Safe Housing for All Act (DASH Act), to provide rental housing vouchers for the homeless, and for other purposes, Title I -- Housing Assistance, Subtitle A -- General Housing Assistance, Section 111: Rental Vouchers for the Homeless, portion of section pertaining to source of income rules; Title II -- Revenue Provisions: Sections 201-214 pertaining to the Low-Income Housing Tax Credit, Section 215 establishing a renter's tax credit, and Section 216 establishing a middle-income housing tax credit. H.R. 7078, LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act, to amend title VI of the Social Security Act to allow coronavirus State and local fiscal recovery funds to be used for low-income housing credit projects, all provisions. Signed letter of trade associations (sent April 5, 2022) to Secretary of Treasury Janet Yellen requesting that the Treasury Department preserve the value of community development tax incentives, including the Low-Income Tax Credit, as the OECD moves forward on Pillar 2 rules establishing a global minimum tax. Biden Administration Tax Proposals General Explanations of the Administration's Fiscal Year 2023 Revenue Proposals: Prevent basis shifting by related parties through partnerships; allow selective basis boosts for bond-financed low-income housing tax credit projects; increase the top marginal income tax rate for high earners; reform the taxation of capital income; impose a minimum tax on the wealthiest taxpayers, tax carried (profits) interests as ordinary income; repeal deferral of gain from like-kind exchanges; and require 100 percent depreciation recapture of depreciation deductions as ordinary income for certain depreciable property. Like-kind exchanges: Support retaining current law. Capital Gains - Oppose doubling the long-term capital gains tax rate and support significant differential between ordinary income and capital gains tax rates. Carried interest: NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year. Stepped-Up Basis at Death and Taxation of Unrealized Capital Gains at Death: Support retaining current law providing for stepped-up basis at death and taxation of capital gains upon actual sale. Estate Tax: Support making permanent the Estate Tax rules enacted as part of the Tax Cuts and Jobs Act of 2017. Opportunity Zones Support reducing the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. Real Estate Investment Trusts H.R. 3123, Parity for Non-Traded REITs Act, to amend the Internal Revenue Code of 1986 to provide the same treatment to publicly offered, non-traded Real Estate Investment Trusts as is provided to exchange-traded Real Estate Investment Trusts under the Foreign Investment in Real Property Tax Act of 1980, all provisions. Supported House bill and also requested introduction of companion legislation in the Senate. Adaptive Reuse Federal tax policies impacting the conversion of property (e.g, conversion of office buildings into housing)
Federal policies affecting mail and parcel delivery service to multifamily housing communities. HR 3076 The Postal Service Reform Act S 1720 The Postal Service Reform Act
Broadband deployment, maintenance, access and adoption issues at multifamily communities. Federal policies impacting availability and reliability of voice, video and data services to multifamily housing communities, including but not limited to inside wiring, broadband and cellular services. FCC Notice of Proposed Rule Making and Declaratory Ruling: Improving Competitive Broadband Access to Multiple Tenant Environments (GN Docket No. 17-142) PL 117-58/H.R. 3684, Infrastructure Investment and Jobs Act, provisions related to the Broadband Equity, Access and Deployment (BEAD) Program and the Affordable Connectivity Program (ACP) FCC Notice of Inquiry on Implementing the Infrastructure Investment and Jobs Act: Prevention and Elimination of Digital Discrimination (GN Docket No. 22-69)
Federal policies affecting data security, breach notification and privacy policies affecting owners, developers, managers and suppliers of the multifamily industry. Public policies affecting risk management for flood, terrorism, disaster, cyber pandemic, and other areas of risk faced by multifamily firms. S.2499 Setting an American Framework to Ensure Data Access, Transparency, and Accountability (SAFE DATA) Act S.1494 - Consumer Data Privacy and Security Act of 2021
Office of the Comptroller of the Currency 12 CFR Parts 25 and 195 [Docket ID OCC-2021-0014] RIN 1557-AF12 Community Reinvestment Act Regulations- Proposal to Rescind and Replace Community Reinvestment Act Rule Issued in 2020 Access to capital related to FHFA conservatorship of Fannie Mae & Freddie Mac Biden Administration steps to increase affordable housing supply announced September 1, 2021, provisions impacting multifamily housing (i.e., Relaunching the Federal Financing Bank and HUD Risk Sharing Program, Increasing Fannie Mae and Freddie Macs Low-Income Housing Tax Credit Investment Cap, and Making Funding Available for Affordable Housing Production Under the Capital Magnet Fund). 2022-2024 Enterprise Housing Goals Proposed Rule FHFA Issues Notice of Proposed Rulemaking to Amend the Enterprise Regulatory Capital Framework ENTERPRISE EQUITABLE HOUSING FINANCE PLANS REQUEST FOR INPUT Change to radon testing protocols by FHFA Implementation of the beneficial ownership and corporate transparency provisions of the National Defense Authorization Act (NDAA) for Fiscal Year 2021. Bureau of Consumer Financial Protection, 12 CFR Part 1002, Docket No. CFPB-2021-0015, RIN 3170-AA09, Small Business Lending Data Collection Under the Equal Credit Opportunity Act (Regulation B). Securities and Exchange Commission, The Enhancement and Standardization of Climate-Related Disclosures for Investors, Proposed Rule, 17 CFR 210, 229, 232, 239, and 249, RIN 3235-AM87.
