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INDUSTRY UPDATE Speak Up Seize your opportunity to tell your representative how his or her actions affect our industry. C

ongress needs to hear from you about legislative and regulatory issues that impact the apartment industry. Your opportunity is

coming up when members of Congress are at home during their recess from August 4 to September 9. Please don’t delay in getting on their cal-

endars. All the resources you need for scheduling your meetings are in the Congressional Recess Toolkit available at Please let Carole Roper know if you plan to

schedule meetings this summer. She can be reached at or 703-797-0616. Your engagement with your members of Congress is critical to the industry’s advoca- cy efforts and the future of your business. Please do all you can to stand up for our industry and tell Congress how these issues will affect you.



HUD recently issued substantive changes to

the Section 8 Renewal Policy Guide for proj- ect-based rental properties. The entire docu- ment is posted at Of particular interest to apartment owners

is a new procedure involving rent compara- bility studies. The revised guide states that when an RCS rent is above 110 percent of the Small Area Fair Market Rent for a metro area or regular Fair Market Rent for a non- metro area, an appraiser must provide addi- tional information concerning the percent- age of market-rate properties in the area with rents above the FMR or SAFMR benchmark. Such a requirement is unrelated to the

actual market rent and will be difficult for appraisers to ascertain; at the same time, it will increase both costs and frustration lev- els for apartment owners. Moreover, it stretches the limits of HUD’s authority, as the agency currently cannot restrict a rent to FMR if it is below market; the law retains the market cap. NAA and NMHC plan to sign an industry coalition letter asking HUD Secretary Shaun Donovan to rescind the guidance.



Responding to several new and proposed

municipal ordinances in Chicago, Philadelphia and Boston that could ban satel-

trusts, including multifamily REITs, and enable them to operate more efficiently. Key provisions in the measure would per-

mit REITs to sell more of their assets (up to 20 percent) in a given year, allowing them to invest more effectively or diversify their

is critical to the industry’s advocacy efforts and the future of your business. Please do all you can

to stand up for our industry and tell Congress how these issues will affect you.

lite dishes in apartment common areas, the Satellite Broadcasting & Communications Association petitioned the FCC to amend the Over the Air Reception Devices rule, clarify- ing state and local governments’ limits in regulating the installations. The OTARD rule generally limits property

owners and homeowners’ associations from restricting residents’ installation, use or maintenance of satellite dishes in “exclu- sive use” areas such as private resident bal- conies or patios. However, the rule allows property owners to prohibit installation on the roof, in hallways, on exterior walls and in other indoor and outdoor common areas. We are closely monitoring this rule- making and will participate if appropriate.


NAA, NMHC joined an industry coalition

to back the Update and Streamline REIT Act (HR 5746), which would liberalize certain rules attributable to real estate investment

holdings; better protect REITs from losing REIT status if they inadvertently pay divi- dends in a way that mistakenly favors one shareholder class over another; and adjust the income and assets tests that REITs must meet to maintain REIT status. The bill has significant support, as it is

expected to generate minimal costs and could be attached to broader tax legislation later this year. Moreover, the bill has broad, bipartisan support among Ways and Means Committee members, which could aid its prospects.


Testifying before a House Financial

Services Subcommittee on behalf of NAA and NMHC, The Bozzuto Group’s Vice Chairman and Chief Operating Officer Rick Mosytn told lawmakers that FHA’s multi- family housing programs are critical to the future health of the rental housing market. Mostyn highlighted three issues regarding FHA’s multifamily programs that could

NEW PRO-APARTMENT ADS NOW AVAILABLE Following up on a new brochure promot-

ing apartments as the building blocks of the economy, local communities and quality lifestyles, NAA and NMHC recently devel- oped a suite of new advertising tools. The six new ads show that apartments create jobs and that the country’s changing demo- graphics and lifestyle preferences strongly favor rental housing.

Your engagement with your members of Congress


NAA and NMHC recently ran one of these

ads as a full-page ad in Politico, a Washington-based publication that reaches 33,000 D.C. legislators and policymakers. Member firms and local apartment associa- tions are encouraged to use the ads for your own public relations efforts. The ads and the brochure are available at NAANMHCaptjobsads.

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