Washington Hotline - March 20, 2009
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Card Check Legislation Introduced in House and Senate
House and Senate lawmakers have introduced the long-awaited Employee Free Choice Act (EFCA) on March 10, officially kicking off what will be an extremely contentious debate over the future of the workplace secret ballot. EFCA would allow labor unions to organize a workplace without holding a secret ballot vote. Instead, workers would be able to organize themselves into a union by collecting the signatures of at least half of a workplace's employees.
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A woman wears a model house on her head during a rally in Washington to support the "Employee Free Choice Act." | The process, colloquially referred to as “card check,” requires that the names of everyone who signs the cards be publicly posted, meaning that the union officials, employers and coworkers know who did, and did not, sign the card. Employers and workers have argued that allowing unions to organize under these guidelines would encourage coercion, intimidation and harrassment.
In Senate testimony this week, Larry Getts, an employee of the Dana Corporation in Fort Wayne, Indiana, shared his story. “Union organizers waited for us in the break room, sat with us at lunch whether we wanted them to or not, and walked us to our cars at the end of the day. The entire time they were constantly badgering us to sign the cards," he said.
In addition to eliminating the secret ballot requirement, EFCA would also create a mandatory arbitration requirement on first contracts if workers and employers are unable to settle their differences within 90 days of commencing negotiations.
It is not yet clear when the legislation will head to the House or Senate floors, although rumors continue to circulate that the Senate will consider the legislation first, with many House lawmakers unwilling to vote on the legislation until the Senate can “prove” it can pass it.
NAHB will continue to push against enactment of EFCA, and the card check issue will be one of the main issues considered at the NAHB Legislative Conference at the end of March.
To view the legislation, click here and type the bill numbers H.R. 1409 and S. 560 in the box in the upper center screen. For more information, contact Jenna Hamilton at 1-800-368-5242, x8407.
View the full article in NAHB's Washington Update.
Mark-to-Market Addressed at House Hearing
The House Financial Services Capital Markets Subcommittee held a hearing this week on mark-to-market accounting problems. Mark-to-market requires banks to value assets based on their current market price. It has been blamed by many in the financial and business community for exacerbating the current financial crisis by forcing lending institutions to write down the value of billions of dollars of their holdings—including illiquid mortgage securities—making it difficult for some of them to meet their capital regulatory requirements.
NAHB has joined a recently formed coalition that includes the Mortgage Bankers Association, Independent Community Bankers of America, U.S. Chamber of Commerce, Financial Services Roundtable, several of the Federal Home Loan Banks and others to seek solutions to the mark-to-market accounting problems that will allow for greater flexibility in applying the rules.
While NAHB will continue to work with the coalition on the mark-to-market issue, such changes will not directly address problems builders are experiencing with their acquisition, development and construction (AD&C) financing where lenders are requiring additional equity for outstanding credit and balking at loan extensions.
NAHB is urging regulators and lenders to give leeway to residential construction borrowers who have loans in good standing by providing flexibility on re-appraisals, loan modifications, and perhaps forbearance on loans to give builders time to complete and sell their inventory.
The AD&C issue will be a major part of the upcoming Legislative Conference on March 24, where members of Congress will be asked to urge banking regulators to provide this flexibility. In addition, we will seek an allocation from the financial “bailout” funds to allow banks to avoid excessive equity calls and other adverse actions on performing loans.
For more information on this issue, contact Scott Meyer at 1-800-368-5242, x8144; or John Dimitri, x8529.
Read the full article in NAHB's Washington Update.
Affordable Housing Takes a Front Row Seat at the Pillars Awards
Affordable housing projects were in the spotlight this year, receiving two major Mulitifamily Pillars awards at the conference in San Diego this week.
- The NRP Group, Multifamily Development Firm of the Year Award
The Multifamily Development Firm of the Year Award was presented to The NRP Group, an industry leader in property management, affordable housing, and community outreach. NRP's partnership with the San Antonio Housing Authority (SAHA) on three affordable housing developments produced more than 1,352 units in San Antonio alone in 2008.
During the aftermath of Hurricane Katrina, NRP reached out to the Department of Homeland Security and the Federal Emergency Management Agency to identify available multifamily community rental units for victims. Funding was approved for both affordable and market-rate multifamily housing in what is now the Beechgrove Subdivision just outside New Orleans. NRP was the first affordable developer to complete a project of this kind.
