NATIONAL MULTIFAMILY HOUSING COUNCIL, INC.

Tax Cuts and Job Act Permanency NMHC supports making permanent individual tax rates and the 20 percent qualified business income tax deduction that expire at the end of 2025. NMHC supports making permanent the Estate Tax rules enacted as part of the Tax Cuts and Jobs Act of 2017 (TCJA). In TCJA, Congress, doubled the estate tax exclusion through 2025 while retaining a top tax rate of 40 percent and stepped-up basis rules. H.R. 703, Main Street Tax Certainty Act, to amend the Internal Revenue Code of 1986 to make permanent the deduction for qualified business income, all provisions. S. 213, Main Street Tax Certainty Act, to amend the Internal Revenue Code of 1986 to make permanent the deduction for qualified business income, all provisions. H.R. 4721 (118th Congress), Main Street Tax Certainty Act, to amend the Internal Revenue Code of 1986 to make permanent the deduction for qualified business income, all provisions. S. 1706 (118th Congress), Main Street Tax Certainty Act, to amend the Internal Revenue Code of 1986 to make permanent the deduction for qualified business income, all provisions. H.R. 1301, Death Tax Repeal Act, to amend the Internal Revenue Code of 1986 to repeal the estate and generation-skipping transfer taxes, all provisions. S. 587, Death Tax Repeal Act of 2025, a bill to amend the Internal Revenue Code of 1986 to repeal the estate and generation-skipping transfer taxes, and for other purposes, all provisions. H.Con.Res. 14, Establishing the congressional budget for the United States Government for fiscal year 2025 and setting forth the appropriate budgetary levels for fiscal years 2026 through 2034, provisions impacting tax policy Revenue-Raising Provisions NMHC opposes imposing the net investment income tax (NIIT) on active income while also potentially increasing the NIIT rate. NMHC opposes requiring 100-percent recapture of depreciation deductions as ordinary income for real estate. NMHC opposes restricting the deductibility of state and local taxes (e.g., income, property, and industry-related taxes) by pass-through entities and REITs. NMHC supports retaining current law with regard to like-kind exchanges. NMHC believes that carried interest should be treated as a long-term capital gain if the underlying asset is held for at least one year.  H.R. 1091, Carried Interest Fairness Act of 2025, to amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of personal service income earned in pass-thru entities, all provisions S. 445, Carried Interest Fairness Act of 2025, to amend the Internal Revenue Code of 1986 to provide for the proper tax treatment of personal service income earned in pass-thru entities, all provisions Low-Income Housing Tax Credit and Middle-Income Housing Tax Credit Workforce Housing Tax Credit: NMHC supports the establishment of a Workforce Housing Tax Credit to spur production of multifamily housing for households earning up to 100 percent of area median income. Low-Income Housing Tax Credit: We support increasing credit authority and reducing the bond financing test. We also support increasing the private-activity bond volume cap to increase the use of 4 percent Low-Income Housing Tax Credits S. 3436 (118th Congress), Workforce Housing Tax Credit Act, to amend the Internal Revenue Code of 1986 to provide a credit for middle-income housing, and for other purposes, all provisions. H.R. 6686 (118th Congress), Workforce Housing Tax Credit Act, to amend the Internal Revenue Code of 1986 to provide a credit for middle-income housing, and for other purposes, all provisions. H.R. 3238 (118th Congress), Affordable Housing Credit Improvement Act of 2023, to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes, all provisions, in particular provisions relating to increased tax credit authority and tax-exempt bond financing requirements. S. 1557 (118th Congress), Affordable Housing Credit Improvement Act of 2023, to amend the Internal Revenue Code of 1986 to reform the low-income housing credit, and for other purposes, all provisions, in particular provisions relating to increased tax credit authority and tax-exempt bond financing requirements. Adaptive Reuse H.R. 2410, Revitalizing Downtowns and Main Streets Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for converting non-residential buildings to affordable housing, all provisions. H.R. 9002 (118th Congress), Revitalizing Downtowns and Main Streets Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for converting non-residential buildings to affordable housing, all provisions. S. 4693 (118th Congress), Revitalizing Downtowns and Main Streets Act, to amend the Internal Revenue Code of 1986 to provide an investment credit for converting non-residential buildings to affordable housing, all provisions. Opportunity Zones NMHC supports: Enabling States to recertify and/or redesignate Opportunity Zones to account for current economic realities and changes since Zones were originally designated; (2) Establishing new deferral deadlines so that taxpayers are incentivized to receive both a longer deferral period and the potential for a 10 percent or 15 percent basis increase with respect to reinvested capital gains; and (3) Reducing the basis increase necessary to qualify a multifamily rehabilitation project for Opportunity Zone purposes. H.R. 5761 (118th Congress), Opportunity Zones Transparency, Extension, and Improvement Act, to amend the Internal Revenue Code of 1986 to modify the rules relating to qualified opportunity zones, and for other purposes, all provisions Housing Preservation Draft legislative proposal, Housing Opportunities and Preservation Enhancement Act of 2025, to preserve aging affordable rental housing properties by creating tax incentives for individual investors that fund rehabilitation and preservation of existing affordable rental housing, all provisions. Brownfields H.R. 815, Brownfields Redevelopment Tax Incentive Reauthorization Act of 2025, to amend the Internal Revenue Code of 1986 to extend expensing of environmental remediation costs, all provisions. Role of Partnerships Promotion of partnerships as business entity. Tax Regulations Department of the Treasury and Internal Revenue Service, 26 CFR Part 1, TD 9992, RIN 1545-BQ36, Guidance on the Definition of Domestically Controlled Investment Entities. Department of the Treasury, Internal Revenue Service, 26 CFR Part 1, TD 10028, RIN 1545-BR07, Certain Partnership Related-Party Basis Adjustment Transactions as Transactions of Interest. Potential Congressional Review Act legislation to nullify Department of the Treasury, Internal Revenue Service, 26 CFR Part 1, TD 10028, RIN 1545-BR07, Certain Partnership Related-Party Basis Adjustment Transactions as Transactions of Interest. Income and rent limits under Internal Revenue Code Sections 42 and 142: Considered signing letter to request that Treasury and Internal Revenue Service issue guidance clarifying that: (1) the Housing and Economic Recovery Act of 2008 (HERA) income rules related to hold harmless start no later than allocation or low-income housing tax credit determination; (2) hold harmless and HERA Special incomes do not reset upon resyndication; and (3) hold harmless treatment would apply at the national non-metro amount for rural projects.

