KIMBLE RATLIFF

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 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

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.

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

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

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 (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.

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)

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

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)

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 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

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 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 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

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 (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.

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.

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)

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 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

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

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

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

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

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

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 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 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 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 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 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

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 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

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)

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.

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.

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

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.

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 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 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

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.

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)

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.

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 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

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 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 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

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)

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.

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

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 (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.

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)

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

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

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

S. 3941, Housing Supply Expansion Act, to amend subchapter IV of chapter 31 of title 40, United States Code, regarding prevalent wage determinations in order to expand access to affordable housing, and for other purposes, all provisions. Potential Department of Labor Notice of Proposed Rulemaking impacting the exemption of bona fide executive, administrative, and professional employees from the Fair Labor Standards Acts minimum wage and overtime requirements. Signed letter of trade associations to Secretary of Labor Marty Walsh requesting the U.S. Department of Labor abandon or postpone the issuance of an anticipated Notice of Proposed Rulemaking on the exemption of bona fide executive, administrative, and professional employees from the Fair Labor Standards Acts minimum wage and overtime requirements. Department of Labor, Wage and Hour Division, Notice of Proposed Rulemaking, Updating the Davis-Bacon and Related Acts Regulations, 29 CFR 1, 3, and 5, RIN 1235-AA40, WHD-2022-0001- co-authored joint trade association comment letter

S. 3941, Housing Supply Expansion Act, to amend subchapter IV of chapter 31 of title 40, United States Code, regarding prevalent wage determinations in order to expand access to affordable housing, and for other purposes, all provisions. National Labor Relations Board, Notice of Proposed Rulemaking, Standard for Determining Joint-Employer Status, NLRB-2022-0001, 87 FR 54641, 29 CFR 103, 3142-AA21. Department of Labor, Wage and Hour Division, Notice of Proposed Rulemaking, Updating the Davis-Bacon and Related Acts Regulations, 29 CFR 1, 3, and 5, RIN 1235-AA40, WHD-2022-0001- co-authored joint trade association comment letter

S. 3941, Housing Supply Expansion Act, to amend subchapter IV of chapter 31 of title 40, United States Code, regarding prevalent wage determinations in order to expand access to affordable housing, and for other purposes, all provisions. National Labor Relations Board, Notice of Proposed Rulemaking, Standard for Determining Joint-Employer Status, NLRB-2022-0001, 87 FR 54641, 29 CFR 103, 3142-AA21. Department of Labor, Wage and Hour Division, Notice of Proposed Rulemaking, Updating the Davis-Bacon and Related Acts Regulations, 29 CFR 1, 3, and 5, RIN 1235-AA40, WHD-2022-0001- co-authored joint trade association comment letter

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 (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.

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.

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.

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.

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.

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

COVID-19 Relief H.R. 1319 (Public Law 117-2), American Rescue Plan Act of 2021: Title III -- Committee on Banking, Housing, and Urban Affairs, Subtitle B -- Housing Provisions, Section 3201: Emergency Rental Assistance; Sec. 3202 Emergency Housing Vouchers; Sec. 3202 Emergency Assistance For Rural Housing Title IX -- Committee on Finance, Subtitle A -- Crisis Support for Unemployed Workers, Part 1 -- Extension of CARES Act Unemployment Provisions, all provisions; Part 4 -- Other Provisions, Section 9041: Extension of limitation on excess business losses of noncorporate taxpayers; Subtitle G -- Promoting Economic Security, Part 1 -- 2021 Recovery Rebates to Individuals, Section 9601: 2021 recovery rebates to individuals; Part 6 -- Employee Retention Credit, Section 9651: Extension of employee retention credit. Net Operating Losses and Limitation on Excess Business Losses of Non-corporate Taxpayers: Oppose modifying provisions impacting these provisions enacted as part of the CARES Act. Taxation of Pass-Through Entities H.R. 1381, Main Street Tax Certainty Act, to amend the Internal Revenue Code of 1986 to make permanent the deduction for qualified business income, all provisions. S. 480, Main Street Tax Certainty Act, to amend the Internal Revenue Code of 1986 to make permanent the deduction for qualified business income, all provisions. Depreciation Rules Implementation of 30-year alternative depreciation system schedule for rental real estate placed in service prior to 2018 for taxpayers electing out of limits on interest deductibility as enacted in Public Law 116-260: Requested that the Treasury Department and the Internal Revenue Service issue guidance permitting an automatic change in the method of accounting for taxpayers that are impacted by the legislative changes made in P.L. 116-260. Also requested that guidance be issued consistent with the relief granted pursuant to Rev. Proc. 2020-22 and Rev. Proc. 2020-23, allowing partnerships subject to the BBA centralized partnership audit regime to file an amended return (Form 1065) and make a late Section 163(j) election and issue amended Schedules K for tax years beginning in 2018 and 2019. H.R. 4685 (116th Congress), High Rise Fire Sprinkler Incentive Act of 2019, 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. Low-Income Housing Tax Credit, Middle-Income Housing Tax Credit, and Affordable Housing Tax Incentives Low-Income Housing Tax Credit: Support making permanent and augmenting by an additional 50 percent the increased credit authority enacted in March 2018 to enable the production of new units. Draft legislation, Affordable Housing Credit Improvement Act of 2021, to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes, all provisions. H.R. 3077 (116th Congress), Affordable Housing Credit Improvement Act of 2019, to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes, all provisions. S. 1703 (116th Congress), Affordable Housing Credit Improvement Act of 2019, to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes, all provisions. Requested Treasury and Internal Revenue Service extend deadlines to lease units in Low-Income Housing Tax Credit properties due to COVID-19-related hardships. Issue was addressed in Internal Revenue Service Notice 2021-12. H.R. 3479 (116th Congress), Save Affordable Housing Act of 2019, to amend the Internal Revenue Code of 1986 to repeal the qualified contract exception to the extended low-income housing commitment rules for purposes of the low-income housing credit, and for other purposes, all provisions. S. 1956 (116th Congress), Save Affordable Housing Act of 2019, to amend the Internal Revenue Code of 1986 to repeal the qualified contract exception to the extended low-income housing commitment rules for purposes of the low-income housing credit, and for other purposes, all provisions. S. 3365 (115th Congress), Middle-Income Housing Tax Credit Act of 2018, to amend the Internal Revenue Code of 1986 to provide a credit for middle-income housing, and for other purposes, all provisions. No legislative proposal but studied the efficacy of 80/20 bonds in the production of multifamily housing. Opportunity Zones Opportunity Zones: No bill introduced, but support legislative change reduce the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. Rehabilitation Tax Credit H.R. 1483, Revitalizing Economies, Housing, and Businesses Act of 2021 or the REHAB Act of 2021, to amend the Internal Revenue Code of 1986 to modify the rehabilitation credit, all provisions. Adaptive Reuse Discussed potential for tax incentives to spur adaptive reuse of non-residential commercial buildings into multifamily buildings. Energy Tax Incentives H.R 2346 Energy Efficient Qualified Improvement Property Act of 2020, or the E-QUIP Act, to amend the Internal Revenue Code of 1986 to allow 10-year straight line depreciation for energy efficient qualified improvement property, and for other purposes, all provisions. 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 304: Extension, Increase, and Modifications of New Energy Efficient Home Credit. Section 179D Energy efficient commercial buildings deduction and its use by multifamily firms (for buildings with 4 or more stories) Section 45L Energy efficient home tax credit (buildings with 3 or fewer stories) Lead Safety S. 4908 (116th Congress), Home Lead Safety Tax Credit Act, to amend the Internal Revenue Code of 1986 to provide a tax credit for taxpayers who remove lead-based hazards, all provisions. Biden Tax Proposals Biden campaign tax proposals impacting multifamily housing (tax rates on individual income, capital gains tax rates, value of itemized deductions, elimination of stepped-up basis and taxation of unrealized capital gains at death, elimination of like-kind exchanges, expansion of Low-Income Housing Tax Credit, establishment of renter's tax credit, depreciation of multifamily property, and $15,000 first-time homebuyer tax credit). Tax Treatment of Capital Income Proposal by Senator Ron Wyden, Treat Wealth Like Wages, A plan to fix our broken tax code, ensure the wealthy pay their fair share, and protect Social Security. Like-Kind Exchanges Like-kind exchanges: Support retaining current law. Carried Interest Carried interest: NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year. H.R. 1068, Carried Interest Fairness Act of 2021, to amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of personal service income earned in pass-thru entities, all provisions. Stepped-Up Basis at Death and Taxation of Unrealized Capital Gains at Death Support retaining current law providing for stepped-up basis at death and taxation of capital gains upon actual sale. H.R 2286, to amend the Internal Revenue Code of 1986 to treat property transferred by gift or at death as sold for fair market value, and for other purposes, all provisions. Senator Van Hollen Discussion Draft, Sensible Taxation and Equity Promotion Act of 2021, to amend the Internal Revenue Code of 1986 to realize gains from property at the time of death, and for other purposes, all provisions. Estate Tax Estate Tax: Support making permanent the Estate Tax rules enacted as part of the Tax Cuts and Jobs Act of 2017.

