Federal goals accomplished.

In partnership with the National Multi Housing Council (NMHC), the NAA/NMHC Joint Legislative Program made great strides toward accomplishing its 2006 goals. In spite of what has been labeled as a "Do-Nothing-Congress," the Joint Legislative Staff has been able to achieve several legislative achievements and attain regulatory gains.

Hurricane Follow-Up Funding

NAA/NMHC successfully lobbied for legislation that was enacted into law that gives apartment owners the right to collect for utility costs and security deposits from evacuees of the 2005 hurricanes.

Also enacted into law was a pilot program directing FEMA to make better use of existing rental housing located in disaster areas by entering into lease agreements directly with property owners.

FHA Premium Increase Rescinded

NAA/NMHC secured a substantial victory when the U.S. Department of Housing and Urban Development (HUD) withdrew a proposal to increase the FHA multifamily mortgage insurance premium from 45 to 77 basis points for FY 2007.

FHA Multifamily Loan Limit Increases

The U.S. House of Representatives increased the maximum FHA multifamily loan limits from 140 percent to 170 percent in areas where cost exceeded the program standard and from 170 percent to 215 percent in high-cost areas.

Federal Estate Tax Reform Retains Stepped-Up Basis

After years of effort by those seeking to completely eliminate the Federal Estate Tax, NAA/NMHC achieved a major victory when backers of this effort relented and pressed for estate tax relief that would raise the amount exempted from tax, lower the estate tax rate, and, most importantly allow for stepped-up basis to fair market value at time of death.

The Joint Program has been lobbying for retention of stepped-up basis for several years.

The revised package was approved by the House of Representatives, but fell short of the 60-vote margin needed in the Senate to head off a filibuster.

Several Single-Family Housing Initiatives Blocked

Several initiatives to loosen downpayment requirements and pour more money into government backing of single-family home purchases were once again successfully blocked.

NAA/NMHC also continued its effort to block enactment of a tax provision that would allow individuals to deduct the cost of Private Mortgage Insurance on their tax returns.

Fair Debt Collection Practices

Achieved a provision in a Financial Regulatory Relief bill that clarifies that a communication to a resident from an apartment owner as part of a formal legal proceeding does not trigger requirements covered under the Fair Debt Collection Practices Act.