2008 national multi housing council annual report

National Multi Housing Council 2008 Annual Report

NMHC Profile ....................................................................2

Leadership Letter ..............................................................3

What Have You Done for Me Lately? ................................4

NMHC Promotes the Professional Advantage ................5

The End of the Ownership Society....................................6

Your Voice in Washington ................................................12

The Economist’s Corner: Waiting Eagerly for 2010 ........20

The Business of Your Business ........................................21

NMHC’s Good Neighbor Award ....................................23

Future Meetings Calendar: Come Join Us ......................24

Taking Financial Measure ................................................26

Meet Our Leadership ......................................................27

2008 Board of Directors: Executive Committee ............29

2008 Board of Directors ..................................................30

2008 New Members ........................................................34

A Very Special Thank You: 2008 Sponsors ......................35

The Council’s Staff ..........................................................36

The End of the

OwnershipSociety

2 National Multi Housing Council 2008 Annual Report The End of the Ownership Society

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

NMHC’s members are the principal officers of the larger and more prominent apartment firms and include owners, developers, managers and financiers. The Councilis the leading advocate of the rental housing industry,targeting issues such as housing policy, capital markets,environmental affairs, tax policy, fair housing, buildingcodes, technology, human resources and rent control. Inaddition, NMHC conducts apartment-related research,encourages the exchange of strategic business informa-tion and promotes the desirability of apartment living.

NMHC – Nearly 1,000 Firms Strong!

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

We offer four levels of membership. Our ExecutiveCommittee is comprised of 46 firms and, together withour 160 Board of Directors firms, serves as NMHC’s decision-making body. Our Advisory Committee numbers 308 firms, and 475 firms serve as Associatemembers, our entry-level membership category.

The Apartment Industry At-A-Glance

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

• Over fourteen percent of U.S. households – nearly16.5 million households – live in an apartment (arental unit in a building that has five or more units).2

• The value of the entire U.S. apartment stock (buildings with five or more units) is $2.2 trillion.3

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

• Management and operation of apartments are responsible for approximately 550,000 jobs.5

• Construction of apartment communities from 2003 to 2007 has added an average of 182,000 newapartment homes per year.6 The value of the newconstruction during these years has averaged morethan $32 billion annually,7 creating over 211,000 jobs.8

1. NMHC tabulations of 2008 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. 2002 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.

NMHC Profile

3The End of the Ownership Society National Multi Housing Council 2008 Annual Report

will long be remembered as the year that the easy credit days of the first half of

the decade came to a crashing halt. The looming creditcrisis soon expanded into a global financial crisis andeventually into one of the worst economic downturns in decades. It may also be the year that the “ownershipsociety” was officially discredited.

Challenging times like these call for thoughtful and innovative responses and a strong federal advocate. Fortunately for the apartment industry, in 2008 NMHCwas there to provide both.

On Capitol Hill, NMHC launched a successful effort to oppose a proposed solution for the single-familyhousing sector that involved significant new home-ownership incentives. The Council was able to securemany rental housing incentives in the huge HousingStimulus bill passed in July. Our calls for a more balanced housing policy were finally heeded.

The biggest story of the year, however, was the capitalmarkets. The commercial mortgage-backed securities market all but disappeared, and, in September, FannieMae and Freddie Mac – the backbone of our industry –were taken into federal conservatorship. NMHC spear-headed the industry’s response, lobbying the GSEs’ regulator and convening a high-level symposium withHarvard University to begin planning for the future ofthe multifamily housing finance system.

In addition to being our industry’s voice with policy-makers, the Council also embraced its mission to provide members with the tools and data they need tonavigate in this economy. With millions of foreclosedhouses and condominiums flooding some rental markets, we produced a consumer-friendly brochurewarning consumers of the dangers of leasing one ofthese “shadow” rentals.

We also launched a new Workforce Housing ResourceCenter and interactive Project Estimator tool to help members find creative ways to bridge the gap betweenconstruction costs and affordable rents. We produced a variety of benchmarking tools to help firms manage in these tight times, providing data on compensation, insurance costs, energy efficiency and information technology investments, among others.

