Author: Trey Jackson

Roundtable and Coalition Partners Launch Industry-Wide Initiative to Advance “Supplier Diversity” in Real Estate

Posted on by Trey Jackson
CREDS Founding Organizations include The Real Estate Roundtable

The Real Estate Roundtable and six national real estate trade associations this week announced a first-of-its-kind alliance that aims to foster supplier diversity throughout the industry. (News release, Feb. 14)

The Commercial Real Estate Diverse Supplier (CREDS) Consortium

  • The Roundtable is joined by CREW Network, ICSC, Mortgage Bankers Association, NAIOP, Nareit, and the National Multifamily Housing Council in the CREDS Consortium.

  • The CREDS Consortium aims to improve and accelerate opportunities for “MWBEs”—shorthand for firms owned by minorities, women, veterans, LGBTQ+ persons, and persons with disabilities – in the chain of vendors, service providers, and other suppliers that support the real estate industry. (CREDS Frequently Asked Questions)

  • The CREDS Consortium has initiated a pilot program with SupplierGATEWAY—a leading supplier management software platform and minority-owned firm that automates and simplifies supplier and vendor management. (Roundtable Weekly, Feb. 10)

  • SupplierGATEWAY provides software tools and a robust vendor database that allows real estate companies to track, report, and procure services and materials from MWBEs. Members of the CREDS associations can subscribe to SupplierGATEWAY’s platform at discounted rates through the end of 2024.

  • Upon this week’s CREDS Consortium launch, Real Estate Roundtable board member and chair of its Equity, Diversity, and Inclusion Committee, Jeff T. Blau (CEO, Related Companies), said, “Diversifying the supply chain in real estate must be a collective effort – and I am proud to be a part of this deeply impactful program. This vital work will help us lift up MWBEs and provide the industry with real tools to connect with these businesses and track spending. With partners like my fellow Roundtable board member, Ken McIntyre (CEO, Real Estate Executive Council) and the RER staff, together, we are on the road to expanding opportunity across the industry.”

  • Real Estate Roundtable President and CEO Jeffrey DeBoer said, “Owners, developers, and financiers of commercial and multifamily real estate are committed to help minority, women, and other historically under-represented entrepreneurs prosper in our great industry.”

  • “The CREDS Consortium can help our members realize their intentions to advance economic opportunities across the vast and varied supply chain that serves real estate, makes our buildings productive, and strengthens the fabric of our communities,” DeBoer added.

DEI and ESG Goals

  • SupplierGATEWAY tools that measure and track MWBE procurement spending can support companies’ efforts to advance environmental social and governance (ESG) and diversity, equity, and inclusion (DEI) goals. Hiring companies can also post their purchase orders and other contracting opportunities through the CREDS portal to be matched with potentially qualified MWBE firms.

  • CREDS associations’ members can subscribe—at a discounted price—to SupplierGATEWAY’s vendor management software and a comprehensive database of more than 1 million MWBE suppliers through the Consortium’s portal page.

  • SupplierGATEWAY Founder and CEO Ade Solaru said, “Our partnership with the CREDS Consortium is an important component of our mission to generate meaningful economic impact at scale for our customers. Each member of the CREDS associations can now create meaningful social impact at the local level without sacrificing efficiency, cost or risk.”

Next Steps

  • The CREDS Consortium also hopes to gain insights from the pilot program about supplier diversity trends across the commercial real estate industry to strengthen the program in the future.

  • Learn more about the CREDS Consortium pilot program. Interested companies can contact Julian So ( julian@suppliergateway.com) to schedule a demo of the system.

More information on the initiative can also be provided by Roundtable Senior Vice President and Counsel, Duane Desiderio, and other points of contact listed at the end of the CREDS Consortium’s “ Frequently Asked Questions” document.

