annual · pdf fileannual meeting january 19–21 ... robert dewitt sue ansel david...

Annual Meeting January 19–21, 2016Hilton Orlando Bonnet Creek/Waldorf Astoria • Orlando, FL

Meeting Portfolio

Meeting Portfolio sponsored by:

National Multifamily Housing Council1850 M Street, NW • Suite 540 • Washington, DC 20036202/974-2300 (phone) • 202/775-0112 (fax)www.nmhc.org (web site) • [email protected] (e-mail)

2016 NMHC Annual Meeting Sponsors*

NMHC gratefully acknowledges the sponsorship of the firms whose support make this event possible.

* as of January 12, 2016

2016 CHAIRMAN’S CIRCLE SPONSORS

2016 ADDITIONAL MEETING SPONSORS

2016 FRIENDS OF THE COUNCIL SPONSORS

C A P I T A L M A N A G E M E N T

b e r k e l e y p o i n t®

A Division of Marcus & Millichap

MEMBERSHIP REPORTS

NMHC Officers and Leadership (January 2016)

Officers

Chairman Vice Chairman Treasurer Robert DeWitt Sue Ansel David Schwartz GID Gables Residential Waterton Associates, LLC Boston, MA Dallas, TX Chicago, IL Secretary President Immediate Past Chair Ken Valach Douglas Bibby Daryl Carter Trammell Crow Residential National Multifamily Avanath Capital Management Houston, TX Housing Council Irvine, CA Washington, DC

Committee Leadership Audit David Schwartz (Chair) Waterton Associates, LLC Chicag0, IL Diversity Julie Smith (Chair) Bozzuto Management Company Greenbelt, MD Emerging Leaders Nickolay Bochilo (Chair) Bell Partners Alexandria, VA Kara Wiard (Vice Chair) EastdilSecured, LLC San Francisco, CA Will Mathews (Vice Chair) Colliers International Atlanta, GA

Finance Mark Parrell (Chair) Equity Residential Chicago, IL Adam Fruitbine (Vice Chair) Alliance Residential Company New York, NY Investment Dawn Severt (Chair) Gables Residential Trust Atlanta, GA Joint Legislative Ken Valach (Chair) Trammell Crow Residential Houston, TX Marketing and Brand Management Jennifer Staciokas (Chair) Pinnacle Scottsdale, AZ Virginia Love (Vice Chair) Waterton Residential Atlanta, GA

Membership Rick Graf (Chair) Pinnacle Dallas, TX Operating Robert DeWitt (Chair) GID Boston, MA OpTech Planning Greg O’Berry (Chair) JVM Realty Corporation Oak Brook, IL Kristy Simonette (Vice Chair) Camden Property Trust Houston, TX Political Action Sue Ansel (Chair) Gables Residential Dallas, TX

Research Jay Lybik (Chair) Equity Residential Chicago, IL John Chang (Vice Chair) Marcus & Millichap Phoenix, AZ Student Housing Randy Churchey (Chair) EdR Memphis, TN Brian Dinerstein (Vice Chair) Sterling University Housing Houston, TX

Supplier Partner Alliance Judy Bellack (Chair) Bellack Consulting Services Boca Raton, FL Systems Technology and Information Management Karen Hollinger (Chair) AvalonBay Communities Arlington, VA Scott Pechersky (Vice Chair) Alliance Residential Phoenix, AZ

Tax Tom Moran (Chair) Moran and Company Chicago, IL Maxwell Peek (Vice Chair) Waterton Residential Chicago, IL WorkForce Housing Affordability Larry Curtis (Chair) Winn Properties Boston, MA

December 2015

NEW MEMBERS OF THE BOARD OF DIRECTORS

(since September 2015) New Firms to the Executive Committee EdR, Memphis, TN Randy Churchey and Thomas Trubiana Weidner Apartment Homes, Kirkland, WA W. Dean Weidner and Jack O’Connor New Firms to the Board of Directors ACRE, Singapore Leslie Menkes American Realty Advisors, Glendale, CA Scott E. Anderson Brookfield Properties, LLC, New York, NY David B. Woodward and Jonathan Moore CBG Building Company, Arlington, VA Keith Anderson Cortland Partners, LLC, Atlanta, GA Steven DeFrancis GoldOller Real Estate Investments, Philadelphia, PA Richard Oller and Jake S. Hollinger Griffis Residential LLC, Greenwood Village, CO Ian Griffis and David Birnbaum JVM Realty Corporation, Oak Brook, IL James V. Madary, II and Gregory O’Berry Starwood Capital Group, Atlanta, GA James Edward Kane New Representatives from Existing Executive Committee Firms Holland Partner Group, Vancouver, WA Judy Schneider

Trammell Crow Residential, Atlanta, GA Leonard Wood, Jr.

New Representatives from Existing Board of Directors Firms ARA, A Newmark Company Matthew P. Rotan, Houston, TX Brian Murphy, Dallas, TX Berkadia, Bethesda, MD Keith T. Misner CoreLogic SafeRent, Rockville, MD Richard Leurig and Scott Bradford Grace Hill, Inc., Augusta, GA Dru Armstrong and Gina Rayson The Laramar Group, LLC, Chicago, IL Steven R. Boyack Valet Waste, LLC, Tampa, FL Shawn Handrahan

December 2015

NEW ADVISORY AND ASSOCIATE MEMBER FIRMS (since January 2015)

Advisory Committee * Affito Group

Mathew McHugh

ALTA Developers Henry Pino

* American Heritage Investments Matthew Okane * Amzak Capital Management

Mike Kazma * Annex Student Living

Kyle Bach * Arel Capital

Eric A. Lagdameo * Armada Analytics, Inc.

Charles T. Devier, Jr. * Ascension Commercial Real Estate

Jared Spain * Atalanta Advisors

Annu Chopra * Audubon Communities

Andrew Schwarz * August Home, Inc.

Joe Aranda * Avendra

Eleanor Waddell Banyan Water Gillan Taddune BC Contracting Chad DeSmith

* Bellack Consulting Services

Judith H. Bellack

* New members since Board of Directors and Advisory Committee meeting in September

Advisory Committee (continued) * Bohler Engineering Brian E. Oberg * Bradford Allen Capital

Charles N. Hoag * Bradley Risk Management, LLC Marianne Marquez * Brant Point Properties Holdings LLC Kate A. Murphy * Brown Gibbons Lang Real Estate Advisors Michael E. Gibbons * Brown Gibbons Lang Real Estate Partners William Montana * BRT Realty Trust Mitchell Gould Bryan Cave LLP Corenia R. Burlingame * The Calida Group Eric Cohen * Capital Solutions, Inc. Jamie Klemple * The Carlton Group Kevin Swill * Champion Asset Advisors Daniel Hunter * Champion Contractors & Services - Commercial, LLC. Kirby Vogler Chapps NV Marie-Cathérine Loeckx Charter Title Company Kathryn Bergmann * CKT Development Company Cindy K. Taylor * Columbus Realty Partners, Ltd. Robert Shaw, President * New members since Board of Directors and Advisory Committee meeting in September

Advisory Committee (continued) CRG Residential Jeff Eynon * Cypress Equity Investments LLC Michael Sorochinsky * DASMEN Residential LLC Michael Katz Davis-Penn Mortgage Co. Carl W. Ogden * DMF Lighting Diana Adams * The Donohoe Companies, Inc. Neil Stablow * Douglas Development Corp. Norman Jemal Dwight Capital Tyler Griffin * Eagle Property Capital Investments Gerardo A. Mahuad Quijano * Eagle Realty Group Charles Thomas * Eastwind Development, LLC John F. Weir * Easy Park LLC DBA Verde Communities Jesse Levine * EB Real Estate Group Eli Neuberg * Elite International Investment Fund Bill Nan Zhou * Elite Street Capital David Whitby * ELRH Investments Joseph Lubeck * Endeavor Real Estate Group Omar J. Alam * New members since Board of Directors and Advisory Committee meeting in September