We begin 2009 with a new president, a new Congressand uncharted economic conditions. The new balance

of power in Washington means that 2009 will be a challenging year both economically and politically. Lawmakers are expected to take up a number of issuesthat could adversely impact us, including the unioniza-tion “card check” bill, tough environmental mandates,tax law changes and more. Fortunately, our team of expert lobbyists is up to the task. There is no strongeradvocate for multifamily than NMHC.

Times are tough for all industries, including rental housing. But the long-term health of the apartment industry is strong. Owning a house is no longer viewedas a “can’t lose” investment, and demographics are onour side as the echo boomers enter prime renting age. In addition, the nation’s new attention to sustainabilityand climate change will make apartments more desirable since they are, by definition, greener and use infrastructure more efficiently.

The Council has been your partner – in prosperous and challenging times – for 30 years. We look forward to helping you navigate through this crisis and laying the groundwork for the good times that will follow.

Ric CampoNMHC Chairman

Peter DonovanNMHC Vice Chairman

Doug BibbyNMHC President

Leadership Letter

2008


1. Blocked new homeownership incentives

2. Secured and retained a ban on seller-financed“charity” downpayment programs

3. Secured new rental housing incentives

4. Lobbied to maintain capital availability followingthe federal takeover of Fannie Mae and FreddieMac

5. Extended energy and brownfields tax incentives

6. Successfully opposed a tax increase on carried interest

7. Expanded and enhanced the Low-Income Housing Tax Credit program

8. Protected the industry from controversial immigration measures

9. Improved the nation’s building codes by defeating all adverse proposals for low-rise apartments

10. Helped firms compete against “shadow” rentals with a new consumer brochure

11. Advanced apartment industry sustainability with new research and best practices guidance

12. Helped firms stay ahead of volatile marketconditions with NMHC surveys, teleconferences and newsletters

13. Created first-ever workforce housing project estimator/calculator

14. Published a Getting Density Right toolkit to helpovercome opposition to compact development

15. Informed business decisions with original researchon renter credit quality, student housing, insurancetrends and more

16. Helped firms recruit and retain employees with our annual compensation survey and a new onlineintern recruitment tool

17. Published the only apartment-specific bench-marking survey on information technology investments

18. Helped firms leverage technology with a new white paper on online marketing and several technology webinars

In classic David-versus-Goliath battle, NMHC's lobbyists stood up to the single-family lobbyists to secure a ban on seller-financed "charity"downpayment assistance programs and to defeat their calls for massive new homeownership incentives.

Top: NMHC joined forces with the Urban Land Instituteto publish a new toolkit to help local leaders encouragecompact development and overcome objections tohigher-density housing.

Bottom: The volatile economic situation in 2008 made NMHC's annual compensation survey, and a subsequentflash survey to measure changing strategies at the end of the year, more important than ever.

As the apartment industry’s leading advocate, NMHC takes seriouslyour mission to not only advance your legislative and regulatory

interests, but also to provide you with the best practices, research and tools you need for your business to prosper.Our annual report explores these accomplishments in more depth and offers an outlook for 2009, but the followingis a short-hand list of some of the ways we served you, and the industry as a whole, last year.

What Have You Done for Me Lately?


America’s foreclosure crisis has increased competition for professional apartment firms as households and investorswho cannot sell their houses and condos in a falling-price marketplace seek instead to rent them out. Fortunately,the industry has a strong defense against these shadow renters; it’s what NMHC calls the “professional advantage,”and in 2008 we launched a campaign to help firms promote it.

The cornerstone of the initiative is a consumer-friendly brochure – Your Best Start to Renting Smart: Rent From thePros – that owners can distribute in their leasing offices. The campaign struck a note: Nearly 50,000 brochures weresold in the first two months.

The brochure warns that nearly 40 percent of today’s foreclosures involve a single-family house, condominium orother housing rented out by its owner. It notes that people who choose to rent in these properties put themselves at real risk of losing their lease along with their security deposit and being forced to move on short notice.

It explains that these risks disappear when renters choose anapartment managed by a professional management company. The professional firms not only offer greater financial security,they also offer a better renting experience thanks to:

• On-Site Maintenance Staff

• A Higher Standard of Customer Service

• First-Class Amenities Unavailable in Single-Family Houses

• Convenient and Exciting Locations

The brochure also makes the financial case for renting by quotinga SmartMoney magazine columnist who says, “What’s the bestreason to rent? To get richer.”

Renting is smart living. Consumers can make it even smarter by choosing a professionally managed apartment community for complete peace of mind.