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Congressional Budget Office Issues Warning on Debt Limit

Posted on by Trey Jackson

This week, the nonpartisan Congressional Budget Office (CBO) reported that the government would exhaust its ability to borrow using extraordinary measures between July and September if Congress fails to raise the $31.4 trillion debt limit. (CBO, Federal Debt and the Statutory Limit, Feb. 15). (Washington Post, Jan. 15)

Looming Standoff

  • When the U.S. reached the current debt limit in January, Treasury Secretary Janet Yellen notified congressional leaders of the implementation of so-called “extraordinary measures” to avoid a default, such as suspending the reinvestment of federal employees’ retirement plans. (Roundtable Weekly, Jan.13) (Yellen letter, Jan. 13)
  • While the CBO noted these measures are expected to last until at least July, it also highlighted the difficulty in determining an exact date of default.  The projected exhaustion date is uncertain, CBO notes, because the timing and amount of revenue collections and outlays over the intervening months could differ from current projections. (The Hill, Feb. 15)
  • Thus far, discussions between the Republican-led House, Democratic Senate, and Administration have generated little, if any, progress towards a resolution. The new warning from the nonpartisan CBO reinforces the urgency for congressional leaders to reach an agreement to avoid a default. (Politico, Jan.15)

Roundtable Call-to-Action

U.S. Capitol

  • In January, Real Estate Roundtable Chair John Fish (Chairman and CEO, SUFFOLK) and President and CEO Jeffrey DeBoer called on Roundtable members to proactively reach out to federal lawmakers to urge that they act expeditiously to raise the debt ceiling. “We now believe the risk of a default on the federal debt in 2023 is a real and meaningful concern that must not be taken lightly.” (Roundtable Weekly, Jan. 20)
  • “Some threats to the U.S. economy are unavoidable, others are ones of our own making and entirely unnecessary. The potential for a default on the federal debt is a needless and inexcusable risk with potentially dire consequences for U.S. real estate, workers and retirees, and the entire economy,” said DeBoer. “The full faith and credit of the United States government should not be open to negotiation.”

Roundtable leaders continue to strongly encourage members to contact policymakers in Congress and the White House and appeal to them to raise the debt ceiling soon.

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Former Roundtable Chairman Nelson Rising, Industry Leader and Political Activist

Posted on by Trey Jackson

Nelson Rising

Nelson C. Rising, a trailblazing real estate industry leader who served as chairman of The Real Estate Roundtable (2000 to 2003), and cofounder and chairman of Rising Realty Partners, passed away yesterday. (Los Angeles Times and BusinessWire, Feb. 10)

Private and Public Sector Leader

  • “Always a gentleman, Nelson Rising chaired The Real Estate Roundtable for three years,” said Jeffrey DeBoer, Roundtable President and CEO. “Nelson emphasized an issue advocacy system built around solid research, positive approaches to issues and an overall focus on the substantial economic and social benefits that strong real estate markets provide to job creation, healthy communities, and a growing national economy.”
  • DeBoer added, “His strategic policy acumen was especially valuable following 9-11 when Nelson was a key leader in the establishment of a national terrorism insurance program. This hugely important work allowed a stalled real estate capital market to reopen. The Roundtable was honored to have his compassionate friendship and his inspirational leadership. We already miss him deeply and will remember him always.“
  • Mr. Rising was an accomplished developer who built iconic projects in Los Angeles, Chicago, and Mission Bay, the largest mixed-used development in San Francisco history. (CREConnect, Feb. 10)
  • “Some of the biggest buildings in America are standing today because Nelson had a hand in it,” said John Cushman, Chairman, Global Transactions at Cushman & Wakefield, Inc., and a friend of Mr. Rising for over 40 years. “We worked together to bring Downtown LA the Library Tower, Gas Company Tower, Wells Fargo Center, and numerous other projects in California and across the country. He could take confusion and chaos and translate it into common sense and bring people back to the table who were yelling. He was a genius in terms of dealing with people,” added Cushman, who is also a member of The Real Estate Roundtable. (Los Angeles Times and BusinessWire, Feb. 10)
  • Mr. Rising served as Chairman Emeritus of Rising Realty Partners, an environmentally conscious real estate investment and operating company headquartered in Los Angeles. The company owns or manages more than 5 million square feet in buildings in California, Colorado, Nevada, Missouri, and Texas.
  • Previously, he served as President & CEO of MPG Office Trust, Inc., the owner of over half of the institution-quality office space in downtown Los Angeles. From 1994-2005, Mr. Rising served as Chief Executive Officer of Catellus Development Corporation. During his tenure, he oversaw the company’s successful evolution from a railroad land company to a diversified development company and a real estate investment trust. (Rising Realty Partners)
  • Mr. Rising was also widely known for his influential role in advising elected officials at all levels of government. He is credited with managing the successful mayoral campaigns of the late Tom Bradley, who served for twenty years as Mayor of Los Angeles. Mr. Rising also chaired campaigns for California Governor and U.S. Senate. He also served as a former chair of the Federal Reserve Bank of San Francisco.

