Industry News

Policymakers Must Address Looming Capital Shortage for Rental Housing

Policymakers must understand the crucial differences between single-family and multifamily financing and take actions to ensure a sufficient supply of capital to the multifamily industry during and after the economic crisis. That is the conclusion of Meeting Multifamily Housing Finance Needs During and After the Credit Crisis, a new policy paper issued by Harvard University's Joint Center for Housing Studies with support from the National Multi Housing Council.

Economic Stimulus Bill Supports Rental Housing

President Obama has signed into law the $787 billion economic stimulus package.

Fannie Mae Establishes REO Rental Policy

Fannie Mae has established a new National Real Estate Owned (REO) Rental Policy that will allow qualified renters in Fannie Mae-owned foreclosed properties to stay in their homes. The new policy applies to renters occupying foreclosed properties at the time Fannie Mae acquires the property. Renters occupying any type of single-family property will be eligible, including residents of two- to four-unit properties, condos, co-ops, single-family detached homes and manufactured housing.

Employee Free Choice Act Will Effect Multifamily Industry

Union workers are continuing to push for passage of the Employee Free Choice Act (EFCA). EFCA, which would amend the National Labor Relations Act, would require an employer to recognize a union if a majority of employees signs authorization cards, without the privacy of a secret ballot election, designating the union as a bargaining representative. This has far-reaching implications for the multifamily industry, affecting collective bargaining negotiations and increased penalties for employer violations.

Negotiating Rents and Fair Housing Violations

Last month, a segment aired on The Today Show about residents negotiating rent with their apartment owners. First and foremost, apartment staff must consider Fair Housing. It's the law. What you offer to one resident, you legally must offer to all. And, whatever "deals" that may be offered to residents should first be put in writing by the owner and shared with the leasing staff. Leasing professionals should not "wheel and deal" with current residents or prospective residents and should not offer "rogue" renewal agreements. Read what to do if a current or prospective resident comes to your leasing office and demands free rent and any other unreasonable amenities/concessions and check out the video.