Administration: Policies affecting apartment operations and management, specifically consumer reporting, resident screening (financial, criminal, resident history), consumer debt collection and eviction. Issues pertaining to addressing the nations housing affordability crisis and undersupply of housing. Nominations Supported the nomination of William (Bill) Pulte to serve as the Director of the Federal Housing Finance Agency (FHFA). LEB, BF Supported the nomination of Scott Turner to serve as the Secretary of the U.S. Department of Housing and Urban Development (HUD). LEB BF Supported the nomination of Andrew Hughes to serve as the Deputy Secretary of the U.S. Department of Housing and Urban Development (HUD). LEB BF Supported the nomination of Jonathan McKernan to serve as the Director of the Consumer Financial Protection Bureau (CFPB) LEB Legislation/Guidance/Housing Issues Sought clarification that the federal CARES Act 30-day notice of eviction requirement ended in 2020. House Financial Services Committee, hearing entitled Building Our Future: Increasing Housing Supply in America Senate Banking, Housing, and Urban Affairs Committee, hearing entitled Housing Roadblocks: Paving a New Way to Address Affordability H.R. 1981, Choice in Affordable Housing Act of 2025, to increase the number of landlords participating in the Housing Choice Voucher program, all provisions. S. 890, Choice in Affordable Housing Act of 2025, to increase the number of landlords participating in the Housing Choice Voucher program, all provisions. S. 32 (118th Congress), Choice in Affordable Housing Act of 2023, to increase the number of landlords participating in the Housing Choice Voucher program, all provisions. H.R. 4606 (118th Congress), Choice in Affordable Housing Act of 2023, to increase the number of landlords participating in the Housing Choice Voucher program, all provisions. H.R. 3507 (118h Congress, Yes In My Backyard, all provisions S. 1688 (118h Congress), Yes In My Backyard, all provisions. H.R. __ the Identifying Regulatory Barriers to Housing Supply Act, DRAFT legislation, to require certain grantees under title I of the Housing and Community Development Act of 1974 to submit a plan to track discriminatory land use policies, and for other purposes, all provisions. MB LEB BF S. _the Identifying Regulatory Barriers to Housing Supply Act, , DRAFT legislation, to require certain grantees under title I of the Housing and Community Development Act of 1974 to submit a plan to track discriminatory land use policies, and for other purposes, all provisions. H.R. 802 (118th Congress), Respect State Housing Laws Act, to amend the CARES Act to remove a requirement on lessors to provide notice to vacate, and for other purposes, all provisions. S. 3755 (118th Congress), Respect State Housing Laws Act, to amend the CARES Act to remove a requirement on lessors to provide notice to vacate, and for other purposes, all provisions. H.R. 1078 , Respect State Housing Laws Act, to amend the CARES Act to remove a requirement on lessors to provide notice to vacate, and for other purposes, all provisions. S. 470 , Respect State Housing Laws Act, to amend the CARES Act to remove a requirement on lessors to provide notice to vacate, and for other purposes, all provisions. S.4460/H.R. 8604 (118th Congress) - Reducing Regulatory Barriers to Housing Act - A bill to reduce regulatory barriers to housing, and for other purposes. H.R.__, the Housing for Americas Middle Class Act, reviewed draft legislation. S.1299/ H.R. 2840 the Housing Supply and Innovation Frameworks Act, reviewed draft legislation. H.R. 6199 (118th Congress), Build More Housing Near Transit Act of 2023, to amend title 49, United States Code, to include affordable housing incentives in certain capital investment grants, and for other purposes, all provisions. S. 3216 (118th Congress), Build More Housing Near Transit Act of 2023, to amend title 49, United States Code, to include affordable housing incentives in certain capital investment grants, and for other purposes, all provisions. H.R. 10351 (118th Congress), Housing Supply and Innovation Frameworks Act, to direct the Secretary of Housing and Urban Development, acting through the