View the press release here.
- MVE & Partners, Irvington Terrace, Multifamily Community of the Year Award
Irvington Terrace, designed by MVE & Partners, Inc., a California-based architectural firm, was named Multifamily Community of the Year at the Pillars of the Industry Awards by the National Association of Home Builders (NAHB). The winning community, which also was named the winner in the Best Affordable Apartment category, was selected by the judges from the winners of all 17 builder-category awards.
“Irvington Terrace clearly demonstrates that affordability does not rule out good design and functionality,” said Steve Patterson, Chair of NAHB’s Multifamily Leadership Board. “With affordability becoming increasingly important in this troubled economy, it’s encouraging to know that affordable rentals also can be beautiful.”
Irvington Terrace incorporates modernist design within a village-square community environment. The development forms a block-long perimeter of flat-roofed affordable rental apartments, each with separate entrances and porches, placed alongside market-rate for-sale town houses.
The 108,000 square-foot development sits atop a partially underground parking garage, disguised under front stoops to maintain the neighborhood’s sense of scale. The rental units are clustered around two landscaped courtyards and are adjacent to public amenities for residents including meeting spaces, laundry facilities and classroom space. The three-story buildings fit 40 units into each acre, and the design has no ‘backside’ – an architectural choice that enhances neighborhood security by providing views of the street in all directions.
Irvington Terrace showcases innovational use of affordable materials by strategically massing the units together and selecting a variety of earth tones to accentuate the California Mission style architecture. In this setting, the use of plaster construction gives the appearance of concrete or stone, creating an upscale look with an affordable price tag. Each unit is accented with trellises and pergolas, providing an attractive symmetry with its neighboring market-rate for-sale homes.
View the full list of winners here.
For more information, e-mail Erin Grant, or call her at 800-368-5242.
NAHB Comments on the CRA Question and Answer Revision
NAHB wrote a letter to the Office of the Comptroller of the Currency (OCC) regarding the Notice and Request for Comments on the proposed revised Q&A on the OCC Web site.
The CRA was established in 1977 as a means of ensuring that deposit-taking institutions offer equal access to lending, investment ,and services. NAHB supports efforts to ensure that CRA credit is provided for residential and multifamily mortgages, housing production and community development lending.
The proposed revised Q&A would allow an institution to receive pro rata Community Reinvestment Act (CRA) consideration for the portion of an activity such as mixed-income housing, if it helps to provide affordable housing to low- or moderate-income individuals.
The proposed revised Q&A gives as an example a $10 million loan to finance a mixed-income housing development in which 10% of the units will be set aside as affordable housing for low-and moderate-income individuals and 10% of the funds will be used for the cost of constructing those units. Under the proposed revised Q&A, the institution may elect to treat one million dollars of the loan as a community development loan.
NAHB strongly supports the proposed revision and encourages its adoption as final. View the complete letter here.
For more information, e-mail David Ledford or call him at 800-368-5242 x8265.
Attend the Legislative Conference — Get the Latest Info on Multifamily Issues
Attend NAHB's Free Legislative Conference on March 24, 2009, in Washington, D.C on Capitol Hill. Register Now!
Travel to the nation’s capitol next week to urge your representatives and senators to support policies that will stabilize the housing market, increase flexibility in multifamily financing, and restore confidence in the credit market.
Be an advocate and be present as NAHB makes a push for multifamily issues such as:
- Carried Interest Taxation
- Mark -to-Market
- AD&C Financing
- Employee Free Choice Act (EFCA) "Card Check" legislation
- and More...
Register Now! and view the 2009 Legislative Conference Schedule of Events.
RESPA REFORM — Public Comment Due April 9th
Promising news came this week with the Obama Administration's proposal to withdraw and reconsider a Real Estate Settlement Procedures Act (RESPA) provision that would have cost buyers thousands of dollars at the closing table and further depressed the struggling housing sector.
In overhauling regulations tied to RESPA during the final days of the Bush Administration, HUD revised the "required use" provisions of the rule in a way that would prevent builders from offering incentives for consumers to use affiliated companies for home purchase services, such as mortgage and title services. Such builder-provided incentives for voluntary use of affiliated companies have saved consumers millions of dollars in financing costs through the years.
