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In an era of dynamic changes in the multifamily housing landscape, the National Multifamily Housing Council (NMHC) team is focused on a variety of critical legislative and regulatory areas for 2024, aiming to address pressing issues and continue to move the industry and the residents we serve toward a positive future. Here’s a look at what’s top of mind as we kick off the new year.

1. Affordable Housing Initiatives and Rent Control

As the nation grapples with serious housing affordability challenges, we will continue to place a high priority on advocating for legislative measures that promote affordable housing development. This includes supporting tax incentives for affordable housing projects; reforming and fully funding resident subsidy programs like Section 8; streamlining regulatory processes; and collaborating with federal, state, and local governments to implement policies that encourage the construction of cost-effective multifamily units.

We also will continue to advocate strongly against the adoption of rent control measures at all levels of government. It remains a shortsighted proposal that reduces housing affordability for many to benefit just a few, impedes the production of additional units, and, overall, hurts the very renters it purports to help.

2. Capital Markets and Tax

With an emphasis on promoting a favorable environment for the production of rental housing to address our nation’s housing needs, NMHC is committed to working with policymakers to ensure there is reliable access to capital for multifamily housing providers and supports efforts to streamline regulatory processes to encourage capital flow into the communities nationwide.

We are hopeful that the long-awaited Affordable Housing Credit Improvement Act (AHCIA) and the Workforce Housing Tax Credit will be enacted in early 2024, which will help enhance support for affordable housing (key provisions of the AHCIA were included in a bipartisan tax agreement earlier this month). While broader tax reform is on the horizon for 2025, in the near term, we expect to be very engaged in debates around critical tax policies like interest deductibility, bonus depreciation, and housing affordability tax incentives, working to preserve those that stimulate growth and incentivize the creation of much-needed rental housing.

3. Renter-Centric Business Operations

America’s multifamily rental housing providers strive to provide quality housing and customer experience to almost 40 million residents across the country. As testament to that, in 2023, more than 115 housing providers and industry suppliers committed to the Foundations for Rental Housing, which spell out six principal ways housing providers can support their residents. And the number of firms committed to the Foundations grows every day.

This is an important opportunity for multifamily firms to demonstrate their commitment to creating positive relationships with their customers, especially as legislative and regulatory efforts to further regulate this area expand. We remain proactive on this front, actively engaging with policymakers to ensure they understand the commitments our members have made to a more equitable and inclusive multifamily housing sector.

4. Data Privacy and Security

Recognizing the transformative impact of technology on multifamily operations, NMHC remains focused on navigating the legislative landscape when it comes to protecting and securing sensitive data about our residents and our communities. This encompasses advocating for clear guidelines on resident data protection, privacy regulations, and cybersecurity standards. With the rise of intelligent buildings and data-driven decision-making, NMHC seeks to ensure that legislative frameworks are in place to balance innovation with the safeguarding of sensitive resident information.

5. Insurance and Community Resiliency

Climate-related events and structural changes in the insurance market continue to disrupt multifamily housing providers’ access to cost-effective insurance solutions and exacerbate the nation’s housing affordability challenges. NMHC has prioritized risk management and resiliency, advocating for policies that promote fair and comprehensive insurance coverage for multifamily properties. This includes supporting initiatives that enhance the availability and affordability of insurance options, particularly in the face of evolving climate risks and natural disasters. By collaborating with policymakers, NMHC aims to shape a legislative landscape that fosters a robust insurance market tailored to the unique needs of multifamily housing, ensuring financial protection and stability for rental housing providers.