Assistant Secretary for Policy Development and Research, to publish guidelines and best practices for State zoning and local zoning frameworks, and for other purposes, all provisions. H.R. 10465, the Know Who Owns Your Home Act H.R.1777, the Securing and Enabling Commerce Using Remote and Electronic (SECURE) Notarization Act Draft legislative proposal, Housing Production Partnership Program Act of 2025, for Federal subsidy for state and local multifamily property tax abatement matching program to be administered through the Department of Housing and Urban Development's Pathways to Removing Obstacles to Housing program. Additional proposals to address the housing affordability crisis: Appoint a White House Housing Czar & Require the Council of Economic Advisors to Create a Housing Production Goal; Enable GSEs to Use Below-Market Interest Rates to Promote Production and Preservation; Remove Regulatory Barriers to Housing Construction, Including Permitting Use of Project Labor Agreements to Meet Davis-Bacon Wage Rule Requirements for Multifamily Projects; Incentivize Localities to Modify Building Code Requirements to Reduce Cost of Building; Allow FHA Programs to Use Below-Market Interest Rate Debt for Development and Preservation; Modify TIFIA to Promote Transit-Oriented Development; Exempt Infill Housing Development from the National Environmental Protection Act (NEPA); Reform HUD Programs to Promote Housing Production: Establish Commission to Address Elevated Property Insurance Premiums; Authorize the Free Disposition of Federal Land and Buildings to Spur Affordable Housing; and Reform the Housing Choice Voucher Program. Fees in rental housing. Fair Housing Act (Disparate Impact Rule, Screening, Criminal History Policy, and Reporting) Fair Housing Rules as they pertain to Emotional Support Animals. Regulatory Improvements to Department of Transportation Infrastructure Finance and Innovation Act (TIFIA) loan program to encourage transit-oriented multifamily development. Not on the March 3 or March 28 letter. Review and Reform Rules and Regulations Pertaining to the Section 8 Housing Choice Voucher Program (HCV) 30-Day Notification Requirement Prior To Termination of Lease for Nonpayment of Rent (Docket # 89 FR 101270) Final Rule (24 CFR Parts 247, 880, 884, 886, 891, and 966) Reinstatement of HUD's Discriminatory Effects Standard (Docket #88 FR 19450) Final Rule (88 FR 19450) Reducing Barriers to HUD-Assisted Housing (Docket # FR-6362-P-01) Proposed Rule (24 CFR Parts 5, 245, 882, 960, 966, and 982) Withdrawn on January 16, 2025 Floodplain Management and Protection of Wetlands; Minimum Property Standards for Flood Hazard Exposure; Building to the Federal Flood Risk Management Standard (Docket # 89 FR 30850) Final Rule (24 CFR Parts 50, 55, 58, and 200) HOME Investment Partnerships Program: Program Updates and Streamlining (Docket # 90 FR 746) Final Rule (24 CFR Parts 91, 92, 570, and 982) Adoption of Energy Efficiency Standards for New Construction of HUD- and USDA-Financed Housing; Extension of HUD Compliance Dates (Docket # 90 FR 11622) Final Determination Draft Notice on Solar, Cell Tower and Rooftop Leases (Drafting Table) * Guidance on Application of the Fair Housing Act to the Advertising of Housing, Credit, and Other Real Estate-Related Transactions through Digital Platforms Guidance on Application of the Fair Housing Act to the Screening of Applicants for Rental Housing Build America, Buy America Act (BABA): Request for Information Regarding Iron, Steel, Construction Materials and Manufactured Products Used in Housing Programs Pursuant to the Build America, Buy America Act (Docket # 88 FR 24690) Request for Information (FR-6331-N-01) Affirmatively Furthering Fair Housing (Docket # 90 FR 4686) Proposed Rule, withdrawn by HUD (24 CFR Parts 5, 91, 92, 93, 570, 574, 576, 903 and 983) National Standards for the Physical Inspection of Real Estate: Inspection Standards (Docket # 88 FR 40832) Notice of Proposed Rulemaking Changes to the Methodology Used for Calculating Section 8 Income Limits Under the United States Housing Act of 1937 (Docket # 89 FR 1583) Notice of Proposed Rulemaking Review Current Rules, Notices and Guidance pertaining to Criminal Screening

