CREF Policy Update: Full Senate Unanimously Passes TRIA Reauthorization

September 29, 2026

Full Senate Unanimously Passes TRIA Reauthorization

Last Monday, the full Senate unanimously passed the Terrorism Risk Insurance Program Reauthorization Act of 2026 (S. 4395). The Senate Banking Committee last month reported the bill to the Senate floor by a vote of 24-0.

The legislation, authored by Senators David McCormick (R-PA), Tina Smith (D-MN), Thom Tillis (R-NC), and Ruben Gallego (D-AZ), is a “clean,” seven-year reauthorization of the Terrorism Risk Insurance Act of 2002 (TRIA).
Prior to the Banking Committee’s consideration of S. 4395, MBA advocated for passage, including through a letter of support for the legislation and also two joint coalition letters (here and here).

What they’re saying: MBA President and CEO Bob Broeksmit, CMB, in a press statement said, “The Senate’s unanimous passage of a seven-year reauthorization of TRIA is an important step toward providing continued certainty and stability for commercial real estate markets. MBA applauds the bipartisan leaders in both chambers who have worked to advance this critical legislation in recent months. TRIA is a vital public-private partnership that supports economic growth, protects taxpayers, and ensures businesses can access terrorism risk coverage. MBA will remain closely engaged with lawmakers on both sides of the aisle in the House and Senate to push for final passage and enactment before the end of the year.”

Why it matters: TRIA directly impacts the real estate finance industry as the private sector cannot adequately supply terrorism coverage without a federal backstop.

The uninterrupted continuation of the TRIA program remains crucial.
If the federal backstop for terrorism risk insurance were to lapse, the effects would ripple through the economy as insurance becomes difficult or impossible to place and buildings became hard and costly to finance and purchase.

What’s next: The House previously (on June 29) passed a similar version of the legislation (H.R. 7128) by a vote of 373-15. MBA will continue working with lawmakers in both chambers to reconcile the differences in the Senate and House versions of the bill so that the TRIA reauthorization can be passed identically by both chambers and sent to President Trump for his signature prior to the end of the year.

For more information, please contact George Rogers at (202) 557-2797 or Jeremy Green at (202) 557-2849.

Senate Banking Committee Holds Confirmation Hearing for Matt Jones as FHA Commissioner

On Thursday, the Senate Banking Committee held a confirmation hearing on the nomination of Matt Jones to serve as Assistant Secretary of Housing at the Department of Housing and Urban Development (HUD) and Federal Housing Administration (FHA) Commissioner.

Jones currently serves as HUD’s Deputy Assistant Secretary for Single Family Housing, where he oversees FHA’s single-family housing programs. Prior to joining HUD, Jones served as MBA’s Associate Vice President of Government Housing Finance and as a key staffer for both the Senate Banking and Finance Committees, respectively.
MBA strongly supports Jones’s nomination, sent a support letter to the Committee ahead of the hearing, and will continue engaging with Senate offices throughout the confirmation process.

Why it matters: FHA plays a critical role in providing access to affordable mortgage credit and supporting housing markets. If confirmed, Jones would oversee FHA’s single-family, multifamily, and healthcare mortgage insurance programs. MBA looks forward to working with Jones and HUD leadership to modernize and streamline FHA programs, reduce unnecessary regulatory burdens, and lower costs for homebuyers and renters.

What’s next: The Senate Banking Committee is expected to consider Jones’s nomination after returning from its current recess period on Nov. 9.

For more information, please contact George Rogers at (202) 557-2797 or Jeremy Green at (202) 557-2849.

MBA Letter to HUD Calls for FHA Multifamily Reforms

Last Monday, MBA sent a letter to HUD Secretary Scott Turner that recommends improvements to FHA’s multifamily and healthcare lending programs.

Go deeper: The letter encourages continued action on several outstanding initiatives, including the MAP Improvements and Efficiencies mortgagee letter, the removal of regulatory constraints for financing assisted living/board and care facilities, increasing the percentage of allowable independent living units in Section 232 properties, changing the radon regulatory requirements, and creating a Low-Income Housing Tax Credit (LIHTC) Express Lane.

Why it matters: The initiatives outlined in the letter will make meaningful improvements to the multifamily and healthcare financing markets, reduce costs and administrative complexity, and help facilitate the preservation and production of much-needed housing and healthcare facilities.

What’s next: MBA will continue to advocate for the completion of these initiatives to increase the creation and preservation of rental housing.

For more information, please contact Lauryn Enrico at (202) 557-2715.

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:

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:

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
Overview of Commercial/Multifamily Insurance Compliance – Nov. 5
AI in Commercial Mortgage Finance: Intelligent Document Processing Beyond OCR – Dec. 7
Analyzing the Commercial/Multifamily Borrower’s Balance Sheet and REO Schedule – Dec. 10

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.

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