“Well-intentioned but misguided legislation like the Carried Interest Fairness Act and the President’s budget proposal to tax carried interests as ordinary income, would result in an enormous tax increase on countless Americans who use partnerships to develop, own and operate real estate. These sweeping changes, if enacted, would discourage individuals from pursuing their entrepreneurial vision, tax the sweat equity that makes real estate more productive and useful and slow economic growth. The results would be particularly harmful to industries that seek to build a business or asset with lasting value over an extended time horizon.” --From an MBA/trade group letter to Capitol Hill opposing legislation and an Administration budget proposal that would broadly change tax laws on "carried interest."

The Mortgage Bankers Association’s next bi-weekly update takes place Tuesday, July 6 at 2:30 p.m. ET.

Mesa West Capital, Los Angeles, originated $40 million in first mortgage debt to finance an off-market acquisition of a 309-unit Austin, Texas apartment property.

Fitch Ratings, New York, said the coronavirus pandemic “created new cracks” in the already fragile foundation of affordable housing.