2009 National Multi Housing Council Annual Report

leadership letter ........................................................................................1

what have you done for me lately? ..........................................................2

rethinking rent ..........................................................................................4

imagine a world with no capital ................................................................9

your voice in washington ........................................................................11

the economist’s corner: the great recession..........................................20

the business of your business ................................................................22

come join us: future meetings calendar..................................................24

taking financial measure ........................................................................26

meet our leadership................................................................................27

executive committee ..............................................................................29

board of directors ..................................................................................30

2009 new members ..............................................................................33

thank you to our 2009 sponsors ............................................................34

the council’s staff: professionals serving professionals ..........................36

rethinking rentNational Multi Housing Council 2009 Annual Report

Rethinking rent. In many ways that was thetheme of 2009. Ten years after NMHC launched its“Balanced Housing Policy” initiative, it finally wentmainstream in 2009. Consumers, policymakers,thought leaders and the media all acknowledgedthat the homeownership envelope had beenstretched far too far. Renters, long perceived as“second-class citizens,” suddenly look financiallysavvy. Tens of thousands of people burned by buyinghave returned to renting. And a whole generation ofyoung Americans was disabused of the notion thathomeownership is a “can’t-miss investment.”

Unfortunately, the cost of achieving this long-soughtgoal was a global financial meltdown that createdone of the most difficult operating environments forapartment firms in the post-war era. Vacancy ratesrose to the highest level on record, property salescame to a near halt and capital all but disappeared.

Difficult times like these are when organiza-tions like NMHC prove their value, and in2009 the Council delivered on its promiseto be the industry’s strongest advocate.

The Council helped avert a looming systemic capitalcrisis with its five-point Capital Markets Plan. Andthrough its close relationships with elected officialsand leaders at the Federal Reserve, Treasury Depart-ment and other federal agencies, it is developing theframework for financial regulatory reform that willhelp ensure the industry has continued access tosufficient capital.

As if an almost complete shutdown of the capital markets weren’t enough, 2009 was also the mostchallenging year the Council has faced on Capitol Hillsince we were formed. And that includes 1986’s TaxReform Act. A new, more activist Congress meant wehad to simultaneously battle card check unionizationlegislation, proposals to triple the taxation of the pro-mote/“carried interest,” unachievable federal energycode requirements and even a federal plan to forceapartment properties into bankruptcy prematurely so they could be converted to affordable housing.

2010 promises to be another challenging year as theindustry waits for the capital markets to recover andjob growth to begin. Apartment companies will have to find new ways to cut costs and retain and recruitresidents. And, once again, NMHC will be there to

leadership letter

help them manage through the pre-recovery phasewith its conferences, webinars, white papers and more.

The good news is that observers agree that our industry will be the first to bounce back when theeconomy returns to good health. And after the recovery, we'll have one of the best multifamilyenvironments in nearly 30 years as today’s insufficientdemand is replaced by a supply shortage.

There are 75 million or more echo boomers just entering their prime household formation years, andthey are generally seeking the more environmentally-and financially-friendly lifestyle offered by apartments.And they will be entering the housing market after thecredit crisis all but shut down construction of newapartments.

Until then, NMHC will remain the apartment industry’sbest ally as we collectively work to seek creative solutions to surviving until we can thrive again.

Ric Campo2008-2009 NMHC Chairman

Peter Donovan2010-2011 NMHC Chairman

Doug BibbyNMHC President

National Multi Housing Council 2009 Annual Report rethinking rent2

As the apartment industry’s leading advocate, NMHC takes seriously our mission to not only advanceyour legislative and regulatory interests, but also to provide you with the best practices, research and toolsyou need for your business to prosper.

Our annual report explores these accomplishments in more depth and offers an outlook for 2010, but the following is a short-hand list of some of the ways we served you, and the industry as a whole, last year.

Top 10 NMHC Legislative and Regulatory Victories

1 Averted systemic failure in the apartment sector through a high-levelcapital markets initiative.

2 Defeated overly generous homeownership incentives and balancedthem with new incentives to benefit the rental housing sector.

3 Helped blocked “card check” unionization legislation.

4 Helped stall carried interest tax increase that would affect many partnerships in other industries, including 2.5 million real estate partnerships.

5 Defeated federal effort to prematurely force apartment properties into bank-ruptcy in order to convert them into affordable housing.

6 Defeated onerous proposals to require apartment owners to notify current or prospective renters whenever a property is in default or foreclosure— even quickly remedied nonmonetary defaults.

7 Transformed proposal to create a national energy-efficiency building code that exceeds what is achievablewith current technology and is economically unsupportable.

8 Bolstered the Low-Income Housing Tax Credit (LIHTC)program with two new support programs in the economic stimulus bill and an IRS clarification that Tax Credit properties can submeter utilities.

9 Secured “green money” for multifamily in the stimulusbill and expanded and improved the federal weatheriza-tion program to make it more accessible to apartmentproperties.

10 Averted Section 8 funding shortfall and supported legislation to make the Section 8 program more palatable to private apart-ment owners.

what have you done for me lately?

NMHC’s Mark Obrinsky briefing U.S.Senate Caucus.

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rethinking rent National Multi Housing Council 2009 Annual Report 3

Top 10 NMHC Industry Tools and Resources

1 Advanced apartment industry sustainability by helping to launch the newNational Green Building Standard, creating a “green practices” portal forowners, developers and managers on NMHC’s web site and convincingthe EPA to create a multifamily-specific ENERGY STAR performancetracking tool.

2 Helped firms stay ahead of volatile market conditions with NMHC’sapartment strategies conference, quarterly surveys, teleconferences and newsletters.

3 Informed business decisions with original research on multifamily finance needs, insurance trends and more.

4 Created an online Pandemic Flu Resource Center and members-only listserve to allow firms to discusstheir preparedness planning.

5 Created a new tool, A Case for Investing in U.S. Apartments, to support members in their efforts to attract foreign capital to the apartment market.

6 Helped firms recruit and retain employees with our annual compensation survey, our online career center and a special compensation “pulse check” survey taken in the final months of 2009.

7 Launched a new NMHC web site with an expanded Research and Statistics section, new advocacytools, networking tools and new tools for supplier partners. Created an NMHC presence on social networking sites to facilitate member firm networking between meetings.

8 Produced compliance guidance to help firms comply with new federal lead-based paint regulations and federal identity theft prevention regulations.

9 Explored whether the dramatic economicdownturn has had an impact on enroll-ment and on-campus dormitory vacancyrates with our original research report,Student Housing Report: Has the Recession Had an Impact?

10 Published a research report, AutomatedPayments: Progress and Challenges, that provides the results of a survey of110 leading apartment firms about theirexperience in automating the payment of rent and other fees.

NMHC 2008-2009 Chairman Ric Campo interviews Vice President Al Gore at NMHC’s 2009 Annual Meeting.

rethinking rentSince the end of World War II, the “American

Dream” has been defined as owning a house.

But it didn't start out that way. When historian

James Truslow Adams coined the phrase in

1931 it meant “a better, richer, and happier life

for all our citizens of every rank.”


Adams wrote of the “dream” of America as an opportunity to overcome the old world’s social orders. He specifically said that it has “always meant more than the accumulation of material goods.”

Adams’s American Dream became co-opted in the post-war years after massive federal intervention in thehousing market helped turn America into a nation of homeowners. Before that, there was no stigma attachedto renting; a house—whether rented or owned—was simply a place from which to pursue the dream of personal achievement.

Returning to the Way We Were

In 2009, the American Dream returned to the way it was; the way it should be.

As house prices collapsed and the so-called dream of homeownership turned into a financial and emotionalnightmare for millions, people began dreaming of more sustainable and rewarding lives. They discovered thatyou don't have to buy a house to achieve the American Dream.

Americans of all income levels—even the wealthy—exchanged their mortgages for rent payments, and the conveniences, amenities and flexibility of apartment living once again became chic.

A Pall on Ownership

Homeownership’s near sacred reputation hasbeen tainted by the bursting of the housingbubble. The evidence that homeownership is a risky investment is everywhere. House priceshave plummeted 30 percent since the housingmarket’s peak and are expected to drop another10 percent. U.S. homeowners have lost about$5.9 trillion in value since the housing market’speak in March 2006, according to Zillow.com.

Eye-opening statistics are abundant: One in sevenloans was in foreclosure by the end of September2009, the highest on record, according to the Mortgage Bankers Association. Moody’s Econ-omy.com expected that 2.4 million homes will havebeen “lost” in 2009 alone through foreclosures, shortsales or deeds in lieu of foreclosure. This follows the3.2 million households who received foreclosure no-tices in 2008. Some predict there will be 10 million ormore foreclosures by the end of this cycle.

Nearly 11 million homeowners—one in four—are “underwater” on their mortgages, according to First-American CoreLogic, and analysts at Deutsche BankSecurities expect that number to rise to 21 million by the end of 2010. In fact, price erosion is so prevalent that 11 percent of borrowers who took out mortgages in2009 already owe more than their house is worth, addsFirstAmerican.

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Naturally, many of these disillusioned owners will think long and hard before buying another house. But thereis also a psychological ripple effect to their experiences. Almost everyone knows someone who lost theirhouse or is debating walking away from an underwater mortgage; those associations will color future housingdecisions for millions more. And the children of all the foreclosed owners have learned that owning a houseis not a guaranteed path to wealth or happiness.

Already, the bursting of the housing bubble is reshaping our attitudes toward ownership. A 2009 survey by the National Foundation for Credit Counseling showed that almost half of all American adults no longerbelieve owning a house is a realistic way to build wealth. Another 42 percent no longer own a house anddon’t expect to ever own one again.

Rental Resurgence

More than a housing bubble is at work here. Demographics, tightened credit markets, changing lifestylesand new environmental awareness suggest that the U.S. is on the cusp of a fundamental change in thehousing market.

Our society is changing in profound ways that mean the kind of housing we want in the future is very differentfrom the kind we’ve been building for the past 50 years. The largest generation of children in the history of theU.S. will be entering the housing market in the next few years.

rethinking rent

49%: American

adults who no longer

believe owning a

home is a realistic

way to build wealth.

42%: Portion of

those American adults

who no longer own

a home and don’t

expect to ever own

one again.

Source: National Foundation for Credit Counseling/Harris Interactive


By 2015, there will be 67 million people aged 20-34—the prime years for renting—and these young renters aren’t necessarily interested in a house in the suburbs. Thepainful recession has also taught them thatthey need to be more mobile to respond tofast-shifting economic opportunities.

At the other end of the spectrum, the numberof seniors who no longer want to maintain a house is beginning to skyrocket, creatingnew demand for rentals close to the servicesthey need.

The biggest force at work, however, is a dra-matic change in what constitutes the “typical”American household. Married couples withchildren—the backbone of the post-war subur-ban explosion—now account for only one infour households; by 2020, that drops to one in five. In their place are a growing number of nontraditional house-holds who are more likely to choose renting—single parents, couples without children and empty nesters.

The debunking of the homeownership myth is liberating Americans to challenge the conventional wisdom and instead choose the housing that best suits their lifestyle. For millions, that's an amenity-rich apartment in a vibrant mixed-use neighborhood.

How fast are Americans becoming renters? In 2006, Harvard’s Joint Center for Housing Studies predicted an increase of 1.8 million renters by 2015. Instead, we saw a surge of 1.5 million renters from 2005 to 2007alone. A federal housing survey reports that 2.83 million new renter households were created in the last fouryears, the biggest such gain in 24 years.