NAHB and a coalition of our members filed suit on this issue on Dec. 22. This lawsuit resulted in a delay until July 16, 2009, for the implementation of the new rule. HUD also said it would allow the public the opportunity to comment on whether the Obama Administration should pull back and re-evaluate the rule.
The latest development is a major step toward permanently restoring the benefits that consumers receive from builders and developers when purchasing a new condominum. Public comments are due April 9, 2009.
For more information contact Duane Desiderio, 800-368-5242 x8146 and Bill Renner, 800-368-5242 x8597.
Tell Us What You Think — Comments, Suggestions, Successes
NAHB Multifamily is looking to identify specific membership needs during the downturn. Our best resource is you. Tell us your stories, send us your suggestions , let us know what's working and where we can improve. We want to help get your stories out there!
Here are some questions to get you started:
- What information/resources are most important to you during this time? What kind of education, web seminar, and teleconference topics would you like to see?
- What changes have you made to your business (diversification, business
practices, marketing strategies, green building implementation etc.) to successfully navigate through the economic crisis?
- How do you think this stimulus package will benefit your business and condo sales? Is it too early to determine any direct effects?
NAHB created a Web page with links with links to everything association members need to know about the $787 billion economic stimulus package that was signed into law in February. We encourage you to use the site to find information and resources on what is in the stimulus package and what it means for your business.
Visit www.nahb.org/2009stimulus. Members who have for-sale assets also can take advantage of marketing materials about the tax credit, available at www.nahb.org/taxcreditmaterials.
We hope everyone doing for-sale product was able to tune in to the Tax Credit teleconference on March 16 to learn more about what the Stimulus package can do for your business and how to market the credit to promote condo sales. If not, click here to listen to a recording of the teleconference, which is now available online at http://www.nahb.org/economicstimulus.
Please email your thoughts and suggestions, and stories to Erin Grant, or contact her at 800-368-5242 x8557.
New HUD Appointments and Multifamily Resources
- New HUD Appointments/Nominees Announced this Week
Carol Galante Appointed as HUD Deputy Assistant Secretary for Multifamily Housing Programs
HUD Secretary Shaun Donovan announced this week that President Barack Obama has appointed Carol Galante as Deputy Assistant Secretary for Multifamily Housing Programs at HUD. Galante is currently the President of BRIDGE Housing Corporation, the largest nonprofit developer of affordable apartments and homes in California, specializing in the development of family and senior affordable apartments, rental and ownership housing, and an array of revitalization, transit-oriented, urban infill, and mixed-use/mixed-income developments. As Deputy Assistant Secretary, Galante will be responsible for HUD's financing support for the development and preservation of privately-owned rental housing (a current portfolio of over $58 billion) and will be integral to several new initiatives that promote sustainable development.
Raphael Bostic, Nominee for Assistant Secretary for Policy Development and Research, Department of Housing and Urban Development
Dr. Bostic is a Professor in USC’s School of Policy, Planning, and Development. Mr. Bostic studies the roles that credit markets, financing, and policy play in enhancing household access to economic and social amenities. Dr. Bostic is an expert on housing and homeownership, and has extensively studied the roles that credit markets, financing, and policy play in enhancing household access to economic and social amenities. He is also currently studying the effects of community development financial institutions on neighborhood well-being, how anti-predatory lending laws impact credit flows, and the role of the private label secondary market in facilitating the flow of capital to subprime and possibly predatory loans.
Peter Kovar, Nominee for Assistant Secretary for Congressional and Intergovernmental Affairs, Department of Housing and Urban Development
Several years after graduating from the University of Rochester (NY) with a Bachelor of Arts degree in history, Kovar worked on the first reelection campaign of U.S. Congressman Barney Frank (D-MA) in 1982, and subsequently joined Frank’s Washington office as a junior staffer. He later worked for U.S. Senator John Kerry (D-MA) when he was first elected, and then returned to Frank’s office as a legislative assistant. He became Frank’s Chief of Staff in 1991, and has served in that capacity since then. During his 26 tenure on Capitol Hill, Kovar has worked on virtually every issue that comes before Congress, having specialized at various points in his career on such diverse issues as immigration policy, Medicare reimbursement regulations, environmental protection, marine fisheries, transportation projects, government ethics, and economic development in Massachusetts and the communities Frank represents.