Advisory Committee (continued) * EnergyLink Carman Lovett Energy Technology Savings, Inc. Seth Reisman * Engel Realty Company, LLC Michael Spiker * Engrain Michael Steiner * Ensemble Investments, LLC Kambiz Babaoff * Eureka Holdings Inc. Benjamin P. Jones * EverCharge, Inc. Kyle Lyons * Evergreen Housing Development Group Sam Gottlieb * Exponential Property Group Kimberly Radaker FCA Partners, LLC Albert P. Lindemann, III Federation of Rental Housing Providers of Ontario Mike Chopowick * First Interstate Properties, Ltd. Jennifer Jirik * FortCap Partners Chris Madden * FourPoint Investments Christopher Bancroft * GG Land Group LLC Thomas Galuski GWR Management Grady W. Roberts Hays Companies Tim Osburn * HDC Companies Andrew Hislop * New members since Board of Directors and Advisory Committee meeting in September

Advisory Committee (continued) * HFO Investment Real Estate Tyler Johnson Hentschel & Company Stephen Hentschel * HSL Properties Omar Mireles * Inland Investment Real Estate Services Daniel Zatloukal * Intercontinental Real Estate Corporation Matthew Flotta * Investors Realty Ltd., Inc. John Marling * Invisible Waste Services James Cornell * Jackson Square Properties Suzann Cabling * The Jacobson Company Larry Jacobson * John Burns Real Estate Consulting Lesley Deutch * Jordan Foster Construction Roy Raines * LEDIC Realty Company Rainer Andrews * Lifestyle Communities Brent Miller * Lowe Enterprises Real Estate Group Joe Carrol * Lubert Adler Partners Michael J. Phillips * Luxer One Package Lockers Arik Levy * MacDonald Realty Group William A. MacDonald * New members since Board of Directors and Advisory Committee meeting in September

Advisory Committee (continued) * Macquarie Bank Keith Page Maximus Real Estate Partners, LLC Robert Rosania * Millburn & Company Properties Jed Millburn * Murtha Cullina LLP Ryan M. Suerth * NAI Hunneman David N. Ross * Navarino Capital Management Justin Goldberg * The Orlofsky Company Aaron J. Orlofsky * Pancho Real Estate Holdings Eli Tilson * Parallel Capital Solutions, LLC Joseph M. Piraino * Park Partners Residential LLC Rick Giles * Park Row Equity Parnters LLC Ariel Nurieli * Patcraft Joseph R. Kinsey, III Peak Capital Partners Jan Sorenson * Phillips Realty Capital Adam Bieber * Post Road Properties Kevin Davis * Power Design Inc. Kelsey Roberts * Property Markets Group Noah Gottlieb * New members since Board of Directors and Advisory Committee meeting in September

Advisory Committee (continued) * Putnam Properties Martin Ing * Quintus Development Kelly L. Keappler * The RADCO Companies Matthew Roos * Read Property Group Eli Feller * ReaLync Matt Weirich * Regency Centers Rafael R. Muniz * Rentlytics, Inc. Justin Alanis * The Richman Group of Florida, Inc. William T. Fabbri Rock Apartment Advisors, Inc. Robert Flurry * Rockpoint Group Kyle Gardner * ROCO Real Estate Michael Colman * S2 Capital Scott Everett * Seritage Growth Properties James E. Bry * Silver Point Capital Genna Zaiman Southern Building Group John D. Elliott Southern California Edison Mary Finn Parker * Spoke Real Estate Capital Michael Levin * New members since Board of Directors and Advisory Committee meeting in September

Advisory Committee (continued) * Stillwater Capital Aaron Sherman * Stonehenge Partners Patrick Freydberg * Stonepost Properties Joseph Gontownik, JD * Summit Equity Investments, Inc. Michael C. Thom * SunTrust Bank Adam Oates * TDK Development, LLC Kent Ayer * Tomlin & Co. Inc. Donald R. Tomlin, Jr. * Tricon Capital Group Inc. Craig Mode * Updater Ash Bell URS Capital Partners Christopher Urso * Vantage Point Properties, Inc. Paul Jackson * The Vertex Companies Jaron J. Frieden * WASH Multifamily Laundry Systems Michael V. Lombardo * WaterWalk Hotel Apartments Julie K. Olson WegoWise, Inc. Dan Kosciak * Woolbright Development, Inc. Christopher A. Smiles * York Equities Zvi Smursz * New members since Board of Directors and Advisory Committee meeting in September

Associate Alamo Manhattan Matthew Segrest Aligned Equity Partners, LLC David A. Blakey, Jr. Amore Management Company Frank Berceli Birge & Held Asset Management Andrew Held Bolour Associates Karine Clark Brand Properties Derek Kahn Catalyst Housing Group Jordan Moss Citisculpt, LLC Charles Lindsey McAlpine CNL Financial Group John McRae Empire USA, LLC Bryson Youkstetter EquiMark Multifamily Jake M. Millburn Mosser Capital Jim Farris Noneman Real Estate Company Dennis J. Noneman PM Realty Group Joan Maxwell Priya Living Arun Paul Steel Castle Capital LLC Craig M. Reed Urban Offerings Dean Nucich Zurich Alternative Asset Management Christopher Edgar

* New members since Board of Directors and Advisory Committee meeting in September

GOVERNMENT

AFFAIRS LEGISLATIVE

& REGULATORY

REPORT

APARTMENT INDUSTRY 2016 POLICY PRIORITIES

The apartment sector is a competitive and robust industry that helps today’s 38 million renters live in an apartment home that’s right for them. It’s also an important economic driver, contributing $1.3 trillion to the U.S. economy annually. We stand ready to meet the growing demand for rental housing, but we need public policies that don’t impede our ability to do so. Fair Housing and Disparate Impact: clarify HUD’s enforcement practices in light of regulatory and legal efforts, and improve compliance resources for rental housing providers Tax Reform: protect the current-law tax treatment of flow-through entities, carried interest, depreciation, like-kind exchanges, business interest and the Low-Income Housing Tax Credit (LIHTC) Foreign Investment in Real Property Tax Act (FIRPTA): seek reforms that remove the punitive barriers FIRPTA creates on foreign investment in real estate Housing Finance Reform: ensure housing finance reform proposals include a federal guarantee and recognize the unique characteristics of the multifamily industry, and continue engagement with regulators as they pursue transformational policies outside the legislative process LIHTC: increase program resources and allow “income averaging” to create more mixed-income housing Section 8 Rental Assistance: modernize and streamline the program to attract private sector participation as well as seek reliable funding and reinforce the voluntary nature of the program Military Housing Allowance: oppose reductions to the military’s Basic Allowance for Housing or other changes to military housing benefits Immigration Reform: promote immigration reform that improves temporary worker visa programs and prevents apartment firms from being required to enforce immigration laws Criminal Background Checks: protect the ability of apartment firms to consider criminal history in employment and residential screening Clean Water Act: seek regulatory clarity on permitting requirements under a newly expanded scope of the Act

Data Security: seek reasonable data breach protections and disclosure requirements that do not impose overly burdensome compliance obligations U.S. Postal Service Reform: ensure that postal reform legislation does not adversely affect mail delivery to apartment residents or impose costly requirements on apartment properties Music Licensing: as policymakers evaluate copyright laws, look for potential opportunities to clarify music licensing policies for apartment communities Telecommunications: protect apartment owner and resident interests as policymakers consider in-building and outdoor coverage and capacity issues as well as network neutrality Patent Reform: enact legislation to strengthen patent quality, improve enforcement mechanisms and protect apartment companies from abusive claims without merit or evidence to support them Flood Insurance: seek long-term reauthorization of the National Flood Insurance Program that expires in 2017 and continue collaborating with FEMA on flood risk mitigation strategies that could be used at multifamily properties Lead-Based Paint: insist that EPA establish a lead hazard finding before duplicating and expanding regulatory burdens for the owners and managers of post-1978 multifamily properties Energy Policy: seek practical, cost effective solutions for improving the energy performance of building systems and appliances, support research on building technologies and increase incentive-based strategies to improve building energy efficiency Building Codes, Construction and Development: seek cost-effective building codes, green building goals and land use policies that support apartment development

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2016 NMHC and NAA Policy Priorities