Sustainable Housing: Economically and Environmentally

America’s renewed embrace of apartment living comes at a time when rental housing is not only desirable, but necessary.

If we are serious about reducing our greenhouse gas emissions, we need new land-use patterns that empha-size compact development, and that typically means apartments. Apartments allow us to spend less time inour cars, which not only makes for a better lifestyle, but also could help save the planet. Apartment residentsalso use less energy in their homes; per-person energy use is 49 percent higher in single-family detachedhouses than in apartments.

Beyond climate change, however, apartments offer other environmental benefits. They help preserve green-space, and, by reducing the amount of paved surfaces subject to polluted runoff, reduce damage to ourstreams, lakes and rivers.

2.83 million new renter households were created in the last four years,

the biggest such gain in 24 years.

In a sign of the times, a Twitter poll overwhelmingly favors renting as thenew American Dream.

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And then there are the infrastructure savings. Sprawl is expensive! It costs a lot of money to extend water, sewer, electric, highway, police and fire protec-tion farther and farther out. According to the U.S. Department of Housing andUrban Development (HUD), it costs $13,740 to service a detached house andjust $6,405 to service an apartment. The Brookings Institution estimates theU.S. can save over $100 billion in infrastructure costs over the next 25 yearsby growing more compactly.

Meeting the Demand

The U.S. will need millions of new apartments in the coming decades. Professor Arthur Nelson from the University of Utah predicts that half of allnew homes built between now and 2020 will have to be rental units to meetemerging housing demands.

To meet this demand, we need policy shifts at all levels of government. According to the Congressional Budget Office, in 2009 the federal govern-ment devoted almost four times as much to support homeownership (about$230 billion) than it did to support rental housing ($60 billion). Even in a deeprecession, Congress spent more than $15 billion in 2009 on new homebuyertax credits even though 85 percent of the recipients would have bought ahouse without the credit!

We don’t need homeownership incentives to be a well-functioning country or economy.We need only look to Europe to see that a large number of renters will not undo our society—the homeownership rate in Switzerland is 35 percent; in Germany it is 42 percent, yet neither country suffers a lack of civic-mindedness.

The imbalance isn’t just at the federal level.Thousands of cities continue to embracezoning and land-use regulations that favorsprawling, car-dependent development anddiscourage apartment construction.

Most immediately, we need a fully functioningcredit market that allows apartment firms toget back in the business of building apart-ments. Without that, the reverberations of thenear-shutdown of new apartment constructionin 2009 could lead to a critical shortage ofrental housing as early as 2012.

Consumers are already rethinking rent. Nowwe need federal, state and local housingpolicy to catch up.

For a century, Americans lusted to own

homes. Now, a choir of recession-era

voices sings the joys of rentership.

Nicolas RetsinasDirector of the Joint Center for Housing Studies at Harvard UniversityFormer Federal Housing Commissioner


The unthinkable—the complete freezing of the capital markets—nearly happened in 2009.

It started when the commercial mortgage-backed securities (CMBS) market shut down in late 2007. It worsenedafter the collapse of Lehman Brothers and the federal takeover of Fannie Mae and Freddie Mac in late 2008.

By 2009, the cumulative effects were being felt. Life insurance companies and banks exited the market. Securitized financing was a thing of the past. The risk of systemic failure in the apartment sector was veryreal. Capital for new apartment construction all but disappeared. The frozen capital markets brought apart-ment transactions to a virtual standstill.

An estimated $30-$40 billion in multifamily mortgages were set to mature over the next two years andneeded capital to refinance. The situation was made even more difficult as property values dropped nearly40 percent, causing many ofthese properties to owe morethan they were worth.

The liquidity crisis threatened to cause a wave of unnecessarybankruptcies and a seriousshortage of housing in the coming years.

Throughout 2009, NMHC con-ducted a high-profile initiative to restore the apartment sector’saccess to capital. We made surethat policymakers understoodthat the apartment sector relieson the same federal institutionsand agencies as the single-family sector—Fannie Mae,Freddie Mac and the FederalHousing Administration—butthat our needs were very differ-ent, and our needs required their attention.

We issued a five-point Capital Markets Plan. We heldmeetings at the White House, the Federal Reserve, the TreasuryDepartment, the government-sponsored enterprises’ (GSEs)regulator, the U.S. Department ofHousing and Urban Developmentand on Capitol Hill to outline thesteps federal officials needed totake to avoid a shutdown in theapartment sector.

imagine a world with no capital

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Apartment Transactions ($ Billions)

Without a fully functioning capital market, apartment transactionsfell from $100 billion to around $14 billion in just two years.

NMHC's GSE Task Force meets to develop a policy framework for GSE reform that accommodates the apartment sector’s needs. From left to right: Shekar Narasimhan(Beekman Advisors), Peter Donovan (CBRE and 2010-2011 NMHC Chairman) and BobDeWitt (GID Investment Advisers and GSE Task Force Chairman)


As a result, we:

• Retained a Federal Liquidity Backstop for the Apart-ment Sector. After Fannie Mae and Freddie Mac were putinto conservatorship, we worked closely with them, withtheir regulator and with their network of lenders to secureadded liquidity and stability for their multifamily programs.Despite the conservatorship, Fannie and Freddie fundedover $40 billion in multifamily mortgages and accountedfor an estimated 90 percent of the market.

• Secured a Federal Liquidity Backstop for the CMBSMarket. We succeeded in having the Term Asset-BackedLoan Facility (TALF) program expanded to include com-mercial real estate and to provide inexpensive loans tohelp investors buy both new and “legacy” (existing) CMBS.We worked with federal officials to extend the TALF loanterms from one year to five years, so they better match the needs of CMBS investors.

And when it became clear that more time was needed to get the program operational, we secured a program extension beyondTALF’s original December 2009 sunset date.

• Secured Federal Guidance Easing Apartment Loan Workouts. Late in the year, federal regulators released an important policy statement making it easier for banks to work out and extend performingcommercial real estate loans that had fallen victim to lower property values without risking adverse actionby bank examiners. The guidance made it easier for apartment borrowers to refinance or secure longerextensions on existing loans that were due to mature.

• Secured Treasury Rules Easing Restructuring of CMBS Loans. At the urging of NMHC and others, the Treasury Department issued guidance making it easier for CMBS servicers to begin loan restructuringtalks with borrowers before the loans go into default. Prior to the guidance, CMBS servicers triggered severe tax penalties if they began discussions before borrowers fell behind on their payments.

• Secured an FHA Waiver Making Permanent Financing More Available for Apartment Firms. In response to the frozen capital markets, the Federal Housing Administration (FHA) temporarily waivedregulations that prohibited properties that had been constructed or rehabilitated in the past three years from obtaining FHA mortgages. The waiver opened new lines of credit for apartment firms and properties seeking bridge financing for outstanding construction debt.

• Bolstered the Beleaguered Low-Income Housing Tax Credit (LIHTC) Program. When investor demandfor LIHTCs plummeted, putting hundreds of projects at risk, NMHC successfully urged Congress to takeaction. Lawmakers used the economic stimulus funds to create two cash grant programs for state housingagencies to use for capital investments in stalled tax credit properties.

Clearly there is still much work to be done before the capital markets are fully functioning, but the good newsis that thanks to NMHC’s five-point Capital Markets Plan, our industry weathered the economic storm betterthan any other commercial real estate sector.


NMHC has been the voice of the apartment industry for morethan 30 years, but never have we seen a year like 2009.

Combine a complete shutdown of the capital markets with a new(and ambitious) President and a Democratic takeover of Congressand you have the recipe for the most challenging year the Councilhas ever faced on Capitol Hill.

From climate change to card check to carried interest, the Councilwas fully engaged battling high-profile and high-risk legislative pro-posals on a dozen fronts.

There was no shortage of “out of the box” legislative thinking that required full-blown responses from the Council. One proposalwould have allowed the government to prematurely force strugglingapartment properties into bankruptcy so they could be converted toaffordable housing. It actually passed the House of Representatives.NMHC’s actions ensured that any federal program targeting “at-risk”apartments requires the consent of the owner.

Then there was the House-passed language that would have required apartment owners to notify current or prospective renters whenever a property is in default, evenquickly remedied non-monetary defaults. We educated officials that this ill-advised idea would unduly alarmresidents and could actually trigger a foreclosure by discouraging residents from signing or renewing leases.

Consider also the House climate change bill. It would have created a new national energy-efficiency buildingcode that is unachievable in many regions of the country with currently available technology, and would havemade non-compliance a federal offense. As introduced, it would have been illegal to operate or sell a buildingthat didn’t comply. We prevailed with more reasonable provisions in the Senate measure.

We repeatedly defeated calls for overly generous bailouts of homeowners. We averted systemic failure in the apartment sector by ensuring the industry’s ongoing access to capital after the federal takeover of thegovernment-sponsored enterprises, Fannie Mae and Freddie Mac. We transformed the enormous economicstimulus bill to include more rental incentives. The list goes on, and some of our key achievements are detailed in these pages.

This is just a sampling of the challenges we faced throughout the year. By leveraging our extensive and longstanding contacts in Washington, DC, our fact-based approach to lobbying and participation in manycoalitions, we achieved numerous victories, both large and small.

Meanwhile, we are preparing for another year much like the last. The economy will remain a top priority in2010 and several of the most important issues facing the industry will return because Congress failed to takefinal action on them in 2009. They include card check, carried interest, immigration reform, financial reform,energy and climate change legislation and an overhaul of the tax system. And they will be doing it in the partisan environment of yet another election year.

Capital Markets

Throughout 2009, NMHC conducted a high-profile effort to restore the apartment sector’s access to capital.With most of the attention on the mortgage crisis being directed at the single-family sector, the Council made

Jim Arbury, NMHC's Senior Vice President of Government Affairs, spearheads the Council's legislative and regulatory program.

your voice in washington


sure policymakers understood that the apartment sector hadalso become a collateral victim of the global financial crisis.

We held meetings at the White House, Federal Reserve andTreasury Department, as well as with members of Congressand with Fannie Mae and Freddie Mac’s regulator to outlinethe steps that federal officials needed to take to avoid systemicfailure in the apartment sector.

We also provided Congress with sound testimony and guid-ance on how to best address over-leveraged and distressedmultifamily real estate assets within the framework of foreclo-sure and helped prevent aggressive government intervention.

Although the apartment sector has fared much better thanother commercial real estate sectors, our work has just begun.2009 was a year of responding to crises. In 2010, we will es-tablish the foundation for the future of commercial real estatefinance. We will be focused on securing a sound resolution tothe restructuring of Fannie and Freddie, restoring the publicsecurities markets and construction lending. We will also work to bolster the Low-Income Housing Tax Creditprogram, the Section 8 voucher program and other affordable housing initiatives.

Taxation

Tax law was one of our top priorities in 2009. It will remain so in 2010. The House Ways and Means Committeeplans a tax reform overhaul. That means lawmakers will need to find new revenue sources to offset growinggovernment expenditures—the annual budget deficit now exceeds $1 trillion.

The biggest threat to apartments is lawmakers’ desire to pay for tax reformwith a major tax increase on real estate partnership “carried interest,” alsoknown as the developer’s “promote.” The House has now passed a carriedinterest tax increase three times. Fortunately, the Senate has blocked allthree attempts. Doing so in 2010 may be more difficult, though, and NMHCwill continue its efforts with a broad-based business coalition to oppose it.

