Multifamily Amendment Introduced During Markup 

The House Financial Services subcommittee has marked up several of the above-mentioned 15 targeted, piecemeal GSE reform bills currently pending before Congress. Rep. Carolyn Maloney (D-NY) offered a multifamily-specific amendment during the debate on one measure (HR 2440) that would require the GSEs to dispose of portfolio assets deemed not to be “mission critical.”

Maloney’s amendment would have multifamily GSE loans automatically classified as “mission critical.”

Although Maloney ultimately withdrew her amendment after the bill’s sponsor agreed to work with her to modify the legislation before it comes before the full committee, her submission spurred members of both parties to make comments on the record about the strong performance of the GSEs’ multifamily sector.

Their comments noted that the GSEs’ problems were largely limited to their
single-family portfolios, and that whatever action is taken should not have unintended consequences on the well-functioning multifamily market.

NAA/NMHC continue to work closely with lawmakers on housing finance reform to seek a “do no harm” solution for the apartment industry.

However, the timetable for final legislative action on GSE reform remains very unclear.

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