Mr. Rising received a B.A. with honors in Economics from UCLA on a football scholarship and earned a Juris Doctor from UCLA School of Law, where he served as Managing Editor of the UCLA Law Review. He practiced law at O’Melveny & Myers prior to entering the real estate industry.

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SEC Plans Increased Scrutiny of Private Funds With CRE Investments

Posted on by Trey Jackson

SEC logo - image

The Securities and Exchange Commission’s (SEC) this week announced its 2023 Examination Priorities, which includes a focus on registered investment advisers (RIAs) who manage “private funds that hold certain hard-to-value investments…with an emphasis on commercial real estate.” (PoliticoPro, Feb. 7)  

Private Fund Adviser Disclosures

  • The SEC reports that more than 5,500 RIAs manage approximately 50,000 private funds with gross assets exceeding $21 trillion. In the past five years, the gross assets of private funds have increased, with retirement funds playing a significant role. The funds are invested through a variety of strategies used by hedge funds, private equity funds, and real estate-related funds, among others. (SEC 2023 Examination Priorities, Feb. 7)
  • The agency recently proposed an expanded set of disclosures by SEC-registered, private fund advisers, which could affect those that manage real estate investments. (SEC Feb. 9, 2022 News Release | Proposed Rule | Fact Sheet)
  • The Real Estate Roundtable submitted comments last April on how the proposed SEC rules would increase compliance costs, decrease returns for all private fund investors and drive smaller fund sponsors away from the market. (Roundtable comments to the SEC, April 25, 2022)
  • The Roundtable letter raises concerns that the SEC proposal, if finalized, could hinder real estate capital formation; harm development and improvement of real properties; and curtail essential economic activity that encourages job creation. (Roundtable Weekly, April 29, 2022)

Credit Rating Risk

SEC screens

  • Last week, the SEC issued a separate report that identified commercial real estate credit ratings as a potential risk for consideration in assessments by nationally recognized statistical rating organizations (NRSROs). (SEC Staff Report, Feb. 2023)
  • According to the agency’s NSRO report, “After being adversely affected by COVID-19, the single borrower CMBS sector experienced an uneven recovery during the first half of 2021 as compared to the first half of 2020, with properties such as lodging and retail lagging. The (SEC) Staff identified potential risks relating to commercial real estate ratings with significant exposure to sectors negatively impacted by COVID-19, and potential non-adherence to methodologies and rating processes.”

The Roundtable’s Real Estate Capital Policy Advisory Committee (RECPAC) will continue to respond to the SEC’s various proposed regulatory initiatives and proposals affecting CRE with its industry and coalition partners. 

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Commercial Real Estate a Focus of Fed Loan Officer Survey and Bank Stress Test Plans

Posted on by Trey Jackson

Federal Reserve sunsetThis week, commercial real estate was a prominent focus of the Federal Reserve’s quarterly senior loan officer opinion survey and announcement about the hypothetical scenarios that 23 banks will be stress-tested against in 2023. (Fed Survey, Feb. 6 and Stress Test, Feb. 9)

2022 Survey & 2023 Stress Test

  • On Monday, the Fed released its January 2023 Senior Loan Officer Opinion Survey on Bank Lending Practices, which reported tighter standards and weaker demand for all commercial real estate loan categories for the fourth quarter of 2022. The survey also reported that for 2023, banks expect lending standards will tighten, demand will weaken, and loan quality will deteriorate across all loan types. (Reuters, Feb. 6 | American Banker, Feb. 7 | GlobeSt, Feb. 9)
  • On Thursday, the Fed released the hypothetical scenarios for its 2023 annual stress test, which measures and evaluates the ability of large banks to continue lending to businesses and households during a recession or weakened financial conditions.
  • The scenarios will include a severe global recession, heightened stress in both commercial and residential real estate markets, and a new, unspecified “exploratory market shock.” The new component will not count against capital requirements affected by the tests, the Fed said. (BGov, Feb. 10)
  • The Fed detailed additional key features of the “severely adverse scenario” by instructing banks, “Declines in commercial real estate prices should be assumed to be concentrated in properties most at risk of a sustained drop in income and asset values: offices that may be affected by remote work or hospitality sectors that continue to be affected by reduced business travel. Declines in U.S. house prices and U.S. commercial real estate prices should also be assumed to be representative of … those that experienced rapid price gains before the pandemic and were significantly affected by the event.” (pdf of instructions for 2023 Federal Reserve Stress Test Scenarios)