Estate tax reform also remains in play. Lawmakers attempted unsuccess-fully at the end of 2009 to pass permanent reform, making this a “must-pass” issue in 2010. We have come a long way in this battle. Just sevenyears ago, Congress was confidently talking about eliminating the estatetax but at the price of eliminating “stepped-up basis,” which is critical forheirs of commercial real estate. Now our request—permanently extendingthe 2009 estate tax laws—is the starting basis for 2010’s negotiations.

Other critical areas of concern in 2010 include possible changes to the tax treatment of like-kind exchanges and the tax rates on capital gains,dividends and income, which will all increase at the end of the year if Congress doesn't take action.

Energy and Environmental Issues

Climate change legislation was by far one of NMHC’s greatest challenges in 2009. Legislators eager todramatically curb carbon emissions targeted the built environment and sought to impose stringent—and in some cases unachievable—mandates via building codes. NMHC was successful in steering the debate

Dave Cardwell, NMHC’s Vice President of Capital Markets and Technology, leads the Council’s capital markets initiative.

NMHC’s Vice President of Tax, Jen-nifer Bonar Gray, briefs the memberson proposals to increase the tax onthe developer’s promote (“carried interest”) at NMHC’s Annual Meeting.


away from the more draconian proposals, but with final action pushed into 2010, we will continue to pushfor policies that combine technologically feasible building efficiency standards with economic viability.

Attention in 2010 will continue to focus onthe economy and the environment. Usinggreen jobs to stimulate the economy anddecrease greenhouse gas emissions remainsat the top of national ‘to do’ list. NMHC willbe there to urge policymakers to include incentives for green apartment constructionand for improving energy performance of existing properties as part of those efforts.

NMHC also launched a new SustainabilityCommittee to help advance industry bestpractices and develop and promote standardsthat apartment firms can use to market theirsustainability quotient.

Congress will also resume work on a majortransportation initiative, which gives us anopportunity to craft polices that rewardsmart, transit-oriented development—thekind of housing apartments provide best.

We will also be actively engaged in the perennial debate over the Clean Water Act and proposals to tightenfederal control over development activities. From lead-based paint to indoor air quality to stormwater reg-ulations, NMHC will represent the apartment industry’s interests.

Housing Policy

Our national housing policy is at a crossroads. The serious flaws in the “homeownership at any cost” housingpolicy have been made clear. Scholars, reporters and lawmakers agree on the need for a more balancedhousing policy, one that explicitly acknowledges the value of and need for rental housing.

But old habits are hard to break. Even as elected officials start to understand that, intellectually, so far newattitudes have not translated into new policies. Instead, we have seen an extension of old-line thinking: New homebuyer tax credits and other ill-advised subsidies that threaten to reinflate the old single-familyhousing bubble.

Change like this comes slowly, however, and there were some positive signs of movement in that directionin 2009. For instance, we were successful in opposing the most egregious homeownership incentives proposed during the year, and we were able to transform the economic stimulus bill so it included rentalincentives as well.

Clearly, there is much still to be done. NMHC will continue to put forward a policy framework that advocatesfundamental changes in our housing policy.

Labor and Employment

In 2009, labor groups aggressively pushed their legislative and regulatory agenda, but the Employee FreeChoice Act (EFCA)—their top priority—failed to advance. As proposed, the EFCA would ease organizing and collective bargaining rules, making apartment firms more vulnerable to unionization, and impose new penaltiesagainst employers—but not unions—for violating the law.

Eileen Lee, NMHC’s Vice President of Energy and Environmental Policy, discusses sustainability and energy policy at an industry event.


Despite the Administration’s commitment to the bill, and support from Democratic leaders in the U.S. Houseof Representatives and the Senate, momentum waned for the union-backed legislation as the economic

recession continued, unemployment rose and moderate Democrats—especiallyin the Senate—became increasingly concerned about the potential politicalimplications of supporting the bill.

Halting EFCA in 2009, known as the “card check” bill because it would effectively replace private ballots with cards in union elections, was a signifi-cant victory and was assisted by a well-timed NMHC grassroots alert askingCouncil members to contact their lawmakers to oppose the measure. But theapartment industry will continue its vigorous opposition to the bill in 2010 asthe unions persist with their card check campaign. Unions and their supportershave indicated their willingness to “compromise” on the bill, but it is unlikelythat an alternative version would meaningfully amend the measure’s onerousprovisions.

Immigration Reform

Apartment firms are both employers and housing providers, so immigration reform is especially important to us. Following a period of relative inaction, Congress is expected to resumeconsideration of a comprehensive legislative package in 2010 that covers employment verification, legaliza-tion, temporary worker programs and border enforcement.

Both President Obama and Department of Homeland Security Secretary Janet Napolitano support compre-hensive legislative and regulatory reforms. However, persistent disagreements in Congress could prove to beinsurmountable in 2010 considering the November elections and competing priorities. Despite the uncertainoutlook, NMHC will continue our advocacy efforts, focusing on accurate and efficient employment screeningand rational policies for temporary workers and undocumented individuals who already reside in the U.S. Wewill also continue to seek legislative language that preempts onerous state and local laws that impact apart-ment owners but reserves for the federal government the authority to create immigration policy.

Telecommunications

In 2009, NMHC continued to lead the fight against federal regulations that improperly restrict an apartmentowner’s ability to freely contract with providers of voice, video and data services. Although a federal courtruled in favor of the Federal Communications Commission (FCC) in our lawsuit seeking to overturn an October2007 ban on exclusive access agreements, the case served as a preemptive challenge to the FCC’s authorityto further regulate contracts. In 2010, the FCC may revisit issues relating to marketing and bulk agreements,and NMHC is well-positioned to advocate on behalf of apartment owners.

Property and Risk Management

This broad subject covers a wide range of core operational areas for apartment firms, so it presents a diverseset of challenges and opportunities, both legislative and regulatory. Much of our 2009 work involved educatingmember firms about new regulatory obligations placed on them by federal agencies and creating bench-marking data to help drive strategic decision making.

Accessibility remains a priority issue for the apartment sector, and NMHC continues to reach out to theDepartment of Justice and HUD to educate them about the obstacles to more widespread compliance andthe need for a tolerance-based approach to enforcement of accessibility regulations.

Property insurance affordability also remains high on the Council’s agenda given that catastrophic lossesfrom floods, hurricanes and earthquakes are expected to double every decade. Our annual ApartmentCost of Risk Survey provides firms with the latest cost information for several lines of apartment community

Betsy Feigin Befus, NMHC’s VicePresident of Employment Policyand Counsel on Capitol Hill.


insurance coverage. In the legislativearena, we successfully advocated for anextension of the current National Flood Insurance Program (NFIP), which providesthe needed coverage to member firms. In2010, we will continue our efforts to ensurethat any changes to the program do not reduce the availability and affordability offlood coverage.

Finally, NMHC alerted apartment firms to thepandemic flu threat in 2009, and helped themanticipate, prepare for and respond to theapartment-specific challenges that a severeflu could bring. We created a Pandemic FluResource Center on www.NMHC.org as wellas a listserve to let members share the latestinformation.

2010 is certain to present additional challenges, as well as opportunities, to address fair housing issues,additional consumer protection issues and federal homeland security initiatives.

Building Codes

Perhaps the least understood of NMHC’s policy areas is building codes.Staying on top of ever-changing building codes involves meticulouslyexamining thousands of technical proposals to determine whether theywill impact apartment construction costs, knowing that every victoryearned can be wiped out in the next code development cycle.

For that reason, NMHC is always working on two distinct horizons. On the short-term horizon, we review proposed code changes, collectevidence to support or oppose them and work behind the scenes tosecure the necessary votes in our favor. On the long-term horizon, weare continuously educating key stakeholders of our positions so wecan head off potentially negative code changes before they acquireany momentum.

2009’s key issues were proposals related to energy conservation and fire safety and proposals related to the2001 attack on the World Trade Center. As is the case in so many of our policy areas, here, too, the facts areon our side as apartments (equipped with sprinklers, as is the norm now) have the best safety record of anyoccupancy classification covered by the codes.

Key Legislative and Regulatory Victories in 2009NMHC achieved several landmark victories in the most important legislative session for the housing sector in decades. A summary of key legislative and regulatory accomplishments:

Averted Systemic Failure in the Apartment Sector Throughout 2009, NMHC conducted a high-profileeffort to restore the apartment sector’s access to capital. With most of the attention on the mortgage crisisbeing directed at the single-family sector, NMHC made sure policymakers understood that the apartmentsector had also become a collateral victim of the global financial meltdown. (See “Imagine a World with NoCapital” for more information.)

NMHC’s Vice President of Business Operations and Risk ManagementPolicy, Jeanne McGlynn Delgado, talks with Rep. Paul Kanjorski (D-PA), a senior member of the Financial Services Committee and chair of theSubcommittee on Capital Markets, at NMHC’s Board of Directors meeting.

Ron Nickson, NMHC’s Vice President ofBuilding Codes, discusses the industry’s efforts with the model code organizations.

National Multi Housing Council Political Action Committee (NMHC PAC)

A Sound Investment in Our Industry

Beyond our skilled team of lobbyists, one of themost important ingredients in our legislative initia-tives is the NMHC Political Action Committee(PAC). Through the NMHC PAC, we are able tosupport political candidates who are in harmonywith our industry’s goals and we can be more ag-gressive in supporting up-and-coming membersof Congress who will grow in stature and power in the future.

After a very successful 2008, when a record$522,637 was raised for our NMHC PAC, in 2009PAC contributions fell as fewer members steppedup to provide needed funds. Our NMHC PoliticalAction Committee Chairman Linwood Thompsonand Vice Chairman David Neithercut led an effortthat raised $336,787 for our NMHC PAC. Thosefunds were used to support 100 members of Congress of both parties.

The success of our PAC depends entirely on member support. Since corporations cannot contribute to PACs,we rely on voluntary personal contributions from employees of NMHC member firms. At the 2010 Annual Meeting in Boca Raton, we recognized two firms for their employees’ exemplary support of the PAC last year.

NMHC recognizes 2009’s top PAC supporters: Marcus & Millichapwas named 2009’s NMHC PAC Advocate and Equity Residential re-ceived the NMHC PAC Challengers Award. (L-R) David Neithercut(Equity Residential), Gregory Matus (Marcus & Millichap), Jim Arbury(NMHC) and Linwood Thompson (Marcus & Millichap).

Blocked ‘Card Check’ Legislation NMHC continued our intense opposition to the Employee Free ChoiceAct, the lopsided union-backed bill nicknamed “card check” that would effectively kill secret ballots and render union elections inherently vulnerable to fraud and coercion. Our broad industry coalition efforts and a well-timed NMHC grassroots alert helped stall the bill, which had been expected to win fast approval.

Retained Ban on Downpayment Assistance We turned back an effort early in the year to reinstateseller-financed “charity” downpayment programs, which Congress had banned in 2008. NMHC remindedlawmakers that these programs perpetuate the now discredited zero-down mortgage lending and wouldthreaten to reinflate the housing bubble.

Helped Stall Carried Interest Tax Increase NMHC mounted a ’round-the-clock lobbying campaign tooppose a proposal to change the taxation of carried interest (i.e., the general partner’s “promote”) from thecurrent capital gains rate to ordinary income tax rates. Originally intended to rein in hedge fund and venturecapital fund managers, the proposals have been overly broadly written and would affect many partnershipsin other industries, including 2.5 million real estate partnerships.

