WASHINGTON, DC - Statement from the National Multifamily Housing Council (NMHC) and National Apartment Association (NAA) by Cindy Chetti, NMHC Senior Vice President of Government Affairs, on the release of housing finance legislation from Senate Banking Committee Chairman Tim Johnson (D-S.D.) and Ranking Member Mike Crapo (R-Idaho):
“We applaud Senators Johnson and Crapo for their leadership in crafting this bipartisan legislation seeking to address the fatal flaws in our finance system that led to the fiscal crisis of 2008. The legislation builds upon the work of Senators Bob Corker (R-Tenn.) and Mark Warner (D-Va.) 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.
“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.”
Learn more about apartments at www.weareapartments.org.
For more than 20 years, the National Multifamily Housing Council (NMHC) and the National Apartment Association (NAA) have partnered in a joint legislative program to provide a single voice for America's apartment industry. Our combined memberships are engaged in all aspects of the apartment industry, including ownership, development, management and finance. NMHC represents the principal officers of the apartment industry’s largest and most prominent firms. NAA is a federation of more than 170 state and local affiliates comprised of over 63,000 multifamily housing members representing more than 7 million apartment homes throughout the United States and Canada.