The Call for Entries describes the competition and requirements for entering, and explains the criteria the judges use in evaluating the entries. The main information page contains answers to Frequently Asked Questions, details the entry requirements, and links to the application page.

The online application process is fairly straightforward, but Multifamily staff is available to answer any questions that might arise in purchasing an application. For more information, e-mail multifamily@nahb.com, call 800-368-5242 x8215, or visit www.nahb.org/pillarsawards.

• Senate Hearing Focuses on Taxation of Carried Interest

This week the Senate Finance Committee held its second hearing on taxation of carried interest. Testifying for a broad coalition of real estate industry organizations was Adam Ifshin, the president of DLC Management Corporation, a shopping center developer in Tarrytown, New York, providing testimony consistent with NAHB’s position. Other witnesses came from academia, as well as the private equity, venture capital and hedge fund industries. Ifshin’s central message was that changing the taxation of carried interest from the capital gains rate of 15% to an ordinary income rate of 35% would dramatically reduce incentives for development of all kinds of real estate, especially in transitional and underdeveloped communities.

Chairman Max Baucus (D-Mont.) expressed his view that carried interest earned by hedge fund and private equity general partners is more ordinary income than capital gains while Ranking Member Charles Grassley (R-Iowa) stated that he had not yet made up his mind. Senator Charles Schumer (D-N.Y.) stated uncompromisingly that he would not accept any proposal that single out hedge fund or private equity partnerships and did not include other partnerships that use carried interest, such as oil and gas, venture capital and real estate. While no carried interest legislation has been introduced in the Senate, Chairman Baucus has stated that he would introduce a bill before the end of the year. For more information, e-mail Greg Brown, or call him at 800-368-5242, x8421.

• House Panel Approves Housing Trust Fund

The House Financial Services Committee passed legislation last week that would provide grants and other assistance in support of the production, rehabilitation, and preservation of up to 1.5 million affordable housing units over the next decade. The National Affordable Housing Trust Fund Act of 2007, [H.R. 2895 ] was approved by a 45-23 committee vote. NAHB supports the creation of a housing trust fund and has been working with members from both sides of the political aisle on ways to enhance the efficiency and effectiveness of the new fund.

The committee adopted an NAHB-supported amendment that would strengthen the emphasis on rural housing, as well as several amendments designed to address income targeting requirements to allow grantees and grant recipients to meet a wider range of critical housing needs. The bill now heads to the House floor where NAHB will continue to work with members on key enhancements. For more information, e-mail Scott Meyer, or call him at 800-368-5242, x8144.

• Key House Committee Passes 15-Year TRIA Extension Bill

The House Financial Services Committee passed H.R. 2761 out of committee with a 49-20 favorable vote. The effort was led by Committee chair Barney Frank (D-MA), who was one of the bill’s authors. The full House of Representatives is expected to debate the bill in September. The Senate’s Banking committee also is expected to consider a similar bill at that time. NAHB, a member of the Coalition to Insure Against Terrorism, supports the House bill, which creates longer-term federal secondary insurance backstop for buildings that might be affected by terrorism. NAHB members are encouraged to urge their Congressional Representatives to pass the house bill. For more information, e-mail Scott Meyer.

• Plan to Crack Down on Undocumented Workers Launched

A program announced jointly by the Department of Homeland Security and the Commerce Department will ratchet up enforcement efforts concerning undocumented workers. The new procedures, issued as a proposed final rule, outline steps to be taken to certify an employee’s legal status during the first 90 days of employment.

NAHB is preparing a complete employer compliance check list that will be available to members on the NAHB Web site. View the full story in Nation’s Building News.

• HUD Issues Additional Disaster Guidance for Properties Affected by Hurricanes Katrina and Rita

HUD has updated its disaster guidance for properties affected by Hurricanes Katrina and Rita. The guidance covers:  (1) resident opportunity to return to pre-hurricane units that have been repaired/restored or otherwise available for occupancy; (2) waiting list preferences; (3) resident files and recertification requirements; (4) preservation of damaged housing and Section 8 housing; (5) forbearance on Section 202/811, Secretary-held and insured mortgages; and (6) mortgage prepayments.

Owners of HUD-insured and/or assisted multifamily properties should carefully review the guidance—available in full at this link—particularly the need to notify former residents (even if they have moved) that they have a right to return to pre-hurricane units that have been repaired. If a former resident wishes to return and indicates so in writing, they must be given a minimum of 60 days to reoccupy the unit.

The guidance also states that HUD has the authority to allow the transfer of housing assistance payment (HAP) contracts to another eligible property when HUD determines that a damaged property cannot be repaired or replaced.  HUD also has flexibility to use Section 8 vouchers to provide temporary assistance to displaced units until they can return to a project-based assisted unit. For more information, e-mail Claudia Kedda.

• Late Section 8 Housing Assistance Payment (HAP) Contract Payments

The Department of Housing and Urban Development (HUD) is once again behind on paying subsidies to owners of Section 8 project-based properties. Many owners have not received money for July, and HUD expects payments to be late for August as well. HUD field offices are advising owners to use reserve funds to cover the shortages, but that is not always permitted by lenders, leaving some owners with few options to cover costs. HUD field offices have been instructed to process owners’ requests for reserve withdrawals within 24 hours.

