A Year in Review: 2011 CCIM Institute Legislative Affairs

The following summary represents a few of the issues CCIM Institute’s Legislative Subcommittee program has tracked and responded to this year.

This year started a bit rocky from a legislative perspective.  We were unsure how the uncertainties of government would impact commercial real estate.  The Dodd-Frank Act became an issue we monitor on a regular basis.  We asked members about the potential day-to-day impact on business practices with the proposed rule on credit risk retention.  From our conversations we submitted a letter to six federal agencies about the negative consequences of the proposed credit risk retention rule. 

This spring we brought two main issues to Capitol Hill in Washington, D.C.: commercial mortgage liquidity and energy efficient buildings.  We turned out in record numbers to advocate for liquidity options.  Research shows lending options are few and far between.  Additionally, we made it clear that energy efficiency standards must be voluntary in nature with tax incentives for substantial results.

In August CCIM Institute began participating in a carried interest coalition.  The coalition monitored the federal Super Committee that failed to reach an agreement in November.  Coalition members submitted letters and met with U.S. representatives and senators to ensure carried interest would not be targeted as a means to reduce the federal deficit.

State governments are struggling to balance budgets.  The possibility of state bankruptcy is slim although a few local governments did file for bankruptcy in 2011 (Harrisburg, Pa.; Boise County, Idaho; and Central Falls, R.I.).  Members were provided with access to comprehensive Legislative Updates on state issues in April and October to coincide with the 2011 CCIM Business Meetings.

In addition to providing information on legislation, we updated members on federal regulation.  There were proposed rules such as credit risk retention and the commercial building asset rating program.  CCIM Institute submitted comment letters to federal agencies on both these issues.  Other regulatory updates included: federal regulation reduction efforts and energy efficiency standards for new federal buildings.

To find out more information about any of these topics or other legislative issues contact the Legislative Liaison at (800) 837-0706 ext. 6033 or agerardi@ccim.com.