Visit www.hud.gov for more information.
HUD's Web site can be difficult to navigate, but you can recieve multifamily information on topics of your choice by signing up for one of HUD's maililng lists. Multifamily builders, developers, and professionals can go to www.hud.gov/subscribe/mailinglists.cfm to view the list and get instant notices, current research resources, and regulatory updates on:
- Multifamily Property Disposition
- Energy Efficiency
- Acquisition and Relocation
- Community Development Block Grants
- American Housing Survey Information
- Office of Affordable Housing Programs
- and More...
For HUD publications, periodicals, data sets, and Web site navigation tips visit www.huduser.org.
Calendar: Conferences and Events
March 2009
NAHB 2009 Legislative Conference
March 24, 2009
Washington, D.C
Capitol Hill
Fee: FREE
Register Now!
Travel to the nation’s capitol on March 24, 2009, to urge your representatives and senators to support policies that will stabilize the housing market, help reduce foreclosures and restore confidence in the credit market.
Register Now! and view the 2009 Legislative Conference Schedule of Events. |
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LIHTC Income Limits Webinar:
Keeping Your Property in Compliance with the New Rules
March 26, 2009
2:00 - 3:00pm EDT
Last summer, as part of the "Housing and Economic Recovery Act of 2008," Congress enacted important changes to the Low Income Housing Tax Credit (LIHTC) program regarding income limits and recertifications.
Join NAHB for this one-hour event as experts in LIHTC compliance review these changes and how they affect the way you do business.
Registration and more information is available here.
Presenters on the web seminar will:
Speakers:
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Jim Kroger, Novogradac & Company LLP
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Grace Robertson, Internal Revenue Service
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Ruth Theobald, TheoPRO Compliance & Consulting, Inc.
The one-hour call will include the presentation as well as questions from the audience. Questions can be submitted in advance through Friday, March 20 to cmcguire@nahb.com |
April 2009
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2009 Spring NAHB Construction Forecast
April 23, 2009
Washington, D.C
REGISTER NOW!
Registration is now open online for the 2009 Spring NAHB Construction Forecast Conference. NAHB's CFC is the most comprehensive housing forecast from the voice of the housing industry. Speakers from a range of vantage points will provide you with the highest-level insight and analysis of the challenging climate for new residential construction. If unable to attend this important event in person, you can participate via Webcast during which you can still ask these renowned experts questions.
Attend the Forecast Conference and get answers to these critical questions:
- How will the American Recovery and Reinvestment Act of 2009 stimulate the economy and spur new residential construction?
- How will the mortgage markets change?
- Will some regions see an earlier recovery?
- When will the housing market reach bottom?
The CFC's panel of expert speakers, including NAHB's new Chief Economist David Crowe, will look at the national and regional markets, the state of the mortgage finance industry and housing prices.
In response to today's economy, NAHB is lowering registration fees by $75 See the new agenda and more detailed information at www.nahb.org/CFC. |
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Building for Boomers & Beyond: 50+ Housing Symposium™
April 27-29, 2009
Philadelphia, PA
Philadelphia Marriott Downtown
Registration rates have been reduced for the 2009 NAHB Building for Boomers & Beyond: 50+ Housing Symposium™ . This is the premier event for 50+ housing professionals—you can’t afford to miss it! : Register TODAY!
Get fresh ideas that will lead to concrete solutions and help you revolutionize your business:
- Develop a winning strategy – hear the latest economic forecast, get a look at the capital markets, emerging design trends, green building for the boomer market, hot amenities and more;
- Plug into the future – see the latest product and technology for the 50 and up crowd;
- Learn from the experts – hear from seasoned professionals who have been through several market cycles;
- Get a blueprint for success – tour award-winning condos, single-family homes, clubhouses and more;
- Develop and cultivate business relationships – network to grow your circle of contacts.
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May 2009
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Attend the National Green Building Conference in Dallas
Attend the 2009 National Green Building Conference in Dallas on May 10-13 to learn more about the critical paths to green building, and to participate in interactive sessions and be part of the driving force for the green building and remodeling markets.
For more information and to sign up to be notified when registration opens, visit www.nahb.org/GreenBuildingConference. |
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