HUD currently is operating under a Continuing Resolution (CR) for the remainder of FY2007. Under a CR, funds are apportioned to HUD by the Office of Management and Budget (OMB) based on a formula related to HUD’s spend-out rate in the previous year. However, the formula is not always accurate because HUD’s spending fluctuates. It takes HUD up to three weeks to move funds from OMB to owners.

Compounding the problem, HUD may not have  asked for sufficient funds from Congress in FY2007, raising the possibility that HUD may  have to ask Congress for an additional appropriation. HUD currently is auditing all HAP contracts to determine funding needs. Members of Congress have been in contact with the HUD Secretary, who has assured them that HUD is working to resolve the issue. For more information, view this link, or e-mail Claudia Kedda.

NAHB is working with the International Code Council to create the standard, and the two chose a consensus committee representing a broad spectrum of builders, code and government officials, energy experts, suppliers and industry consultants. One of the major challenges is ensuring that the standard can be adapted regionally. View information from the NAHB Research Center on the standard-writing process at this link.

Members are urged to review the draft of the National Green Building Standard, and submit comments to the Research Center via a Public Comment form. A second public comment period is scheduled for October. [return to top]

Comments are due by Sept. 17, and may be submitted electronically vis the Federal e-Rulemaking portal at www.regulations.gov. Look for Docket ID HUD-2007-0102, or Document ID HUD-2007-0102-0001. [return to top]

• 55+/Active Adult Housing Serves Less than Half the Nation’s 55+ Residents

Research by NAHB staff members Paul Emrath and Helen Fei Liu reveals that while about  43% of the nation’s homeowners are age 55 or older, less than 2% of those households are in age-restricted active adult communities. Another 10% are in communities where their neighbors are mostly their age. And nearly 31% of homeowners live in the wider community, even though they are older than 55. That leaves a lot of active adults who might be better served by multifamily active adult housing.

View this link for the full story in Nation’s Building News.

• Want to Improve NAHB? Join a Committee.

The appointment process for the 2008 Committees and Councils is under way.  The Senior Officers will begin reviewing their current committee and council appointments and will begin making their new appointments for 2008 following the Fall Board meeting.

The 2008 Committee & Council Sign-Up form is available on the NAHB.org Web site at www.nahb.org/committeeform.  Please direct current members, including vice chairs, and observers who regularly attend your meetings and have approached you about serving next year to the Web site. All sign-up forms must be completed online because paper forms are no longer being used for this process.  At the Fall Board meeting in Seattle, a bank of computers will be available across from the registration area to make it easy for members to sign up on-site. The deadline to apply is September 28. 

If you are recommending members to serve, please provide them with the Web address and ask them to indicate either the chair or the vice-chair in the “recommended by” section of the application form.

As a reminder, all appointments are for a term of one year.  Committee/council members are required to attend committee/council meetings during the three National Board of Directors meetings. Individuals that miss meetings without an excused absence can be removed without prior notice. 

For more information, or answers to questions, e-mail Cyndi McKinley Brown, or call her at 800-368-5242 x8346.

• Housing Credit Group Issues Forum — Sept. 5

“Clearing the Hurdles to Affordable Housing” is the theme for this year’s Issues Forum, to be held in Seattle in conjunction with NAHB’s Fall Board of Directors meeting. Expert speakers will address NIMBY attitudes and other concerns that can be a barrier to affordable housing. Anyone working with the Low Income Housing Tax Credit to build or finance affordable housing can learn strategies for clearing these hurdles and moving projects forward.
 
Members of NAHB's Housing Credit Group receive discounted registration to this event. For more information about HCG membership, please visit http://www.nahb.org/hcg and join today! To register online for the Issues Forum, visit this page.

• NAHB’s Fall Board of  Directors Meeting — Sept. 5-8

This fall’s board meeting in Seattle includes a multifamily reception, sponsored by Whirlpool, and opportunities to meet and network with West Coast builders. An added plus: a list of great restaurants prepared by Sam Anderson, the EO of the Master Builders Association of King & Snohomish Counties. Go online and register to attend.

• Multi-Housing World — Sept. 5-7

This conference and exposition will take place at the Rosen Shingle Creek Resort in Orlando. NAHB’s RAM (Registered in Apartment Management) designation holders can keep their designations current by attending many of the conference’s 30 sessions, which will count toward the program’s continuing education requirement. For more information and online registration, visit www.mhw.com.

• Sunbelt Builder’s Show, Featuring Multifamily Speakers — Sept. 27-29

The 2007 Sunbelt Builders Show™ will be held September 27–29 at the Gaylord Texan Resort & Convention Center in Grapevine, Texas/DFW. This year’s Show features two events designed specifically for the multifamily development community.  Start with an entertaining and valuable session on winning designs by Pillars Award-winners Stephanie Moore of Moore Design Group and Ron Harwick of James, Harwick + Partners Inc. These Dallas-based leaders in the multifamily industry will be sharing their wealth of design knowledge and experience. Don’t miss it on Thursday, September 27.

Then join colleagues for Sunbelt’s “Higher Densities, Higher Profits” Luncheon. Learn about innovative development solutions and marketing techniques from an expert, Spencer Stuart Jr. of Pillars Award-winning Legacy Partners Residential Development Inc. And don’t forget to visit NAHB’s Multifamily Council booth on the trade show floor!  To register for the Show and for more information, please go to www.sunbeltbuildersshow.com.

• International Builders’ Show in Orlando — Feb. 13-16, 2008

Early Builders’ Show information and online registration are now available. The closest hotels fill up first, so register, and reserve your spot soon!