Tax Policy

• Tax Reform o Flow-Through Entities o Carried Interest o Like-Kind Exchanges o Business Interest Deductibility o Depreciation Rules o Low-Income Housing Tax Credit

• FIRPTA Reform • Low-Income Housing Tax Credit

Finance and Capital Markets

• Housing Finance Reform • Dodd-Frank and Basel III • Security Trading Practices • High Volatility Commercial Real Estate

Loans • Workforce Housing • Foreign Capital Investment (EB-5) • HUD Multifamily Programs

Business and Property Operations

• Data Security and Breach Notification • Music Licensing • Telecommunications • Patent Reform • U.S. Postal Service Reform • Flood Insurance and Mitigation • Home Sharing Services (Airbnb, VRBO,

HomeAway)

Housing Policy

• Fair Housing and Disparate Impact • Section 8 Rental Assistance • ADA and Fair Housing Accessibility • Rental Assistance Demonstration • Fair Market Rents and Small Area Fair

Market Rents • U.S. Census Bureau’s American

Community Survey • Basic Allowance for Housing

Energy and Environment

• Energy Policy o Energy Efficient Building Tax

Incentives o ENERGY STAR o Appliance Efficiency Standards o Better Buildings Initiative

• Clean Water Act • Lead-Based Paint

Employment and Immigration

• Criminal Background Checks • NLRB Joint Employer Rule • Labor Department Overtime Rule • Immigration Reform

o E-Verify o Labor Shortage Visa Programs

Construction and Development

• Building Codes • Sustainability • Land Use

Tax Policy

TAX REFORM Why It Matters: Tax reform has the potential to significantly impact all facets of the multifamily industry because the owners, operators and developers of multifamily housing pay taxes when they build, operate, sell or transfer communities to their heirs.

http://www.nmhc.org/TopicInfo.aspx?id=358

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What We Are Doing: Engaging with policymakers to protect the multifamily industry’s tax reform priorities in any possible tax reform legislation. These include: protecting flow-through industries; maintaining the current-law tax treatment of carried interest; defending like-kind exchanges; retaining the deduction for business interest; ensuring depreciation rules avoid harming real estate; and preserving the Low-Income Housing Tax Credit. To support our advocacy, we are also working with our industry partners to commission key studies on the vital role that like-kind exchanges and economically viable depreciation schedules play in developing and maintaining commercial real estate. FOREIGN INVESTMENT IN REAL PROPERTY TAX ACT (FIRPTA) Why It Matters: FIRPTA imposes income tax on foreign persons disposing of U.S. real property interests that is not charged on a foreign person disposing of other U.S. assets such as stocks and bonds. As a result, it prevents commercial real estate from securing a key source of private-sector capital for developing, upgrading and refinancing properties. As part of tax legislation enacted in late 2015, Congress reduced FIRPTA’s negative impact on U.S. real estate investment by increasing from 5 to 10 percent the ownership stake that a foreign investor may take in a U.S. publicly traded REIT without triggering FIRPTA. Congress also removed a tax penalty FIRPTA imposed on foreign pension funds investing in U.S. real estate. While these provisions represent real progress, repealing FIRPTA or enacting additional reforms could unlock billions in foreign capital that could help to refinance real estate loans and drive new investment. What We Are Doing: Calling on Congress to either repeal FIRPTA or enact additional reforms to FIRPTA to promote foreign investment in the U.S. multifamily industry and meet the growing demand for rental housing. LOW-INCOME HOUSING TAX CREDIT (LIHTC) Why It Matters: LIHTC is the only federal program that helps subsidize the production of privately operated affordable housing. It has financed nearly 2.8 million units since its inception in 1986. While it generally operates effectively, additional resources could spur added construction of units. What We Are Doing: Urging lawmakers to resist calls to eliminate the LIHTC in any effort to reform the nation’s tax code. We are also seeking program improvements. These include providing additional program resources and allowing “income averaging” to make the program more flexible and allow for more mixed-income housing.

Finance and Capital Markets

HOUSING FINANCE REFORM Why It Matters: Getting multifamily right in housing finance reform is the single most important factor to ensuring that the apartment industry can meet the nation’s growing rental housing demand. What We Are Doing: Working closely with lawmakers to ensure that housing reform legislation recognizes the unique characteristics of the multifamily industry and retains a federal backstop to ensure reliable and affordable access to capital in all markets at all times. Because of our efforts, Members of




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Congress have come to understand that any credible housing finance reform effort must have dedicated consideration for the multifamily industry. BANK CAPITAL STANDARDS: DODD-FRANK AND BASEL III Why It Matters: Federal regulators have produced a number of regulations and standards recently and are considering more that could potentially constrain capital flows to the sector. Among those are updated Dodd-Frank risk-retention rules and Basel III capital standards, both of which impact how financial institutions must treat the multifamily debt they hold and originate. Basel III began phasing in for larger banks in 2014 and will begin for the broader lending community in January 2015. Basel III rules regarding Net Stable Funding positions and rules regarding Fundamental Review of Trading Book will be issued in 2016. In addition, regulators are proposing Dodd-Frank risk-retention rules impacting securitization are scheduled for implementation on December 31, 2016. What We Are Doing: Monitoring the rulemaking process by regulators to keep members apprised of coming changes. We are also communicating concerns to Congress and the Administration in order to educate them on the potentially negative consequences of misapplied regulations, including punitive increases in cost for multifamily debt. SECURITY TRADING PRACTICES Why It Matters: Regulators announced a proposed rule that will impact lenders and borrowers who participate in the multifamily market and may result in an increase in operational and borrowing costs. Specifically, the proposal will influence how mortgage backed securities, supported by Fannie Mae multifamily or Ginnie Mae multifamily project loans, are issued and settled. The proposal would require the establishment of a risk management process called margining between the seller and buyer of the security. What We Are Doing: We are actively working with regulators to educate them on the risk management and trading practices already in place in the multifamily industry. We have worked closely with other industry members to voice our concern and opposition to the implementation of this costly rule. HIGH VOLATILITY COMMERCIAL REAL ESTATE LOANS Why It Matters: Bank regulators have produced a number of regulations and standards recently and are considering more that could potentially constrain capital flows to the sector. Basel III capital standards for acquisition, development and construction loans went into effect on January 1, 2015. The regulations were unclear in many areas and the regulators issued guidelines in an FAQ in April 2015. There are still a number of critical areas left unaddressed that can potentially constrain or raise the cost of these loans. In addition, this set of rules applies to every bank, no matter the size, which could have a far reaching impact. What We Are Doing: Working with a number of industry groups to seek better clarity on interpretation of the rules and provide rational relief to several of the provisions within the rules that constrain the capital contribution from borrowers. We are communicating our concerns to Congress and the regulators who issued the rule. WORKFORCE HOUSING Why It Matters: America is facing significant rental affordability challenges. Rental demand is growing, supply is limited and resident incomes have been stagnant while housing costs have risen. Roughly 54 percent of apartment households spend more than 30 percent of their incomes on housing and 30 percent

