Apartment Industry Applauds Johnson-Crapo Housing Finance Reform Legislation

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

WASHINGTON, March 19, 2014 — 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 critical bipartisan legislation to fix the nation's housing finance system and help spur the economy. 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.”

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