Renting is Smart Living

• Renters save an average of $560 every month just by choosing

to rent over buying.

• A $100 investment in housing in 1985

would be worth $210 today. The same

$100 placed in stocks would be

worth $710 – nearly three times as much.

Promote Your Professional Advantage

• Add Your Best Start to Renting Smart to your leasing information packet. Purchase bulk supplies of the brochure at www.nmhc.org/goto/Professional.

• Download a free PDF of Your Best Startto Renting Smart and post it on your consumer web site.

Resources to Compete with the “Shadow” Market:

NMHC Promotes the Professional Advantage


It’s official. The “ownership society” is dead. President Bush

championed the concept during his re-election campaignin 2004: “America is a stronger country every single time a family moves into a home of their own,” he said in October 2004. He went on to push a series of policy initiatives to raise the national homeownership rate. Hecalled for federally insured zero-downpayment mortgages,and he encouraged lenders to make mortgage credit moreeasily available.

Unfortunately, the homeownership push quickly turnedinto a housing bubble. By 2007, the bubble burst. In 2008,the single-family meltdown reverberated through theeconomy, severly disrupting the entire U.S. financial systemand causing a global economic crisis. By the end of theyear, the push for the “ownership society” was causinggreat pain to millions of Americans.

For consumers, homeownership lost its appeal as an investment. Nationwide, even the National Association of Realtors had to concede that house prices recorded their sharpest drop since the Great Depression. In somemarkets, prices were down more than 20 percent com-pared to a year ago. In the worst-hit areas, owners whobought at the peak of the market now find their housesworth 40 percent less than when they bought them. Andit’s not over yet. Leading economists predict prices will fallanother 10 percent to 15 percent before equilibrium isreached. As a result, one in six homeowners now owemore on their houses than they are worth.

And then there were the foreclosures. More than two million of them in 2008 or one in every 54 housing units. Inall, analysts predict that more than four million mortgages

The End of the

OwnershipSociety

will be in default by the end of 2009 and up to eight million over the nextfour years. In the end, the foreclosure crisis will essentially wipe out thehomeownership gains recorded in recent years.

In 2008, homeownership rates posted their sharpest decline in 20 years,falling from a peak of 69.1 percent in 2005 to 67.5 percent in 2008, alevel last seen in 2001 and erasing all of the much-touted homeowner-ship gains of the Bush presidency. Meanwhile, the number of renterhouseholds jumped from 30.9 percent to 32.2 percent. Harvard’s

Joint Center for Housing Studies had predicted an increase of 1.8 million renters between 2005 and 2015. Instead, they saw a surge of 1.5 million renters from 2005 to 2007 alone.

As the housing crisis worsened, policymakers came to the sameconclusion as consumers. They had to admit – as NMHC had been warning for years – that, yes, there is such a thing as too much homeownership. Leaders on both sides of the aisle began to acknowledge that by recklessly pursuing “homeownership at any cost,” they greenlighted the housing bubble.

In January, the influential House Financial Services CommitteeChairman Barney Frank told BusinessWeek magazine that “Home-ownership was oversold.” Six months later, Republican CongressmanJim Saxton, a member of the House Joint Economic Committee, issued a report examining the housing bubble. Its conclusion? That a combination of government policies pushed homeownership beyond sustainable levels.

The report notes that “even though prominent economists werewarning of an inflating housing bubble as early as 2000, officials atthe Federal Reserve, Treasury and U.S. Department of Housing andUrban Development (HUD) “ignored or downplayed troublesome

signs” and did nothing to “warn American households that it might not be the besttime to buy a home.”

Even former HUD Secretary Henry Cisneros, architect of the National Homeowner-ship Strategy under President Clinton, admitted to The New York Times that “peoplecame to homeownership who should not have been homeowners… There are somepeople who should remain renters.”


