CREF Policy Update Jan. 27, 2022

Commercial and multifamily developments and activities from MBA relevant to your business and our industry.

We can’t wait to see you all in San Diego, where over 2,000 commercial real estate professionals have registered to attend MBA’s Commercial/Multifamily Finance Convention & Expo.

1. Mezzanine Debt Tax Excluded from NY Governor’s Budget Proposal 

On Tuesday, New York Governor Kathy Hochul proposed an annual state budget that does not include a tax on mezzanine debt and preferred equity.

• Why it matters: State lawmakers proposed a bill in both 2020 and 2021 to require the taxation and recording of mezzanine debt and preferred equity. MBA worked with the New York MBA and other New York groups and launched multiple Mortgage Action Alliance (MAA) Calls to Action to oppose these taxes, which ultimately failed to be enacted.
• What’s next: The New York Legislature is expected to propose its own budget in the coming weeks. MBA will follow legislative developments and inform members if the tax is re-proposed.

For more information, please contact Grant Carlson at (202) 557-2765.

2. New York Eviction Moratorium Expires 

On January 15, New York’s statewide eviction moratorium expired for residential and commercial tenants.

• Why it matters: New York’s statewide moratorium was the last pandemic-related, statewide eviction moratorium to expire.
• What’s next: Local eviction moratoriums are still in place in multiple states. MBA tracks these moratoriums weekly, which can be viewed here.

For more information, please contact Grant Carlson at (202) 557-2765.

3. ESG/CLIMATE RESOURCES

Join MBA’s Commercial Real Estate and Net Zero Webinar

Please join MBA on January 27 from 3:00–4:00 pm EST for its newest ESG-related webinar, “ESG 102: Commercial Real Estate and a Net Zero Future: Challenges, Opportunities, and Considerations.” Net zero is a growing tool for the industry to address the climate crisis and to meet stakeholder demand for public action. One of the ways some firms are addressing the climate challenge is by adopting a net-zero carbon commitment, where a company strikes a balance between greenhouse gases generated and removed. This webinar will focus on the various factors at play as the industry increasingly incorporates net zero into business strategies. The webinar will feature a series of presentations from Fannie Mae, Nuveen, and the U.K.’s NatWest Group on the various net-zero factors relevant to CRE market participants.

• Why it matters: ESG 102 will provide MBA members with a snapshot of how net zero is working its way into the fabric of commercial real estate in the United States and around the world.
• What’s next: MBA will host the event on January 27 from 3:00 pm to 4:00 pm EST.

For more information, please contact Adrian Ballinger at (202) 557-2774.

4. State Trackers

• State eviction moratorium and legislative activity tracker available here.

For more information, please contact William Kooper at (202) 557-2737 or Grant Carlson at (202) 557-2765.

5. [WATCH]: mPower Moments: On Empowering Your Brain to Overcome Anxiety and Self-Doubt with Mel Robbins

In this episode of mPower Moments, mPower Founder Marcia M. Davies chats with Mel Robbins, syndicated talk show host and international best-selling author.

• Why it matters: Robbins shares tips and mind tricks that work to overcome self-doubt and anxiety, while building your confidence in your personal and professional life. Robbins explains how a simple high-five in the mirror can make all the difference.
• What’s next: To watch more mPower Moments, click here.

For more information, please contact Marcia Davies at (202) 557-2707.

6. Upcoming MBA Education Webinars on Critical Industry Issues

MBA Education continues to deliver timely programming that covers the spectrum of challenges, obstacles and solutions pertaining to our industry. Below, please see a list of upcoming webinars – which are complimentary to MBA members:

• Commercial Real Estate and a Net Zero Future: Challenges, Opportunities, and Considerations – January 27
• IRS Tax Transcripts – 4506-C Changes and Other Updates – February 2
• Fair Lending and Redlining, Part I – Overview of Regulations and Enforcement – February 7
• Mortgage Servicing Spotlight: Best Practices for Managing Borrower Communications – February 8
• Fair Lending and Redlining, Part II – Managing and Maintaining Your Compliance Program – February 9
• Successful Recruiting in a Changing Marketplace – February 10
• CONVERGENCE: The 2022 Legislative Outlook for Affordable Housing – February 17

MBA members can register for any of the above events and view recent webinar recordings.

For more information, please contact David Upbin at (202) 557-2931.