Defeated Overly Generous Homeownership Incentives Through an all-out lobbying campaign, NMHChelped transform the economic stimulus package enacted in February to reflect a balanced housing policy.The final legislation stripped out a $15,000 homebuyer tax credit for all buyers and replaced it with a smaller,temporary, income-restricted tax credit for first-time homebuyers only. It also rejected calls for federally subsidized “interest rate buydowns” for house purchasers. Moreover, it included several provisions helpful to apartment firms related to the Low-Income Housing Tax Credit (LIHTC) program, energy-efficiency incen-tives, bonus depreciation and more.

AvalonBay Communities, Inc.Allied Realty ServicesBader CompanyThe Bozzuto GroupBRE Properties, Inc.Camden Property TrustCrossbeam Capital LLCEquity ResidentialHFF

Holland Partner GroupHome Properties, Inc.ING ClarionKlingbeil Capital ManagementThe Michelson OrganizationMid-America Apartment

Communities, Inc.Milestone ManagementMoran & Company

Nevins•Adams•Lewbel•SchellPacific Property CompanySimpson Housing LLLPTime Warner CableTranswestern Investment

Company, LLCWNC & Associates

Our Advocate’s Award went to Marcus & Millichap, which raised $38,397 for the PAC. Equity Residential wassecond and received our Challenger’s Award after raising $33,164 in PAC funds from its employees.

In all, 707 individuals from 66 firms contributed to the NMHC PAC this year. However, participation in theNMHC PAC by NMHC members is lower than 10 percent. With key issues that can impact our industry beingdebated in Congress and so many interest groups vying to be heard, it is more imperative than ever that ourlegislative efforts are enhanced by full participation in the PAC by all NMHC members.

Firms That Increased Giving in 2009 Despite the Recession

Marcus & Millichap ($38,397)Equity Residential ($33,164)BRE Properties, Inc. ($21,501)AvalonBay Communities, Inc. ($19,250)

Pinnacle ($15,500)Camden Property Trust ($15,125)CB Richard Ellis ($12,800)Gables Residential Trust ($12,054)

SARES•REGIS Group ($10,150)Home Properties, Inc. ($10,000)Moran & Company ($10,000)Simpson Housing LLLP ($10,000)

Firms Whose Employees Contributed $10,000 or More

Defeated Effort to “Take Over” Struggling Apartment Properties NMHC turned back efforts to allowthe government to prematurely force apartment properties into bankruptcy and convert them to affordablehousing. Thanks to NMHC’s action, an amendment allowing the government to intervene whenever an apartment property is delinquent, at risk of default or at risk of disinvestment or in foreclosure was altered to require the consent of the owner before any action is taken.

We were also one of a limited number of groups invited to attend a special meeting convened by HUD andthe Treasury Department to explore what role the government should play regarding distressed assets andensuring financially stable and well-maintained properties.

Defeated Onerous Resident Notification Proposal NMHC turned back a proposal that would have required apartment owners to notify current or prospective renters whenever a property is in default or foreclosure—even quickly remedied non-monetary defaults. We educated officials that this ill-advised ideawould unduly alarm residents and could actually trigger a foreclosure by discouraging residents from signingor renewing leases.

Transformed Onerous Energy Code Proposal When lawmakers targeted the built environment for energy savings by passing a bill in the House that would create a national energy-efficiency building codethat exceeds what is achievable with current technology and is economically unsupportable, NMHC con-vinced the Senate to consider an alternative approach that eliminates specific efficiency targets and time-lines and instead leaves those decisions to an EPA rulemaking.


Launched New Green Building Standard NMHC helped draft and launch the National Green BuildingStandard (NGBS) (ICC-700), the first consensus-based standard for green residential new construction andbuilding retrofits. The NGBS is an alternative to non-standardized green rating systems (such as the LEEDcriteria) for local jurisdictions that are implementing green building requirements.

Expanded and Improved the FederalWeatherization Program Capping athree-year NMHC effort, the Departmentof Energy issued new rules long soughtby NMHC making the federal weather-ization program more accessible toapartment properties. In February’s eco-nomic stimulus bill, NMHC also securedan increase in weatherization programfunding from $400 million to $5 billion,expanding the eligibility requirementsand raising the per-unit cap on assis-tance from $2,500 to $6,500.

Secured “Green Money” for Multi-family in the Stimulus Bill NMHChelped secure a significant amount ofmoney for energy-efficiency incentives inthe apartment sector in the economicstimulus bill, including $3.2 billion for anEnergy Efficiency Block Grant Program,$2.3 billion to make energy-efficient reno-vations in Section 8 and other HUD-sub-sidized units and an increase inweatherization funding.

Secured New ENERGY STAR Performance Tracking Tool At NMHC’s urging, the EPA launched a multifamily-specific version of its ENERGY STAR Portfolio Manager, an online tool that allows building owners to measure the energy consumption of their buildings. The development of a fully vetted ENERGYSTAR labeling program for apartments has taken on new importance as lawmakers consider “disclosure/labeling” legislation that could require property owners to disclose energy scores or performance ratings of their properties.

Opposed Onerous Immigration Measures As an active participant in the immigration reform debate,NMHC worked to oppose burdensome legislative and regulatory requirements on employers, including efforts to make the federal government’s E-Verify employee screening system mandatory. We also issuedmember guidance on new regulations requiring E-Verify for federal contractors.

Averted Section 8 Funding Shortfall NMHC helped secure $2 billion in the economic stimulus bill for full-year payments for project-based Section 8 properties. Our Congressional testimony in 2008 encouragedCongress to take this action to avert the serious funding shortfall that has beset the Section 8 program inprior years.

Bolstered the Low-Income Housing Tax Credit (LIHTC) Program NMHC obtained Congressional assistance for the beleaguered LIHTC program through two provisions in the economic stimulus bill. One allocated $2 billion for direct equity grants to states to use as “gap financing” for stalled LIHTC projects. The second allowed states to exchange 40 percent of their 2009 LIHTC allocations for cash grants from the Treasury Department.

Eileen Lee, NMHC’s Vice President of Energy and Environmental Policy;Jeanne McGlynn Delgado, NMHC’s Vice President of Business Operationsand Risk Management Policy; Senator Kent Conrad (D-ND), Chairman ofthe Senate Budget Committee; and Lisa Blackwell, NMHC’s Vice President of Housing Policy at NMHC’s Board Meeting.


Obtained IRS Clarification on Submetering at Tax Credit Properties NMHC led the effort to secure animportant clarification to new IRS utility allowance regulations that confirmed the right of property owners tosubmeter utilities on LIHTC properties.

Supported Section 8 Reform Reforms long sought by NMHC to the Section 8 program, includingstreamlining the inspection process and establishing a reliable funding formula, were included in a bill thatpassed the House Financial Services Committee in 2009.

Produced Lead-Based Paint Regulatory Guidance NMHC published comprehensive guidance and a webinar to help firms comply with new EPA lead safety regulations that govern common renovation and repair activities in pre-1978 properties.

Opposed Restrictions on Telecommunications Contracts NMHC continued to lead the real estate industry’s long-standing opposition to unjustified federal regulations that interfere with an owner’s ability toenter into and enforce telecommunications contracts.

Secured NFIP Flood Insurance Extension Averted a shutdown of the National Flood Insurance Programby securing an extension before the program’s scheduled expiration date.

Secured Apartment Provisions in Catastrophic Insurance Legislation NMHC expanded catastrophicinsurance legislation to include multifamily housing. Thanks to our efforts, the pending bill authorizes astudy to explore a program to meet the apartment industry's catastrophic insurance needs.

Two Organizations, One Voice

For nearly two decades, NMHC and the National Apart-ment Association (NAA) have joined forces to form a Joint Legislative Program (JLP) to advocate on behalf ofthe apartment industry. In 2009, this unique partnershipwas extended for another three years.

This relationship combines expertise and strength innumbers to create a partnership that is greater than thesum of its parts. NMHC is able to tap into the grassrootspower of NAA’s more than 50,000 members and its state and local chapters to help moveour issues forward. NAA members, meanwhile, gain access to one of the most experiencedand skilled legislative teams working on Capitol Hill. The alliance creates an entity with thestrength to attract excellent legislative staffers and the resources to conduct cutting-edge research on important issues facing the industry. Just as importantly, it also enables theapartment industry to pursue its legislative and regulatory agenda with a single, unified andclear voice.


Like virtually all other industries, in 2009 the apartment industry was at themercy of the Great Recession.

The worst economic downturn since the 1930s has cost more than 8.4 millionpayroll jobs—pushing the unemployment rate above the symbolic 10 percentmark for the first time in 10 years and putting the total employed at 6.1 percentbelow the pre-recession peak. That’s unmatched in the post-World War II eraand bad news for an industry that relies on job growth to drive demand.

The result? Net absorptions fell sharply. Rents declined, and the vacancy rate rose to the highest level in at least 40 years by some measures. Thereare more than 4.5 million vacant rental units, between houses for rent andapartments; as much as 1.5 million more than in a more normal market.

Adding insult to injury, Congress set about trying to entice renters into home-ownership with a dubious and very pricey homebuyer tax credit.

Capital Markets Crisis

In addition to the recession, the apartment industry also struggled to survive the capital markets crisis that ignited the recession. With short-term interest rates already at zero, standard monetary policy was out of ammunition. Fiscal policy contributed a sizable stimulus package and the Fed began “quantitative

easing”—injecting liquidityinto the system directly. These extraordinary measurespulled the financial systemback from the brink.

Though debt financing conditions for apartmentsworsened in 2009, FannieMae and Freddie Mac were a stabilizing factor, providing a crucial liquidity backstop for acquisition finance.

Even so, transaction volumecontinued to drop; falling from $100 billion to around

the economist’s corner: the great recession

Mark H. Obrinsky, Ph.D.Vice President of Research andChief Economist

0

100

200

300

400

’90 ’92 ’94 ’96 ’98 ’00 ’02 ’04 ’06 ’09’08’07’05’03’01’99’97’95’93’91

Multifamily (5+) Starts (000)(6 month moving average)

It’s reasonable to expect that 2009’s insufficient apartment demand

will be replaced by a supply shortage before long. Perhaps even as

soon as 2012.

New apartment construction set an all-time post-World War II lowin 2009.


$14 billion in just two years. In addition to an unusual degree of uncertainty about the appropriate valua-tion of properties in such an unusual environment, many potential buyers waited for distressed borrowersto be forced to sell.

Distressed borrowers, meanwhile, found their lenders adopting an “extend and pretend” strategy, figuringthat a recovery in the apartment market in the next year or two would go a long way toward restoring collateral value.

Unlike acquisitions, construction has been hit hard by the absence of normal bank lending. New apart-ment construction set an all-time post-World War II low in 2009, at under 100,000 new starts.

Back from the Brink

The “great recession” may soon be declared officially over; however, the job market is likely to continue to worsen, and improvement may not come until well into 2010.

The good news for apartmentfirms is that 2009’s low con-struction starts, when coupledwith a stream of young echoboomers and millennials intothe housing market, shouldproduce a significant increasein apartment living as soon as the economy returns tohealth.

It’s reasonable to expect that2009’s insufficient apartmentdemand will be replaced by asupply shortage before long.Perhaps even as soon as 2012.

...a stream of young echo boomers into the

housing market should produce a significant

increase in apartment living as soon as the

economy returns to health.

-800

-600

-400

-200

0

200

400

600

800

1,000

1,200

’95 ’97 ’99 ’01 ’03 ’05 ’07 ’09 ’11 ’14’13’12’10’08’06’04’02’00’98’96 ’15

20-34 Year-Old Population(annual changes, thousands)

The entry of the Echo Boomers into the housing market will spikeapartment demand.


