Midyear Public Policy Update
Federal
President Biden Announces Major New Actions to Lower Housing Costs by Limiting Rent Increases
President Biden is calling on Congress to pass legislation giving corporate landlords a choice to either cap rent increases on existing units at 5% or risk losing current valuable federal tax breaks.
Important Information:
- President Biden would need both sides of congress to enact Rent Control which is highly unlikely.
- The 5% cap is for “corporate landlords” which is defined as 50 units and up
FACT SHEET: President Biden Announces Major New Actions to Lower Housing Costs by Limiting Rent Increases and Building More Homes | The White House
As you know, rent control has proven unsuccessful in every jurisdiction where it has been tried. By forcing owners and managers to make difficult choices with limited revenue, rent control ultimately hurts the residents it is supposed to help.
Please act today by contacting your Representatives and Senators and asking them to oppose the Biden Administration's rent control plan and to make a public statement of opposition.
National Apartment Association | Say NO to Federal Rent Control! (quorum.us)
FHFA Announces Multifamily Tenant Protections
The Federal Housing Finance Agency (FHFA) announced a set of required tenant protections for multifamily properties financed by Fannie Mae and Freddie Mac (the Enterprises).
Important Information:
Tenant protections will be included in new multifamily loan agreements beginning February 2025.
Covered housing providers will be required to provide tenants with the following:
- 30-day written notice of a rent increase
- 30-day written notice of a lease expiration
- 5-day grace period for rent payments
FHFA Announces Multifamily Tenant Protections | FEDERAL HOUSING FINANCE AGENCY
New Mexico
The 2024 1st Special Session of the NM State Legislature Comes to an End After Only 5 Hours
A total of 16 bills were introduced, but only one bill was discussed. House Bill 1 (feed bill) is typically used to fund the legislature while in session. During the special session, HB1 was amended to include $100 million for wildfire relief and $3 million for judicial pilot programs. This passed both the House and Senate.
On July 1st, Duties of the Public Regulation Commission Transferred to the New Mexico Department of Transportation.
What this means to you: Towing from multifamily properties will now be regulated by NMDOT.
Prior to the change of powers, a plethora of changes were proposed in the regulations regarding towing. The changes would not have allowed for removal of damaged, disabled, abandoned, or stolen vehicles. Furthermore, it did not allow for the removal of vehicles found to be parked in violation of city code, such as parked in front of the trash receptacle or parked on landscaping.
AANM was heavily involved in conversations with the NMDOT legal staff and commissioners. All proposed changes were dropped and AANM will continue to work with NMDOT if any new regulations are proposed.
New Mexico Counties (NMC) Assessors Affiliate Hosting Stakeholder Meetings Around NM
These meetings are regarding assessments of nonresidential properties and a possible consensus of legislation to present in the 2025 sixty-day session. The discussions will include the possibility of introducing “Equitable Disclosure” in NM.
AANM will be in attendance to insure the sustainability and predictability in property taxes regarding multifamily properties.
Municipal
Source of Income Discrimination Introduced in Santa Fe
On July 31st, Santa Fe City Council will vote on Bill 2024-3 “Source of Income Discrimination”. The bill was originally heard on May 29th but was sent back to committees after hearing the opposition from AANM. The proposed amendments would now exclude “private” housing assistance and only include “governmental” assistance. If passed, this bill will go into effect August 1st, 2025. AANM will continue to work with Santa Fe City Council to ensure all concerns are addressed. We highly encourage you to reach out to the council to voice your opinion.
To contact Santa Fe City Council please CLICK HERE.
To view the bill with the proposed amendments please CLICK HERE.
For more information on any of these updates please contact Alan LaSeck at alan@aanm.org
Alan LaSeck
Executive Director
As a reminder:
AANM’S ANTITRUST STATEMENT
Officers, directors, members and invited guests are reminded that various local, state and federal laws prohibit the exchange of information amongst competitors regarding matters pertaining to price, refusals to deal, market division, tying relationships, and other topics which might infringe upon antitrust regulations. No such exchange or discussion will be tolerated during meetings, programs, events, etc.
These guidelines apply not only to formal meeting sessions, but to informal discussions during breaks, and meals or social gatherings.