CREF Policy Update: VP Harris Unveils New Economic Agenda
VP Harris Unveils New Economic Agenda
As MBA leaders headed to Chicago to take part in Democratic National Convention activities, housing policy – both single- and multifamily – remained a robust part of the 2024 election dialogue, with Democratic nominee Vice President Kamala Harris announcing new portions of her proposed economic agenda. Not surprisingly, many of her housing-related proposals build on current Biden administration policies, require additional detail to be fully evaluated (both the pros and the cons), and would need congressional action to be implemented.
What’s next: MBA staff will continue to closely monitor policy proposals that impact real estate finance from both the Trump and Harris campaigns – and will provide you with more granular detail on the key points in the coming days and weeks prior to the Nov. 5 election.
For more information, please contact Bill Killmer at (202) 557-2736 or Mike Flood at (202) 557-2745.
MBA Urges HUD to Protect Healthcare Properties
Last Tuesday, MBA joined the Healthcare Mortgagee Advisory Council (HMAC) and a coalition of organizations to urge the Department of Housing and Urban Development (HUD) to not put Section 232 properties (nursing home and senior living facilities) at risk. The letter was written in response to an internal memo drafted by the Office of General Counsel at HUD that would limit the use of the 232 refinance program to only existing debt and critical repairs. Historically, the program has allowed all necessary costs to maintain the economic viability of the project for the term of the loan.
Why it matters: The Section 232 program is critical for our nation’s long-term care residents served by skilled nursing and assisted living providers.
What’s next: MBA will continue to work with lenders and the Administration to ensure the needs of America’s seniors are met.
For more information, please contact Megan Booth at (202) 557-2740.
White House Continues to Promote FFB Loans
Last Tuesday, the Biden administration announced more enhancements to the Federal Financing Bank (FFB) Risk Share Program. The change provides an interest rate collar for state and local housing finance agencies that use the Federal Housing Administration’s (FHA)/FFB risk-sharing program.
Why it matters: The FFB program allows housing finance agencies to borrow at near Treasury rates from the FFB to risk-share with FHA and sell multifamily loans. The program only creates about 4,000 units per year. FHA MAP lenders facilitate significantly more housing units and should not be put at an unfair disadvantage.
What’s next: MBA expressed concern with the FFB program in June, with a letter to HUD and Treasury. MBA will continue to advocate for equal access to federal funds for all qualified lenders.
For more information, please contact Megan Booth at (202) 557-2740.
Multifamily Lending Declined 49% to $246 Billion in 2023
In 2023, 2,520 different multifamily lenders provided a total of $246.2 billion in new mortgages for apartment buildings with five or more units, according to MBA’s annual report of the multifamily lending market, released last week.
Go deeper: Last year’s $246.2 billion in multifamily lending volume represents a 49% decrease from 2022 levels. Fifty-one percent of the active lenders made five or fewer multifamily loans over the course of the year.
For more information, please contact Jamie Woodwell at (202) 557-2936.
Calling All Lenders: Join MISMO’s Inaugural Lender Forum on Aug. 27
On Aug. 27, MISMO is hosting its inaugural Lender Forum. The gathering is an opportunity for lenders of all sizes to come together to discuss challenges specific to business, operational, and implementation issues facing our industry.
The first meeting will be facilitated by Eric Armstrong of Mr. Cooper, Kevin Bowen of Chase, and Suzanne Garwood of Chase. Attendance is complimentary, and discounts to attend the remainder of the MISMO Fall Summit are available.
Why it matters: This new series—for lenders only– will provide a regular platform for collaboration on specific issues that can be solved through the adoption and implementation of industry standards.
What’s next: The first meeting will be held on Aug. 27 at 1:30 PM ET and online via Zoom. Topics of conversation over the coming months will include navigating the current regulatory environment, use of emerging technologies, including artificial intelligence (AI), and how to manage associated risks, requirements associated with the Federal Housing Finance Agency’s (FHFA) imminent credit score changes, and more.
For more information, and to register please contact info@MISMO.org.
Participate in the Mortgage Action Alliance’s “Advocacy in August” Campaign
MBA’s “Advocacy in August” campaign is well underway! Join your fellow industry advocates and MAA members and get involved during the congressional August recess by taking action on current real estate finance policy priorities – and by arranging to meet with elected officials back in their home states or districts.
Why it matters: The Advocacy in August campaign is an important political engagement strategy for our industry to help advance key policy and advocacy priorities. Your participation allows MBA to build and strengthen individual relationships with lawmakers during the traditional congressional August recess.
What’s next: MBA’s Legislative and Political Affairs team will help coordinate in-person and virtual meetings in your elected officials’ home states or districts. Get involved!
For more information, please contact Jamey Lynch at 202-557-2818.
Register for MAA’s Next Quarterly Webinar on Sept. 17
MBA’s Legislative and Political Affairs Team is inviting you to our upcoming Pre-Election Update on National Voter Registration Day, Sept. 17, at 3:00 PM ET. Join us as we dive into the policy implications that could flow from the upcoming 2024 elections and impact our industry.
Why it matters: This webinar will offer a comprehensive overview of the current legislative landscape and forecast potential political changes that could impact your business and the broader industry.
What’s next: Register with code MAA2024 to receive complimentary access to this webinar.
For more information, please contact Erin Reilly at (202) 557-2751 or Margie Ehrhardt at (202) 557-2708.
REGISTER: MBA’s Commercial/Multifamily Insurance Conclave 2024
MBA is hosting a Commercial/Multifamily Insurance Conclave 2024 on Oct. 6-8 in Kansas City, Mo.
• This premier event brings together Insurance and Risk professionals from all capital sources to discuss insurance market trends, best practices for addressing and implementing changes in the future, and much more.
Why it matters: Rising property insurance costs and diminishing policy options are increasingly becoming a problem in several states, and insurance requirements are becoming more strict.
What’s next: Register today to secure your seat.
For more information, please contact Jacky Salazar at (202) 557-2746.
Upcoming MBA Education Webinars on Critical Industry Issues
MBA Education continues to deliver timely commercial/multifamily and single-family programming that covers the spectrum of challenges, obstacles and solutions pertaining to our industry. Below, please see a list of upcoming and recent webinars – which are complimentary to MBA members:
• Analyzing the Commercial/Multifamily Borrower’s Balance Sheet and REO Schedule – Aug. 27
• Affordable Housing Insights: Understanding Consumers, Buyers, and Uses of Accessory Dwelling Units – Aug. 29
• Finding Opportunities with Distressed CRE in 2024 – Sept. 10
• MAA Quarterly Webinar: 2024 Elections Preview – Sept. 17
• Overview of Commercial Insurance Compliance – Oct. 3
MBA members can register for any of the above events and view recent webinar recordings by clicking here.
For any questions, please contact David Upbin at (202) 557-2931.
