NMHC/NAA Invited to Discuss Public-Private Apartment Partnerships at Democratic Steering and Outreach Committee Roundtable
June 20, 2013
Washington, D.C. - June 20, 2013 - On June 19, NMHC/NAA were invited to participate in an informal Roundtable discussion with the Senate Democratic Steering and Outreach Committee on how to stimulate infrastructure investment through public-private partnerships. Twenty-two members of the Senate Democratic Caucus were in attendance to listen and join in the dialogue.
Lawmakers were primarily interested in “real life” experiences of successful public private partnerships and ways Congress can support those efforts. NMHC Chair Tom Bozzuto, Chairman and CEO of The Bozzuto Group, represented the apartment sector. Other participants in the policy discussion included executives from the manufacturing, transportation, engineering, electrical, financial and labor.
Bozzuto stressed the apartment industry’s economic and job growth contributions in his remarks and detailed how public-private partnerships work in our sector through the example of a recent Bozzuto project In Wheaton, MD. The property was built above a metro station on public land in a Joint venture with the county housing agency. It used tax credits, tax exempt bonds and HOME funds to help create 173 units of housing, a portion of which are reserved for low-income residents.
Maryland Senator Ben Cardin, familiar with the project, thanked Bozzuto and said it was a terrific example of how real estate development improves infrastructure. Delaware Senator Chris Coons also commended Bozzuto, saying his experience as a former county executive helped him appreciate how difficult these kinds of deals are to navigate.
Bozzuto also highlighted the apartment industry’s policy goals, stressing the need for housing finance reform that ensures a continued supply of reasonably priced capital so we can meet the growing demand for rental housing. He also stressed the need to maintain the Low-Income Housing Tax Credit Program and enact energy efficiency incentives, sensible immigration reforms and comprehensive tax reform.
NMHC/NAA’s participation in the Roundtable is the latest example of our ongoing efforts to tell the story of the apartment sector and the many ways we help build strong communities. For more information on our sector’s economic contribution nationally and in all 50 states, visit www.WeAreApartments.org.