https://www.nmhc.org/TopicInfo.aspx?id=254

http://nmhc.org/TopicInfo.aspx?id=254

https://www.fdic.gov/regulations/capital/capital/faq-hvcre.pdf


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spend more than 50 percent, according to the most recent data from the American Housing Survey. State and federal collaborations, and partnerships between the public and private sectors, are critical to addressing this issue. What We Are Doing: We are vocal participants in the discussion and aim to help policymakers develop effective solutions that will preserve programs that work, stem the loss of additional housing stock and promote the development of new units. FOREIGN CAPITAL INVESTMENT (EB-5) Why It Matters: Foreign investment is an important, and growing, source of capital for the multifamily industry. The strong current and historic performance of multifamily real estate attracts interest from a variety of international capital sources, but opportunities exist for policymakers to further enable investment from abroad. One mechanism through which the apartment industry attracts foreign capital is the EB-5 Investor Visa Program. The program provides visas to foreign investors in exchange for investments in American real estate projects, which eventually create jobs. Multifamily projects have attracted significant equity through the EB-5 Program in recent years, including an estimated $68 million last year from China alone. What We Are Doing: Working to remove barriers and further encourage foreign capital participation through a long term reauthorization of the EB-5 Investor Visa Program, retaining essential elements of the program and promoting multifamily investment. HUD MULTIFAMILY PROGRAMS Why It Matters: The Federal Housing Administration’s (FHA) multifamily programs traditionally account for approximately 10 percent of the total outstanding multifamily mortgage debt and are a material and important source of capital for underserved segments of the rental market. Importantly, because of appropriate risk-based premiums and strong underwriting, the multifamily programs are able to operate as self-funded, fully covered lines of business at HUD. In past years, however, they have been hampered by artificial constraints on the volumes of mortgages they can insure. In addition, HUD has undertaken a multi-year effort to streamline and consolidate its multifamily field offices. These field offices provide mortgage insurance to HUD-approved lenders nationwide, facilitate multifamily housing projects and administer rental assistance programs. What We Are Doing: Educating policymakers about the different performance histories of FHA’s multifamily and single-family programs to retain FHA as a reliable source of capital for the apartment sector. Continuing in-depth discussions with the offices of the HUD Secretary and the FHA Commissioner to limit the potential adverse impact of the reorganization on multifamily borrowers. NMHC/NAA have also worked with HUD and Congress to lift the multifamily lending authority for FHA to levels more reflective of market demand. In addition, we have worked with FHA during their MAP Guide update to ensure changes benefit the borrowers and improve program execution.



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Business and Property Operations

DATA SECURITY AND BREACH NOTIFICATION Why It Matters: Apartment companies and other consumer facing entities are increasingly targets of cyber-criminals because of the treasure trove of personal and financial information they possess. Multifamily firms and their third party service providers collect and maintain sensitive personally identifiable information. This includes Social Security numbers and the financial details of residents, prospective residents and employees that is valuable to data thieves and those wishing to do harm to a company’s reputation and financial standing. Federal lawmakers are working to enhance existing data privacy and security laws. They are considering the creation of a national data security standard and data breach notification requirements to replace the current patchwork of privacy and data breach laws in 47 states and the District of Columbia. What We Are Doing: Supporting efforts by Congress and the Administration to implement mechanisms for the private sector and Federal Government to share information about possible cyber threats and intrusions. Advocating for reasonable data security standards and data breach notification requirements for multifamily firms while protecting consumers, our networks and our industry. MUSIC LICENSING Why It Matters: Performing Rights Organizations administer and enforce copyrights on behalf of copyright owners. Some claim that apartment communities may be obligated to obtain a public performance license for certain uses of copyrighted music. What We Are Doing: Seeking potential opportunities to clarify music licensing requirements for apartment firms as Congress and the Administration evaluate music copyright laws. TELECOMMUNICATIONS Why It Matters: The multifamily industry increasingly relies on web-based platforms and mobile connectivity for property operations, as well as corporate functions from marketing to revenue management and leasing to maintenance. Inadequate, unreliable service significantly impacts residents and may involve costly technical solutions. The Federal Communications Commission and Congress are considering a range of regulatory and legislative issues that could impact apartment operations and residents. This includes a potential rewrite of the nation’s primary telecommunications law governing video, telephone and broadband, cellular service, net neutrality, provider consolidation, emergency communication standards, and more. What We Are Doing: Educating policymakers about the growing need for reliable telecom and cable service for apartment operations and resident satisfaction. This is in addition to the industry’s interest in policies affecting broadband deployment and solutions for connectivity and capacity challenges. PATENT REFORM Why It Matters: Multifamily companies and service providers have been targeted by abusive “patent trolls” who threaten legal action and demand fees without evidence supporting their claims. Targeted firms are forced to pay licensing fees or defend against illegitimate patent infringement claims for using common






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technology products. This includes resident-facing programs for marketing, payments, maintenance requests and other property-level communications, as well as off-the-shelf products like on-site security systems. There is strong bipartisan support in Congress to curb the problem. Proposed legislation would require greater detail in demand letters and legal filings, and stronger litigation standards. However, disagreement remains over several aspects of the issue as lawmakers try to address abuse and protect incentives for innovation. What We Are Doing: Urging Congress to pass legislation that would bring greater transparency and efficiency to patent regulation and enforcement, and create disincentives to fraud and abuse. NMHC/NAA have joined with other real estate and business groups in asking lawmakers to address predatory demand letters, patent trolls and improve the patent litigation system. U.S. POSTAL SERVICE REFORM Why It Matters: U.S. Postal Service (USPS) policies impact the security and convenience of mail and package delivery to multifamily communities, as well as safety and efficiency for residents and employees. Congress is expected to consider significant postal reform measures that would affect mail and package delivery that could impact both existing and future apartment communities. Some proposed cost-cutting measures would mandate centralized delivery locations for both new and existing addresses. This would dramatically reduce the number of USPS delivery points including “to the door” delivery. What We Are Doing: Educating congressional decision-makers and regulators about the practical implications of legislative or regulatory changes to USPS mail delivery policy for apartment communities and our residents. FLOOD INSURANCE AND MITIGATION Why It Matters: The National Flood Insurance Program (NFIP) was reauthorized by Congress in 2012. The reauthorization included many reforms to the program to ensure its long term solvency. Of particular note was a provision that allows for higher coverage limits available to multifamily buildings covered under NFIP policies. The maximum NFIP policy coverage limit available for multifamily buildings increased from $250,000 to $500,000 per building. This increase is very positive for borrowers because it will be easier to comply with industry flood insurance requirements when securing project financing. Additionally, FEMA established advisory guidelines for property owners that cannot take traditional mitigation steps like changes to building elevation. This was in an effort to assist multifamily property owners in reducing their flood insurance premiums and mitigate against future flood risk. What We Are Doing: Monitoring the operations of the NFIP to ensure the program remains viable and affordable for the multifamily industry over the long-term. We are also working with Congress and FEMA to ensure further actuarial work is done that would provide property owners with greater clarity and increased insurance savings for taking sensible steps to mitigate against flood risk. In addition, we are working with FEMA and HUD on a proposed regulation by the Obama Administration to establish a Federal Flood Risk Management Standard. This could impact the development of new multifamily projects in a federally designated floodplain when using federally backed or insured financing programs such as FHA multifamily loans.



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HOME SHARING SERVICES (Airbnb, VRBO, HomeAway) Why It Matters: The multifamily industry is increasingly dealing with the implications, both positive and negative, of peer-to-peer home sharing services like Airbnb, VRBO and HomeAway. While these services are increasingly popular with consumers, some of the potential issues at hand include tenant lease violations, on-site security concerns and questions around liability and property insurance. While there are unanswered questions for our industry, and our economy as a whole, the “sharing economy” is booming. With such incredible growth, Congressional and federal oversight is likely to increase. What We Are Doing: Congress and several federal agencies have begun to examine the impact of Airbnb, Uber and other companies considered part of the “sharing economy.” Both the Federal Trade Commission and the House have held hearings on the topic and this oversight is not expected to ease. We will continue to monitor the issue for developments that could impact the apartment industry from a legal or regulatory perspective.

