APARTMENT INDUSTRY LEADERS TAKE CONCERNS DIRECTLY TO CAPITOL HILL
Issues Cover Housing Finance Reform, Comprehensive Tax Overhaul
and Cost-Effective Regulations
CHARLESTON, SC – Leaders of the apartment industry in Charleston, SC met with representatives from the offices of Senator Jim DeMint, Congressmen Tim Scott, Trey Gowdy, Joe Wilson and Jeff Duncan on Wednesday, March 14 to discuss the critical need for Congress to retain a federally backed guarantee for apartment sector mortgages. They also asked for comprehensive tax reform that equally addresses individual and corporate tax codes, among other key industry issues.
The meetings, which took place during the National Apartment Association’s (NAA) annual Capitol Conference, also urged Congressional action to:
• Maintain the current tax treatment of carried interest, retain the deduction for business interest, protect the Low-Income Housing Tax Credit program and extend current estate tax legislation, and
• Demonstrate that the benefits of new rules and regulations justify the costs of complying with them.
“During our meeting with representatives from the offices of Senator Jim DeMint, Congressmen Tim Scott, Trey Gowdy, Joe Wilson and Jeff Duncan, we advocated for Congress to adopt policies that respect people’s right to choose housing that best meets their financial and lifestyle needs and values apartment living to the same degree as homeownership,” said Wendy Tucker, President of the Charleston Apartment Association.
“The single-family collapse clearly illustrated the consequences of the overzealous push on Capitol Hill towards purchasing homes. With more than a third of all Americans renting and upwards of seven million new renter households expected this decade, it’s time for Congress to create a balanced housing policy that’s as flexible and dynamic as our country’s housing choices,” said NAA President Douglas S. Culkin, CAE.
“The apartment industry is one of the few bright spots in the economy, actually creating jobs, but this success story won’t continue without a reliable source of capital in all markets at all times,” Culkin added.
“We fully support a return to a housing finance system dominated by private capital, but historically, even in healthy economic times, private capital has not been able to fully meet our industry’s capital needs. Not only is private capital limited, it is often targeted to top-tier markets and specific kinds of apartment properties,” said NMHC President Doug Bibby.
“An ongoing federal backstop is critical to ensure that there is always sufficient capital in all markets,” Bibby added. “This isn’t just about new apartment construction. It’s about the $30 to $45 billion in multifamily mortgages that mature each year and need to be refinanced. Interrupting the flow of capital would have serious consequences not only for the property owners but also for the people who live in them.”
* * *
The Charleston Apartment Association represents the tri-county area’s leading firms participating in the multifamily rental housing industry. Its membership is engaged in all aspects of the development and operation of apartment communities, including ownership, construction, finance and management. Through its affiliation with the National Apartment Association, the Charleston Apartment Association participates in the federal legislative program of NAA and the National Multi Housing Council.
# # #
CONTACT:
Andi Rawl, Association Executive
843-722-7585
caa@capconsc.com
www.charlestonapartmentassociation.com
