convene to reconcile the differences between the two bills . NAA will continue to promote our priorities – including advocating for an extension of the NFIP – throughout this process .
On the regulatory front , the White House Blueprint for a Renters Bill of Rights ( the Blueprint ) has spurred unprecedented regulatory activity focused on the rental housing industry . Announced last January by President Biden , the Blueprint directed more than 20 federal agency actions intended to increase fairness in the rental market and further principles of fair housing – among taking other steps to help guide future policymaking at all levels of government . While the past year has largely been a year for federal agencies to collect feedback and public information as they contemplate new rules , NAA expects more direct , enforceable agency actions to be announced in 2024 .
SUSTAINABLE SOLUTIONS ON CAPITOL HILL
In Congress , NAA continues to push for sustainable policy solutions that address both the root cause of affordability challenges – a historic undersupply of housing – and that protect the nation ’ s rental housing infrastructure for future generations of renters .
Over the past year , NAA secured the reintroduction of three priority pieces of legislation – all with bipartisan support . In the coming months , NAA will continue to work alongside lawmakers to find vehicles and avenues for these important pieces of legislation to become law .
• First , the Respect State Housing Laws Act would end the CARES Act ’ s notice to vacate requirement , a clear federal overreach over state and local eviction laws . NAA continues efforts with the House and Senate Appropriations Committees to get a provision striking the notice requirement into the mustpass spending bills early next year .
• The YIMBY Act , reintroduced in both the House and Senate , would incentivize local communities to remove barriers to apartment development . The outlook for this bill is promising and NAA also achieved a bipartisan win when Democrats and Republicans in the House joined together to create a $ 100 million grant program to help states and localities increase housing supply .
• Finally , the Choice in Affordable Housing Act , also reintroduced in both chambers of Congress , would enact needed common-sense reforms to the Section 8 HCV Program . Streamlining inspections and the PHA experience will help entice more owners to come back to the program ; requiring “ source of income ” in fair housing laws is not the right policy solution to solve for this issue .
UNPRECEDENTED REGULATORY ACTIVITY
As federal agencies have started to collect public comments in their efforts to develop new rules aligning with the Blueprint , NAA has engaged members to help ensure the voice of the rental housing industry is heard and valued in these policy deliberations .
• Resident Screening : In May , NAA and the National Multifamily Housing Council ( NMHC ) submitted formal comments responding to the Consumer Financial Protection Bureau ’ s ( CFPB ) and Federal Trade Commission ’ s ( FTC ) joint request for information on screening practices . The comments , sent alongside 972 comments from NAA members , reinforced the necessity for owners and operators to access relevant information about prospective residents .
In the letter , NAA and NMHC emphasized that “ resident screening serves as a critical part of property management and operations . It allows housing providers to evaluate whether a potential resident is capable of and likely to fully comply with the terms of their lease … Moreover , screening helps us identify and counter the increasing risk of rental fraud – including the evolving threat of synthetic fraud . Fundamentally , we rely on resident screening tools to establish sustainable relationships with our residents and ensure the financial viability of rental communities .”
• Renter Protections : In July , NAA and NMHC responded to the Federal Housing Finance Administration ’ s ( FHFA ) request for input on potential renter protections – which could include a form of federal rent control – for enterprise-backed multifamily properties . NAA members also sent more than 3,000 comments to FHFA , reiterating that there can be no one-sizefits-all approach to landlord and tenant laws in an industry that fundamentally operates at a local level .
In our response , NAA also shared that according to preliminary results from a survey conducted from July 11-21 , 2023 , more than 78 % of housing providers who use or plan to use Enterprise-backed financing would be discouraged from using Enterprise products if more federal requirements were imposed .
While other Blueprint actions have been announced , those announced by the CFPB , FTC and FHFA have the highest potential impact on the rental housing industry . As we enter the new year , agencies are likely to issue guidance , solidify new rules or enter the formal rulemaking process to create new ones – which is where the Blueprint will impact industry operations through tangible and enforceable actions .
Along those lines , the Federal Trade Commission recently issued a Notice of Proposed Rulemaking , targeting so-called “ hidden ” and “ bogus ” fees across the economy , including rental housing . In a press statement , NAA President and CEO Bob Pinnegar stressed that “ policymakers must understand that layering additional regulations will heavily impact housing operations and harm the affordability and availability of rental housing , ultimately hurting the very individuals they seek to protect .” As we approach the deadline for comments on Jan . 8 , 2024 , NAA will submit formal comments and engage affiliate partners and members in the process .
AMPLIFYING YOUR VOICE
As always , your participation in all of these efforts has never been more important than they are today . There are many options for how you can contribute .
To learn more , contact Seth Turner ( sturner @ naahq . org ), Senior Manager of Grassroots Advocacy & Stakeholder Engagement . www . aamdhq . org JANUARY 2024 TRENDS | 39