For 30 years, NMHC has provided thought leadership to the apartment industry. Although we are bestknown for our highly effective government affairs program, the success of your business is one of our coremissions. We call it our Strategic Business Information initiative, which is our way of saying that we makesure you have the information you need to make informed business decisions. From original research tobenchmarking studies to best practices and regulatory compliance guidance, we keep you informed. Hereare just some of the resources and tools we produced for you in 2009:

Apartment Market Conditions

• NMHC’s Quarterly Survey of Apartment Market Conditions and regular teleconferences on current market conditions featuring researchers and leading owner/operators.

• NMHC’s annual Apartment Strategies Conference and annual Research Forum.

• The 2009 NMHC 50 – the Top 50 Apartment Owners and Top 50 Apartment Managers.

• New research on competition for the apartment sector from home-ownership, who’s moving into apartments and whether a supply shortage is looming.

Apartment Marketing/Promotion

• New PowerPoint presentation – A New Housing Policy: Promoting Rental Housing – that uses key facts and figures to make the case that America

not only needs rental housing, but it also wants rental housing as a result of profound demographic andlifestyle shifts as well as macro factors such as growing environmental awareness and the need to acom-modate population growth in a fiscally sustainable manner.

• A Case for Investing in U.S. Apartments, a report designed to help attract foreign capital to the apartment market.

• New “Consumer Portal” on NMHC’s web site to help users decide between renting and buying.

Capital Markets

• Research on the role of Fannie Mae and Freddie Mac in multifamily finance.

• NMHC’s annual Finance Forum.

• NMHC-sponsored white paper by Harvard University (MeetingMultifamily Finance Needs During and After the Credit Crisis)educating policymakers about the key differences between thesingle-family and the multifamily sectors.

Energy-Efficiency/Sustainability

• NMHC helped launch the National Green Building Standard (ICC-700), the first consensus-based standard for green residential newconstruction and building retrofits.

• Webinar exploring how the apartment industry can use the NGBS to its advantage.

• New “Green Practices” portal on NMHC’s web site offering resources for owners, developers, managersand policymakers.

the business of your business


• Worked with the U.S. Environmental Protection Agency to launch an energy management database tool: Portfolio Manager for Multifamily Properties.

• Special newsletters explaining proposed climate change legislation and its potential impact on the apartment industry.

Student Housing

• Student Housing Report: Has the Recession Had an Impact? examineswhether the dramatic U.S. economic downturn has had an impact on enrollment and on-campus dormitory vacancy rates.

• NMHC’s annual Student Housing Conference.

Human Capital

• Annual National Apartment Survey of Compensation and Benefits Practices,the industry’s leading and most detailed source for strategic compensationand benefits information. The 2009 report covered more than 65 corporate/regional and on-site job titles in more than 200 geographic areas. New in 2009 was an Interactive Data Tool that allows firms to compile data according to their own criteria.

• Compensation Strategy “Pulse Check” Survey taken in the final months of 2009 to update our annual compensation survey with real-time data on firms’ plans for merit increases and bonuses.

• NMHC’s annual Human Resources Forum.

• Online Career Center offering NMHC members the ability to post job openings on the SelectLeaders Real Estate Job Network.

Technology and Telecommunications

• Automated Payments: Progress and Challenges research report that provides the results of a survey of 110 leading apartment firms about their experience in automating the payment of rent and other fees.

Property and Risk Management

• 2009 Apartment Cost of Risk Survey that benchmarks insurance rates, deductibles, coverage terms and claims history for Property, General Liability and Workers’ Compensation insurance.

• Regulatory compliance guidance on complying with new federal lead-based paint regulations.

• Online Pandemic Flu Resource Center and members-only listserve to allow firms to discuss their preparedness planning.

• Compliance resources to assist members in meeting the requirements of federal identity theft preventionregulations.

• NMHC’s Annual Property and Risk Management Forum.

Member Resources

• New NMHC web site with an expanded Research and Statistics section, new advocacy tools, networkingtools and new tools for supplier partners.

• 2010 Partner Guide, a one-stop resource identifying all the sponsorship and exhibiting opportunities withthe Council.

• NMHC presence on social networking sites (LinkedIn, Facebook and Twitter) to facilitate member firmnetworking between meetings.


2010 Calendar of Events

April 20-21NMHC Human Resources ForumChicago, IL (Members Only)

April 20-21NMHC Research ForumChicago, IL (Members Only)

May 18-19NMHC Finance and Apartment Strategies ConferenceChicago, IL (Open to Non-Members)

May 19-20NMHC Spring Board of Directors MeetingChicago, IL (Executive Committee and Board Members Only)

July 20-21NMHC Executive Leadership ConferenceWashington, DC (Members Only)

September 14-15NMHC Fall Board of Directors and Advisory Committee MeetingWashington, DC (Members Only)

September 15-16NMHC Student Housing Conference & ExpositionWashington, DC (Open to Non-Members)

November 14-16NMHC Apartment Operationsand Technology Conference & ExpositionDallas, TX (Open to Non-Members)

January 18, 2011NMHC Apartment StrategiesConferencePalm Springs, CA (Open to Non-Members)

January 18-20, 2011NMHC Annual MeetingPalm Springs, CA(Members Only)

come join us: future meetings calendarNMHC’s meetings are considered to be the industry’s most stimulating and thought-provoking gatherings. Varying in size and focus, the meetings offer participants an invaluable opportunity to candidlyshare information, debate issues of common interest and hear nationally recognized speakers. In addition to its regular membership meetings, NMHC convenes special-interest forums on topics such as technology, risk management, human resources and legal issues. The Council also sponsors an annual Executive Leadership Conference for the industry’s up-and-comers.

Unparalleled networking opportunitiesare one of the main benefits of NMHC’smeetings.

T. Boone Pickens and his famous white board discussed energy policy at NMHC’s 2009 Annual Meeting.

taking financial measure


taking financial measure

2008

$ 211,9916,540,6226,752,613

672,769 (562,796)109,973

14,67614,676

$ 6,877,262

$ 60,440600

61,039

6,813,846 2,377

6,816,223

$ 6,877,262

2009(unaudited*)

$ 267,952 6,577,0656,845,018

636,075 (564,688)

71,387

14,67614,676

$ 6,931,081

$ 49,0430

49,043

6,816,223 65,815

6,882,038

$ 6,931,081

NMHC members and employees are encouraged to report suspected violations of the law, violations of NMHC policies and procedures, dishonest or unethicalbehavior, crimes, or improper business activities to NMHC’s Senior Vice President of Finance and Operations or through Report Line at 877/888-0002 or www.tnwinc.com/webreport. From time to time, the Board may change the process by which members or employees may communicate such reports.Employees will be notified of changes by internal communications. Members should check the NMHC web site for any changes to the reporting process.

The Audit Committee shall ensure that employees may report suspected violations anonymously in accordance with local, state and federal WhistleblowerStatutes and Employee Protection Ordinances. Employees will not be subject to any penalties or retribution for reporting suspected violations in good faith.

* This information has been extracted from the unaudited financial statements of the National Multi Housing Council. The audit of the 2009 financial statements will take place in 2010. In the past, there have been few, if any, differences between the audited and unaudited financial statements.

** The 2009 Current Year Increase is more than the amount on the Income Statement due to Carried Interest Task Force income of $62,000 and 2010 MITS membership dues of $1,000. These funds will offset future expenses.

Statement of Financial Position as of December 31, 2009

ASSETS:Cash and Investments:

CashInvestments (Short Term)Total Cash and Investments

Fixed Assets:Furniture and Equipment, At CostLess: Accumulated DepreciationTotal Fixed Assets, Net

Other Assets:Security DepositTotal Other Assets

Total Assets

LIABILITIES AND UNRESTRICTED NET ASSETS:Liabilities:

Lease Payable - CopiersSecurity Deposit Total Liabilities

Unrestricted Net Assets:Unrestricted Net Assets - BeginningCurrent Year Increase**Total Unrestricted Net Assets - December 31

Total Liabilities and Unrestricted Net Assets

Thomas S. Bozzuto (Chair)The Bozzuto GroupGreenbelt, MD

Timothy J. NaughtonAvalonBay Communities, Inc.Alexandria, VA

Richard L. KadishCAPREIT, Inc.Rockville, MD

NMHC Audit Committee


meet our leadership

Immediate Past ChairmanRic CampoCamden Property TrustHouston, TX

ChairmanPeter F. DonovanCB Richard Ellis, Inc.Boston, MA

Vice ChairmanThomas S. BozzutoThe Bozzuto GroupGreenbelt, MD

TreasurerDaryl J. CarterAvanath Capital PartnersIrvine, CA

PresidentDouglas M. BibbyNational Multi Housing CouncilWashington, DC

SecretaryRobert E. DeWittGID Investment Advisers LLCBoston, MA

2010 Officers

AuditThomas S. Bozzuto(Chair)The Bozzuto GroupGreenbelt, MD

FinanceLili F. Dunn(Chair)AvalonBay Communities, Inc.Alexandria, VA

FinanceBrian F. Stoffers(Vice Chair)CBRE Capital MarketsHouston, TX

InvestmentThomas J.Sargeant (Chair) AvalonBay Communities, Inc.Alexandria, VA

MembershipLaura Beuerlein(Chair)Heritage Title Company of Austin, Inc.Austin, TX

OperatingPeter F. Donovan(Chair)CB Richard Ellis, Inc.Boston, MA

2010 Committee Leadership


Political ActionLinwood C.Thompson(Chair)Marcus & MillichapAtlanta, GA

Political ActionDavid J. Neithercut(Vice Chair)Equity ResidentialChicago, IL

Property ManagementJulie A. Smith(Chair)Bozzuto Management GroupGreenbelt, MD

Property ManagementBrad Forrester (Vice Chair)The ConAm Group of CompaniesSan Diego, CA

ResearchJay Lybik(Chair)Equity ResidentialChicago, IL

ResearchJeanette Rice(Vice Chair)Verde RealtyFort Worth, TX

Strategic PlanningThomas S. Bozzuto(Chair)The Bozzuto GroupGreenbelt, MD

Student Housing Nathan S. Collier(Chair)The Collier Companies/The Paradigm GroupGainesville, FL