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.

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

COVID-19 Relief H.R. 1319 (Public Law 117-2), American Rescue Plan Act of 2021: Title III -- Committee on Banking, Housing, and Urban Affairs, Subtitle B -- Housing Provisions, Section 3201: Emergency Rental Assistance; Sec. 3202 Emergency Housing Vouchers; Sec. 3202 Emergency Assistance For Rural Housing Title IX -- Committee on Finance, Subtitle A -- Crisis Support for Unemployed Workers, Part 1 -- Extension of CARES Act Unemployment Provisions, all provisions; Part 4 -- Other Provisions, Section 9041: Extension of limitation on excess business losses of noncorporate taxpayers; Subtitle G -- Promoting Economic Security, Part 1 -- 2021 Recovery Rebates to Individuals, Section 9601: 2021 recovery rebates to individuals; Part 6 -- Employee Retention Credit, Section 9651: Extension of employee retention credit. Net Operating Losses and Limitation on Excess Business Losses of Non-corporate Taxpayers: Oppose modifying provisions impacting these provisions enacted as part of the CARES Act. Taxation of Pass-Through Entities H.R. 1381, Main Street Tax Certainty Act, to amend the Internal Revenue Code of 1986 to make permanent the deduction for qualified business income, all provisions. S. 480, Main Street Tax Certainty Act, to amend the Internal Revenue Code of 1986 to make permanent the deduction for qualified business income, all provisions. Depreciation Rules Implementation of 30-year alternative depreciation system schedule for rental real estate placed in service prior to 2018 for taxpayers electing out of limits on interest deductibility as enacted in Public Law 116-260: Requested that the Treasury Department and the Internal Revenue Service issue guidance permitting an automatic change in the method of accounting for taxpayers that are impacted by the legislative changes made in P.L. 116-260. Also requested that guidance be issued consistent with the relief granted pursuant to Rev. Proc. 2020-22 and Rev. Proc. 2020-23, allowing partnerships subject to the BBA centralized partnership audit regime to file an amended return (Form 1065) and make a late Section 163(j) election and issue amended Schedules K for tax years beginning in 2018 and 2019. H.R. 4685 (116th Congress), High Rise Fire Sprinkler Incentive Act of 2019, 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. Low-Income Housing Tax Credit, Middle-Income Housing Tax Credit, and Affordable Housing Tax Incentives Low-Income Housing Tax Credit: Support making permanent and augmenting by an additional 50 percent the increased credit authority enacted in March 2018 to enable the production of new units. Draft legislation, Affordable Housing Credit Improvement Act of 2021, to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes, all provisions. H.R. 3077 (116th Congress), Affordable Housing Credit Improvement Act of 2019, to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes, all provisions. S. 1703 (116th Congress), Affordable Housing Credit Improvement Act of 2019, to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes, all provisions. Requested Treasury and Internal Revenue Service extend deadlines to lease units in Low-Income Housing Tax Credit properties due to COVID-19-related hardships. Issue was addressed in Internal Revenue Service Notice 2021-12. H.R. 3479 (116th Congress), Save Affordable Housing Act of 2019, to amend the Internal Revenue Code of 1986 to repeal the qualified contract exception to the extended low-income housing commitment rules for purposes of the low-income housing credit, and for other purposes, all provisions. S. 1956 (116th Congress), Save Affordable Housing Act of 2019, to amend the Internal Revenue Code of 1986 to repeal the qualified contract exception to the extended low-income housing commitment rules for purposes of the low-income housing credit, and for other purposes, all provisions. S. 3365 (115th Congress), Middle-Income Housing Tax Credit Act of 2018, to amend the Internal Revenue Code of 1986 to provide a credit for middle-income housing, and for other purposes, all provisions. No legislative proposal but studied the efficacy of 80/20 bonds in the production of multifamily housing. Opportunity Zones Opportunity Zones: No bill introduced, but support legislative change reduce the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. Rehabilitation Tax Credit H.R. 1483, Revitalizing Economies, Housing, and Businesses Act of 2021 or the REHAB Act of 2021, to amend the Internal Revenue Code of 1986 to modify the rehabilitation credit, all provisions. Adaptive Reuse Discussed potential for tax incentives to spur adaptive reuse of non-residential commercial buildings into multifamily buildings. Energy Tax Incentives H.R 2346 Energy Efficient Qualified Improvement Property Act of 2020, or the E-QUIP Act, to amend the Internal Revenue Code of 1986 to allow 10-year straight line depreciation for energy efficient qualified improvement property, and for other purposes, all provisions. 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 304: Extension, Increase, and Modifications of New Energy Efficient Home Credit. Section 179D Energy efficient commercial buildings deduction and its use by multifamily firms (for buildings with 4 or more stories) Section 45L Energy efficient home tax credit (buildings with 3 or fewer stories) Lead Safety S. 4908 (116th Congress), Home Lead Safety Tax Credit Act, to amend the Internal Revenue Code of 1986 to provide a tax credit for taxpayers who remove lead-based hazards, all provisions. Biden Tax Proposals Biden campaign tax proposals impacting multifamily housing (tax rates on individual income, capital gains tax rates, value of itemized deductions, elimination of stepped-up basis and taxation of unrealized capital gains at death, elimination of like-kind exchanges, expansion of Low-Income Housing Tax Credit, establishment of renter's tax credit, depreciation of multifamily property, and $15,000 first-time homebuyer tax credit). Tax Treatment of Capital Income Proposal by Senator Ron Wyden, Treat Wealth Like Wages, A