Apartment Industry Embraces New Housing Finance Reform
Important bipartisan legislation will fix the nation’s housing finance system and help spur the economy, according to the National Multifamily Housing Council, and the National Apartment Association. The legislation builds upon previous reforms, and includes key provisions that NMHC/NAA advocated for on behalf of the industry. We appreciate that this proposal recognizes the meaningful differences between the multifamily and single-family businesses and retains many of the successful components of the existing multifamily programs, says Cindy Chetti, NMHC Senior Vice President of Government Affairs. Specific elements in the legislation ensure that the $1.1 trillion apartment industry can meet the needs of our 35 million residents who now call an apartment home “ and the millions more who will. These elements include: Maintaining the current network of multifamily lenders and servicers; Retaining the current private-capital risk sharing mechanisms; Establishing a separate office of multifamily housing within the new Federal Mortgage Insurance Corporation; Encouraging more opportunities for private capital debt providers to serve the apartment sector; and Addressing the shortage of affordable housing through key provisions. We look forward to working with the members of the Committee on the details specific to multifamily. Getting this right ensures that apartments and our residents will continue to support more than 25 million jobs across the country, Chetti adds. American Apartment Owners Association offers discounts on products and services for all your property management needs. Find out more at www.joinaaoa.org.