Delinquency Rate & CRE Outlook

Cutting-Through-Uncertainty-2023-webcast-image

  • Trepp’s CMBS Research reported this week that that the overall US CMBS special servicing rate dropped in January 2023 six basis points to 5.11%—down for the second month in a row after four consecutive increases from August to November. By comparison, the rate one year ago was 6.33% and six months registered at 4.79%. (Trepp, Feb. 8)
  • The office sector saw a 16-basis point increase in the special servicing rate in January, and it led all new special servicing transfers.
  • An industry panel discussion on Feb. 6 focused on Cutting Through Uncertainty: 2023 Economic & CRE Outlook. The on-demand webinar is moderated by Roundtable Member Hessam Nadji (President & CEO, Marcus & Millichap), who leads a discussion with Moody’s Analytics Chief Economist Mark Zandy, along with Roundtable Members Wendy Mann (CEO, CREW Network), Tom McGee (President and CEO, ICSC) and Marc Selvitelli (President & CEO, NAIOP).

This month, The Real Estate Roundtable will release its Q1 Economic Sentiment Survey, which will report on how leading CRE executives view current market conditions and their expectations for the year.

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“Supplier Diversity” Platform Available to Roundtable Members

Posted on by Trey Jackson

Real Estate companies interested in providing more economic opportunities to businesses owned by minorities, women, veterans and other under-represented groups can participate in a national “supplier diversity” program initiated by The Roundtable in coalition with allied trade associations. (Supplier Diversity’s FAQ)

SupplierGATEWAY Pilot Program 

  • A leading vendor management company, SupplierGATEWAY, has joined The Roundtable and six other national organizations in a pilot program that runs through the end of 2024.

  • The pilot effort provides the software, database, and tracking tools to real estate companies with an interest in hiring small businesses and other entrepreneurs that have historically lacked fair and equal access to opportunities in the industry’s supply chain.

  • “MWBEs”—shorthand for firms owned by minorities, women, veterans, LGBTQ+ persons, and persons with disabilities—can register with SupplierGATEWAY’s comprehensive online database.

  • The database currently includes approximately one million MWBE “suppliers”— including consultants, contractors, building trades, service providers, joint venture partners, vendors and other enterprises.

  • MWBE developers, lenders, and capital providers can also register to be included in the database. (Supplier Diversity’s FAQ)

  • Hiring companies can track their discretionary procurement spending on MWBEs by subscribing to the database, vendor-matching software, and budget analysis tools at the discounted rate of $10,000 for 12 months. SupplierGATEWAY has offered this reduced rate to members of The Roundtable and our coalition partners through the pilot’s duration.

  • Participation in the program may assist real estate companies seeking to advance Environmental, Social, and Governance (ESG) and Diversity, Equity, and Inclusion (DEI) goals.

Industry Coalition Launch Imminent 

  • The SupplierGATEWAY pilot program is a unique industry-wide initiative of the Commercial Real Estate Diverse Supplier (CREDS) Consortium, which includes The Roundtable and six inaugural association partners.

  • An announcement of the CREDS Consortium’s formal launch is imminent.

Points of Contact

Advancing supplier diversity goals across the CRE industry has been a priority of The Roundtable’s Diversity, Equity, and Inclusion Committee, chaired by Roundtable Board Member Jeff T. Blau, (CEO, Related Companies). Roundtable members and their key staff interested in joining the DEI Committee should contact Michelle Reid, Director of Membership Services (mreid@rer.org).   

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Office Sector Shows Economic Stress, NAIOP Releases Report on CRE’s Economic Contributions

Posted on by Trey Jackson

Research-RECPAC mtg presentation slide

Trends in real estate capital and credit markets were the focus of a joint session of The Roundtable’s Real Estate Capital Policy Advisory Committee (RECPAC) and Research Committee on Jan. 24 during RER’s State of the Industry Meeting in Washington.