Filing targets: Consumer Financial Protection Bureau (CFPB), Energy, Dept of, Environmental Protection Agency (EPA), Executive Office of the President (EOP), Federal Communications Commission (FCC), Federal Deposit Insurance Corporation (FDIC), Federal Emergency Management Agency (FEMA), Federal Housing Finance Agency (FHFA), Federal Reserve System, Government Accountability Office (GAO), HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Justice, Dept of (DOJ), Labor, Dept of (DOL), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Small Business Administration (SBA), Transportation, Dept of (DOT), Treasury, Dept of, U.S. Postal Service (USPS)
NATIONAL MULTIFAMILY HOUSING COUNCIL INC via NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
2021 · fourth_quarter · Q4
Housing Affordability Balanced Housing Policy Issues Proposals to expand the availability of affordable and workforce housing Rent Control Barriers to Housing Development, Housing Affordability and Infrastructure Issues: Promoted policy that reinvests in the nations infrastructure and drives new investment in housing by eliminating barriers to development, reducing the cost of regulations and incentivizing apartment construction. General Rural Housing/U.S. Department of Agriculture Public policies affecting consumer reporting, resident screening and consumer debt collection. COVID-19-Related Housing Issues (Rental Assistance, Housing Development/Construction/Materials, Displacement and Eviction Moratoriums, Liability, Fair Housing, Debt Collection, Resident Screening and Reporting) Housing Stability and Eviction Fair Housing (Fair Housing Act, Disparate Impact Rule, Affirmatively Furthering Fair Housing Rule, Screening and Reporting) PL 117-2/H.R.1319 - American Rescue Plan Act of 2021. In particular Subtitle B - Housing Provisions. Implementation of rental assistance program enacted in Public Law 116-260. Legislation Section 8 voucher program updates/improvements S. 1820, Choice in Affordable Housing Act . H.R. 3913, the Renter Protection Act Reviewed DRAFT Emergency Rental Assistance Proposals PL 117-58/H.R. 3684, Infrastructure Investment and Jobs Act (Barriers to Housing, Land Use and Planning, Infrastructure and Housing Development/Operation) H.R. 3198 and S. 1614 Yes in My Backyard (YIMBY) Act H.R. 5196, Expediting Assistance to Renters and Landlords Act of 2021, Section 2. Expediting Applications for Assistance Submitted by Landlords, Section 3. Mandating Tenant Access to Financial Assistance, Section 4. Performance Improvement Plans, Section 5. Outreach to Renters and Landlords and Technical Assistance, Section 6. Allocation and Recapture Process Modification, Section 7. Collaboration with Public Entities, Section 8. Oversight and Enforcement, Section 9. Application of False Claims Act. Also provided additional real estate industry policy recommendations. H.R. 5915, FHA Fairness Act Housing Supply and Affordability Act H.R.2126 - To authorize a grant program for the development and implementation of housing supply and affordability plans, and for other purposes. Consumer Finance Protection Bureau Enforcement and Compliance (Related to Eviction Moratoriums and Notice, Resident/Consumer Protections, Debt Collection) Housing Development and Construction (Zoning and Land Use Practices, Affordability) Violence Against Women Act H.R. 1620, the Violence Against Women Reauthorization Act of 2021, Title Safe Homes for Victims, Sections 601, 602, 603, 604, 605, 606 U.S. Department of Housing and Urban Development Community Development Block Grants (CDBG) HOME Project-Based Voucher Programs Section 8 Source of Income Issues HUD Regulatory Reform Issues Fair Market Rents (FMRs) & Small Area Fair Market Rents (SAFMRs) Rental Assistance Demonstration Program (RAD) Centers for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS) Eviction Moratorium Temporary Halt in Residential Evictions to prevent the Further Spread of COVID-19" and Guidance FY 22 Funding - Reconciliation Initiatives Related to Housing Continuing Resolution ( February 18) Bureau of Labor Statistics funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs Treasury Department, U.S. Department of Housing, Centers for Disease Control and Prevention, U.S. Department of Agriculture Emergency Rental Assistance Implementation/Reallocation and federal eviction moratorium issues General Accounting Office Real Estate issues related to COVID-19
Broadband deployment, maintenance, access and adoption issues at multifamily communities. Federal policies impacting availability and reliability of voice, video and data services to multifamily housing communities, including but not limited to inside wiring, broadband and cellular services. FCC Notice of Proposed Rule Making and Declaratory Ruling: Improving Competitive Broadband Access to Multiple Tenant Environments (GN Docket No. 17-142) PL 117-58/H.R. 3684, Infrastructure Investment and Jobs Act, provisions related to the Broadband Equity, Access and Deployment (BEAD) Program and the Affordable Connectivity Program (ACP)
Immigration reforms related to multifamily industry labor shortages Reauthorization of the EB-5 Immigrant Investor Program
Federal policies affecting mail and parcel delivery service to multifamily housing communities. HR 3076 The Postal Service Reform Act S 1720 The Postal Service Reform Act
Federal policies on patent enforcement and litigation impacting the multifamily industry. Federal policies surrounding music copyright law and licensing.