plan to fix our broken tax code, ensure the wealthy pay their fair share, and protect Social Security. Like-Kind Exchanges Like-kind exchanges: Support retaining current law. Carried Interest Carried interest: NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year. H.R. 1068, Carried Interest Fairness Act of 2021, to amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of personal service income earned in pass-thru entities, all provisions. Stepped-Up Basis at Death and Taxation of Unrealized Capital Gains at Death Support retaining current law providing for stepped-up basis at death and taxation of capital gains upon actual sale. H.R 2286, to amend the Internal Revenue Code of 1986 to treat property transferred by gift or at death as sold for fair market value, and for other purposes, all provisions. Senator Van Hollen Discussion Draft, Sensible Taxation and Equity Promotion Act of 2021, to amend the Internal Revenue Code of 1986 to realize gains from property at the time of death, and for other purposes, all provisions. Estate Tax Estate Tax: Support making permanent the Estate Tax rules enacted as part of the Tax Cuts and Jobs Act of 2017.

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 Affordability Balanced Housing Policy Issues Proposals to expand the availability of affordable and workforce housing Rent Control Housing Affordability and Infrastructure Issues General Rural Housing/U.S. Department of Agriculture COVID-19-Related Housing Issues (Rental Assistance, Housing Development/Construction/Supply, Displacement and Eviction Moratoriums, Liability, Fair Housing, Debt Collection, Resident 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 Fair Housing Act (Revision of the Disparate Impact Rule, Affirmatively Furthering Fair Housing, Screening and Reporting) Housing 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. 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. H.R. 2, Moving Forward Act S. 768, Better PLAN Act H.R. 4351 / S. 1919, Yes in My Backyard (YIMBY) Act H.R. 4307, Build More Housing Near Transit 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, Resident/Consumer Protections, Debt Collection) Housing Development and Construction (Zoning and Land Use Practices, Affordability, Outreach to Department on Commerce on Lumber Cost Escalation) NMHC commented on the House Financial Services Committee, hearing entitled Building Back Better: Examining the Need for Investments in Americans Housing and Financial Infrastructure. NMHC commented on the Senate Banking hearing entitle 21st Century Communities: Expanding Opportunity Through Infrastructure Investments. NMHC commented on the House Financial Services Committee, hearing entitled Universal Vouchers: Ending Homelessness and Expanding Economic Opportunity in America. Violence Against Women Act (116 Congress) S. 2843, Violence Against Women Reauthorization Act of 2019, Title VI- Safe Homes For Victims, Sections 601, 602, 603, 604, 605, 606 (116 Congress) S. 2920, Violence Against Women Reauthorization Act of 2019, Title VI, Subtitle A and B, Sections 601, 602, 603, 604, 605, 611, 612, 613, 614 (116 Congress) H.R. 1585, the Violence Against Women Reauthorization of 2019, Title VI, Safe Homes for Victims, Section 601, 602, 603, 604, 605, 606 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 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 Bureau of Labor Statistics 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 Affordability Balanced Housing Policy Issues Proposals to expand the availability of affordable and workforce housing Rent Control Housing Affordability and Infrastructure Issues General Rural Housing/U.S. Department of Agriculture COVID-19-Related Housing Issues (Rental Assistance, Housing Development/Construction/Supply, Displacement and Eviction Moratoriums, Liability, Fair Housing, Debt Collection, Resident 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 Fair Housing Act (Disparate Impact, Affirmatively Furthering Fair Housing, Screening and Reporting) Housing 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. 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. H.R. 2, Moving Forward Act S. 768, Better PLAN Act H.R. 4351 / S. 1919, Yes in My Backyard (YIMBY) Act H.R. 4307, Build More Housing Near Transit 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, Resident/Consumer Protections, Debt Collection) Housing Development and Construction (Zoning and Land Use Practices, Affordability, Outreach to Department on Commerce on Lumber Cost Escalation) NMHC commented on the: House Financial Services Committee, hearing entitled More than a Shot in the Arm: The Need for Additional COVID-19 Stimulus. NMHC commented on: House Financial Services Committee, legislation S.Con.Res.5, the Concurrent Resolution on the Budget for Fiscal Year 2021. Section 4201, 4202, 4203, 4204, 4205, 4207. NMHC commented on: Senate Banking Hearing entitled The Coronavirus Crisis: Paving the Way to An Equitable Recovery. Violence Against Women Act (116 Congress) S. 2843, Violence Against Women Reauthorization Act of 2019, Title VI- Safe Homes For Victims, Sections 601, 602, 603, 604, 605, 606 (116 Congress) S. 2920, Violence Against Women Reauthorization Act of 2019, Title VI, Subtitle A and B, Sections 601, 602, 603, 604, 605, 611, 612, 613, 614 (116 Congress) H.R. 1585, the Violence Against Women Reauthorization of 2019, Title VI, Safe Homes for Victims, Section 601, 602, 603, 604, 605, 606 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 Submitted comments to HUD on the National Standards for the Physical Inspection of Real Estate (NSPIRE [enspire]) issued in the January 13th Federal Register Supported Nomination of HUD Nominee - The Honorable Marcia Fudge Emergency Rental Assistance Implementation Submitted comments to HUD on the Housing Opportunity Through Modernization Act of 2016-Housing Choice Voucher (HCV) and Project Based Voucher Implementation; Additional Streamlining Changes. 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 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 General Accountability Office Real Estate issues related to COVID-19