SustainabilityThomas W.Toomey (Chair)UDR, Inc.Highlands Ranch, CO

SustainabilityAlan W. George(Vice Chair) Equity ResidentialChicago, IL

TaxTerry B. Schwartz (Chair)Dover Realty AdvisorsBingham Farms, MI

TaxTim L. Myers(Vice Chair)Allied Realty Services, Ltd.Houston, TX

Sue AnselGables ResidentialDallas, TX

Daryl CarterAvanath Capital PartnersIrvine, CA

Terry DannerRiverstone Residential GroupDallas, TX

Mark FogelmanFogelman Management GroupMemphis, TN

Michael GormanEdward Rose & SonsFarmington Hills, MI

Rick GrafPinnacleDallas, TX

Stacy HuntGreystar Real EstatePartners, LLCHouston, TX

Steve LambertiMilestone ManagementDallas, TX

Lauren Brockman (alternate)Allied Realty Services, Ltd.Denver, CO

Thomas Shuler(alternate)Berkshire Property AdvisorsRoswell, GA

2010 Joint Legislative Committee


executive committeeAnthony D’AltoAIMCODenver, CO

Patti FieldingAIMCODenver, CO

Marc E. deBaptisteApartment Realty AdvisorsBoca Raton, FL

Gary T. KachadurianApartment Realty AdvisorsOak Brook, IL

Charles E. Mueller, Jr.ArchstoneEnglewood, CO

R. Scot SellersArchstoneEnglewood, CO

Lili F. DunnAvalonBay Communities, Inc.Alexandria, VA

Timothy J. NaughtonAvalonBay Communities, Inc.Alexandria, VA

Michael D. BryantBerkadia Commercial MortgageDallas, TX

John M. CannonBerkadia Commercial MortgageHorsham, PA

David J. OlneyBerkshire Property AdvisorsBoston, MA

Thomas ShulerBerkshire Property AdvisorsRoswell, GA

Julie A. SmithBozzuto Management CompanyGreenbelt, MD

Deirdre A. KuringBRE Properties, Inc.Kirkland, WA

Edward F. Lange, Jr.BRE Properties, Inc.San Francisco, CA

Laurie A. BakerCamden Property TrustHouston, TX

Ric CampoCamden Property TrustHouston, TX

John R. WilliamsCarmel Partners, Inc.San Francisco, CA

Ron ZeffCarmel Partners, Inc.San Francisco, CA

Brian F. StoffersCBRE Capital MarketsHouston, TX

William T. HymanCenterline Capital GroupNew York, NY

John LarsonCenterline Capital GroupNew York, NY

Nathan S. CollierThe Collier Companies/

The Paradigm GroupGainesville, FL

J. Andrew HogsheadThe Collier Companies/

The Paradigm GroupGainesville, FL

Paul F. EarleColonial Properties TrustBirmingham, AL

Edward T. WrightColonial Properties TrustBirmingham, AL

Michael D. BermanCWCapitalNeedham, MA

Donald P. King, IIICWCapitalNeedham, MA

Paul G. KerrDavlyn InvestmentsSan Diego, CA

Jon D. WilliamsDavlyn InvestmentsSan Diego, CA

Alan W. GeorgeEquity ResidentialChicago, IL

David J. NeithercutEquity ResidentialChicago, IL

Susanne HiegelFannie MaeWashington, DC

Heidi McKibbenFannie MaePasadena, CA

Deborah Ratner-SalzbergForest City Enterprises, Inc.Washington, DC

Ronald A. RatnerForest City Residential

Group, Inc.Cleveland, OH

Mitchell W. KiffeFreddie MacMcLean, VA

Michael MayFreddie MacMcLean, VA

Susan AnselGables ResidentialDallas, TX

David FitchGables ResidentialAtlanta, GA

Stacy G. HuntGreystar Real Estate

Partners, LLCHouston, TX

William C. MadduxGreystar Real Estate

Partners, LLCCharleston, SC

Laura A. BeuerleinHeritage Title Company

of Austin, IncAustin, TX

Gary S. FarmerHeritage Title Company

of Austin, IncAustin, TX

Mona Keeter CarltonHFFDallas, TX

Matthew LawtonHFFChicago, IL

Christopher AdamsHolland Partner GroupVancouver, WA

Clyde P. HollandHolland Partner GroupVancouver, WA

Robert D. Greer, Jr.ING ClarionWashington, DC

C. Stephen CordesING Clarion PartnersNew York, NY

Guy K. JohnsonJohnson CapitalIrvine, CA

James H. CallardKlingbeil Capital

Management/American Apartment Communities

Annapolis, MD

Kristen Klingbeil-WeisKlingbeil Capital

Management/American Apartment Communities

Santa Barbara, CA

C. Preston ButcherLegacy PartnersFoster City, CA

W. Dean HenryLegacy Partners

Residential, Inc.Foster City, CA

J. Timothy ByrneLincoln Property CompanyDallas, TX

Jeff B. FranzenLincoln Property CompanyHerndon, VA

Harvey E. GreenMarcus & MillichapEncino, CA

Linwood C. ThompsonMarcus & MillichapAtlanta, GA

Martin T. LaniganMezz CapShort Hills, NJ

Mary Ann KingMoran & CompanyIrvine, CA

Thomas F. MoranMoran & CompanyChicago, IL

Rick GrafPinnacleDallas, TX

Stan J. HarrelsonPinnacleSeattle, WA

Charles A. KonasPost Properties, Inc.Atlanta, GA

David P. StockertPost Properties, Inc.Atlanta, GA

David DurningPrudential Mortgage

Capital CompanyChicago, IL

Dale H. TaysomPrudential Real Estate InvestorsAtlanta, GA

Jerome EhlingerRREEFChicago, IL

Brian E. McAuliffeRREEFChicago, IL

Michael P. BissellSARES•REGIS GroupIrvine, CA

Geoffrey L. StackSARES•REGIS GroupIrvine, CA

Charles R. Brindell, Jr.Trammell Crow ResidentialDallas, TX

Kenneth J. ValachTrammell Crow ResidentialHouston, TX

David R. SchwartzWaterton Associates, L.L.C.Chicago, IL

Gregory J. LozinakWaterton ResidentialChicago, IL

Vincent R. ToyeWells Fargo Multifamily CapitalNew York, NY

Warren J. Durkin, Jr.Wood Partners, LLCBoca Raton, FL

Jay JacobsonWood Partners, LLCBoca Raton, FL


Nick M. FaklisA.G. Spanos CompaniesStockton, CA

Alex G. SpanosA.G. Spanos CompaniesStockton, CA

Kevin P. FitzpatrickAIG Global Real Estate

Investment Corp.New York, NY

James M. KrohnAlliance Residential CompanyPhoenix, AZ

Bruce C. WardAlliance Residential CompanyPhoenix, AZ

Lauren A. BrockmanAllied Realty Services, Ltd.Denver, CO

Tim L. MyersAllied Realty Services, Ltd.Houston, TX

Michael H. GodwinAmbling Companies, Inc.Valdosta, GA

R. Ryan HolmesAmbling Companies, Inc.Valdosta, GA

William C. Bayless, Jr.American Campus

CommunitiesAustin, TX

Jason WillsAmerican Campus

CommunitiesAustin, TX

Rodrigo LopezAmeriSphere Multifamily

Finance, LLCOmaha, NE

Scott G. SuttleAmeriSphere Multifamily

Finance, LLCBethesda, MD

Steve F. HallseyAMLI Management CompanyChicago, IL

Gregory T. MutzAMLI Residential

Properties, L.P.Chicago, IL

Kimberly J. SperryAmstar Group, LLCDenver, CO

Margette GettoApartment GuideCarrollton, TX

Arlene MayfieldApartment GuideNorcross, GA

Kevin DoyleApartments.comChicago, IL

Brad LongApartments.comChicago, IL

Roger H. BelessArchon ResidentialIrving, TX

William S. RobinsonArchon ResidentialIrving, TX

Lin AtkinsonAT&T Connected CommunitiesAtlanta, GA

Thuy WoodallAT&T Connected CommunitiesAtlanta, GA

Michael G. MillerAUMOak Brook, IL

Daniel M. WitteAUMOak Brook, IL

Clint BorchgadtAZUMA LeasingAustin, TX

Bj RosowAZUMA LeasingAustin, TX

Philip S. PayneBabcock & Brown ResidentialCharlotte, NC

D. Scott WilkersonBabcock & Brown ResidentialCharlotte, NC

Robert N. BaderBader CompanyIndianapolis, IN

Larry FriedmanBader CompanyIndianapolis, IN

Tom KeadyThe Bainbridge CompaniesWest Palm Beach, FL

Richard SchechterThe Bainbridge CompaniesWest Palm Beach, FL

Robert S. AisnerBehringer HarvardAddison, TX

Mark AlfieriBehringer HarvardAddison, TX

Jonathan D. BellBell PartnersGreensboro, NC

Steven D. BellBell PartnersGreensboro, NC

Mark W. DunneBoston Capital CorporationBoston, MA

John P. ManningBoston Capital CorporationBoston, MA

Barden BrownBrown Realty AdvisorsAtlanta, GA

Walter W. MillerBrown Realty AdvisorsAtlanta, GA

Herman BullsBulls Capital Partners, LLCVienna, VA

Mark Van KirkBulls Capital Partners, LLCVienna, VA

Douglas D. ChasickCallSourceMelbourne Beach, FL

Jerry FeldmanCallSourceWestlake Village, CA

David J. AdelmanCampus ApartmentsPhiladelphia, PA

Miles H. OrthCampus ApartmentsPhiladelphia, PA

Ernest L. HeymannCAPREIT, Inc.Rockville, MD

Richard L. KadishCAPREIT, Inc.Rockville, MD

DeAnna ThomasCB Richard Ellis Investors, LLCBoston, MA

Stephen J. ZaleskiCB Richard Ellis Investors, LLCBoston, MA

Tyler AndersonCB Richard Ellis, Inc.Phoenix, AZ

Sean P. DeasyCB Richard Ellis, Inc.Ontario, CA

Steven FayneCiti Community CapitalSan Francisco, CA

Hal G. KuykendallCiti Community CapitalDenver, CO

Francis J. CoenClark Realty Capital, L.L.C.Monterey, CA

Douglas R. SandorClark Realty Capital, L.L.C.Arlington, VA

Chowdary YalamanchiliCnC Investments Ltd., LLPHouston, TX

Regina DingmanColliers InternationalMinneapolis, MN

Peter L. RuggieroColliers InternationalParsippany, NJ

Daniel J. EpsteinThe ConAm Group

of CompaniesSan Diego, CA

J. Bradley ForresterThe ConAm Group

of CompaniesSan Diego, CA

Jason RosaContinental Realty

Advisors, Ltd.Littleton, CO

David W. SnyderContinental Realty

Advisors, Ltd.Littleton, CO

Mark HigginsCornerstone Real Estate

Advisers LLCSanta Monica, CA

Brian MurdyCornerstone Real Estate

Advisers LLCHartford, CT

Richard BuckCrescent Resources, LLCPalm City, FL

Todd M. FarrellCrescent Resources, LLCCharlotte, NC

William Bradford BlashCrossbeam Capital LLCBethesda, MD

Richard K. DevaneyCrossbeam Capital LLCBethesda, MD

Dodge CarterCrow HoldingsDallas, TX

John CaltagironeThe Dinerstein CompaniesHouston, TX

Brian L. DinersteinThe Dinerstein CompaniesHouston, TX

Andrew K. DolbenThe Dolben Company, Inc.Woburn, MA

Deane H. DolbenThe Dolben Company, Inc.Woburn, MA

Jack W. SafarDominium Group, Inc.Plymouth, MN

Jon SegnerDominium Group, Inc.Minneapolis, MN

Terry B. SchwartzDover Realty AdvisorsBingham Farms, MI

Adam C. BreenDRA Advisors, LLCNew York, NY

David LuskiDRA Advisors, LLCNew York, NY

Kellie Falk-TillettDrucker & Falk, LLCRaleigh, NC

Daniel HaefnerDrucker & Falk, LLCRaleigh, NC

Matthew JordanDTZ RockwoodNew York, NY

Daniel McNultyDTZ RockwoodNew York, NY

Steven L. McKenzieEastdil Secured, LLCSanta Monica, CA

Miles SpencerEastdil Secured, LLCWashington, DC

John M. O’Hara, Jr.Edward Rose & SonsFarmington Hills, MI

Warren RoseEdward Rose & SonsFarmington Hills, MI

board of directors


Gregory L. EnglerEngler Financial Group, LLCAlpharetta, GA