Office of the Comptroller of the Currency 12 CFR Parts 25 and 195 [Docket ID OCC-2021-0014] RIN 1557-AF12 Community Reinvestment Act Regulations- Proposal to Rescind and Replace Community Reinvestment Act Rule Issued in 2020 Access to capital related to FHFA conservatorship of Fannie Mae & Freddie Mac Biden Administration steps to increase affordable housing supply announced September 1, 2021, provisions impacting multifamily housing (i.e., Relaunching the Federal Financing Bank and HUD Risk Sharing Program, Increasing Fannie Mae and Freddie Macs Low-Income Housing Tax Credit Investment Cap, and Making Funding Available for Affordable Housing Production Under the Capital Magnet Fund). 2022-2024 Enterprise Housing Goals Proposed Rule FHFA Issues Notice of Proposed Rulemaking to Amend the Enterprise Regulatory Capital Framework ENTERPRISE EQUITABLE HOUSING FINANCE PLANS REQUEST FOR INPUT Change to radon testing protocols by FHFA Implementation of the beneficial ownership and corporate transparency provisions of the National Defense Authorization Act (NDAA) for Fiscal Year 2021.
Public policies affecting risk management for flood, terrorism, disaster, cyber, business interruption, liability, builders risk, workers compensation, pandemic and other lines of insurance utilized by multifamily firms. National Flood Insurance Program policies, guidance, and requirements affecting existing and future multifamily and single-family properties. HUD Radon testing protocols Reauthorization and reform of the National Flood Insurance Program. FEMAs Risk Rating 2.0 program Cost of insurance for the multifamily industry. H.R. 5823, the Pandemic Risk Insurance Act of 2021
Reconciliation Legislation Senate Finance Committee, Draft Text of Build Back Better Act, Title XII -- Committee on Finance, Subtitle E -- Infrastructure Financing and Community Development, Part 1 -- Low-Income Housing Credit, Section 125101: Increases in State Allocations, Section 125102: Tax-Exempt Bond Financing Requirement; and Section 125103: Buildings Designated to Serve Extremely Low-Income Households; Subtitle F -- Green Energy, Part 3 -- Green Energy and Efficiency Incentives for Individuals, Section 126303: Energy Efficient Commercial Buildings Deduction and Section 126304: Extension, Increase, and Modifications of New Energy Efficient Home Credit; Subtitle H -- Responsibly Funding Our Priorities, Part 1 -- Corporate and International Tax Reforms, Subpart A -- Corporate Tax Rate, Section 128101: Corporate Alternative Minimum Tax; Part 2: Tax Increases for High-Income Individuals, Section 128201: Application of Net Investment Income Tax to Trade or Business Income of Certain High Income Individuals, Section 128202: Limitations on Excess Business Losses of Noncorporate Taxpayers, and Section 128203: Surcharge on High Income Individuals, Estates, and Trusts. H.R. 5376 (as amended by House Rules Committee Print 117-18, the version of the bill that passed the House of Representatives November 19, 2021), Build Back Better Act, Title XIII -- Committee on Ways and Means, Subtitle E -- Infrastructure Financing and Community Development, Part 1 -- Low Income Housing Credit, Section 135101: Increase in State Allocations, Section 135102: Tax-Exempt Bond Financing Requirement, and Section 135103 Buildings Designated to Serve Extremely Low-Income Households; Subtitle F -- Green Energy, Part 3 -- Green Energy and Efficiency Incentives for Individuals, Section 136303: Energy Efficient Commercial Buildings Deduction and Section 136304: Extension, Increase, and Modifications of New Energy Efficient Home Credit. Subtitle H -- Responsibly Funding Our Priorities, Part 1 -- Corporate and International Tax Reforms, Subpart A -- Corporate Tax Rate, Section 138101: Corporate Alternative Minimum Tax; Part 2: Tax Increases for High-Income Individuals, Section 138201: Application of Net Investment Income Tax to Trade or Business Income of Certain High Income Individuals, Section 138202: Limitations on Excess Business Losses of Noncorporate Taxpayers, and Section 138203: Surcharge on High Income Individuals, Estates, and Trusts. House Rules Committee Print 117-17, Text of H.R. 5376, Build Back Better Act, Title XIII -- Committee on Ways and Means, Subtitle D -- Green Energy, Part 3 -- Green Energy and Efficiency Incentives for Individuals, Section 136303: Energy Efficient Commercial Buildings Deduction and Section 136304: Extension, Increase, and Modifications of New Energy Efficient Home Credit. Subtitle G -- Responsibly Funding Our Priorities, Part 1 -- Corporate and International Tax Reforms, Subpart A -- Corporate Tax Rate, Section 138101: Corporate Alternative Minimum Tax; Part 2: Tax Increases for High-Income Individuals, Section 138201: Application of Net Investment Income Tax to Trade or Business Income of Certain High Income Individuals, Section 138202: Limitations on Excess Business Losses of Noncorporate Taxpayers, and Section 138203: Surcharge on High Income Individuals, Estates, and Trusts. H.R. 5376, to provide for reconciliation pursuant to title II of S. Con. Res. 14, TITLE IV-COMMITTEE ON FINANCIAL SERVICES, Subtitle A-Creating and Preserving Affordable, Equitable and Accessible Housing for the 21st Century, Title XIII -- Committee on Ways and Means, Subtitle F -- Infrastructure Financing and Community Development, Part 3 -- Rehabilitation Tax Credit, Section 135301: Determination of Credit Percentage, Section 135302: Increase in the Rehabilitation Credit for Certain Small Projects, Section 135303: Modification of Definition of Substantially Rehabilitated, and Section 135304: Elimination of Rehabilitation Credit Basis Adjustment; Part 5 -- Housing, Subpart A -- Low-Income Housing Tax Credit, Section 135501: Increase in State Allocations, Section 135502: Tax-Exempt Bond Financing Requirement, Section 135503: Buildings Designated to Serve Extremely Low-Income Households, Section 135504: Inclusion of Rural Areas as Difficult Development Areas, and Section 135507: Increase in Credit for Bond-Financed Projects Designated by Housing Credit Agency; Subtitle G -- Green Energy, Part 3 -- Green Energy and Efficiency Incentives for Individuals, Section 136303: Energy Efficient Commercial Buildings Deduction and Section 136304: Extension, Increase, and Modifications of New Energy Efficient Home Credit. Subtitle I -- Responsibly Funding Our Priorities, Part 1 -- Corporate and International Tax Reforms, Subpart E -- Other Business Tax Provisions, Section 138149: Modification of Rules for Partnership Interests Held in Connection with the Performance of Services; Part 2: Tax Increases for High-Income Individuals, Section 138201: Increase in Top Marginal Individual Income Tax Rate, Section 138202: Increase in Capital Gains Rate for Certain High Income Individuals, Section 138203: Application of Net Investment Income Tax to Trade or Business Income of Certain High Income Individuals, Section 138204: Limitation on Deduction of Qualified Business Income for Certain High Income Individuals, Section 138205: Limitations on Excess Business Losses of Noncorporate Taxpayers, Section 138206: Surcharge on High Income Individuals, Estates, and Trusts, and Section 138207: Termination of Temporary Increase in Unified Credit; Part 3 -- Modifications of Rules Relating to Retirement Plans, Subpart B -- Other Provisions Relating to Individual Retirement Accounts, Section 138312: Prohibitions of IRA Investments Conditioned on Account Holder Status Taxation of Pass-Through Entities Senator Wyden Pass-Through Reform Discussion Draft, all provisions. Corporate Minimum Tax S. 2680, Real Corporate Profits Tax Act of 2021, to amend the Internal Revenue Code of 1986 to impose a tax on real profits of certain corporations, all provisions. Draft legislation, Senators, Elizabeth Warren, Angus King, and Ron Wyden, Corporate Profits Minimum Tax Proposal, all provisions. H.R. 4940, Real Corporate Profits Tax Act of 2021, to amend the Internal Revenue Code of 1986 to impose a tax on real profits of certain corporations, all provisions. Low-Income Housing Tax Credit and Middle-Income Housing Tax Credit Requested inclusion of provisions benefiting the Low-Income Housing Tax Credit as part of Build Back Better legislation. Support making permanent and augmenting by an additional 50 percent the increased Low-Income Housing Tax Credit credit authority enacted in March 2018 to enable the production of new units. S. 2820, Decent, Affordable, Safe Housing for All Act (DASH Act), to provide rental housing vouchers for the homeless, and for other purposes, Title I -- Housing Assistance, Subtitle A -- General Housing Assistance, Section 111: Rental Vouchers for the Homeless, portion of section pertaining to source of income rules; Title II -- Revenue Provisions: Sections 201-214 pertaining to the Low-Income Housing Tax Credit, Section 215 establishing a renter's tax credit, and Section 216 establishing a middle-income housing tax credit. S. 3365 (115th Congress), Middle-Income Housing Tax Credit Act of 2018, to amend the Internal Revenue Code of 1986 to provide a credit for middle-income housing, and for other purposes, all provisions. Department of the Treasury, Internal Revenue Service, 26 CFR Part 1, REG-119890-18, RIN 1454 BO92, Section 42, Low-Income Housing Credit Average Income Test Regulations. Requested Treasury and IRS either finalize the proposed rule with modifications (impacting minimum set asides, unit designations, casualty losses, mitigating actions, and existing developments) or announce its intention to publish a new rule. Requested that Treasury modify its guidance to allow states and local governments to maximize the efficacy of Fiscal Recovery Funds used with the Low-Income Housing