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policymakers must ask what amount of homeownershipsubsidies are appropriate. Henry M. Paulson, Jr., former Treasury Secretary under President Bush

Scholars reinforced the message that the ownership society should be permanently retired. In February, the Brookings Institution published a book titled RevisitingRental Housing: Policies, Programs, and Priorities. At a briefing titled “HomeownershipIsn’t Always the Answer,” the researchers noted that “homeownership has been exaltedin a way that hasn’t been helpful for many households.” The book suggests new directionsfor housing policy that make better use of the nation’s rental housing stock. Harvard’sJoint Center for Housing Studies followed suit in April, releasing a report titled America’sRental Housing: The Key to a Balanced National Policy. The study called on policymakersto focus renewed energy on rental housing. Joint Center Senior Scholar – and formerhomeownership advocate – William Apgar noted that “for the past decade, broader access to homeownership has been the centerpiece of federal, state, and local housingprograms. The rapid rise in mortgage delinquencies and home foreclosures unfortunately exposes the tragic flaw in this imbalanced approach.”

Still an Uphill Battle

With evidence mounting that it was past time to restore balance to the nation’s housing policy, one would think that NMHC’s job of advocating for more support for rental housing would get easier. Unfortunately, old habits are hard to break.

The battles started heating up in the spring, as Congress began working on whatwould turn out to be the most significant housing legislation in a generation. Thanksto an all-out lobbying campaign by NMHC, by the time it became law in July, what


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People came to homeownership who should nothave been homeowners... There are some

people who should remain renters.Henry Cisneros, former Secretary of Housing and Urban Development

had begun as a bailout for the single-family sector had been transformed into an actual balanced housing policy bill.

It eliminated one of the worst excesses in the housing industry – seller-financed“charity” downpayment programs, such as those offered by Nehemiah Corporation of America and AmeriDream. These circular funding schemes have been plagued by abuses and produce loans that are three times as likely to go into foreclosure.


Why should ever-increasing homeownership be a policy goal? There

are some real disadvantagesto homeownership. Paul Krugman, Nobel Prize-Winning Economist

NMHC Ad:

Drop the Obsessionwith Homeownership

As Congress debated themost significant housinglegislation in a decade,NMHC unveiled a hard-hitting new ad urginglawmakers to learn from our country’s pastmistakes and adopt amore balanced housingpolicy. The ad, which ranin publications targetingCongress, features quotes from housing policy experts and journalists essentially urging elected officials to “drop the obsessionwith homeownership.”

Lawmakers also used the bill to put an end – once and for all – to a multi-year effortby the Bush Administration to create a federally insured zero-downpayment mortgageprogram. Instead of eliminating downpayments under the FHA, the bill actuallyraised the downpayment requirement from 3.0 to 3.5 percent.

Congress also rejected a proposal to create a $15,000 homebuyer tax credit. NMHCjoined critics from the right and the left arguing that such a credit likely would haveincreased foreclosures and accelerated house price declines while doing nothing to increase housing demand. Importantly, the measure included a number of provisionsexpanding and enhancing federal subsidies for affordable rental housing production.

The battle reignited in the fall when Congress began consideringmeasures to stimulate the worsening economy. Not dissuaded by the facts, the National Association of Home Builders (NAHB) calledfor a homebuyer tax credit worth up to $22,000, and both NAHB and the National Association of Realtors lobbied for a federally financed interest rate buydown on mortgages. Meanwhile, NehemiahCorporation of America launched a massive grassroots effort tooverturn the above-mentioned ban on seller-financed downpay-ment programs.

Once again, NMHC used our trademark, fact-based lobbying to educate lawmakers that these proposals would do nothing to stimulate the economy or to stop house prices from falling further.They would simply use taxpayer dollars to bail out builders andsustain inflated house prices. As for reinstating seller-financeddownpayments, that’s just laying the groundwork for the nexthousing crisis by adding to the number of households underwateron their mortgages.

For now, lawmakers are listening. The failed stimulus bill consideredin November did not include the single-family provisions. But we are not naïve. Although the ownership society may be dead for now,we realize homeownership is a loud siren call for politicians. We willremain vigilant to oppose any misguided attempts to return to thebad old days of a one-sided housing policy.


The New Conventional WisdomAbout Homeownership

• Housing is an expense;

not an investment.

• Single-family houses are nota “can’t lose” investment; prices

DO go down.

• Downpayments are a good idea;

highly leveraged buyers areat high risk for foreclosure.

The popular argument that rentingis equivalent to throwing money

down the drain is fallacious.Robert Shiller, Professor of Economics at Yale University

For 30 years, NMHC has been thevoice of the apartment industry. Our well-respected lobbying teamhas recorded hundreds of victoriesover the years, small and large, on a wide variety of issues. By far, 2008was one of our most challengingyears ever. It was a year in which weonce again earned our reputation asthe leading advocate for the rentalhousing sector.

