乐竞体育赛事直播 delegates recently traveled to Washington D.C. for the organization鈥檚 annual Congressional Briefing. Legislative staff from 60 different congressional offices attended the briefing which focused on educating attendees on several important pieces of federal legislation. 乐竞体育赛事直播 members Shira Ali, CPM庐, ARM庐, CPC, RAM, and Jae A. Roe, CPM庐, ACoM庐 were the main presenters at the briefing and provided a complete look into the major federal policies impacting the industry as well as a comprehensive overview of real estate management. Staffers in attendance left with a strong understanding of both residential and commercial real estate management issues.
乐竞体育赛事直播鈥檚 commitment to furthering the profession doesn鈥檛 stop at Capitol Hill. In the past year, 乐竞体育赛事直播 has signed onto 20 different coalition letters and has conducted several calls to action which amounted to 1,020 messages being sent by 乐竞体育赛事直播 members to legislators at the state and federal levels.
Here are 3 highlights of currently pending legislation:
The Choice in Affordable Housing Act
Over 20 industry groups and associations, including 乐竞体育赛事直播, have formally endorsed the Choice in Affordable Housing Act. This bipartisan legislation can help address the housing shortage by incentivizing landlords to accept Section 8 housing vouchers. This legislation would create a $500 million Housing Partnership Fund which would be distributed to Public Housing Agencies and would provide signing bonuses to landlords with a unit in an area with less than 20% poverty, in addition to security deposit assistance.
Shira Ali spoke to the audience about the challenges with affordable housing programs similar to the Section 8 voucher program. This includes delays in paperwork processing and inspections, how Fair Market Rent (FMR) used to determine voucher payment does not keep pace with rising market rents, and the negative perception of voucher holders. These challenges led to 10,000 housing providers leaving the program each year between 2010 and 2016.
The Respect State Housing Laws Act
This eviction notice requirement within the CARES Act was supposed to be a one-time grace period and should have expired when the eviction moratorium ended. However, a drafting error has kept the notice requirement in law permanently. The Respect State Housing Laws Act would remove the 30-day notice requirement, returning housing policy back to the states. This bill currently has over 30 co-sponsors in the House. While in D.C., 乐竞体育赛事直播 delegates met with one of the bill鈥檚 co-sponsors, Congressman Tracy Mann (KS-01), who is also one of the founding members of a newly formed Real Estate Caucus. As a former commercial real estate agent, Congressman Mann understands how to successfully advocate for the industry.
The Revitalizing Downtowns and Main Streets Act
乐竞体育赛事直播 members understand how expensive it can be to convert commercial buildings into residential housing. That is why 乐竞体育赛事直播 supports legislation like the Revitalizing Downtowns and Main Streets Act which would provide a federal tax credit to facilitate the conversion of older, underutilized office and other commercial buildings into residential housing, covering between 20% and 35% of eligible costs involved in converting commercial real estate to housing.
According to Jae Roe, this bipartisan legislation isn鈥檛 just about converting underutilized office spaces into housing鈥攊t鈥檚 about revitalizing entire communities. By providing property owners with a tax credit on qualified expenditures related to the cost of conversion of vacant commercial buildings, the Act boosts the housing supply and breathes new life into local economies. Surrounding businesses, like restaurants and stores, will benefit from the increased foot traffic of new residents, creating a ripple effect of economic growth.
Jae noted the unique perspective that property managers have, which helps them understand the complexities that affect not only themselves but also the鈥痶enants and the broader real estate ecosystem. Our role as 'conduits' gives us a comprehensive view of how legislation and policies influence both the financial performance of properties and the day-to-day experiences of those who live or work in them. This insight allows property managers to effectively bridge the needs of all stakeholders, ensuring that properties鈥痶hrive, and communities succeed.