The National Multi Housing Council (NMHC) held its Fall Board of Directors Meeting last week, inviting apartment industry professionals and members of the U.S. house of Representatives and Senate to discuss multifamily market confidence and strategy.
According to Cindy Chetti, NMHC Senior Vice President of Government Affairs, multifamily professionals were heartened to hear members of the House and Senate expound upon the market's importance in the scheme of the larger housing market and economy.
"We are encouraged by the fact that several of the nation's most respected elected officials understand that multifamily cannot be an afterthought," said Chetti.
A large portion of the discussions at the meeting centered around Government Sponsored Entity (GSE) reform. In particular, officials were concerned with whether there would be a federal guarantee to provide capital to support rental housing in markets across the country, as opposed to just in large cities.
According to NMHC president Doug Bibby, despite the fact that multifamily housing officials recorded a less than one percent default rate on mortgages during the housing crash, Congress has been steadfastly assigning the multifamily market the same GSE reform as the single-family housing market.