Standard for Determining Joint Employer Status 88 FR 73946 Oct. 27, 2023 29 CFR Part 103 Defining and Delimiting the Exemptions for Executive, Administrative, Professional, Outside Sales, and Computer Employees 89 FR 32842 Apr. 26, 2024 29 CFR Part 541 Updating the Davis-Bacon and Related Acts Regulations 88 FR 57526 Aug. 23, 2023 29 CFR Parts 1, 3, and 5 Notice of Proposed Rulemaking on Heat Injury and Illness Prevention in Outdoor and Indoor Work Settings (Docket No. OSHA-2021- 0009) Supported the nomination of Lori Chavez-DeRemer to serve as the Secretary of the U.S. Department of Labor

Implementation of Corporate Transparency Act and potential of delay of deadline of reporting requirements or repeal or reporting requirements. Department of the Treasury, Financial Crimes Enforcement Network, 31 CFR Part 1010.380, RIN 1506-AB49, Beneficial Ownership Information Reporting Requirement Revision and Deadline Extension. Beneficial Ownership Information Reporting Requirement 87 FR 59498 Sept. 30, 2022 31 CFR Part 1010 H.R. 425, to repeal the Corporate Transparency Act, all provisions. S. 100, a bill to repeal the Corporate Transparency Act, all provisions. Issues pertaining to GSE reform and multifamily lending. Regulatory proposal to allow Federal Housing Administration financing to be used for Department of Defense Enhanced Use Leases Proposed Rule: Regulatory Capital Rule: Large Banking Organizations and Banking Organizations with Significant Trading Activity 88 FR 64028 Sept. 18, 2023 Federal Housing Finance Agency Commented on the CARES Act 30-day notice of eviction requirement. Sought clarification that the federal CARES Act 30-day notice of eviction requirement ended in 2020. Retract FHFA s directive imposing three new federally mandated landlord and tenant requirements on covered multifamily properties financed by Fannie Mae and Freddie Mac (the Enterprises). Withdraw Directive to the Enterprises to Consider Additional Federally Mandated landlord tenant requirements Withdraw the 2025 Scorecard Requirements for the Enterprises to impose federally-mandated landlord-tenant requirements and enforce CARES Act: Thirty Days Notice to Vacate. Climate Disclosure The Enhancement and Standardization of Climate-Related Disclosures for Investors 89 FR 21668 Mar. 28, 2024 17 CFR 210, 229, 230, 232, 239, and 249

Public policies affecting risk management for flood, terrorism, disaster, cyber, business interruption, liability, builders risk, workers compensation, pandemic and the cost and availability of insurance utilized by multifamily firms. Issues pertaining to the rising cost of insurance for multifamily housing providers and its impact on housing affordability. Issues pertaining to pre disaster mitigation and climate resiliency efforts. National Flood Insurance Program policies, guidance, and requirements affecting existing and future multifamily and single-family properties.

