Stand Up for Our Industry: Tell Congress That Housing Finance and Tax Reforms Must Support Apartments!
Members of Congress need to hear from you about two important issues that could help move a balanced housing policy closer to reality:
Housing Finance Reform. Fannie Mae and Freddie Mac’s multifamily housing programs were not part of the meltdown and, in fact, have default rates of less than 1 percent. A continued federal credit backstop is essential to respond to the rising demand for apartments. Unlike the single-family sector, the multifamily rental sector’s capital needs cannot be met only by the private market. The housing finance system must be reformed, but not at the expense of the apartment sector and America’s renters.
Priority Tax Issues. Congress must ensure that federal tax policy reflects the economic nature of investments when financing real estate. Top apartment industry priorities include preventing a carried interest tax increase; establishing long-term certainty in tax laws including maintaining the 15 percent capital gains tax rate and providing permanent estate tax reform; and supporting and improving the Low-Income Housing Tax Credit.
Your engagement with your legislators when they are at home in August is critical to the industry’s advocacy efforts and the future of your business. You can obtain resources (including issue fact sheets and talking points) by going to www.naahq.org/governmentaffairs and clicking "Congressional Recess Program" in the left-hand menu.
To reinforce our long-standing balanced housing message with Congress, NAA Government Affairs is making a strong push to get NAA members in front of their members of Congress during their District Work Period from Aug. 8 to Sept. 5.
Please let FAA Government Affairs Director, Chip Tatum, know if you're willing to go on a visit in your district. We'd also like to know if you have a personal relationship with a member of Congress. Relationships can go a long way in opening doors.