Patrick JonesEngler Financial Group, LLCAlpharetta, GA

Christopher E. HashiokaFairfield Residential LLCSan Diego, CA

Gregory R. PinkallaFairfield Residential LLCSan Diego, CA

Nevel DeHartFirst Advantage SafeRentRockville, MD

James W. HarrisFirst Advantage SafeRentRockville, MD

Richard N. ShinbergFirst Capital Realty, Inc.Bethesda, MD

Les ZimmermanFirst Capital Realty, Inc.Bethesda, MD

Robert L. JohnstonFirst CommunitiesAtlanta, GA

Mark A. FogelmanFogelman Management GroupMemphis, TN

Richard L. FogelmanFogelman PropertiesMemphis, TN

Wayne E. McDonaldForestar Real Estate GroupAustin, TX

Phillip WeberForestar Real Estate GroupAustin, TX

Edward CocoGE Real EstateAlpharetta, GA

Frank MarroGE Real EstateAlpharetta, GA

Stephen LoPrestiGerson Bakar & AssociatesSan Francisco, CA

Linda ZellerGerson Bakar & AssociatesSan Francisco, CA

John J. Gray, IIIGrayco Partners LLCHouston, TX

Don HendricksHendricks & PartnersPhoenix, AZ

Tom WarrenHendricks & PartnersDallas, TX

John W. AirhartHepfner, Smith, Airhart

& Day, Inc.Dallas, TX

James P. HepfnerHepfner, Smith, Airhart

& Day, Inc.Plano, TX

Jeffrey A. HirschfeldHirschfeld Properties LLCNew York, NY

Scott A. DoyleHome Properties, Inc.Rochester, NY

Edward J. PettinellaHome Properties, Inc.Rochester, NY

Kevin A. BaldridgeThe Irvine Company Apartment

Communities ‘IAC’Irvine, CA

Max L. GardnerThe Irvine Company Apartment

Communities ‘IAC’Irvine, CA

Peter E. BaccileJ.P. Morgan Securities Inc.New York, NY

Anthony PaoloneJ.P. Morgan Securities Inc.New York, NY

William N. Elam, IIIThe JBG CompaniesChevy Chase, MD

James A. ButzJefferson Apartment GroupMcLean, VA

Gregory G. LambJefferson Apartment GroupMcLean, VA

Michael E. TompkinsJLC Southeast LLCAtlanta, GA

Richard J. HighJohn M. Corcoran & CompanyBraintree, MA

Jeffrey T. MorrisJones Lang LaSalle

Americas, Inc.Orlando, FL

Jubeen F. VaghefiJones Lang LaSalle

Americas, Inc.Miami, FL

David G. ShillingtonKeyBank Real Estate CapitalDallas, TX

Daniel P. Walsh, Jr.KeyBank Real Estate CapitalCleveland, OH

John FalcoKingsley AssociatesAtlanta, GA

Phil MobleyKingsley AssociatesAtlanta, GA

Keith A. HarrisThe Laramar Group, LLCChicago, IL

David B. WoodwardThe Laramar Group, LLCGreenwood Village, CO

Christine AkinsLaSalle Investment

Management, Inc.Chicago, IL

Peter P. DiLulloLCOR IncorporatedBerwyn, PA

Thomas J. O’BrienLCOR IncorporatedBerwyn, PA

Scott BrianLDG Development, LLCLouisville, KY

Chris DischingerLDG Development, LLCLouisville, KY

Thomas F. McCoy, Jr.Lockton Companies, LLCDenver, CO

Charles M. McDanielLockton Companies, LLCDenver, CO

Helen AngeloMadison Apartment GroupPhiladelphia, PA

Joseph F. MullenMadison Apartment GroupPhiladelphia, PA

Peter KatzMarcus & MillichapPhoenix, AZ

Hessam NadjiMarcus & MillichapWalnut Creek, CA

Jamie B. MayMarcus & MillichapTampa, FL

Matthew MitchellMarcus & MillichapTampa, FL

John EiflerThe Marquette CompaniesRomeoville, IL

Nicholas Michael RyanThe Marquette CompaniesRomeoville, IL

Gerald J. HaakMAXX PropertiesHarrison, NY

Andrew R. WienerMAXX PropertiesHarrison, NY

Michael C. McDougalMcDougal Properties, L.C.Lubbock, TX

Tristan ThomaMcDougal Properties, L.C.Lubbock, TX

Kenneth LeeMcDowell PropertiesSan Francisco, CA

W. Patrick McDowellMcDowell PropertiesSan Francisco, CA

Robert D. LazaroffThe Michelson OrganizationSt. Louis, MO

Bruce V. Michelson, Jr.The Michelson OrganizationSt. Louis, MO

H. Eric Bolton, Jr.Mid-America Apartment

Communities, Inc.Memphis, TN

Albert M. CampbellMid-America Apartment

Communities, Inc.Memphis, TN

Richard FurrMilestone GroupDallas, TX

Steve T. LambertiMilestone ManagementDallas, TX

Paul HarrisMoran & CompanyDallas, TX

Jeffrey WilliamsMoran & CompanySeattle, WA

Michael S. MorganThe Morgan Group, Inc.Houston, TX

Alan PattonThe Morgan Group, Inc.Houston, TX

David KofflerMorgan PropertiesKing of Prussia, PA

Stephen FeltnerMoveWestlake Village, CA

Bess MatuszewskiMRI SoftwareHighlands Hills, OH

Daniel J. RoehlMRI SoftwareHighland Hills, OH

Jeffrey W. AdlerMultifamily Indexed EquityEnglewood, CO

William S. Stout, Jr.MultiFamily Indexed EquitySouth Natick, MA

John H. HelmMyNewPlaceSan Francisco, CA

Martha EllisNetwork Multifamily CorporationTampa, FL

Mandy ValloweNetwork Multifamily

CorporationTampa, FL

Henry NevinsNevins•Adams•Lewbel•SchellSanta Barbara, CA

Michael R. SchellNevins•Adams•Lewbel•SchellScottsdale, AZ

Richard BurnsThe NHP FoundationNew York, NY

Kerry R. FrenchNorthMarq Capital, Inc.Houston, TX

Edward PadillaNorthMarq Capital, Inc.Minneapolis, MN

Robert A. EspositoNWP Services CorporationPembroke Pines, FL

Mike RadiceNWP Services CorporationIrvine, CA

Gene R. BlevinsOrion Real Estate ServicesHouston, TX


Kirk H. Tate, CPMOrion Real Estate Services, Inc.Houston, TX

David R. PicernePicerne Real Estate GroupPhoenix, AZ

Ronald G. Brock, Jr.Pierce-Eislen, Inc.Scottsdale, AZ

Ronald G. Brock, Sr.Pierce-Eislen, Inc.Scottsdale, AZ

D. Scott BassinPNC Real EstatePittsburgh, PA

William Thomas BooherPNC Real EstateSan Francisco, CA

Susan FolckemerThe Preiss CompanyRaleigh, NC

Donna PreissThe Preiss CompanyRaleigh, NC

John W. BrayPrimary Capital Advisors, LCAtlanta, GA

Faron G. ThompsonPrimary Capital Advisors, LCAtlanta, GA

P. David OnanianProfessional Apartment

ServicesHouston, TX

Randall M. PaulsonProfessional Apartment

ServicesPlano, TX

John D. MillhamPrometheusWalnut Creek, CA

Clayton A. ParkerPrometheusSan Mateo, CA

Bruce LaMotteProvidence Management

Company, L.L.C.Chicago, IL

Alan PollackProvidence Management

Company, L.L.C.Chicago, IL

Bruce BarfieldThe Rainmaker GroupAlpharetta, GA

Tammy FarleyThe Rainmaker GroupAlpharetta, GA

Dirk D. WakehamRealPage, Inc.Irvine, CA

Stephen T. WinnRealPage, Inc.Carrollton, TX

Russell L. DixonRedHill Realty Investors, LPSan Diego, CA

Travis GreenwoodRedHill Realty Investors, LPSan Diego, CA

Howard S. PrimerRenaissancePG, LLCKnoxville, TN

Tamela M. CovalRentwiki.comAtlanta, GA

Suzanne LovelaceRentwiki.comAtlanta, GA

Terry S. DannerRiverstone Residential GroupDallas, TX

Christy Curry FreelandRiverstone Residential GroupDallas, TX

Kenneth BodensteinRockwood Capital LLCWhite Plains, NY

Richard KramerRockwood Capital LLCWhite Plains, NY

W. Michael DoramusSarofim Realty AdvisorsDallas, TX

David EvemySarofim Realty AdvisorsDallas, TX

James D. Scully Jr.Scully CompanyJenkintown, PA

Michael A. ScullyScully CompanyJenkintown, PA

W. Steve GilmoreShea PropertiesAliso Viejo, CA

Colm MackenShea PropertiesAliso Viejo, CA

Lynn Carlson SchellShelter CorporationMinnetonka, MN

Jay JensenShelter CorporationMinnetonka, MN

Jeffrey K. HettlemanShelter Development, LLCBaltimore, MD

Marilynn K. DukerThe Shelter GroupBaltimore, MD

Wolf VedderSimmons Vedder Partners, Inc.Austin, TX

K. Brad BroyhillSimpson Housing LLLPDenver, CO

J. Robert LoveSimpson Housing LLLPAtlanta, GA

David BairdSperry Van NessLas Vegas, NV

Nancy BartonStellar Advisors, LLCRockville, MD

David SchwartzbergStellar Advisors, LLCRockville, MD

Robert RosaniaStellar ManagementNew York, NY

Michael KatzSterling American Property Inc.Great Neck, NY

Tarak PatoliaSterling American Property Inc.Great Neck, NY

Dave SchwehmTime Warner CableEnglewood, CO

Mike MausethTransUnion/CreditRetrieverGreenwood Village, CO

Steve RoeTransUnion/CreditRetrieverGreenwood Village, CO

Richard SchreiberTransUnion/CreditRetrieverChevy Chase, MD

H. Alfred CisselTranswestern - InstitutionalMultifamily GroupBethesda, MD

Scott L. MelnickTranswestern - Institutional

Multifamily GroupBethesda, MD

Edward J. RyderTranswestern Investment

Company, LLCChicago, IL

Douglas Crocker, IITranswestern Multifamily

Partners, L.L.C.Fort Myers, FL

Russell A. VandenburgTVO North AmericaEl Paso, TX

Wayne A. VandenburgTVO Realty PartnersChicago, IL

David J. IngramUBS Realty Investors LLCHartford, CT

Jeffrey G. MaguireUBS Realty Investors LLCHartford, CT

Anthony N. RokovichUBS Securities, LLCNew York, NY

Thomas W. ToomeyUDR, Inc.Highlands Ranch, CO

W. Mark WallisUDR, Inc.Highlands Ranch, CO

Geoffrey C. BrownUSA Properties Fund, Inc.Roseville, CA

Karen McCurdyUSA Properties Fund, Inc.Roseville, CA

Eric D. CevisVerizonBasking Ridge, NJ

Daniel O'ConnellVerizonBasking Ridge, NJ

Jonathan HoltzmanVillage Green CompaniesFarmington Hills, MI

George S. Quay, IVVillage Green CompaniesFarmington Hills, MI

Brendan ColemanWalker & DunlopBethesda, MD

Howard W. Smith, IIIWalker & DunlopBethesda, MD

Jack O’ConnorWeidner Property

Management LLCKirkland, WA

W. Dean WeidnerWeidner Property

Management LLCKirkland, WA

James McDevittWells Fargo Multifamily CapitalHouston, TX

Philip D. MorseWells Fargo Multifamily CapitalMcLean, VA

Tom P. ColichWesco CompaniesTorrance, CA

Donald J. Pierce, IIWesco CompaniesTorrance, CA

Michael K. HaydeWestern National Property

ManagementIrvine, CA

Stephan T. BeckWhiteco Residential LLCMerrillville, IN

Samuel RossWinnCompaniesBoston, MA

Lawrence H. CurtisWinnDevelopmentBoston, MA

Jeff BosshardWoodmont Real Estate ServicesBelmont, CA

Ronald V. GranvilleWoodmont Real Estate ServicesBelmont, CA

Amy GregoryYardi Systems, Inc.Santa Barbara, CA

Jennifer VogelYardi Systems, Inc.Santa Barbara, CA

Samuel C. Stephens, IIIZOM Development, Inc.Orlando, FL

Greg WestZOM Florida, Inc.Fort Lauderdale, FL


2009 new membersAcumen Real Estate

Adler Development

Affordable Housing Trust for Columbus and Franklin County

All Nation Renovation, Inc.

