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CREF Policy Update: House Passes Government Funding Extension Through Dec. 11, Avoiding Potential Government Shutdown

September 8, 2026

House Passes Government Funding Extension Through Dec. 11, Avoiding Potential Government Shutdown

Last Tuesday, the House overwhelmingly passed a stopgap funding bill, sending the measure to President Donald Trump for his signature to fund the federal government through Dec 11, 2026.

  • The Continuing Resolution (CR), which passed the Senate in early August, 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 December 11.

What’s next: The House’s passage of the Senate’s version clears the way for the measure to be signed into law, avoiding a September 30 government shutdown. MBA will remain engaged with congressional leaders as they work toward longer-term funding legislation and continue to advocate for 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.

Industry Raises Concerns About BTR Exemption Language in Michigan’s New Investor Prohibitions Law

Recently, the Michigan Mortgage Lenders Association (MMLA) delivered a joint MBA–MMLA letter to Governor Gretchen Whitmer’s office respectfully urging caution as the state moves to implement its new investor-prohibitions law, Public Act 32 of 2026.

  • The letter focused particularly on the law’s exemption for build-to-rent (BTR) housing involving “newly constructed” single-family homes.

Dig deeper: The recently-enacted 21st Century ROAD to Housing Act and related guidance concerning institutional-investor limits recognize that BTR communities expand housing supply and differ fundamentally from investors purchasing individual homes. Michigan’s new BTR exemption turns on whether homes are “newly constructed”—a term the statute does not define. The letter notes that, without a clear, functional definition, this ambiguity could:

  • Chill investment in BTR communities if developers and lenders cannot determine ex ante whether a project qualifies for the exemption;
  • Disrupt exit liquidity for completed BTR communities, undermining capital formation for projects already in the pipeline; and,
  • Unintentionally limit the supply of new rental housing, contrary to the law’s broader goal of improving affordability and access to homeownership.

MBA and MMLA asked the administration to clarify that rental communities that are built and planned, permitted, financed, and constructed as rental communities qualify for the exemption, consistent with President’s Executive Order 14376. They also urged the administration to ensure that the definition aligns with the policy intent to preserve and encourage purpose-built BTR communities that add net new housing supply.

  • To illustrate the BTR provisions’ broader issues, the associations enclosed a recent real estate industry letter to Treasury explaining that purpose-built rental communities were intended to be treated as a protected, excepted class.

What’s next: MBA and MMLA will continue collaborating as they review implementation of the new state law and will brief member companies on relevant developments.

For more information, please contact William Kooper (202) 557-2737 or Liz Facemire CMB, at (202) 557- 2870.

HUD Makes Changes to Fair Housing Design and Construction Enforcement

Last Monday, the Department of Housing and Urban Development (HUD) published internal guidance that would apply a one-year statute of limitations for design and construction violations under the Fair Housing Act Design and Construction Standards.

Why it matters: Today, subsequent owners of properties can face significant costs to retrofit properties when they try and refinance their loan.  This new policy could create certainty for subsequent owners who were not involved in the original construction.

What’s next: As HUD enforces the Fair Housing Act (along with DOJ, who entered into a joint memo on this topic earlier this month), this should apply to all properties – and not just FHA insured. HUD will need to publish a Mortgagee Letter to adjust program requirements for FHA-funded properties. More to follow as this change gets implemented.

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

HUD Reinterprets Migratory Bird Policy

Last Monday, the HUD replied to a memo sent by MBA’s FHA Multifamily Environmental Working Group regarding migratory birds. 

  • MBA urged HUD to follow the Department of Interior Guidance on this issue and update its internal review guidance to clarify that mitigations such as bird surveys or construction delays should not be a required action item prior to clearing a property to prevent an incidental take as defined under the Migratory Bird Treaty Act. HUD agreed with our suggestions and will make those changes.

Why it matters: The existing requirement was that construction activities should occur outside of the migratory bird nesting season, or alternatively, require a costly survey of the site for migratory bird nests prior to construction. This led to significant additional costs and/or significant construction delays. Changing this policy will reduce costs of FHA financing.

What’s next: HUD will begin training staff on the corrected interpretation and will also update internal systems such as their Environmental Assessment Factors Guide guidance.

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

House Financial Services Committee Holds Hearing, CPFB Reform Fireside Chat

Last Tuesday, House Financial Services Chairman French Hill (R-AR) and Financial Institutions Subcommittee Chairman Andy Barr (R-KY) held a “fireside chat” regarding their Consumer Financial Protection Bureau (CFPB) reform legislation that was introduced this week.

And on Wednesday, the House Financial Services Committee held a hearing examining the state of the economy, with housing affordability and the recently-enacted 21st Century ROAD to Housing Act among the major topics.

Go deeper: The dialogue on Tuesday  delved into the proposed reforms within H.R. 10184, the Consumer Financial Protection Accountability and Reform Act of 2026. Find a “one pager”  summary and the text of the bill here.

The Wednesday hearing highlighted the housing package’s  (now Public Law 119-101) focus on increased housing supply and reducing regulatory costs.  Several witnesses also highlighted the new law’s provisions intended to support community banks.

  • Find a summary of the hearing here.

Why it matters: The two events underscore lawmakers’ continued focus on issues affecting MBA members, including proposed changes to the governance and regulatory authorities of the CFPB, steps designed to increase the supply of affordable housing, and the need to reduce regulatory barriers. These discussions also touched on broader questions surrounding the role of the GSEs and federal intervention in the mortgage market.

What’s next: MBA will provide specific comments for an expected markup of the CFPB legislation later this month, while continuing to monitor the ongoing regulatory implementation of the 21st Century ROAD to Housing Act.

For more information, please contact Rachel Kelley at (202) 557-2816 and/or Madisyn Rhone at (202) 557-2741.

MAA Pre-Election Webinar Prepares Advocates for the 2026 Midterms

As part of MBA Advocacy Week (Sept. 14-18), MBA’s Legislative and Political Affairs team will host the MAA Pre-Election Webinar on Tuesday, Sept. 15, from 3:00 to 4:00 p.m. ET. 

  • The webinar will provide a nonpartisan overview of the congressional landscape, federal policy deadlines, priority real estate finance issues, and key races to watch ahead of the 2026 midterm elections. This event is open to all MBA and MAA members – and registration automatically establishes or renews each participant’s MAA membership.

Go deeper: The webinar builds on MAA’s Advocacy in August campaign, an annual grassroots effort that connects mortgage professionals with federal lawmakers while they are home during the congressional recess and fall campaign season.

Why it matters: These state and district-level meetings give advocates an opportunity to explain how federal housing and real estate finance policies affect their businesses, customers and communities. They also help establish relationships with congressional offices and reinforce MBA’s legislative priorities heading into the election and the next Congress.

What’s next: With the election approaching and the policy environment continuing to evolve, industry advocates need reliable information and a clear understanding of the political forces shaping legislative outcomes. The webinar will equip MAA members with the context, timelines, and policy insights needed to communicate confidently with elected officials and remain engaged throughout the election cycle.

For more information, please contact Jamey Lynch, AMP, at (202) 557-2818, Erin Reilly at (202)-557-2751 or Mike Fiegoli at (202) 557-2708.

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:

  • 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
  • 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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