Housing Policy FAIR HOUSING AND DISPARATE IMPACT Why It Matters: Recent increases in regulatory and legal action related to disparate impact theory creates new uncertainty about the lawfulness of otherwise legitimate apartment operation and development practices like resident screening and use of tax credits. Absent limitations, housing providers can face increased allegations of Fair Housing violations. What We Are Doing: Seeking certainty and/or clarification of HUD enforcement practices in light of regulatory efforts, including HUD’s 2013 disparate impact rule, and the U.S. Supreme Court’s decision in Texas Department of Housing and Community Affairs v. Inclusive Communities Project. While the High Court upheld the validity of disparate impact liability under the Fair Housing Act in its final ruling on June 2015, the ruling offers some limitations on the theory that may prove helpful to businesses facing these types of actions. Nearly 500 participants tuned-in for the NMHC/NAA sponsored webinar in July 2015 on this decision and its potential impact on the industry. We continue to follow this issue closely and explore both legislative and legal remedies to help apartment firms avoid disparate impact claims. SECTION 8 RENTAL ASSISTANCE Why It Matters: The Section 8 program is plagued by inefficiencies that make it more expensive to rent to a Section 8 renter than a market-rate renter. At the same time, a growing number of jurisdictions are trying to enact “source of income” fair housing protections that effectively make the program mandatory. What We Are Doing: We are working to prevent potential rental payment losses by intervening when related budget cuts are proposed. We are also seeking reforms to modernize and streamline the program to better attract private sector participation and encourage new opportunities for private industry engagement in affordable housing through programs like the Rental Assistance Demonstration. In addition, we are working to reaffirm the voluntary intent and design of HUD’s affordable housing programs by Congress and HUD.

https://nmhc.org/TopicInfo.aspx?id=1144



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We helped enact related legislation signed into law by President Obama in December 2015 that significantly reduces Section 8 Housing Choice Voucher program administrative burdens. Specifically, the legislation reduces administrative burdens by allowing for the recertification of incomes every three years, instead of annually, for residents on fixed incomes. We also continue to actively promote future reforms to the program regarding property inspections, tenant screening and reliable funding to avoid payment interruptions for property owners. In addition, we are supportive of extending the contract term for project-based vouchers from 15 to 20 years. ADA AND FAIR HOUSING ACCESSIBILITY Why it Matters: Housing providers have responsibilities under both the Americans with Disabilities Act (ADA) and Fair Housing Act (FHA) to ensure that their communities are accessible to people with disabilities, including the inclusion of specific building design features. However, the complex and sometimes conflicting nature of guidance, building codes and statutory language have led to varying interpretations of compliance with the Acts. Litigation related to allegations of non-compliance poses significant costs, operational barriers and other challenges for apartment firms. What We Are Doing: In the last several Congresses, we have supported legislation to stem the growing trend of ADA compliance complaints dubbed “drive by” lawsuits. These complaints often result from tester visits to a business for the express purpose of finding violations and filing suit. Plaintiffs then typically demand settlement money in lieu of filing a lawsuit. We are supporting legislation introduced this Congress that provides a business owner with the opportunity to cure an alleged ADA deficiency prior to the initiation of a lawsuit, which would disincentivize complaints motivated purely for financial gain. RENTAL ASSISTANCE DEMONSTRATION Why it Matters: The Rental Assistance Demonstration, or RAD, is an affordable housing preservation strategy for public housing authorities, allowing for the conversion of public housing properties at risk of obsolescence or underfunding into project-based vouchers or rental assistance contracts under the Section 8 program. This conversion provides opportunities for private sector participation through the redevelopment, management and financing of the converted properties. What We Are Doing: The RAD program was initially approved to convert 60,000 units to affordable housing in 2011. We worked with Congress and HUD to expand the program in 2014 to 185,000 units, and will explore opportunities for further expansion to meet the substantial demand for affordable housing preservation. FAIR MARKET RENTS (FMRs) AND SMALL AREA FAIR MARKET RENTS (SAFMRs) Why it Matters: The Section 8 Housing Choice Voucher Program provides subsidized rents for qualifying low-income families. The program uses HUD-determined FMRs to establish maximum allowable rents the government will pay to a private apartment owner who rents to a family with a Section 8 voucher. HUD's current method for establishing FMRs and determining housing assistance payments is a proven, efficient system. What We Are Doing: We are concerned with HUD’s action to move to a SAFMRs system, which establishes rent rates by ZIP Code. The SAFMR system remains unvetted, less flexible and less reflective of housing providers' needs for participation in assisted housing programs.

https://nmhc.org/TopicInfo.aspx?id=965&tab=news


https://www.nmhc.org/Advocacy/Fair-Market-Rents-Fact-Sheet/

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U.S. CENSUS BUREAU’S AMERICAN COMMUNITY SURVEY Why It Matters: The U.S. Census Bureau’s American Committee Survey (ACS) provides Congress, state and local governments, businesses and non-profits with the objective, reliable data they need to invest wisely, stimulate economic and job growth, and meet the needs of vulnerable populations, such as veterans, people with disabilities, older Americans and low income households. Funding of the ACS, as well as its mandatory nature, is regularly in jeopardy when budgets are discussed. The ACS is important to the multifamily industry because it helps in estimating the economic impact of apartments and provides the latest relevant data. What We Are Doing: We are continuing to urge lawmakers to fund ACS, along with testing for the 2020 survey. We co-sponsored a congressional staff briefing where various economists and researchers highlighted concerns about potential funding short falls. In addition, we previously submitted numerous letters with a broad coalition to the full Congress expressing our concern over the proposed deep cuts in the most recent budget cycle. BASIC ALLOWANCE FOR HOUSING (BAH) Why It Matters: One million service members rely on their BAH to pay their housing expenses. The BAH is also key to the viability of the Department of Defense’s Military Housing Privatization Initiative (MHPI), which the multifamily industry has participated in for nearly 20 years. Military compensation and benefits reform efforts have looked at significantly reducing the BAH, and how it is allocated, to help balance the military’s budget. Reducing military housing benefits limits housing options for military families and can undermine apartment investments in and around military installations. What We Are Doing: Working to ensure that the success of the MHPI, and the private rental markets around military housing installations, are not jeopardized through reductions to the BAH or any other proposals that envision long-term changes to military housing benefits. We have advocated against changes to the BAH in the annual defense authorization and spending bills and successfully held back an aggressive reduction included in the Senate’s authorization bill. Instead, Congress moved forward with just a one percent reduction this year, allowing for continued advocacy on the success of the program.

Energy and Environment ENERGY POLICY Why It Matters: Energy efficient multifamily buildings reduce utility consumption costs for apartment owners and residents and further the goal of national energy independence. Although the industry has embraced energy efficient design and operations, certain impractical energy performance standards negatively impact housing affordability. Existing incentives are also insufficient to fully support efforts to improve the efficiency of the nation’s existing housing stock. In addition, apartment firms now benefit from a new ENERGY STAR rating for multifamily, which we helped develop and launch. However, they are blocked from participating in the program because they cannot get whole property energy consumption data from the utilities. What We Are Doing: Pushing back on burdensome energy code mandates, promoting building energy research and working to help property owners access their energy consumption data. We are also lobbying for energy efficiency tax measures that encourage energy efficient rehabilitation of existing properties. In




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addition, we continue to work with HUD, EPA and the Department of Energy to expand opportunities that will assist property owners in improving building energy performance. We continue to focus on growing the ENERGY STAR rating for multifamily. CLEAN WATER ACT Why It Matters: The Environmental Protection Agency (EPA) and Army Corps of Engineers (Corps) have issued a rule intended to clarify the scope of the waters regulated under the federal Clean Water Act. This far-reaching “Waters of the U.S.” rule would significantly increase the costs and time associated with permitting requirements, provide greater opportunities for citizen lawsuits and essentially federalize local land use planning. What We Are Doing: Pursuing an aggressive advocacy strategy before Congress, the Administration and with state and local policymakers on the impact of the overly broad approach outlined by federal regulators in the rule. The final rule is now under review by the courts. These challenges will shape the implementation of the rule. We will continue to work with federal regulators and Congress to clarify implementation issues under the Clean Water Act. LEAD-BASED PAINT Why It Matters: In 1993, Congress directed EPA to determine whether there were lead hazards existing in public and commercial properties and, if so, to develop a regulation to protect the public health. Despite the passage of time, EPA has failed to conduct any targeted research on this matter, but has proposed a rule to expand lead-based paint regulations that apply to certain residential properties to public and commercial buildings. Pre-1978 residential properties have been guided by a number of disclosure and mitigation regulations for more than 20 years. The EPA proposal would require apartments built after 1978 to comply with lead-based paint regulations even though EPA has failed to demonstrate that these properties contain lead paint or pose a lead-hazard. Moreover, the Occupational Safety and Health Administration’s Lead in Construction Standard applies to the disturbance of lead on all properties – regardless of the age of or type of the building. What We Are Doing: We have filed numerous comments on the regulatory proposal with EPA, including a technical appraisal of EPA’s theoretical model of lead exposure during renovation and repairs on public and commercial properties. We have worked with the Small Business Administration to ensure representation of the multifamily industry on regulatory review panels. We have also raised concerns about the flawed regulatory process with the White House Office of Management and Budget. EPA is on track to issue a final rule in 2017. In the meantime, we will review the hazard finding and continue to advocate for a risk-based, cost effective regulation. We also continue to advocate for streamlining the requirements for re-certification of workers on residential properties that are subject to regulation.