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

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

COVID-19 Relief H.R. 1319 (Public Law 117-2), American Rescue Plan Act of 2021: Title III -- Committee on Banking, Housing, and Urban Affairs, Subtitle B -- Housing Provisions, Section 3201: Emergency Rental Assistance; Sec. 3202 Emergency Housing Vouchers; Sec. 3202 Emergency Assistance For Rural Housing Title IX -- Committee on Finance, Subtitle A -- Crisis Support for Unemployed Workers, Part 1 -- Extension of CARES Act Unemployment Provisions, all provisions; Part 4 -- Other Provisions, Section 9041: Extension of limitation on excess business losses of noncorporate taxpayers; Subtitle G -- Promoting Economic Security, Part 1 -- 2021 Recovery Rebates to Individuals, Section 9601: 2021 recovery rebates to individuals; Part 6 -- Employee Retention Credit, Section 9651: Extension of employee retention credit. Net Operating Losses and Limitation on Excess Business Losses of Non-corporate Taxpayers: Oppose modifying provisions impacting these provisions enacted as part of the CARES Act. Taxation of Pass-Through Entities H.R. 1381, Main Street Tax Certainty Act, to amend the Internal Revenue Code of 1986 to make permanent the deduction for qualified business income, all provisions. S. 480, Main Street Tax Certainty Act, to amend the Internal Revenue Code of 1986 to make permanent the deduction for qualified business income, all provisions. Depreciation Rules Implementation of 30-year alternative depreciation system schedule for rental real estate placed in service prior to 2018 for taxpayers electing out of limits on interest deductibility as enacted in Public Law 116-260: Requested that the Treasury Department and the Internal Revenue Service issue guidance permitting an automatic change in the method of accounting for taxpayers that are impacted by the legislative changes made in P.L. 116-260. Also requested that guidance be issued consistent with the relief granted pursuant to Rev. Proc. 2020-22 and Rev. Proc. 2020-23, allowing partnerships subject to the BBA centralized partnership audit regime to file an amended return (Form 1065) and make a late Section 163(j) election and issue amended Schedules K for tax years beginning in 2018 and 2019. H.R. 4685 (116th Congress), High Rise Fire Sprinkler Incentive Act of 2019, 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. Low-Income Housing Tax Credit, Middle-Income Housing Tax Credit, and Affordable Housing Tax Incentives Low-Income Housing Tax Credit: Support making permanent and augmenting by an additional 50 percent the increased credit authority enacted in March 2018 to enable the production of new units. Draft legislation, Affordable Housing Credit Improvement Act of 2021, to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes, all provisions. H.R. 3077 (116th Congress), Affordable Housing Credit Improvement Act of 2019, to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes, all provisions. S. 1703 (116th Congress), Affordable Housing Credit Improvement Act of 2019, to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes, all provisions. Requested Treasury and Internal Revenue Service extend deadlines to lease units in Low-Income Housing Tax Credit properties due to COVID-19-related hardships. Issue was addressed in Internal Revenue Service Notice 2021-12. H.R. 3479 (116th Congress), Save Affordable Housing Act of 2019, to amend the Internal Revenue Code of 1986 to repeal the qualified contract exception to the extended low-income housing commitment rules for purposes of the low-income housing credit, and for other purposes, all provisions. S. 1956 (116th Congress), Save Affordable Housing Act of 2019, to amend the Internal Revenue Code of 1986 to repeal the qualified contract exception to the extended low-income housing commitment rules for purposes of the low-income housing credit, and for other purposes, all provisions. S. 3365 (115th Congress), Middle-Income Housing Tax Credit Act of 2018, to amend the Internal Revenue Code of 1986 to provide a credit for middle-income housing, and for other purposes, all provisions. No legislative proposal but studied the efficacy of 80/20 bonds in the production of multifamily housing. Opportunity Zones Opportunity Zones: No bill introduced, but support legislative change reduce the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. Rehabilitation Tax Credit H.R. 1483, Revitalizing Economies, Housing, and Businesses Act of 2021 or the REHAB Act of 2021, to amend the Internal Revenue Code of 1986 to modify the rehabilitation credit, all provisions. Adaptive Reuse Discussed potential for tax incentives to spur adaptive reuse of non-residential commercial buildings into multifamily buildings. Energy Tax Incentives H.R 2346 Energy Efficient Qualified Improvement Property Act of 2020, or the E-QUIP Act, to amend the Internal Revenue Code of 1986 to allow 10-year straight line depreciation for energy efficient qualified improvement property, and for other purposes, all provisions. 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 304: Extension, Increase, and Modifications of New Energy Efficient Home Credit. Section 179D Energy efficient commercial buildings deduction and its use by multifamily firms (for buildings with 4 or more stories) Section 45L Energy efficient home tax credit (buildings with 3 or fewer stories) Lead Safety S. 4908 (116th Congress), Home Lead Safety Tax Credit Act, to amend the Internal Revenue Code of 1986 to provide a tax credit for taxpayers who remove lead-based hazards, all provisions. Biden Tax Proposals Biden campaign tax proposals impacting multifamily housing (tax rates on individual income, capital gains tax rates, value of itemized deductions, elimination of stepped-up basis and taxation of unrealized capital gains at death, elimination of like-kind exchanges, expansion of Low-Income Housing Tax Credit, establishment of renter's tax credit, depreciation of multifamily property, and $15,000 first-time homebuyer tax credit). Tax Treatment of Capital Income Proposal by Senator Ron Wyden, Treat Wealth Like Wages, A plan to fix our broken tax code, ensure the wealthy pay their fair share, and protect Social Security. Like-Kind Exchanges Like-kind exchanges: Support retaining current law. Carried Interest Carried interest: NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year. H.R. 1068, Carried Interest Fairness Act of 2021, to amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of personal service income earned in pass-thru entities, all provisions. Stepped-Up Basis at Death and Taxation of Unrealized Capital Gains at Death Support retaining current law providing for stepped-up basis at death and taxation of capital gains upon actual sale. H.R 2286, to amend the Internal Revenue Code of 1986 to treat property transferred by gift or at death as sold for fair market value, and for other purposes, all provisions. Senator Van Hollen Discussion Draft, Sensible Taxation and Equity Promotion Act of 2021, to amend the Internal Revenue Code of 1986 to realize gains from property at the time of death, and for other purposes, all provisions. Estate Tax Estate Tax: Support making permanent the Estate Tax rules enacted as part of the Tax Cuts and Jobs Act of 2017.