AMI Capital

Aragon Holdings

Arcturus

B&M Management Co. LLC

Barrett & Stokely, Inc.

Beech Street Capital

BG Personnel Services

Blackstone Consulting LLC

Bluerock Real Estate, LLC

Broadpoint Gleacher

Brookfield Real Estate Opportunity Group

BuildingLink.com LLC

CallMaX

Campus Habitat

Campus Televideo

Capital Strategies Advisory Group, LLC

CARES By Apartment Life

Cirrus Asset Management, Inc.

Cityview

Compliance Depot

Connell Real Estate & Development Co.

CWCapital Asset Management LLC

CWCapital LLC

The DZAP Group & LeaseLabs

Edge Principal Advisors LLC

Education Realty Trust, Inc.

Empire American Holdings LLC

Fieldstone Properties I, LLC

First Land Mark, U.S.A., Inc.

Francis Property Management

Gilbert Campbell Real Estate

Glenmont Capital Management, LLC

Goodman Real Estate

GreenLandlady

Greystone Bank

Hawthorne Residential Partners

Hylant Group

Hyperion Realty

Ideal Realty Group

Integral

Investors Management Group, Inc.

ISI Group

J.L. Woode, Ltd.

Jaymor Management

JCM Partners, LLC

Jefferson Apartment Group

JLC Environmental Consultants, Inc.

Johnson Development

Jupiter Communities LLC - RAIT

Jupiter Investment Group, Inc.

JVM Realty Corporation

KA, Inc.

Keefe, Bruyette & Woods

Land Design Partners, Inc.

Landcom

Legacy Partners Residential Inc.

Legend Asset Management II, LLC

M&M Realty Partners

Madison Capital Management, LLC

Madison Realty Capital

Maintenance Supply Headquarters

Marchex

Matthew T. Maloney

Maxus Properties, Inc.

McShea Properties

Metro Multifamily Housing Association

Miles Realty Co. Inc.

Morgan Communities

Morgan Stanley

Mosaic Homes

MultiFamily Indexed Equity

Multifamily Management Services LLC

Multifamily Realty Advisors, LLC

Nationwide Life Insurance Company

Nevada H.A.N.D.

Newcastle Limited

Newman Development Group, LLC

The NHP Foundation

Oak Residential Partners, LLC

Olympus Property

Palatine Capital Partners Management, LLC

Pennrose Management Company

Preferred Capital Holdings, LLC

QVT Mount Auburn Capital LP

R.D. Merrill Company/Merrill Gardens, LLC

RCG Longview Realty Services, LLC

Related Management Company LP

RPD Catalyst, LLC

Russo Development

Somerset Partners LLC

Stoneleigh Companies, LLC

Sunrise Management

Tarantino Properties Inc.

Tate Capital

Tax Credit Asset Management, LLC

Tonti Properties

Troutman Sanders LLP

UDR, Inc.

University Center, U.S. Equities Student Housing

University Furnishings

Vantage Properties, LLC

Waypoint Residential

Westar Housing


thank you to our sponsorsNMHC expresses its appreciation to the following member firms who generously sponsored research, advocacy efforts and meeting events in 2009.

2009 Chairman’s Circle: ($50,000 or more in sponsorship)

The Apartment Guide

AT&T Connected Communities

AZUMA Leasing

Fannie Mae

Freddie Mac

KeyBank Real Estate Capital

Kroll Factual Data, Inc.

Network Multifamily Corporation

Pinnacle

RealPage, Inc.

Riverstone Residential Group

Time Warner Cable Community Solutions

Verizon Enhanced Communities

Yardi Systems, Inc.

2009 Friends of the Council: ($25,000 to $49,999 in sponsorship)

Apartment Realty Advisors

AvalonBay Communities, Inc.

Bader Company

BRE Properties, Inc.

Camden Property Trust

CB Richard Ellis

Colonial Properties Trust

Comcast Cable Communications

Cushman & Wakefield

First Advantage SafeRent

Hendricks & Partners

Mid-America Apartment Communities

Moran & Company

MRI Software

Red Mortgage Capital, Inc.

Rent.com

Transwestern - Institutional Multifamily Group

UDR, Inc.

NMHC thanks our 2009 Chairman’s Circle and Friends of the Council Sponsors, many of whom are pictured here at the NMHC Spring Board of Directors Meeting.


NMHC Political Action Committee (PAC) Elite:

Marcus & Millichap National Multi Housing Group Equity Residential

E-Newsletter Sponsors:

AT&T Connected Communities RealPage, Inc. Yardi Systems, Inc.

2009 Additional Sponsors:

AIMCO

Apartments.com

Archstone

AUM

Blue Mardon

CAPREIT, Inc.

Colliers International

Cox Communications

Equity Residential

Fairfield Residential LLC

Gables Residential

MyNewPlace

NWP Services Corporation

On-Site.com

Pierce Education Properties

PropertyBridge, a MoneyGram Company

RentPayment, a Yapstone Company

SARES•REGIS Group

Walker & Dunlop

Willis HRH

Womble Carlyle Sandridge & Rice, PLLC

AIMCO

American Utility Management

AMSI

Apartments.com

Archstone

Assurant Specialty Property

Blue Moon Software Company

BRE Properties, Inc.

CallSource

Camden Property Trust

The ConAm Group of Companies

Contemporary Information Corp.

Continental Utility Solutions, Inc.

Domin-8 Enterprise Solutions

Equity Residential

eREI

Fair Collections & Outsourcing, Inc

First Advantage SafeRent

Forest City Residential Management, Inc.

ForRent.com

Home Properties, Inc.

Hunter Warfield, Inc.

ista North America, Inc.

Kroll Factual Data

Lead Tracking Solutions

Milestone Management Company

Minol

Move

MRI Software

MyNewPlace

National Affordable Housing Management Assn.

National Apartment Association

National Multi Housing Council

Nexus Systems, Inc.

NWP Services Corporation

Ocius

On-Site.com

Payment Service Network, Inc.

Pinnacle

Post Properties, Inc.

Prometheus Real Estate Group

PropertyBridge, a MoneyGram Company

Property Solutions International, Inc.

RealPage, Inc.

Realty DataTrust

Rent.com

RentGrow, Inc.

ResidentCheck, Inc.

Resident Data, A ChoicePoint Service

Resite Online

Sierra Utility Billing

Spherexx.com

Starnik Systems, Inc.

Tenant Technologies, Inc.

Utility Billing West, LLC

Vertex Business Services

Yardi Systems, Inc.

Multifamily Information and Transactions Standards (MITS) Sponsors:NMHC also thanks the following firms for their support of NMHC’s data standards initiative (as of 12/30/2009).


Douglas M. BibbyPresident

James N. ArburySenior Vice Presidentof Government Affairs

Susan GuthrieSenior Vice President, Finance and Operations

Betsy Feigin BefusVice President, Employment Policy and Counsel

Lisa E. BlackwellVice President, Housing Policy

David B. CardwellVice President, Capital Markets and Technology

Jeanne McGlynn DelgadoVice President, BusinessOperations and RiskManagement Policy

Kimberly D. DutyVice President, Communications

Jennifer Bonar Gray Vice President of Tax

Eileen C. Lee, Ph.D.Vice President, Energy and Environmental Policy

Ronald G. NicksonVice President of Building Codes

Mark H. Obrinsky, Ph.D.Vice President of Research and ChiefEconomist

Julie T. StalknechtVice President of Membership, Marketing and Meetings

Deborah D. LeeSenior Director of Human Resources and Operations

Michael H. TuckerSenior Director ofCommunications

Jennifer M. Angebranndt, CMPDirector of Meetings,Marketing and Exhibits

Myrra BariringDirector of Accounting

Michele L. CherryDirector of LegislativeOperations

Paula M. CinoDirector, Energy andEnvironmental Policy

Richard LevyDirector of Research

Deanita Holland, CMPManager of Meetingsand Marketing

Lauren DwyerDirector of Technologyand Industry Initiatives

La Fayette FlowersManager of Membership Services

Garnet SimmsMembership Specialist

Candace M.ThomasAdministrative Assistant

LeVoniann (Toni)SampsonReceptionist/Administrative Associate

David A. KnerlerManager of Technology

the council’s staff: professionals serving professionals

1.NMHC tabulations of 2009 Annual Social and Demographic Supplement data, Current Population Survey.2.Ibid. 3.Rosen Consulting Group; NMHC.4.NMHC calculation based on rent and tenure data from the 2007 American Housing Survey.5.2007 Economic Census data. 6.http://www.census.gov/hhes/www/housing/soma/char07/files/char07t8.xls.7.http://www.census.gov/const/www/C40/table2.html. This figure includes new construction of units

for rent or for sale in buildings with five or more units.8.NMHC estimate based on National Association of Home Builders report (http://tinyurl.com/6cyoua)

and Survey of Market Absorption data.

Based in Washington, DC, the National Multi Housing Council (NMHC) is a national association that advocates on behalf of the apartment industry andthe more than 16 million American households who live in apartment homes.

NMHC’s members are the principal officers of the larger and more prominentapartment firms and include owners, developers, managers, financiers andsuppliers to the industry. The Council is the leading advocate for the rentalhousing industry, targeting issues such as housing policy, capital markets, environmental affairs, tax policy, fair housing, building codes, technology,human resources and rent control. In addition, NMHC conducts apartment-related research, encourages the exchange of strategic business informationand promotes the desirability of apartment living.

NMHC – The Apartment Industry’s Who’s Who

NMHC’s membership goals have always emphasized quality over quantity.We seek – and we are sought out by – the “who’s who” of the apartment industry. Our gatherings are characterized by high-level exchange and givethe industry’s leaders an opportunity to shape the industry’s future.

We offer four levels of membership. Our Executive Committee is comprised of 44 firms and, together with our 146 Board of Directors firms, serves asNMHC’s decision-making body. Our Advisory Committee numbers 273firms, and 441 firms serve as Associate members, our entry-level member-ship category.

The Apartment Industry At-A-Glance

• Thirty-three percent of Americans rent their housing.1

• Over fourteen percent of U.S. households—16.7 million households—live in an apartment (a rental unit in a building that has five or more units).2

• The value of the entire U.S. apartment stock (buildings with five or moreunits) is $2 trillion.3

• Rental revenues from apartments total over $120 billion annually.4

• Leasing, management and operation of apartments are responsible for approximately 618,000 jobs.5

• Construction of apartment communities from 2003 to 2007 added an average of 182,000 new apartment homes per year.6 The value of the new construction during these years averaged more than $32 billionannually,7 creating over 211,000 jobs.8

profile

1850 M Street, NW, Suite 540 Washington, DC 20036-5803202/974-2300 (Telephone) • 202/775-0112 (Fax)

[email protected] (E-Mail) • www.nmhc.org (Web Site)

Documents

2009 National Multi Housing Council Annual Report