The National Multi Housing Council (NMHC) and National Apartment Association declared Thursday that fixing the housing finance system is one of the top priorities for policy makers to focus on sooner rather than later.
“We need at least 300,000 new apartments each year just to keep pace with the demand, but only 130,000 apartment homes were built in 2011,” Bibby said. “Without access to capital in all markets at all times or certainty in the tax code, we lack the ability to keep pace with the tremendous need for new apartments across the country.”
The report asked lawmakers to be conscious of a federal guarantee for multifamily mortgages whether or not the government-sponsored enterprises continue in their present state.
Focusing on tax reform that won’t damage the development in the rental housing industry was also a key issue for the two organizations. And immigration reform remains a key concern since issues such as border security, employment eligibility verification and documentation for illegal immigrants working and living in the U.S. effects the economy’s growth and recovery.