Employment and Immigration CRIMINAL BACKGROUND CHECKS Why It Matters: The multifamily industry depends on professional staff who routinely enter apartment homes, handle confidential information and carry out financial transactions. Multifamily owners and operators need the ability to check criminal backgrounds to help protect the safety and security of residents and staff and to reduce the risk of violence, theft and fraud. The use of criminal background checks has




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come under increased scrutiny by some members of Congress and the Equal Employment Opportunity Commission (EEOC). However, EEOC’s strengthened enforcement policy has been challenged by other members of Congress and judges. What We Are Doing: Working as part of a coalition to educate decision makers about the importance of criminal background checks in creating safe housing for the nation’s 38 million renters. NLRB JOINT EMPLOYER RULING Why It Matters: Joint employers occur when the supervision of an employee’s activity is shared between two or more businesses. In its August 2015 Browning-Ferris Industries ruling, the National Labor Relations Board (NLRB) ruled that it could impose joint employer liability when an entity has “indirect” control and “unexercised potential” of control over another entity’s employees. However, for 30 years before this ruling entities were designated joint employers when both had “direct and immediate” control over “essential terms and conditions of employment.” This could have a significant impact on multifamily firms who may become liable for the actions of subcontractors, suppliers, vendors and temporary staff. Joint employers are also required to negotiate with any union representing the jointly employed workers. What We Are Doing: Working as part of a coalition to support congressional efforts to mandate that the NLRB revert to the joint employer standard that was in effect prior to the Browning-Ferries Industries ruling. LABOR DEPARTMENT OVERTIME RULE Why It Matters: In June 2015, the Department of Labor proposed to increase the salary threshold for white collar workers who are entitled to overtime pay protections under the Fair Labor Standards Act (FLSA). Multifamily and other industry workers would be impacted because overtime pay would be determined based only on falling below the threshold. Specifically, under this proposal, the salary threshold for executive, administrative and professional employees’ overtime pay would be raised in 2016 from $455 a week ($23,660 a year) to a projected level of $970 a week ($50,440 a year). Among other issues, the multifamily industry is concerned the proposed rule would harm the ability of employers to implement, and employees to take advantage of, flexible scheduling options. The rule could also result in employees being treated differently due to regional cost-of-living differences. In addition, it could limit career advancement opportunities for employees. What We Are Doing: Working as part of a coalition to support efforts to urge reconsideration of the proposed ruled. A final rule is expected in July 2016. IMMIGRATION REFORM Why It Matters: One in five renter households is headed by an immigrant, and immigrants include 22 percent of the construction workforce, making reform a critical issue for the multifamily industry. Pressure is mounting for Congress to enact comprehensive reform. In the absence of congressional action, state and local governments have approved numerous immigration related measures, creating a burdensome patchwork of compliance obligations for apartment companies. Rental apartment firms are particularly concerned about those laws that would hold them responsible for the immigration status of apartment residents and impose various additional employment-related mandates beyond federal requirements. What We Are Doing: Working closely with policymakers to improve temporary worker visa programs, including the H2-B Visa Program. We are also empowering employers, creating legal safe harbors through


http://nmhc.org/TopicInfo.aspx?id=516


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the E-Verify Employee Verification Program, and promoting new sources of investment capital through the EB-5 Immigrant Investor Program.

Construction and Development BUILDING CODES Why It Matters: Cost-effective building codes and standards that promote building safety and efficiency benefit multifamily owners, operators and residents. Burdensome code requirements discourage multifamily development, increase construction costs and negatively impact housing affordability. The International Code Council is beginning work now on the 2018 model building codes, which will affect many areas of concern to apartment properties, including fire safety requirements, energy efficiency measures, accessibility and green building requirements. Special emphasis is being placed on fires in apartments, both existing and new, because of the recent fires that have gotten special attention. What We Are Doing: Serving as members of the code and standard development committees, collaborating with the development bodies to craft code proposals, representing the multifamily sector at code hearings, developing code commentary, and serving as a resource for the code- and standard-making organizations. In response to the fire issues, we are working with members and code organizations to better understand the issues and to be better prepared with information and possible proposals to limit fires in apartments, as well as to respond to the discussions that will come forward during the upcoming code hearings. SUSTAINABILITY Why It Matters: Apartment properties face significant challenges as federal, state and local governments undertake sustainability initiatives and look to incorporate green building and building performance mandates into building codes and federal program requirements. These efforts must address the specific needs of multifamily occupancies, including the continued affordability and availability of new apartment homes. What We Are Doing: Developing robust tools to help building owners and managers improve the environmental performance of the nation’s housing stock. Where building codes, federal initiatives and other sustainability efforts seek to establish performance benchmarks for apartment properties, we advocate for the use of the National Green Building Standard. LAND USE Why It Matters: Changing demographics, employment patterns and lifestyle preferences are challenging the sprawling, low-density development patterns of the past 50 years. Understanding that existing growth models are unsustainable, new efforts to promote infill, mixed-use and transit-oriented development that features apartment communities are being considered. What We Are Doing: Promoting land use policies that recognize the benefits of apartments, including compact development and efficiency.




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NMHC Legislative and Regulatory Team

Cindy Chetti, Senior Vice President, Government Affairs Betsy Feigin Befus, General Counsel Matthew Berger, Vice President, Tax Lisa Blackwell, Vice President, Housing Policy David Borsos, Vice President, Capital Markets Paula Cino, Vice President, Construction, Development and Land Use Policy Lisa Costello, Vice President, Political Affairs Kevin Donnelly, Vice President, Government Affairs Eileen Lee, Vice President, Energy and Environmental Policy Ron Nickson, Vice President, Building Codes Kimble Ratliff, Director, Government Affairs Julianne Goodfellow, Manager, Government Affairs Hailey Ray, Manager, NMHC PAC Connor Dunn, Associate, Government Affairs

Communications and Industry Initiatives Staff

Kim Duty, Senior Vice President, Public Affairs and Industry Initiatives Jim Lapides, Vice President, Strategic Communications Rick Haughey, Vice President, Industry Technology Initiatives Sarah Yaussi, Vice President, Industry Communications Michele Anapol, Manager, Policy and Advocacy Communications Devin Bartley, Manager, Web and Digital Communications Ashley Moghari, Manager, Marketing and Communications Projects Racquel Madlala, Associate, Communications

POLITICAL ACTION COMMITTEE (PAC)