Tax Credit by recommending that Treasury publish guidance to: (1) clarify that Fiscal Recovery Funds structured as grants do not result in an eligible basis reduction in Housing Credit developments regardless of sponsor type, consistent with treatment of Tax Credit Exchange funds administered by the Treasury during the 2009 economic recovery; and (2) provide authority to use Fiscal Recovery Funds for principal amounts on loans with maturities beyond 2026-not just for the "cost of the loan" as currently outlined in the Interim Rule-and to allow repayments of funds to be used for similar affordable housing purposes, even after the 2026 deadline. Signed letter to Treasury. Energy Tax Incentives Support long-term extension of New energy efficient home credit (IRC 45L). Support expansion of Energy efficient commercial buildings deduction (IRC 179D) to establish a sliding scale of energy improvements, which would help spur investment in energy efficient improvements in older buildings. Biden Tax Proposals President Biden, Build Back Better Framework (released October 28, 2021), tax provisions imposing 15 percent corporate minimum tax on large corporations, establishing tax rate surcharges, applying the net investment income tax to a broader share of earnings, and limiting pass-through business losses. Like-kind exchanges: Support retaining current law. Capital Gains - Oppose doubling the long-term capital gains tax rate and support significant differential between ordinary income and capital gains tax rates. Carried interest: NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year. Stepped-Up Basis at Death and Taxation of Unrealized Capital Gains at Death: Support retaining current law providing for stepped-up basis at death and taxation of capital gains upon actual sale. Estate Tax: Support making permanent the Estate Tax rules enacted as part of the Tax Cuts and Jobs Act of 2017. Opportunity Zones Requested Congress extend the recognition date for deferred capital gains invested into Opportunity Funds by two years, through the end of 2028. Also support enhanced information reporting, data collection, and transparency with regard to Opportunity Zones. Finally, support reducing the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. Fire Sprinklers H.R. 6192, High Rise Fire Sprinkler Incentive Act of 2021, to amend the Internal Revenue Code of 1986 to classify certain automatic fire sprinkler system retrofits as 15-year property for purposes of depreciation, all provisions.
Federal policies affecting data security, breach notification and privacy policies affecting owners, developers, managers and suppliers of the multifamily industry. Public policies affecting risk management for flood, terrorism, disaster, cyber pandemic, and other areas of risk faced by multifamily firms. S.2499 Setting an American Framework to Ensure Data Access, Transparency, and Accountability (SAFE DATA) Act S.1494 - Consumer Data Privacy and Security Act of 2021
Filing targets: Consumer Financial Protection Bureau (CFPB), Energy, Dept of, Environmental Protection Agency (EPA), Executive Office of the President (EOP), Federal Communications Commission (FCC), Federal Deposit Insurance Corporation (FDIC), Federal Emergency Management Agency (FEMA), Federal Housing Finance Agency (FHFA), Federal Reserve System, Government Accountability Office (GAO), HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Internal Revenue Service (IRS), Justice, Dept of (DOJ), Office of the Comptroller of the Currency (OCC), SENATE, Small Business Administration (SBA), Transportation, Dept of (DOT), Treasury, Dept of, U.S. Postal Service (USPS)
NATIONAL MULTIFAMILY HOUSING COUNCIL INC via NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.
2021 · third_quarter · Q3
Office of the Comptroller of the Currency 12 CFR Parts 25 and 195 [Docket ID OCC-2021-0014] RIN 1557-AF12 Community Reinvestment Act Regulations- Proposal to Rescind and Replace Community Reinvestment Act Rule Issued in 2020 Access to capital related to FHFA conservatorship of Fannie Mae & Freddie Mac Biden Administration steps to increase affordable housing supply announced September 1, 2021, provisions impacting multifamily housing (i.e., Relaunching the Federal Financing Bank and HUD Risk Sharing Program, Increasing Fannie Mae and Freddie Macs Low-Income Housing Tax Credit Investment Cap, and Making Funding Available for Affordable Housing Production Under the Capital Magnet Fund). 2022-2024 Enterprise Housing Goals Proposed Rule FHFA Issues Notice of Proposed Rulemaking to Amend the Enterprise Regulatory Capital Framework ENTERPRISE EQUITABLE HOUSING FINANCE PLANS REQUEST FOR INPUT Change to radon testing protocols by FHFA Implementation of the beneficial ownership and corporate transparency provisions of the National Defense Authorization Act (NDAA) for Fiscal Year 2021.