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

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.

COVID-19 Relief H.R. 1319 (Public Law 117-2), American Rescue Plan Act of 2021: Title III -- Committee on Banking, Housing, and Urban Affairs, Subtitle B -- Housing Provisions, Section 3201: Emergency Rental Assistance; Sec. 3202 Emergency Housing Vouchers; Sec. 3202 Emergency Assistance For Rural Housing Title IX -- Committee on Finance, Subtitle A -- Crisis Support for Unemployed Workers, Part 1 -- Extension of CARES Act Unemployment Provisions, all provisions; Part 4 -- Other Provisions, Section 9041: Extension of limitation on excess business losses of noncorporate taxpayers; Subtitle G -- Promoting Economic Security, Part 1 -- 2021 Recovery Rebates to Individuals, Section 9601: 2021 recovery rebates to individuals; Part 6 -- Employee Retention Credit, Section 9651: Extension of employee retention credit. Net Operating Losses and Limitation on Excess Business Losses of Non-corporate Taxpayers: Oppose modifying provisions impacting these provisions enacted as part of the CARES Act. Taxation of Pass-Through Entities H.R. 1381, Main Street Tax Certainty Act, to amend the Internal Revenue Code of 1986 to make permanent the deduction for qualified business income, all provisions. S. 480, Main Street Tax Certainty Act, to amend the Internal Revenue Code of 1986 to make permanent the deduction for qualified business income, all provisions. Depreciation Rules Implementation of 30-year alternative depreciation system schedule for rental real estate placed in service prior to 2018 for taxpayers electing out of limits on interest deductibility as enacted in Public Law 116-260: Requested that the Treasury Department and the Internal Revenue Service issue guidance permitting an automatic change in the method of accounting for taxpayers that are impacted by the legislative changes made in P.L. 116-260. Also requested that guidance be issued consistent with the relief granted pursuant to Rev. Proc. 2020-22 and Rev. Proc. 2020-23, allowing partnerships subject to the BBA centralized partnership audit regime to file an amended return (Form 1065) and make a late Section 163(j) election and issue amended Schedules K for tax years beginning in 2018 and 2019. H.R. 4685 (116th Congress), High Rise Fire Sprinkler Incentive Act of 2019, 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. Low-Income Housing Tax Credit, Middle-Income Housing Tax Credit, and Affordable Housing Tax Incentives Low-Income Housing Tax Credit: Support making permanent and augmenting by an additional 50 percent the increased credit authority enacted in March 2018 to enable the production of new units. Draft legislation, Affordable Housing Credit Improvement Act of 2021, to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes, all provisions. H.R. 3077 (116th Congress), Affordable Housing Credit Improvement Act of 2019, to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes, all provisions. S. 1703 (116th Congress), Affordable Housing Credit Improvement Act of 2019, to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes, all provisions. Requested Treasury and Internal Revenue Service extend deadlines to lease units in Low-Income Housing Tax Credit properties due to COVID-19-related hardships. Issue was addressed in Internal Revenue Service Notice 2021-12. H.R. 3479 (116th Congress), Save Affordable Housing Act of 2019, to amend the Internal Revenue Code of 1986 to repeal the qualified contract exception to the extended low-income housing commitment rules for purposes of the low-income housing credit, and for other purposes, all provisions. S. 1956 (116th Congress), Save Affordable Housing Act of 2019, to amend the Internal Revenue Code of 1986 to repeal the qualified contract exception to the extended low-income housing commitment rules for purposes of the low-income housing credit, and for other purposes, all provisions. S. 3365 (115th Congress), Middle-Income Housing Tax Credit Act of 2018, to amend the Internal Revenue Code of 1986 to provide a credit for middle-income housing, and for other purposes, all provisions. No legislative proposal but studied the efficacy of 80/20 bonds in the production of multifamily housing. Opportunity Zones Opportunity Zones: No bill introduced, but support legislative change reduce the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. Rehabilitation Tax Credit H.R. 1483, Revitalizing Economies, Housing, and Businesses Act of 2021 or the REHAB Act of 2021, to amend the Internal Revenue Code of 1986 to modify the rehabilitation credit, all provisions. Adaptive Reuse Discussed potential for tax incentives to spur adaptive reuse of non-residential commercial buildings into multifamily buildings. Energy Tax Incentives H.R 2346 Energy Efficient Qualified Improvement Property Act of 2020, or the E-QUIP Act, to amend the Internal Revenue Code of 1986 to allow 10-year straight line depreciation for energy efficient qualified improvement property, and for other purposes, all provisions. 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 304: Extension, Increase, and Modifications of New Energy Efficient Home Credit. Section 179D Energy efficient commercial buildings deduction and its use by multifamily firms (for buildings with 4 or more stories) Section 45L Energy efficient home tax credit (buildings with 3 or fewer stories) Lead Safety S. 4908 (116th Congress), Home Lead Safety Tax Credit Act, to amend the Internal Revenue Code of 1986 to provide a tax credit for taxpayers who remove lead-based hazards, all provisions. Biden Tax Proposals Biden campaign tax proposals impacting multifamily housing (tax rates on individual income, capital gains tax rates, value of itemized deductions, elimination of stepped-up basis and taxation of unrealized capital gains at death, elimination of like-kind exchanges, expansion of Low-Income Housing Tax Credit, establishment of renter's tax credit, depreciation of multifamily property, and $15,000 first-time homebuyer tax credit). Tax Treatment of Capital Income Proposal by Senator Ron Wyden, Treat Wealth Like Wages, A plan to fix our broken tax code, ensure the wealthy pay their fair share, and protect Social Security. Like-Kind Exchanges Like-kind exchanges: Support retaining current law. Carried Interest Carried interest: NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year. H.R. 1068, Carried Interest Fairness Act of 2021, to amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of personal service income earned in pass-thru entities, all provisions. Stepped-Up Basis at Death and Taxation of Unrealized Capital Gains at Death Support retaining current law providing for stepped-up basis at death and taxation of capital gains upon actual sale. H.R 2286, to amend the Internal Revenue Code of 1986 to treat property transferred by gift or at death as sold for fair market value, and for other purposes, all provisions. Senator Van Hollen Discussion Draft, Sensible Taxation and Equity Promotion Act of 2021, to amend the Internal Revenue Code of 1986 to realize gains from property at the time of death, and for other purposes, all provisions. Estate Tax Estate Tax: Support making permanent the Estate Tax rules enacted as part of the Tax Cuts and Jobs Act of 2017.