Market Reports

RECPAC Co-Chairs at SOI 2023

  • Research Committee Co-Chairs Paula Campbell Roberts (KKR), above left, and Spencer Levy (CBRE), right, led a discussion on market conditions and the economic outlook. Their findings suggest that the industry is facing challenges from shifting property fundamentals, rising rates, upward pressure on cap rates, and contracting credit capacity. (Download the slide presentation)
  • Other recent reports support the RECPAC-Research presentation, including one from CoStar that shows tightening credit conditions in the sector. “The office market is showing signs of weakness due to weak demand, driving higher vacancy rates and deteriorating operating performance, as well as challenging economic and capital market conditions,” said Mike Santomassimo, chief financial officer of Wells Fargo. He added that the bank is “… making sure we’re being proactive with our borrowers to make sure we’re thinking way ahead of any maturities or extensions, options that need to get put in place to help manage through it.” (CoStar, Jan. 18)
  • A report from Moody’s Analytics suggests that approximately $17 billion worth of mortgage bonds backed by office assets will come due in 2023, compared to $7 billion in 2022 and $4 billion in 2021. Victor Calanog, Moody’s head of commercial real estate economics told The Business Journals that the key issue for today’s office inventory is demand, due to the long-term effect of remote work and initiatives to increase adaptive use. (Washington Business Journal, Jan. 18)
  • The office paradigm shift is analyzed in a market risk assessment study of 11 metropolitan statistical areas released yesterday by Trepp and Compstak. Their findings show that a total of $40.7 billion in loans are scheduled to mature by the end of 2024. In addition to loan statistics, the report reviews leasing trends and headwinds. (Trepp/Compstak, Feb. 2)

CRE’s Economic Contribution

NAIPO study on CRE's Impact

  • NAIOP, the Commercial Real Estate Development Association, released a research study on Jan. 26 on the Economic Impacts of Commercial Real Estate for 2022.

  • The report analyzes the combined economic contributions of new commercial building development and the operations of existing commercial buildings in 2022. The NAIOP Research Foundation publication positive impacts on the U.S. economy, including:
    • $2.3 trillion to U.S. gross domestic product (GDP)
    • $831.8 billion in personal earnings
    • 15.1 million jobs

Economic Impacts of Commercial Real Estate is authored by Brian Lewandowski, Adam Illig, Michael P. Kercheval, Ph.D., and Richard Wobbekind, Ph.D., at the University of Colorado Boulder Leeds School of Business.

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EPA Invites Comments on Proposed Label for Low-Carbon Buildings

Posted on by Trey Jackson

EPA NextGen Certified Building logo

The Environmental Protection Agency (EPA) opened a comment period this week on its proposed ENERGY STAR NextGen certification, a voluntary public-private partnership program that would recognize low-carbon buildings. (EPA’s NextGen webpage)

NextGen Criteria

EPA's NextGen criteria slide

1.)   Demonstrate High Energy Efficiency
Building is ENERGY STAR certified and has a score of “75” or higher on EPA’s rating scale. 

2.)   Renewable Energy Use
Building must obtain at least 30% of the total energy it consumes from renewable sources through any combination of (a) onsite renewable generation, (b) renewable energy certificates (not “offsets”), (c) biofuels or other renewable fuels, or (d) renewable thermal certificates. 

3.)   Onsite Emissions Target
Building must meet a greenhouse gas emissions target unique for its asset class that is also “normalized” by regional weather conditions through a metric known as “heating degree days.” 

Next Steps

EPA NextGen slide - next

  • Comments are due to EPA by March 2. (Comments Submission Form).
  • SPAC has formed a working group to develop The Roundtable’s comment letter. 

EPA aims to make ENERGY STAR NextGen certification available in early 2024.

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House Passes Return-to-Office Bill for Federal Workers

Posted on by Trey Jackson

empty govt office

The House of Representatives passed legislation this week requiring all federal agencies to revert to pre-pandemic telework office arrangements and allow employees 30 days to return to their offices. (GovExec, Feb. 1 and The Hill, Feb. 2)

SHOW UP Act

Rep. Comer - twitter video statement on remote work SHOW UP Act

  • House Oversight Committee Chairman James Comer (R-KY)—the lead sponsor of the Stopping Home Office Work’s Unproductive Problems (SHOW UP) Act—said it is urgent that federal employees get back to their offices. (Video of Comer’s House floor statement and news release, Feb. 1).
  • Rep. Comer also noted that the cost of federal leases in Washington, D.C. is also motivating return-to-office calls for government employees. “If we’re not going to use those buildings for federal workers, then the federal government may look at doing something different with those buildings.” (Federal News Network, Jan. 30 and Roundtable Weekly, Jan. 6)
  • CoStar’s reporting on the bill’s passage noted The Real Estate Roundtable’s December letter to President Biden, which cited the negative impact of underutilized office space on local communities. (CoStar, Feb. 2 and Roundtable letter, Dec. 12)
  • The Roundtable comments also encouraged President Biden to support legislation that could help facilitate “the increased conversion of underutilized office and other commercial real estate to much-needed housing.” (Roundtable Weekly, Dec. 16)