Broadband deployment, maintenance, access and adoption issues at multifamily communities. Federal policies impacting availability and reliability of voice, video and data services to multifamily housing communities, including but not limited to inside wiring, broadband and cellular services. FCC Notice of Proposed Rule Making and Declaratory Ruling: Improving Competitive Broadband Access to Multiple Tenant Environments (GN Docket No. 17-142)
Housing Affordability Balanced Housing Policy Issues Proposals to expand the availability of affordable and workforce housing Rent Control Barriers to Housing Development, Housing Affordability and Infrastructure Issues: Promoted policy that reinvests in the nations infrastructure and drives new investment in housing by eliminating barriers to development, reducing the cost of regulations and incentivizing apartment construction. General Rural Housing/U.S. Department of Agriculture Public policies affecting consumer reporting, resident screening and consumer debt collection. COVID-19-Related Housing Issues (Rental Assistance, Housing Development/Construction/Materials, Displacement and Eviction Moratoriums, Liability, Fair Housing, Debt Collection, Resident Screening and Reporting) Housing Stability and Eviction Fair Housing (Fair Housing Act, Disparate Impact Rule, Affirmatively Furthering Fair Housing Rule, Screening and Reporting) H.R.1319 - American Rescue Plan Act of 2021. In particular Subtitle B - Housing Provisions. Implementation of rental assistance program enacted in Public Law 116-260. Legislation Section 8 voucher program updates/improvements Housing Supply and Affordability Act S. 1820, Choice in Affordable Housing Act Stable Families Act S.2182 - Eviction Crisis Act of 2021 H.R. 3913, the Renter Protection Act The American Jobs Plan (Housing and Building/Community Infrastructure and Transportation Provisions) H.R. 5187, Housing is Infrastructure Act of 2019, to facilitate the development of affordable housing, and for other purposes, all provisions. S. 768, Better PLAN Act H.R. 3198 and S. 1614 Yes in My Backyard (YIMBY) Act H.R. 2483, Build More Housing Near Transit Act H.R. 4791, Protecting Renters from Evictions Act, of 2021 NMHC testified before the House Financial Services Committee at a hearing titled Protecting Renters During the Pandemic: Reviewing Reform to Expedite Emergency Rental Assistance. H.R. 5196, Expediting Assistance to Renters and Landlords Act of 2021 Housing Supply and Affordability Act H.R.2126 - To authorize a grant program for the development and implementation of housing supply and affordability plans, and for other purposes. Consumer Finance Protection Bureau Enforcement and Compliance (Related to Eviction Moratoriums and Notice, Resident/Consumer Protections, Debt Collection) Housing Development and Construction (Zoning and Land Use Practices, Affordability) Housing is Infrastructure Initiatives Violence Against Women Act H.R. 1620, the Violence Against Women Reauthorization Act of 2021, Title Safe Homes for Victims, Sections 601, 602, 603, 604, 605, 606 U.S. Department of Housing and Urban Development Adrianne Todmans nomination to become Deputy Secretary of the U.S. Department of Housing and Urban Development Solomon Greenes nomination to become Assistant Secretary of HUD's Office of Policy Development and Research Community Development Block Grants (CDBG) HOME Project-Based Voucher Programs Section 8 Source of Income Issues HUD Regulatory Reform Issues Fair Market Rents (FMRs) & Small Area Fair Market Rents (SAFMRs) HUD Quarterly Real Estate Meeting FHA Multifamily Processing Delays Centers for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS) Eviction Moratorium Temporary Halt in Residential Evictions to prevent the Further Spread of COVID-19" and Guidance FY 22 Funding - Reconciliation Initiatives Related to Housing Continuing Resolution (December 3) Bureau of Labor Statistics funding Census Bureau Funding HUD Housing Program Funding - Section 8 Programs Treasury Department, U.S. Department of Housing, Centers for Disease Control and Prevention, U.S. Department of Agriculture Emergency Rental Assistance Implementation and federal eviction moratorium issues General Accounting Office Real Estate issues related to COVID-19
Federal policies on patent enforcement and litigation impacting the multifamily industry. Federal policies surrounding music copyright law and licensing.