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

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

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 Affordability Balanced Housing Policy Issues Proposals to expand the availability of affordable and workforce housing Rent Control Housing Affordability and Infrastructure Issues General Rural Housing/U.S. Department of Agriculture COVID-19-Related Housing Issues (Rental Assistance, Housing Development/Construction/Supply, Displacement and Eviction Moratoriums, Liability, Fair Housing, Debt Collection, Resident 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 Fair Housing Act (Revision of the Disparate Impact Rule, Affirmatively Furthering Fair Housing, Screening and Reporting) Housing 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. 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. H.R. 2, Moving Forward Act S. 768, Better PLAN Act H.R. 4351 / S. 1919, Yes in My Backyard (YIMBY) Act H.R. 4307, Build More Housing Near Transit 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, Resident/Consumer Protections, Debt Collection) Housing Development and Construction (Zoning and Land Use Practices, Affordability, Outreach to Department on Commerce on Lumber Cost Escalation) NMHC commented on the House Financial Services Committee, hearing entitled Building Back Better: Examining the Need for Investments in Americans Housing and Financial Infrastructure. NMHC commented on the Senate Banking hearing entitle 21st Century Communities: Expanding Opportunity Through Infrastructure Investments. NMHC commented on the House Financial Services Committee, hearing entitled Universal Vouchers: Ending Homelessness and Expanding Economic Opportunity in America. Violence Against Women Act (116 Congress) S. 2843, Violence Against Women Reauthorization Act of 2019, Title VI- Safe Homes For Victims, Sections 601, 602, 603, 604, 605, 606 (116 Congress) S. 2920, Violence Against Women Reauthorization Act of 2019, Title VI, Subtitle A and B, Sections 601, 602, 603, 604, 605, 611, 612, 613, 614 (116 Congress) H.R. 1585, the Violence Against Women Reauthorization of 2019, Title VI, Safe Homes for Victims, Section 601, 602, 603, 604, 605, 606 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 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 Bureau of Labor Statistics 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 Affordability Balanced Housing Policy Issues Proposals to expand the availability of affordable and workforce housing Rent Control Housing Affordability and Infrastructure Issues General Rural Housing/U.S. Department of Agriculture COVID-19-Related Housing Issues (Rental Assistance, Housing Development/Construction/Supply, Displacement and Eviction Moratoriums, Liability, Fair Housing, Debt Collection, Resident 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 Fair Housing Act (Disparate Impact, Affirmatively Furthering Fair Housing, Screening and Reporting) Housing 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. 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. H.R. 2, Moving Forward Act S. 768, Better PLAN Act H.R. 4351 / S. 1919, Yes in My Backyard (YIMBY) Act H.R. 4307, Build More Housing Near Transit 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, Resident/Consumer Protections, Debt Collection) Housing Development and Construction (Zoning and Land Use Practices, Affordability, Outreach to Department on Commerce on Lumber Cost Escalation) NMHC commented on the: House Financial Services Committee, hearing entitled More than a Shot in the Arm: The Need for Additional COVID-19 Stimulus. NMHC commented on: House Financial Services Committee, legislation S.Con.Res.5, the Concurrent Resolution on the Budget for Fiscal Year 2021. Section 4201, 4202, 4203, 4204, 4205, 4207. NMHC commented on: Senate Banking Hearing entitled The Coronavirus Crisis: Paving the Way to An Equitable Recovery. Violence Against Women Act (116 Congress) S. 2843, Violence Against Women Reauthorization Act of 2019, Title VI- Safe Homes For Victims, Sections 601, 602, 603, 604, 605, 606 (116 Congress) S. 2920, Violence Against Women Reauthorization Act of 2019, Title VI, Subtitle A and B, Sections 601, 602, 603, 604, 605, 611, 612, 613, 614 (116 Congress) H.R. 1585, the Violence Against Women Reauthorization of 2019, Title VI, Safe Homes for Victims, Section 601, 602, 603, 604, 605, 606 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 Submitted comments to HUD on the National Standards for the Physical Inspection of Real Estate (NSPIRE [enspire]) issued in the January 13th Federal Register Supported Nomination of HUD Nominee - The Honorable Marcia Fudge Emergency Rental Assistance Implementation Submitted comments to HUD on the Housing Opportunity Through Modernization Act of 2016-Housing Choice Voucher (HCV) and Project Based Voucher Implementation; Additional Streamlining Changes. 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 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 General Accountability Office Real Estate issues related to COVID-19