REPORT

NMHC PAC Board Report January 2016

NMHC’s political action committee, NMHC PAC, supports the apartment industry’s legislative goals, educates Congress about multifamily housing issues and encourages participation in the political process. • 2015 NMHC PAC Receipts and Disbursements (Staff: Lisa Costello and Hailey Ray) In 2015, NMHC PAC raised $1,434,941 from 1,636 individuals from 145 NMHC member companies. The $1.25 fundraising goal was surpassed – by nearly $200,000. Employees of the following firms have contributed $10,000 or more in 2015: Alliance Residential Company; AMLI Residential; ARA; AvalonBay Communities; Berkadia, The Bozzuto Group; Camden Property Trust; CBRE; Colliers International, Cushman & Wakefield; Entrepreneurial Properties Corporation; Equity Residential; FPA Multifamily; Gables Residential; GID; Heritage Title Company; HFF; Holland Partner Group; Home Properties; Jones Lang LaSalle; Legacy Partners Residential; Lincoln Property Company; Marcus & Millichap/Institutional Property Advisors; Moran & Company; National Multifamily Housing Council; NALS Apartment Homes; Pinnacle; Post Properties; RealPage; SARES*REGIS Group; The Rainmaker Group; Trammell Crow Residential; UDR; Walker & Dunlop; Waterton Associates; Westdale Asset Management; Wood Partners; and The Wilkinson Group. The top five firms for employee contributions to NMHC PAC in 2015 were Marcus & Millichap/Institutional Property Advisors ($129,645), Equity Residential ($104,500), Holland Partner Group ($67,200), Berkadia ($55,600) and CBRE ($54,900.) In 2015, NMHC PAC contributed $1,296,500 to 188 congressional campaigns, leadership PACs and party committees. • NMHC PAC Co-Hosted Events A significant amount of NMHC PAC funds are used co-hosting real estate specific events allowing NMHC’s Government Affairs team to solidify relationships with the key lawmakers receiving our PAC dollars. In addition to events based in Washington, D.C., NMHC PAC served as a co-host for events held by our members, specifically Sue Ansel, Lauren Brockman, Bob DeWitt, Clyde Holland, Mike Miller, Tom Moran, Greg Mutz, Tim Myers, David Neithercut, Jeff Stack, and Jerry Wilkinson. These opportunities allowed NMHC PAC to maximize the impact and effectiveness of our dollars with conversations focused on the multifamily industry. Further, they allowed us to make the connection between NMHC and our local members for lawmakers on Capitol Hill. NMHC continues to improve its political clout in Washington with each event. • NMHC PAC Prior Authorization Campaign Federal law requires member firms of NMHC to sign a Prior Authorization Form in order for the executive or administrative personnel of the firm to receive NMHC PAC information and/or be legally solicited for voluntary NMHC PAC contributions (Individual members do not need to sign Prior Authorization Forms). Member firms can only grant prior authorization to one trade association per year. Prior authorization is voluntary and can be withdrawn at any time. For firms that submit a Prior Authorization Form to NMHC, NMHC PAC only solicits NMHC’s lead and alternate contacts at the member firm and prior donors.

Signed Prior Authorization Forms allow us to communicate with more member firms about the impact NMHC PAC has on the industry’s future. As customary, there will be a campaign in 2016 to educate more firms about prior authorization and to obtain more signed forms. • 2016 NMHC Political Action Committee Leadership: Sue Ansel, President, & CEO, of Gables Residential will serve as 2016/17 Chairwoman. Bob DeWitt, Vice Chairman, President & CEO of GID will serve as past chairman. They will be supported by the NMHC PAC Committee, which plays a key role in NMHC PAC fundraising and oversight. Mike Ferris of Valet Waste, Steve Weilbach of Cushman & Wakefield, and Ed Pettinella of Home Properties will be rotating off the committee with gratitude for their service during a successful year. Bruce Barfield of The Rainmaker Group, Margette Hepfner of Lincoln Property Company, and Arlene Mayfield of RentPath joined the committee this year. The 2016 NMHC PAC Committee members are:

Sue Ansel, Gables Residential – PAC Chairwoman Bob DeWitt, GID – Past PAC Chairman Bruce Barfield, The Rainmaker Group Mike Darling, Walker & Dunlop Marc deBaptiste, ARA Alan George Equity Residential Rick Graf, Pinnacle Robert Hart, TRUAMERICA Margette Hepfner, Lincoln Property Company Clyde Holland, Holland Partners Group Will Mathews, Colliers International Arlene Mayfield, RentPath Michael Miller, AUM Greg Mutz, AMLI Residential Robert Poynter, Monogram Residential Trust Donna Preiss, The Preiss Company David Schwartz, Waterton Residential John Sebree, Marcus & Millichap Institutional Property Advisors Geoffrey Stack, SARES*REGIS Group Leonard Wood, Trammell Crow Residential

For questions about candidates supported by NMHC PAC, or additional information about the PAC, please contact Lisa Costello, Vice President of Political Affairs at 202-974-2325 or [email protected]. You may also learn more at www.nmhc.org/pac.

2015 NMHC PAC DISBURSEMENTS (January 1 – December 31, 2015)

U.S. House of Representatives

Leadership Party Re-Elect LPAC Xavier Becerra, CA D $5,000 John Boehner, OH R $5,000 $5,000 James Clyburn, SC D $2,500 $5,000 Joseph Crowley, NY D $5,000 $5,000 Steny Hoyer, MD D $5,000 $5,000 Ben Lujan, NM D $5,000 $5,000 Kevin McCarthy, CA R $5,000 $5,000 Nancy Pelosi, CA D $2,500 Jared Polis, CO D $5,000 Cathy McMorris-Rodgers, WA R $5,000 $5,000 Paul Ryan, WI R $5,000 $5,000 Steve Scalise, LA R $5,000 $5,000 Greg Walden, OR R $5,000 $2,500

Member by Committee Party Re-Elect LPAC Financial Services Andy Barr, KY R $5,000 Joyce Beatty, OH D $5,000 Mike Capuano, MA D $2,000 John Carney, DE D $1,000 William Lacy Clay, MO D $2,500 Emanuel Cleaver, MO D $4,000 John Delaney, MD D $2,500 Sean P. Duffy, WI R $5,000 Keith Ellison, MN D $5,000 Stephen Fincher, TN R $5,000 $5,000 Bill Foster, IL D $3,500 Scott Garrett, NJ R $5,000 Frank Guinta, NH R $5,000 Denny Heck, WA D $5,000 $5,000

Member by Committee Party Re-Elect LPAC (Financial Services) French Hill, AR R $5,000 Jim Himes, CT D $5,000 $5,000 Bill Huizenga, MI R $5,000 Randy Hultgren, IL R $5,000 Robert Hurt, VA R $5,000 $5,000 Dan Kildee, MI D $2,500 Mia Love, UT R $4,000 Frank Lucas, OK R $5,000 Blaine Luetkemeyer, MO R $5,000 Stephen Lynch, MA D $1,000 Carolyn Maloney, NY D $5,000 $5,000 Patrick McHenry, NC R $5,000 $5,000 Gregory Meeks, NY D $5,000 Luke Messer, IN R $5,000 $1,000 Patrick Murphy, FL D $1,000 Randy Neugebauer, TX R $2,500 $5,000 Steve Pearce, NM R $1,000 Ed Perlmutter, CO D $5,000 $5,000 Bruce Poliquin, ME R $5,000 Dennis Ross, FL R $2,000 Edward Royce, CA R $5,000 $5,000 David Schweikert, AZ R $1,000 David Scott, GA D $2,500 $5,000 Terri Sewell, AL D $4,000 Kyrsten Sinema, AZ D $5,000 Steve Stivers, OH R $5,000 Juan Vargas, CA D $1,500 Nydia Velazquez, NY D $1,500 Ann Wagner, MO R $4,500 Maxine Waters, CA D $5,000 $5,000 Lynn Westmoreland, GA R $5,000 $2,500 Ways & Means Diane Black, TN R $5,000 $2,500 Charles Boustany, LA R $3,000 Kevin Brady, TX R $5,000

Member by Committee Party Re-Elect LPAC (Ways and Means Cont.) Bob Dold, IL R $5,000 $2,500 George Holding, NC R $5,000 Lynn Jenkins, KS R $5,000 Mike Kelly, PA R $5,000 Ron Kind, WI D $5,000 $5,000 John Larson, CT D $5,000 $2,500 Sandy Levin, MI D $5,000 $2,500 Kenny Marchant, TX R $5,000 Pat Meehan, PA R $5,000 Richie Neal, MA D $5,000 $5,000 Kristi Noem, SD R $5,000 Devin Nunes, CA R $2,500 Bill Pascrell, NJ D $5,000 Erik Paulsen, MN R $5,000 $3,000 Tom Reed, NY R $5,000 Dave Reichert, WA R $4,500 Jim Renacci, OH R $5,000 Peter Roskam, IL R $5,000 $5,000 Linda Sanchez, CA D $2,500 $5,000 Jason Smith, MO R $5,000 Adrian Smith, NE R $5,000 Mike Thompson, CA D $5,000 $5,000 Pat Tiberi, OH R $5,000 $5,000 Todd Young, IN R $1,000 $4,000 Appropriations Robert Aderholt, AL R $2,500 Ken Calvert, CA R $5,000 John Culberson, TX R $1,000 Charlie Dent, PA R $5,000 Mario Diaz-Balart, FL R $5,000 Rodney Frelinghuysen, NJ R $5,000 Kay Granger, TX R $2,000 Tom Graves, GA R $5,000 Jaime Herrera-Beutler, WA R $5,000 Steve Israel, NY D $5,000 $5,000 Evan Jenkins, WV R $4,000 David Jolly, FL R $5,000