Public policies affecting risk management for flood, terrorism, disaster, cyber, business interruption, liability, builders risk, workers compensation, pandemic and other lines of insurance utilized by multifamily firms. National Flood Insurance Program policies, guidance, and requirements affecting existing and future multifamily and single-family properties. HUD Radon testing protocols Reauthorization and reform of the National Flood Insurance Program. FEMAs Risk Rate 2.0 program Cost of insurance for the multifamily industry. Pandemic Risk Insurance Act of 2020
Federal policies affecting data security, breach notification and privacy policies affecting owners, developers, managers and suppliers of the multifamily industry. Public policies affecting risk management for flood, terrorism, disaster, cyber pandemic, and other areas of risk faced by multifamily firms. S.2499 Setting an American Framework to Ensure Data Access, Transparency, and Accountability (SAFE DATA) Act S.1494 - Consumer Data Privacy and Security Act of 2021
Reconciliation Legislation H.R. 5376, to provide for reconciliation pursuant to title II of S. Con. Res. 14, Title XIII -- Committee on Ways and Means, Subtitle F -- Infrastructure Financing and Community Development, Part 3 -- Rehabilitation Tax Credit, Section 135301: Determination of Credit Percentage, Section 135302: Increase in the Rehabilitation Credit for Certain Small Projects, Section 135303: Modification of Definition of Substantially Rehabilitated, and Section 135304: Elimination of Rehabilitation Credit Basis Adjustment; Part 5 -- Housing, Subpart A -- Low-Income Housing Tax Credit, Section 135501: Increase in State Allocations, Section 135502: Tax-Exempt Bond Financing Requirement, Section 135503: Buildings Designated to Serve Extremely Low-Income Households, Section 135504: Inclusion of Rural Areas as Difficult Development Areas, and Section 135507: Increase in Credit for Bond-Financed Projects Designated by Housing Credit Agency; Subtitle G -- Green Energy, Part 3 -- Green Energy and Efficiency Incentives for Individuals, Section 136303: Energy Efficient Commercial Buildings Deduction and Section 136304: Extension, Increase, and Modifications of New Energy Efficient Home Credit. Subtitle I -- Responsibly Funding Our Priorities, Part 1 -- Corporate and International Tax Reforms, Subpart E -- Other Business Tax Provisions, Section 138149: Modification of Rules for Partnership Interests Held in Connection with the Performance of Services; Part 2: Tax Increases for High-Income Individuals, Section 138201: Increase in Top Marginal Individual Income Tax Rate, Section 138202: Increase in Capital Gains Rate for Certain High Income Individuals, Section 138203: Application of Net Investment Income Tax to Trade or Business Income of Certain High Income Individuals, Section 138204: Limitation on Deduction of Qualified Business Income for Certain High Income Individuals, Section 138205: Limitations on Excess Business Losses of Noncorporate Taxpayers, Section 138206: Surcharge on High Income Individuals, Estates, and Trusts, and Section 138207: Termination of Temporary Increase in Unified Credit; Part 3 -- Modifications of Rules Relating to Retirement Plans, Subpart B -- Other Provisions Relating to Individual Retirement Accounts, Section 138312: Prohibitions of IRA Investments Conditioned on Account Holder Status House Committee on Ways and Means, Amendment in the Nature of a Substitute to the Revenue Provisions of Subtitles F, G, H, I, and J of the Budget Reconciliation Legislative Recommendations Relating to Infrastructure Financing and Community Development, Green Energy, Social Safety Net, Responsibly Financing Our Priorities, and Prescription Drug Pricing: Subtitle F -- Infrastructure Financing and Community Development, Part 3 -- Rehabilitation Tax Credit, Section 135301: Determination of Credit Percentage, Section 135302: Increase in the Rehabilitation Credit for Certain Small Projects, Section 135303: Modification of Definition of Substantially Rehabilitated, and Section 135304: Elimination of Rehabilitation Credit Basis Adjustment; Part 5 -- Housing, Subpart A -- Low-Income Housing Tax Credit, Section 135501: Increase in State Allocations, Section 135502: Tax-Exempt Bond Financing Requirement, Section 135503: Buildings Designated to Serve Extremely Low-Income Households, Section 135504: Inclusion of Rural Areas as Difficult Development Areas, and Section 135507: Increase in Credit for Bond-Financed Projects Designated by Housing Credit Agency; Subtitle G -- Green Energy, Part 3 -- Green Energy and Efficiency Incentives for Individuals, Section 136303: Energy Efficient Commercial Buildings Deduction and Section 136304: Extension, Increase, and Modifications of New Energy Efficient Home Credit. Subtitle I -- Responsibly Funding Our Priorities, Part 1 -- Corporate and International Tax Reforms, Subpart E -- Other Business Tax Provisions, Section 138149: Modification of Rules for Partnership Interests Held in Connection with the Performance of Services; Part 2: Tax Increases for High-Income Individuals, Section 138201: Increase in Top Marginal Individual Income Tax Rate, Section 138202: Increase in Capital Gains Rate for Certain High Income Individuals, Section 138203: Application of Net Investment Income Tax to Trade or Business Income of Certain High Income Individuals, Section 138204: Limitation on Deduction of Qualified Business Income for Certain High Income Individuals, Section 138205: Limitations on Excess Business Losses of Noncorporate Taxpayers, Section 138206: Surcharge on High Income Individuals, Estates, and Trusts, and Section 138207: Termination of Temporary Increase in Unified Credit; Part 3 -- Modifications of Rules Relating to Retirement Plans, Subpart B -- Other Provisions Relating to Individual Retirement Accounts, Section 138312: Prohibitions of IRA Investments Conditioned on Account Holder Status Taxation of Pass-Through Entities Section 199A Qualified Business Income Tax Deduction: Oppose any reduction to or repeal of the 20-percent deduction for qualified business income under