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 Affordability Balanced Housing Policy Issues Proposals to expand the availability of affordable and workforce housing Rent Control Housing Affordability and Infrastructure Issues General Rural Housing/U.S. Department of Agriculture COVID-19-Related Housing Issues (Rental Assistance, Housing Development/Construction/Supply, Displacement and Eviction Moratoriums, Liability, Fair Housing, Debt Collection, Resident 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 Fair Housing Act (Disparate Impact, Affirmatively Furthering Fair Housing, Screening and Reporting) Housing 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. 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. H.R. 2, Moving Forward Act S. 768, Better PLAN Act H.R. 4351 / S. 1919, Yes in My Backyard (YIMBY) Act H.R. 4307, Build More Housing Near Transit 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, Resident/Consumer Protections, Debt Collection) Housing Development and Construction (Zoning and Land Use Practices, Affordability, Outreach to Department on Commerce on Lumber Cost Escalation) NMHC commented on the: House Financial Services Committee, hearing entitled More than a Shot in the Arm: The Need for Additional COVID-19 Stimulus. NMHC commented on: House Financial Services Committee, legislation S.Con.Res.5, the Concurrent Resolution on the Budget for Fiscal Year 2021. Section 4201, 4202, 4203, 4204, 4205, 4207. NMHC commented on: Senate Banking Hearing entitled The Coronavirus Crisis: Paving the Way to An Equitable Recovery. Violence Against Women Act (116 Congress) S. 2843, Violence Against Women Reauthorization Act of 2019, Title VI- Safe Homes For Victims, Sections 601, 602, 603, 604, 605, 606 (116 Congress) S. 2920, Violence Against Women Reauthorization Act of 2019, Title VI, Subtitle A and B, Sections 601, 602, 603, 604, 605, 611, 612, 613, 614 (116 Congress) H.R. 1585, the Violence Against Women Reauthorization of 2019, Title VI, Safe Homes for Victims, Section 601, 602, 603, 604, 605, 606 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 Submitted comments to HUD on the National Standards for the Physical Inspection of Real Estate (NSPIRE [enspire]) issued in the January 13th Federal Register Supported Nomination of HUD Nominee - The Honorable Marcia Fudge Emergency Rental Assistance Implementation Submitted comments to HUD on the Housing Opportunity Through Modernization Act of 2016-Housing Choice Voucher (HCV) and Project Based Voucher Implementation; Additional Streamlining Changes. 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 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 General Accountability Office Real Estate issues related to COVID-19

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

Housing Affordability Balanced Housing Policy Issues Proposals to expand the availability of affordable and workforce housing Rent Control Housing Affordability and Infrastructure Issues General Rural Housing/U.S. Department of Agriculture COVID-19-Related Housing Issues (Rental Assistance, Housing Development/Construction/Supply, Displacement and Eviction Moratoriums, Liability, Fair Housing, Debt Collection, Resident 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 Fair Housing Act (Revision of the Disparate Impact Rule, Affirmatively Furthering Fair Housing, Screening and Reporting) Housing 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. 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. H.R. 2, Moving Forward Act S. 768, Better PLAN Act H.R. 4351 / S. 1919, Yes in My Backyard (YIMBY) Act H.R. 4307, Build More Housing Near Transit 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, Resident/Consumer Protections, Debt Collection) Housing Development and Construction (Zoning and Land Use Practices, Affordability, Outreach to Department on Commerce on Lumber Cost Escalation) NMHC commented on the House Financial Services Committee, hearing entitled Building Back Better: Examining the Need for Investments in Americans Housing and Financial Infrastructure. NMHC commented on the Senate Banking hearing entitle 21st Century Communities: Expanding Opportunity Through Infrastructure Investments. NMHC commented on the House Financial Services Committee, hearing entitled Universal Vouchers: Ending Homelessness and Expanding Economic Opportunity in America. Violence Against Women Act (116 Congress) S. 2843, Violence Against Women Reauthorization Act of 2019, Title VI- Safe Homes For Victims, Sections 601, 602, 603, 604, 605, 606 (116 Congress) S. 2920, Violence Against Women Reauthorization Act of 2019, Title VI, Subtitle A and B, Sections 601, 602, 603, 604, 605, 611, 612, 613, 614 (116 Congress) H.R. 1585, the Violence Against Women Reauthorization of 2019, Title VI, Safe Homes for Victims, Section 601, 602, 603, 604, 605, 606 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 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 Bureau of Labor Statistics 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

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.