Member by Committee Party Re-Elect LPAC (Appropriations Cont.) David Joyce, OH R $3,000 Derek Kilmer, WA D $4,500 Martha Roby, AL R $2,500 Hal Rogers, KY R $5,000 Tom Rooney, FL R $2,000 Mike Simpson, ID R $5,000 $2,500 David Valadao, CA R $5,000 Debbie Wasserman-Schultz, FL D $1,000 Kevin Yoder, KS R $4,000 Energy & Commerce Gus Bilirakis, FL R $3,500 Marsha Blackburn, TN R $4,000 Michael Burgess, TX R $1,000 G.K. Butterfield, NC D $3,500 Tony Cardenas, CA D $5,000 Yvette Clarke, NY D $2,500 Mike Doyle, PA D $2,500 Renee Ellmers, NC R $5,000 Brett Guthrie, KY R $5,000 Richard Hudson, NC R $2,000 Joe Kennedy, MA D $2,500 Adam Kinzinger, IL R $5,000 Leonard Lance, NJ R $1,000 MarkWayne Mullin, OK R $2,000 Tim Murphy, PA R $2,000 Frank Pallone, NJ D $5,000 $5,000 Mike Pompeo, KS R $1,000 Kurt Schrader, OR D $3,500 John Shimkus, IL R $4,000 $1,000 Fred Upton, MI R $5,000 Peter Welch, VT D $2,500 Ed Whitfield, KY R $5,000 $2,000 Armed Services Pete Aguilar, CA D $1,000 Brad Ashford, NE D $1,000 Bradley Byrne, AL R $1,000

Member by Committee Party Re-Elect LPAC (Armed Services Cont.) Joaquin Castro, TX D $2,000 Joe Courtney, CT D $1,000 Susan Davis, CA D $2,500 John Garamendi, CA D $1,000 Sam Graves, MO R $2,000 John Kline, MN R $1,500 Steve Knight, CA R $3,000 Martha McSally R $3,000 Seth Moulton, MA D $1,000 Scott Peters, CA D $3,000 Austin Scott, GA R $1,000 Elise Stefanik, NY R $5,000 Mac Thornberry, TX R $2,000 Jackie Walorski, IN R $1,500 Brad Wenstrup, OH R $2,000 Joe Wilson, SC R $3,000 Rob Wittman, VA R $2,000 $2,500 Budget Committee David Cicilline, RI D $2,500 Michelle Lujan Grisham, NM D $3,000 Alex Mooney, WV R $2,500 Gary Palmer, AL R $1,000 Mimi Walters, CA R $3,000 Government Oversight Mike Turner, OH R $1,000 Homeland Security Susan Brooks, IN R $1,000 Bill Keating, MA D $1,000 Mike McCaul, TX R $1,000 $1,500 Donald Payne, Jr., NJ D $2,500 Bennie Thompson, MS D $4,000 Judiciary Ron DeSantis, FL R $1,500 Ted Deutch, FL D $1,500

Member by Committee Party Re-Elect LPAC (Judiciary Cont.) Bob Goodlatte, VA R $2,500 Hakeem Jeffries, NY D $3,500 Cedric Richmond, LA D $2,500 $2,500 Lamar Smith, TX R $5,000 Natural Resources Dan Benishek, MI R $2,500 Doug LaMalfa, CA R $1,000 Science and Technology Ami Bera, CA D $3,000 Transportation & Infrastructure Cheri Bustos, IL D $2,500 Barbara Comstock, VA R $5,000 Ryan Costello, PA R $5,000 Carlos Curbelo, FL R $5,000 Rodney Davis, IL R $5,000 Peter Defazio, OR D $2,500 Jeff Denham, CA R $5,000 Marcia Fudge, OH D $4,000 Bob Gibbs, OH R $1,000 Garret Graves, LA R $2,000 Gwen Graham, FL D $5,000 Duncan Hunter, CA R $5,000 $2,500 John Katko, NY R $5,000 Rick Larsen, WA D $1,500 Sean Patrick Maloney, NY D $3,500 Mark Meadows, NC R $2,500 Tom Rice, SC R $1,500 David Rouzer, NC R $3,000 Bill Shuster, PA R $5,000 $2,500 Lee Zeldin, NY R $3,000

U.S. SENATE Leadership Party Re-elect LPAC John Barrasso, WY R $5,000 Roy Blunt, MO R $5,000 $5,000 John Cornyn, TX R $5,000 Dick Durbin, IL D $5,000 Mitch McConnell, KY R $5,000 Rob Portman, OH R $5,000 $5,000 Chuck Schumer, NY D $5,000 $5,000 Jon Tester, MT D $5,000 John Thune, SD R $5,000 $5,000 Member by Committee Party Re-elect LPAC Banking Sherrod Brown, OH D $5,000 Bob Corker, TN R $5,000 Mike Crapo, ID R $5,000 $5,000 Joseph Donnelly, IN D $5,000 Dean Heller, NV R $5,000 Mark Kirk, IL R $5,000 Jerry Moran, KS R $5,000 $5,000 Jack Reed, RI D $5,000 Ben Sasse, NE R $1,000 Tim Scott, SC R $5,000 $5,000 Richard Shelby, AL R $5,000 $5,000 Debbie Stabenow, MI D $5,000 Patrick Toomey, PA R $5,000 Mark Warner, VA D $5,000 Finance Michael Bennet, CO D $5,000 $5,000 Richard Burr, NC R $5,000 $5,000 Tom Carper, DE D $5,000 Bob Casey, PA D $5,000 Mike Enzi, WY R $2,500 Chuck Grassley, IA R $5,000 Orrin Hatch, UT R $5,000 Johnny Isakson, GA R $5,000 $5,000 Ron Wyden, OR D $5,000 $5,000

Member by Committee Party Re-elect LPAC Appropriations Susan Collins, ME R $5,000 John Hoeven, ND R $5,000 $5,000 Shelley Moore-Capito, WV R $5,000 Chris Murphy, CT D $5,000 Patty Murray, WA D $5,000 Jeanne Shaheen, NH D $5,000 Commerce Kelly Ayotte, NH R $5,000 $5,000 Cory Booker, NJ D $5,000 Claire McCaskill, MO D $5,000 Gary Peters, MI D $5,000 Marco Rubio, FL R $5,000 Roger Wicker, MS R $5,000 Energy and Natural Resources

Chris Coons, DE D $5,000 Cory Gardner, CO R $5,000 Martin Heinrich, NM D $5,000 Joe Manchin, WV D $5,000 Lisa Murkowski, AK R $5,000 $5,000 Judiciary Richard Blumenthal, CT D $5,000 David Perdue, GA R $2,500 Thom Tillis, NC R $3,000 Environment and Public Works

John Boozman, AR R $5,000 $5,000 Deb Fischer, NE R $5,000 Kirsten Gillibrand, NY D $5,000 Jim Inhofe, OK R $5,000 Dan Sullivan, AK R $1,000

Member by Committee Party Re-elect LPAC Armed Services Mazie Hirono, HI D $2,500 Angus King, ME I $2,500 Tim Kaine, VA D $5,000 John McCain, AZ R $5,000

MISCELLANEOUS CONTRIBUTIONS

Party and Coalition PACs Party Amount Democratic Congressional Campaign Committee D $30,000 Democratic Senatorial Campaign Committee D $30,000 National Republican Congressional Committee R $30,000 National Republican Senatorial Committee R $30,000 BOLD PAC- Hispanic Caucus D $5,000 Congressional Black Caucus PAC D $5,000 MOD PAC D $5,000 New Democrat Coalition PAC D $5,000 Right NOW PAC R $5,000 Tuesday Group PAC R $5,000 VIEW PAC R $5,000