Office-to-Apartment Conversions

NYC Office Adaptive Use Study Jan 2023

  • Meanwhile, New York City Mayor Eric Adams plans to encourage the conversion of aging office buildings to apartments by changing zoning restrictions that limit adaptive uses of CRE in a specific swath of Manhattan. (GlobeSt, Jan. 30)
  • Mayor Adams’ efforts to convert outdated office space to other potential uses, especially housing, are based on a recent task force report, the New York City Office Adaptive Reuse Study. 

What’s Next

U.S. Capitol from side with clouds

  • The Democrat-controlled Senate is unlikely to take action on the House-approved SHOW UP Act. (PoliticoPro, Feb. 1)

  • Meanwhile, the White House announced this week that COVID-19 emergency declarations will end on May 11. It is unclear how the federal government’s pandemic response shift will impact remote work arrangements for government and private sector employees. (Forbes, Jan. 31 and White House Statement of Administrative Policy, Jan. 30)

The Roundtable will continue to focus on return-to-office policies as part of its 2023 policy agenda as remote work continues to take an economic toll on cities and tax bases throughout the nation.

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Real Estate Coalition Raises Concerns About White House Directive for Federal Agencies to Strengthen Tenant Protections

Posted on by Trey Jackson

A coalition of 12 national real estate organizations raised concerns this week about the Biden administration’s “Blueprint for a Renters Bill of Rights,” which directs federal agencies to strengthen tenant protections. (White House Fact Sheet and Coalition statement, Jan. 25 and GlobeSt, Jan. 26)

Industry Response

  • The White House on Wednesday issued the “Blueprint” that includes a set of principles to encourage voluntary private sector actions that increase affordable rental units—and drive action by the federal government, state and local partners on tenant rights enforcement. The administration will also launch an effort in the spring to get local governments and housing providers involved in a “Resident-Centered Housing Challenge.” (White House Blueprint for a Renters Bill of Rights and The Washington Post, Jan. 25)
  • The real estate coalition, which includes the National Multifamily Housing Council (NMHC), expressed disappointment that the White House announcement was “solely focused on renter protections, creating potentially duplicative and onerous federal regulations that interfere with state and local laws meant to govern the housing provider and resident relationship.” (Coalition statement, Jan. 25)
  • NMCH also issued a statement that acknowledged the White House action did not include the threat of a national rent control policy—and urged the administration to prioritize implementation of its Housing Supply Action Plan issued last May. “The best renter protection is an abundant supply of housing,” NMHC stated.

Affordable Housing Solutions

Brick townhouse on Sam Cooper Blvd near Overtone Park in Midtown district of Memphis, Tennessee
  • The administration’s Housing Supply Action Plan includes zoning incentives and government financing to address an estimated shortfall of 7 million units for low-income renters nationwide. It aims to create hundreds of thousands of affordable housing units in the next three years, with the goal of closing the nation’s housing supply shortfall in five years. (Roundtable Weekly, May 20, 2022 | PoliticoPro, May 16, 2022 | National Low Income Housing Coalition, April 2022)
  • On the legislative front, congressional committees showed support last year for the Affordable Housing Credit Improvement Act (S. 1136). The bill (detailed summary here) has not been reintroduced yet in the 118th Congress. The measure would expand the pool of tax credits allocated to states for new affordable housing, make it easier to combine the Low Income Housing Tax Credit (LIHTC) with other sources of capital like private activity bonds, and facilitate LIHTC rehab projects. (National Multi-Housing News, Jan. 16)
  • Real Estate Roundtable President and CEO Jeffrey DeBoer said, “Overly restrictive land-use and zoning policies, construction cost increases, and labor shortages are deepening our housing challenges, which now extend across the entire country. Government at all levels needs to be part of the solution, not part of the problem. The Affordable Housing Credit Improvement Act would be an important step forward.” (Roundtable Weekly, July 22, 2022)

The Roundtable’s Real Estate Capital Policy Advisory Committee (RECPAC) has formed an Affordable Housing Working Group, which is working with the Research Committee to develop proposals on expanding the nation’s housing infrastructure.

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