As the House panel considered the measure last week, dozens of amendments were offered to address lawmakers’ concerns over specific provisions in the bill and to improve the overall legislation. Among those approved were several that NAHB believes will enhance the bill. These address:

• Portfolio limits — This amendment says that standards must be based solely on mission and safety and soundness considerations, and not on any broader concerns such as systemic risk.
• Capital requirements — This one directs the regulator to review any increases in minimum capital requirements and rescind these increases once the issues that led to them have been successfully resolved or no longer exist.
• Affordable Housing Fund — This amendment would create a level playing field for both for-profit and non-profit developers creating affordable housing.
• Regulatory structure — This would add two independent members to the regulator's advisory board to include a greater emphasis on housing mission. They would be required to have experience in the field of financial services, housing finance, affordable housing or mortgage lending.
• Housing goals — This amendment would add single-family rental housing to the housing goals for Fannie Mae and Freddie Mac.

There has been little activity on the Senate side on this issue as yet. For more information, view the full story at Nation’s Building News Online.

• HUD Issues New Guidance on 2530 Passive Investor Filing Requirements

Last week HUD issued new guidance that revises 2530 previous participation filing requirements for passive investment participants. (Passive investment participants do not have operational or policy control or influence in a participant organization.)

Starting immediately, passive investors must establish a baseline for each passive investment company or person that meets the existing threshold of 25% interest in an ownership entity. The passive investment company also must fully disclose the identity of at least one key principal. (No other officers, directors or stockholder names or interests need be disclosed.) The passive investment company and the key principal need not list or disclose previous participation in their baseline, and may indicate simply that the company is a passive investor as defined by HUD. HUD field offices will treat such entries as complete.

NAHB, along with other industry participants in HUD programs, have long advocated less onerous 2530 previous participation reporting requirements for passive investors. HUD recently drafted proposed revisions to the 2530 regulations but did not release them for publication due to intense industry opposition. The draft proposed regulations did not address the passive investor issues adequately and added additional burdensome requirements. HUD’s new guidance is intended to give some relief to passive investors until such time as new regulations are developed.

NAHB staff would appreciate feedback from Multifamily members on HUD’s new guidance for passive investors.  Please e-mail Claudia Kedda or call her at 800-368-5242 x8352 with your comments, questions or concerns.

• FHA Section 231 Now Included in MAP

HUD recently released a mortgagee letter announcing that the FHA Section 231 multifamily mortgage insurance program for age-restricted elderly housing may now be processed under the Multifamily Accelerated Processing (MAP). NAHB strongly urged HUD to bring Section 231 under MAP when HUD stopped allowing the use of Section 221(d)(4) for age-restricted elderly housing.  For more information, e-mail Claudia Kedda.

• Storm Water Compliance Audio Seminar Coming in May

It’s on May 23, it’s free, and it can help you avoid big fines and legal hassles. The 60-minute conference will begin at 3:00 Eastern Time on that Wednesday. For a list of expert participants and a recap of the agenda, read the Nation’s Building News article. To register, view this page on the NAHB Web site.

For more information on the topic, visit this section of the NAHB Web site. For questions, e-mail Marolyn Parson, or call her at 800-368-5242 x8147.

• Selling the Public on Density – Harder than it Looks

A new book – Visualizing Density – from the Lincoln Institute of Land Policy looks at why the American public has such a strong resistance to the sort of density that will be needed to produce the 60 million new units that will be needed to house the nation's population 25 years from now. Read a review in Nation’s Building News.

The winning HBA will receive an award of $1,000 from the National Housing Endowment. The application form and the press release that explains the competition are both available on the NAHB Web site at this link. [return to top]

• National Membership Day – May 22

If your HBA doesn’t have a local Multifamily Council, start one on Membership Day, and qualify for great prizes! For more details on how to participate in this webcast event, view this page, or e-mail Lawrence McFadden or call him at 800-368-5242 x8550.

• Spring Board – June 5-10

All the information you need to plan your trip to NAHB’s Spring Board of Directors’ meeting in Washington, D.C. is now live on NAHB’s Web site. There are schedules, online registration, information on air fares and details on the annual Legislative Conference and grassroots lobbying effort. To get it all, view this page.

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