Federal policies affecting data security, breach notification, privacy policies and artificial intelligence affecting owners, developers, managers, and suppliers of the multifamily industry. Public policies affecting risk management for flood, terrorism, disaster, cyber pandemic, and other areas of risk faced by multifamily firms. H.R. 8818 (118th Congress), the American Privacy Rights Act (APRA) Cyber Incident Reporting for Critical Infrastructure Act (CIRCIA) Reporting Requirements Rulemaking: Docket Number CISA-2022-0010

Broadband deployment, maintenance, access, affordability, and adoption issues at multifamily communities. Federal policies impacting availability, affordability and reliability of voice, video and data services to multifamily housing communities, including but not limited to inside wiring, broadband and cellular services. Issues surrounding the risks and opportunities posed by artificial intelligence and other emerging technologies on rental housing financing, development, and property operations. Federal policies affecting usage of data, artificial intelligence, software, and other emerging technologies used in real estate operations, development, or finance. Issues related to Broadband Equity, Access, and Deployment (BEAD) Program Reform and funding of the Affordable Connectivity Program (ACP) or similar broadband affordability program Federal Communications Commission, draft Notice of Proposed Rulemaking to restrict bulk billing arrangements for broadband, cable, and satellite communications services. Federal Communications Commission, 47 CFR Parts 0, 1, and 16, The Infrastructure Investment and Jobs Act: Prevention and Elimination of Digital Discrimination, Final Rule. Federal Communications Commission, GN Docket No. 25-133, Delete, Delete, Delete Proposed Rulemaking Federal policies and guidance impacting the operation of rental housing communities related to the use of technology and consumer protection. Repeal/removal of FTC Blogs/Guidance on Price fixing by algorithm is still price fixing, and Becoming a gold star property manager: Lessons from the FTCs case against Greystar. S.3692/HR 8622 (118th Congress) - Preventing the Algorithmic Facilitation of Rental Housing Cartels Act of 2024 S.232- Preventing Algorithmic Collusion Act of 2024

Federal policies on patent enforcement and litigation impacting the rental housing industry. Federal policies surrounding music and audiovisual copyright law and licensing. U.S. Copyright Office, Docket No. 2025-1, Notice of Inquiry on Issues Related to Performing Rights Organizations.

Federal policies affecting mail and parcel delivery service to rental housing communities.

Issues related to immigration reform and other related proposals that affect the multifamily housing industry. Reforms to the Department of Labor (DOL) H-2B Program and other foreign worker visa programs.

Military Housing Privatization Initiative / Basic Allowance for Housing

Waters of the U.S. Rule (WOTUS)-Issues related to New Rule Promulgation and Implementation - 88 FR 61964 Revised Definition of Waters of the United States (WOTUS); Conforming

Building Codes / Building Performance Standards / DOE Building Codes Program Appliance and Equipment Efficiency Standards / DOE Appliance Efficiency Program 86 FR 73947 Energy Conservation Program for Appliance Standards: Energy Conservation Standards for Residential Furnaces and Commercial Water Heaters 89 FR 37778 Energy Conservation Program: Energy Conservation Standards for Consumer Water Heaters 89 FR 11434 Energy Conservation Program: Energy Conservation Standards for Consumer Conventional Cooking Products 89 FR 19026 Energy Conservation Program: Energy Conservation Standards for Residential Clothes Washers 89 FR 3026 Energy Conservation Program: Energy Conservation Standards for Refrigerators, Refrigerator-Freezers, and Freezers Electrification / Fuel Switching Climate Change / Sustainability Green Building Impacts on Housing Affordability Electric Vehicle Charging Initiatives

Building Codes / Resiliency Climate Change Building Health and Performance Requirements (Indoor Air Quality; HVAC) Lead in Housing - 89 FR 89416 Reconsideration of the Dust-Lead Hazard Standards and Dust-Lead Post Abatement Clearance Levels EPA Refrigerant Transition Issues - 88 FR 88825 Phasedown of Hydrofluorocarbons: Technology Transitions Program Residential and Light Commercial Air Conditioning and Heat Pump Sector

Reform of the Transportation Infrastructure Finance and Innovation Act (TIFIA) Program