Apartment Industry Applauds Advancement of Johnson-Crapo Housing Finance Reform Legislation

Contact: Carole Roper, NAA at 703-797-0616 or Jim Lapides, NMHC at 202-974-2360 

WASHINGTON, D.C. — 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 Senate Banking Committee’s passage of housing finance reform legislation (S. 1217) authored by Committee Chairman Tim Johnson (D-S.D.) and Ranking Member Mike Crapo (R-Idaho):

“We applaud Senators Johnson and Crapo, as well as the entire Committee, for advancing this critical bipartisan legislation to fix the nation’s housing finance system. Now it’s time for Congress to act.

“Building upon the work of Senators Bob Corker (R-Tenn.) and Mark Warner (D-Va.), the proposed legislation lays out critical distinctions between single family and multifamily financing. Importantly, Title VII retains many of the successful components of the existing multifamily programs and includes key provisions that NMHC/NAA advocated for on behalf of the industry.

“We look forward to continuing to work with Congress to ensure liquidity in the multifamily mortgage market in order to meet the nation’s growing demand for rental housing.”

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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.