Section 199A, including phasing out the deduction above certain income thresholds. S. 2387, Small Business Tax Fairness Act, to amend the Internal Revenue Code of 1986 to improve the deduction for qualified business income, all provisions. Senator Wyden Pass-Through Reform Discussion Draft, all provisions. Low-Income Housing Tax Credit and Middle-Income Housing Tax Credit H.R. 2573, Affordable Housing Credit Improvement Act of 2021, to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes, all provisions. S. 1136, Affordable Housing Credit Improvement Act of 2021, to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes, all provisions. S. 2820, Decent, Affordable, Safe Housing for All Act (DASH Act), to provide rental housing vouchers for the homeless, and for other purposes, Title I -- Housing Assistance, Subtitle A -- General Housing Assistance, Section 111: Rental Vouchers for the Homeless, portion of section pertaining to source of income rules; Title II -- Revenue Provisions: Sections 201-214 pertaining to the Low-Income Housing Tax Credit, Section 215 establishing a renter's tax credit, and Section 216 establishing a middle-income housing tax credit. S. 3365 (115th Congress), Middle-Income Housing Tax Credit Act of 2018, to amend the Internal Revenue Code of 1986 to provide a credit for middle-income housing, and for other purposes, all provisions. Analyzed legislative proposal to establish a 6 percent Low-Income Housing Tax Credit Rehabilitation Tax Credit H.R. 1483, Revitalizing Economies, Housing, and Businesses Act of 2021 or the REHAB Act of 2021, to amend the Internal Revenue Code of 1986 to modify the rehabilitation credit, all provisions. Energy Tax Incentives H.R. 848, Growing Renewable Energy and Efficiency Now Act of 2021 (GREEN Act of 2021), to amend the Internal Revenue Code of 1986 to provide incentives for renewable energy and energy efficiency, and for other purposes, Section 303: Energy Efficient Commercial Buildings Deduction and Section 304: Extension, Increase, and Modifications of New Energy Efficient Home Credit. S. 2118, Clean Energy for America Act, to amend the Internal Revenue Code of 1986 to provide tax incentives for increased investment in clean energy: Title III -- Incentives for Energy Efficiency, Section 301: Credit for new energy efficient residential buildings and Section 303: Enhancement of energy efficient commercial buildings deduction; and Title V -- Workforce Development Requirements, Section 501: Use of qualified apprentices. H.R. 5188 New Home Energy Efficient Act of 2021 Support long-term extension of New energy efficient home credit (IRC 45L). Support expansion of Energy efficient commercial buildings deduction (IRC 179D) to establish a sliding scale of energy improvements, which would help spur investment in energy efficient improvements in older buildings. Biden Tax Proposals Department of the Treasury, General Explanations of the Administration's Fiscal Year 2022 Revenue Proposals, American Families Plan: Increase the Top Marginal Income Tax Rate for High Earners, Reform the Taxation of Capital Income, Rationalize Net Investment Income and Self-Employment Contribution Act Taxes, Tax Carried (Profits) Interests as Ordinary Income, and Repeal Deferral of Gain from Like-Kind Exchanges. Like-kind exchanges: Support retaining current law. S. Amdt. 3753 (to establish a deficit-neutral reserve fund relating to maintaining the current law tax treatment of like kind exchanges) to S. Con Res. 14 (a concurrent resolution setting forth the congressional budget for the United States Government for fiscal year 2022 and setting forth the appropriate budgetary levels for fiscal years 2023 through 2031). Capital Gains - Oppose doubling the long-term capital gains tax rate. Carried interest: NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year. H.R. 1068, Carried Interest Fairness Act of 2021, to amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of personal service income earned in pass-thru entities, all provisions. S. 1598, Carried Interest Fairness Act of 2021, to amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of personal service income earned in pass-thru entities, all provisions. S. 2617, Ending the Carried Interest Loophole Act, to amend the Internal Revenue Code of 1986 to revise the treatment of partnership interests received in connection with the performance of services, and for other purposes, all provisions. Stepped-Up Basis at Death and Taxation of Unrealized Capital Gains at Death Support retaining current law providing for stepped-up basis at death and taxation of capital gains upon actual sale. H.R 2286, to amend the Internal Revenue Code of 1986 to treat property transferred by gift or at death as sold for fair market value, and for other purposes, all provisions. Foreign Investment in Real Property Tax Act (FIRPTA) H.R. 2210 (116th Congress), Invest in America Act, to amend the Internal Revenue Code of 1986 to repeal certain provisions applicable to foreign investment in United States real property, all provisions. H.R. 3123, Parity for Non-Traded REITs Act, to amend the Internal Revenue Code of 1986 to provide the same treatment to publicly offered, non-traded Real Estate Investment Trusts as is provided to exchange-traded Real Estate Investment Trusts under the Foreign Investment in Real Property Tax Act of 1980, all provisions.
Federal policies affecting mail and parcel delivery service to multifamily housing communities.
Filing targets: Consumer Financial Protection Bureau (CFPB), Energy, Dept of, Environmental Protection Agency (EPA), Executive Office of the President (EOP), Federal Communications Commission (FCC), Federal Deposit Insurance Corporation (FDIC), Federal Emergency Management Agency (FEMA), Federal Housing Finance Agency (FHFA), Federal Reserve System, Government Accountability Office (GAO), HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Justice, Dept of (DOJ), Office of the Comptroller of the Currency (OCC), SENATE, Small Business Administration (SBA), Transportation, Dept of (DOT), Treasury, Dept of, U.S. Postal Service (USPS)