8
Watching
YOUR
Back in 2014!
By Andrew Chaban
T
hough housing is expected to continue on a gradual upward
trajectory in 2014, looming legislative and regulatory
challenges threaten to impede the ongoing housing recovery.
his year, the National Association of Home Builders (NAHB) will be
fighting on behalf of its members to neutralize these threats and ensure
an optimal business environment that will boost their bottom line.
Specifically, NAHB will seek to
PROTECT THE MORTGAGE INTEREST DEDUCTION, LOW
INCOME HOUSING TAX CREDIT AND OTHER HOUSING
TAX PROVISIONS.
As lawmakers grapple with tax reform, several critical housing tax
provisions could come into the cross hairs – including the mortgage
interest deduction and Low Income Housing Tax Credit. Acting
pre-emptively in this area, NAHB has created a consumer-oriented
website, ProtectHomeownership.com, which educates the public on
the importance of preserving the mortgage interest deduction as a
cornerstone of American housing policy.
NAHB economist Robert Dietz testified in 2013 before the House Ways
and Means Committee during a hearing on tax reform and residential
real estate. He called on Congress to maintain support for vital
housing tax incentives, including the mortgage interest deduction and
Low Income Housing Tax Credit. Further, NAHB lobbyists met with
virtually every Senate member and/or their key staff aides in July to
explain the importance of housing tax incentives in the current system.
NAHB was also a major contributor to a Democratic Governors
Association white paper released in September that highlighted the
association’s policy arguments in the need to retain the mortgage
interest deduction and Low Income Housing Tax Credit.
These efforts have positioned NAHB to be highly engaged in the debate
if threats to the mortgage interest deduction, Low Income Housing
Tax Credit and other housing provisions materialize in the year ahead.
PROTECT THE 30-YEAR MORTGAGE
As Congress works to restructure the nation’s housing finance system,
NAHB believes it must include a federal backstop to ensure that 30-
year, fixed rate mortgages and reliable mortgage financing for single-
and multifamily housing remain readily available and affordable.
NAHB opposes
H.R. 2767, the
Protecting American
Taxpayers andHomeowners
Act of 2013 (PATH Act), which removes
government support to the conventional mortgage
market. In contract, NAHB in much more receptive to Senate bill
S. 1217, the Housing Finance Reform and Taxpayer Protection Act,
which includes a federal backstop.
With competing House and Senate legislation proposals in Congress,
NAHB has compiled several important resources to keep our
members informed about the debate that can be accessed at nahb.org/
HousingFinanceReform. These resources include:
• A fact sheet about legislative initiatives
to reform the housing finance system
• Questions and answers about the
existing system and reform efforts
• NAHB’s proposed comprehensive framework
for housing finance system reform
• Important quotes from experts about the
PATH Act and housing finance reform
NAHB Chairman Rick Judson and CEO Jerry Howard each testified
before Congress on this issue in recent months. NAHB’s active
engagement on housing finance reform with the Administration,
members of Congress and regulators has given the association a seat at
the table as deliberations move forward in 2014.
ENACT COMPREHENSIVE IMMIGRATION REFORM
The Senate last year approved immigration bill S.744, the Border
Security, Economic Opportunity, and Immigration Modernization act.
Although S.744 addresses many elements advocated by the home
building community -- including enhancements to order security and
a workable employment verification system that honors the direct
employer-employee relationship – NAHB in unable to support the bill
in its current form.
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