That’s the good news, from the real estate industry’s vantage point. But worries remain that a change in the law governing carried interest will resurface as part of the pay-as-you-go arrangement that would allow the passage of a “patch” to temporarily fix the Alternative Minimum Tax (AMT). The AMT, originally meant to ensure that the very wealthy had to pay a minimum tax no matter how they might otherwise shelter income, currently is hitting the upper middle class, whose salaries have risen to the levels affected by AMT. Since fixing the system permanently would result in a significant amount of lost tax revenue to the government, and since tax proposals must be revenue neutral, the carried interest issue still looks like a possible source of replacement revenue to some lawmakers. NAHB remains vigilant in opposing any change that would raise the tax on carried interest earned through real estate partnerships.

For more information, e-mail Greg Brown or Rob Dietz.

• TRIA Extension, Flood Bill Approved in Senate Committee

By a unanimous 21-0 vote, members of the Senate Banking Committee voted last week to approve legislation to reauthorize the National Flood Insurance Program through 2013. Unlike House-passed bill H.R. 3121, the Senate bill would not expand the program to cover wind damage. H.R. 3121 does not include mandatory purchase requirements for properties sited behind flood protection structures while the Senate bill does. There is still a long way to go to reconcile differences between the two bills, as the full Senate must still approve the committee plan before the legislation goes to a House-Senate conference. In the interim, NAHB will continue to advocate for the House version of the flood insurance bill.
 
The same committee approved a bill that would extend the Terrorism Risk Insurance Act (TRIA) for seven years. The bill differs markedly from recently passed House TRIA legislation (H.R. 2761). Unlike the Senate bill, the House measure would extend the program for 15 years; make available coverage for nuclear, biological, chemical and radiological attacks; reduce the threshold from $100 million to $50 million that would trigger coverage; and expand the program to cover life insurance. Enacted in 2002 in the wake of the Sept. 11 terrorist attacks, TRIA is intended to provide a backstop for insurance companies in the event of another attack on American soil. The current law is due to expire at the end of this year. NAHB continues to monitor the situation. For more information on both these measurers, e-mail Scott Meyer, or call him at 800-368-5242, x8144.

• Affordable Housing Trust Fund Passes House

The House  has approved H.R. 2895, the National Affordable Housing Trust Fund Act of 2007, by a vote of 264 to 148. The legislation would provide grants and other assistance to support producing, rehabilitating and preserving 1.5 million affordable-housing units over the next 10 years. The fund would be financed by House-passed bills that would take part of the FHA's mortgage lending surpluses (H.R. 1852) and from a portion of the portfolios of Fannie Mae and Freddie Mac (H.R. 1427). At this point, no comparable legislation has been introduced in the Senate. To view a detailed summary of H.R. 2895, click here. For more information, contact Scott Meyer at 800-368-5242, x8144.

Earlier this year, HUD proposed ceasing collecting rental absorption data. That triggered a successful letter-writing campaign from NAHB members, who urged HUD to continue publishing the data series. For more information, e-mail Paul Emrath. [return to top]

For more information on how to do that, view this page at the NAHB Research Center’s Web site. E-mail any questions to Emily English at NAHB.

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In conjunction with the new service, the Common Ground Alliance has developed a Web site — http://www.call811.com/— that is designed to serve as a national resource for professional excavators. It includes a downloadable set of free 811 promotional materials and a "tips and tools" forum for sharing best practices across the digging industry. Read the full story in Nation’s Building News Online. E-mail any questions to Rob Matuga, or call him at 800-368-5242 x8507. [return to top]

• Pillars of the Industry Competition Entry Deadline – Nov. 9

If your company managed to produce a stellar multifamily project or media campaign in 2006 or 2007, and you want the world to see it – consider entering it into the Pillars Awards competition. Read the Call for Entries to decide on your category, and then head to the Application page. It’s easy to enter – and incredibly satisfying to win!

• International Builders’ Show – Feb.13-16, 2008

It’s not too early to register for the International Builders’ Show, in its final year in Orlando. See the exhibits you didn’t get to last year, as well as the many first-time exhibitors. For more information, and to register, view this page.

• Pillars of the Industry Conference and Gala – April 1-3, 2008
  
  Join top-tier industry leaders at The Broadmoor resort in Colorado Springs, Colo., for an information-packed seminar program and a revamped menu of networking opportunities. It’s NAHB Multifamily’s signature annual event, and one that the industry’s most influential leaders attend. For more information, view this page.