CREF Policy Update: Senate Passes Government Funding Extension as Sept. 30 Deadline Looms

Senate Passes Government Funding Extension as Sept. 30 Deadline Looms

Before leaving for August recess, the Senate overwhelmingly passed a stopgap funding bill (90-6) that would keep the federal government funded through Dec. 11, 2026.

• The Continuing Resolution (CR) largely maintains FY 2026 funding levels across most of the federal government, including at the Department of Housing and Urban Development (HUD), Veterans Affairs (VA), Treasury, and the Department of Agriculture (USDA).
• Importantly, the measure also extends the National Flood Insurance Program (NFIP) through Dec. 11.
• The House previously passed its CR on July 21, which would fund the government only through Dec. 4.

What’s next: The House returns from August recess on Aug. 31, with the Senate following on Sept.14. That leaves lawmakers just 2½ weeks before the end of the fiscal year to reconcile the differences between the two chambers’ varying versions of a CR and reach a final agreement on government funding beyond the November midterm elections. MBA is engaged with leaders in both chambers and continues to urge Congress to reach an agreement that avoids a government shutdown on Sept. 30 and provides certainty for the housing and real estate markets.

For more information, please contact Rachel Kelley at (202) 557-2816, Madisyn Rhone at (202) 557-2741, George Rogers at (202) 557-2797, or Jeremy Green at (202) 557-2849.

MBA Meets with HUD on Opportunity Zones

Last Monday, MBA staff met with the Department of Housing and Urban Development (HUD) as a follow up to the letter sent in April promoting flexibility in the MAP program for projects in opportunity zones.

• Opportunity Zones 2.0 will begin in January 2027, and MBA provided HUD with recommendations to make MAP loans more effective under the new program and ensure housing plays a significant role.

Why it matters: HUD Secretary Scott Turner is a strong proponent of the Opportunity Zones program, and HUD is exploring ways to maximize the program’s impact, including by increasing new housing construction.

What’s next: MBA will continue to work with HUD staff on ways to make the MAP program as efficient and effective as possible.

For more information, please contact Megan Booth at (202) 557-2740.

MBA’s Life Company Council Convenes for August Meeting

Last Wednesday, MBA’s CREF Life Company Council met to discuss how different capital sources and asset types are performing in the market, as well as regulatory changes arising from the recent passage of the 21st Century ROAD To Housing Act.

• Tim Zawacki (S&P) dove into the performance of varying capital sources’ loan books throughout 2026. He also discussed the upcoming “wall of maturities” and how it will affect some more than others.
• MBA’s Megan Booth shared her views on the implementation of the 21st Century ROAD To Housing Act and how it will affect commercial real estate, including the purchase of “horizontal multifamily” properties.

Why it matters: The Life Company Council serves as a forum for MBA members to discuss developments affecting insurance company lending and portfolios and includes expert speakers and member discussions.

What’s next: The MBA Life Company Council meeting will be held on Dec. 9, 2026, at 3pm ET.

For more information to join the Council, please contact Trey Wells at (202) 557-2846.

Upcoming MBA CREF Council and Committee Meetings

MBA’s CREF Councils and Committees are a key way to connect to everything MBA has to offer around policy, advocacy, market intelligence and research, education, and networking. Visit www.mba.org/yourCREF to find out more. Councils and Committees are built around specific capital sources and serve as an opportunity for you to join other commercial real estate finance professionals to hear from experts, discuss opportunities and challenges, and connect with peers.

Upcoming virtual meetings include:

• Commercial Council: September 16
• Structured Finance Council: September 17
• Servicer Council: September 17
• CRE Private Credit Council: September 23
• Bank Council: September 24

For more information, click on the links above and/or contact Kelli Burke at (202) 557- 2742.

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, opportunities, obstacles and solutions pertaining to our industry. Below, please see a list of upcoming and recent webinars – all complimentary to MBA members:

• Ditching the Clipboard: Modernizing Loan Inspections and Compliance in Commercial Real Estate – Aug. 26
• Decoding Blanket Property Insurance for Commercial and Multifamily Properties – Sept. 10
• AI in Commercial Real Estate Finance: The AI-Powered Originator and Relationship Manager – Oct. 5
• AI in Commercial Mortgage Finance: Intelligent Deal Screening and Pre-Underwriting – Nov. 2
• AI in Commercial Mortgage Finance: Intelligent Document Processing Beyond OCR – Dec. 7

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

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