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

COVID-19 Relief H.R. 1319 (Public Law 117-2), American Rescue Plan Act of 2021: Title III -- Committee on Banking, Housing, and Urban Affairs, Subtitle B -- Housing Provisions, Section 3201: Emergency Rental Assistance; Sec. 3202 Emergency Housing Vouchers; Sec. 3202 Emergency Assistance For Rural Housing Title IX -- Committee on Finance, Subtitle A -- Crisis Support for Unemployed Workers, Part 1 -- Extension of CARES Act Unemployment Provisions, all provisions; Part 4 -- Other Provisions, Section 9041: Extension of limitation on excess business losses of noncorporate taxpayers; Subtitle G -- Promoting Economic Security, Part 1 -- 2021 Recovery Rebates to Individuals, Section 9601: 2021 recovery rebates to individuals; Part 6 -- Employee Retention Credit, Section 9651: Extension of employee retention credit. Net Operating Losses and Limitation on Excess Business Losses of Non-corporate Taxpayers: Oppose modifying provisions impacting these provisions enacted as part of the CARES Act. Taxation of Pass-Through Entities H.R. 1381, Main Street Tax Certainty Act, to amend the Internal Revenue Code of 1986 to make permanent the deduction for qualified business income, all provisions. S. 480, Main Street Tax Certainty Act, to amend the Internal Revenue Code of 1986 to make permanent the deduction for qualified business income, all provisions. Depreciation Rules Implementation of 30-year alternative depreciation system schedule for rental real estate placed in service prior to 2018 for taxpayers electing out of limits on interest deductibility as enacted in Public Law 116-260: Requested that the Treasury Department and the Internal Revenue Service issue guidance permitting an automatic change in the method of accounting for taxpayers that are impacted by the legislative changes made in P.L. 116-260. Also requested that guidance be issued consistent with the relief granted pursuant to Rev. Proc. 2020-22 and Rev. Proc. 2020-23, allowing partnerships subject to the BBA centralized partnership audit regime to file an amended return (Form 1065) and make a late Section 163(j) election and issue amended Schedules K for tax years beginning in 2018 and 2019. H.R. 4685 (116th Congress), High Rise Fire Sprinkler Incentive Act of 2019, 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. Low-Income Housing Tax Credit, Middle-Income Housing Tax Credit, and Affordable Housing Tax Incentives Low-Income Housing Tax Credit: Support making permanent and augmenting by an additional 50 percent the increased credit authority enacted in March 2018 to enable the production of new units. Draft legislation, Affordable Housing Credit Improvement Act of 2021, to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes, all provisions. H.R. 3077 (116th Congress), Affordable Housing Credit Improvement Act of 2019, to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes, all provisions. S. 1703 (116th Congress), Affordable Housing Credit Improvement Act of 2019, to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes, all provisions. Requested Treasury and Internal Revenue Service extend deadlines to lease units in Low-Income Housing Tax Credit properties due to COVID-19-related hardships. Issue was addressed in Internal Revenue Service Notice 2021-12. H.R. 3479 (116th Congress), Save Affordable Housing Act of 2019, to amend the Internal Revenue Code of 1986 to repeal the qualified contract exception to the extended low-income housing commitment rules for purposes of the low-income housing credit, and for other purposes, all provisions. S. 1956 (116th Congress), Save Affordable Housing Act of 2019, to amend the Internal Revenue Code of 1986 to repeal the qualified contract exception to the extended low-income housing commitment rules for purposes of the low-income housing credit, and for other purposes, all provisions. S. 3365 (115th Congress), Middle-Income Housing Tax Credit Act of 2018, to amend the Internal Revenue Code of 1986 to provide a credit for middle-income housing, and for other purposes, all provisions. No legislative proposal but studied the efficacy of 80/20 bonds in the production of multifamily housing. Opportunity Zones Opportunity Zones: No bill introduced, but support legislative change reduce the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. Rehabilitation Tax Credit H.R. 1483, Revitalizing Economies, Housing, and Businesses Act of 2021 or the REHAB Act of 2021, to amend the Internal Revenue Code of 1986 to modify the rehabilitation credit, all provisions. Adaptive Reuse Discussed potential for tax incentives to spur adaptive reuse of non-residential commercial buildings into multifamily buildings. Energy Tax Incentives H.R 2346 Energy Efficient Qualified Improvement Property Act of 2020, or the E-QUIP Act, to amend the Internal Revenue Code of 1986 to allow 10-year straight line depreciation for energy efficient qualified improvement property, and for other purposes, all provisions. 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 304: Extension, Increase, and Modifications of New Energy Efficient Home Credit. Section 179D Energy efficient commercial buildings deduction and its use by multifamily firms (for buildings with 4 or more stories) Section 45L Energy efficient home tax credit (buildings with 3 or fewer stories) Lead Safety S. 4908 (116th Congress), Home Lead Safety Tax Credit Act, to amend the Internal Revenue Code of 1986 to provide a tax credit for taxpayers who remove lead-based hazards, all provisions. Biden Tax Proposals Biden campaign tax proposals impacting multifamily housing (tax rates on individual income, capital gains tax rates, value of itemized deductions, elimination of stepped-up basis and taxation of unrealized capital gains at death, elimination of like-kind exchanges, expansion of Low-Income Housing Tax Credit, establishment of renter's tax credit, depreciation of multifamily property, and $15,000 first-time homebuyer tax credit). Tax Treatment of Capital Income Proposal by Senator Ron Wyden, Treat Wealth Like Wages, A plan to fix our broken tax code, ensure the wealthy pay their fair share, and protect Social Security. Like-Kind Exchanges Like-kind exchanges: Support retaining current law. Carried Interest Carried interest: NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year. H.R. 1068, Carried Interest Fairness Act of 2021, to amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of personal service income earned in pass-thru entities, all provisions. Stepped-Up Basis at Death and Taxation of Unrealized Capital Gains at Death Support retaining current law providing for stepped-up basis at death and taxation of capital gains upon actual sale. H.R 2286, to amend the Internal Revenue Code of 1986 to treat property transferred by gift or at death as sold for fair market value, and for other purposes, all provisions. Senator Van Hollen Discussion Draft, Sensible Taxation and Equity Promotion Act of 2021, to amend the Internal Revenue Code of 1986 to realize gains from property at the time of death, and for other purposes, all provisions. Estate Tax Estate Tax: Support making permanent the Estate Tax rules enacted as part of the Tax Cuts and Jobs Act of 2017.

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

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.