Apartment Industry Response to 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 Multi Housing Council (NMHC) and National Apartment Association (NAA) by Cindy Chetti, NMHC Senior Vice President of Government Affairs:

“We commend Senators Corker and Warner for the introduction of housing finance reform legislation that recognizes the unique nature of multifamily housing. NMHC/NAA support a robust, private capital-driven market with a federal backstop that both protects taxpayers and ensures the apartment industry can provide high quality rental housing in all markets at all times.

“We hope this bi-partisan first step to address the nation’s housing finance system will jumpstart a thoughtful debate in Congress. Through the preservation of current multifamily lending activities, this legislation recognizes the strong credit history and approach along with the shared risk of private capital in each multifamily loan.

“Maintaining mortgage liquidity for the multifamily industry ensures that we can build the 300,000 new apartments needed each year to answer the growing demand for rental housing, meet the needs of our 35 million residents and continue supporting millions of jobs across the country. We look forward to working with Senators Corker, Warner, Johanns, Tester, Heitkamp, Heller, Moran and Hagan, as well as other members of Congress, as they craft legislation to reform our housing finance system.”

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For more than 20 years, the National Apartment Association (NAA) and the National Multi Housing Council (NMHC) have partnered on behalf of America’s apartment industry. Drawing on the knowledge and policy expertise of staff in Washington, D.C., as well as the advocacy power of 170 NAA state and local affiliated associations, NAA and NMHC provide a single voice for developers, owners and operators of multifamily rental housing. Apartments and their 35 million residents support more than 25 million jobs and contribute $1.1 trillion to the economy. To learn more about apartments, visit www.weareapartments.org.