In classic David-versus-Goliath battle, we stood up to the single-family lobbyists and helped defeattheir calls for massive new home-ownership incentives. We were alsoengaged on a number of other fronts,including tax policy, building codes,energy efficiency, fair housing accessi-bility and the capital markets, to namea few. Some of our key accomplish-ments are detailed below.

Unfortunately, there is no time to rest on our laurels. A new president and a new balance of power in Congress means 2009 promises to be even busier and probably themost challenging year for our advocacy efforts in nearly two decades. NMHC’s expertstaff spent much of last winter working with President Obama’s transition team. During those meetings we urged his advisors to question the conventional wisdomabout housing policy and to advocate for stronger federal support for rental housing.

The economy will be the top priority in the beginning of the year, including calls fornew homeownership incentives. Fortunately, the facts are on our side on this, and wewill continue to use them to press our case. Beyond the economy, however, lawmakersare expected to take up a number of issues that could adversely impact our industry, including the unionization “card check” bill, tough environmental mandates, tax lawchanges and more.

Looking beyond the coming year, one thing is apparent: The U.S. is entering a new paradigm for housing, based on extremely powerful forces – demographics, house-hold formation, immigration, the focus on energy efficiency (hence the importance of both transit-oriented and compact development), a renewed interest in downtownliving and the efficient use of infrastructure – all of which point toward a robust andgrowing multifamily sector. People will demand more and more varied choices fortheir housing, so please keep that in mind as we talk about renters. The days of Ozzieand Harriet are gone for single-family housing (finally!!); just as the days of rentersbeing second-class citizens who can't afford to own a house are gone, too.


NMHC's team of expert lobbyists, pictured here, have earned NMHC the reputation as the leadingadvocate for the rental housing sector. Left to right, front row: Betsy Feigin Befus, Jeanne McGlynnDelgado, Eileen Lee, Paula Cino. Back row: Jennifer Bonar Gray, Jim Arbury, Ron Nickson, DavidCardwell, Lisa Blackwell, Doug Bibby.

National Multi Housing Council:

Your Voice in Washington

Housing Policy

The systemic failures in the single-family housing finance sector have underscored the serious flaws of a homeown-ership-centric housing policy. The global economic crisis triggered by the bursting of the housing bubble is just onesign that the U.S. needs a new paradigm for housing. There are also extremely powerful forces that favor renting andapartments beyond financial considerations. They include changing demographics and immigration, the need toconserve green space, improve energy efficiency and use our infrastructure more efficiently, as well as a renewed interest in downtown living.

NMHC has been advocating for a balanced approach to housing policy for many years. Thanks to the excesses in the single-family sector, many lawmakers are reconsidering their unquestioned embrace of homeownership. We will leverage this unique situation to put forward a policy framework that advocates fundamental changes in ourhousing policy.

Capital Markets

With the credit markets frozen and the federal conservatorship of Fannie Mae and Freddie Mac scheduled to end in 2010, it is no understatement to say that no other issueis as important to the health of our industry as this one. As policymakers seek to “fix”our country’s housing finance system, NMHC will be a strong voice for differentiatingbetween the single-family and multifamily sectors. The day after President Obama’s election, NMHC convened a symposium at Harvard University–that included somemembers of the president's transition team–to identify the necessary components of a safe and sound multifamily housing finance system.

Priorities for 2009 include a sound resolution to the restructuring of Fannie Mae andFreddie Mac, restoring public securities markets that serve a wide range of borrowerneeds and bringing back the developmen and construction financing needed to meetthe demand for rental housing. We will also work to protect and provide needed federal

subsidy for housing through the Section 8 Housing Choice Voucher program, and seek support for the Low-IncomeHousing Tax Credit industry and other affordable housing initiatives.

We have a good story to tell in support of our industry. Our industry offers two decades of solid performance andthe restraint we showed by not jumping on the housing bubble bandwagon, as well as a long legacy of providingsafe, decent housing for millions of families.

Taxation

Tax law will be a very busy area in 2009 and one where real estate professionals will needto be particularly vigilant. The biggest threat comes from lawmakers’ need to find newrevenues to offset growing government expenditures – the budget deficit threatens toapproach $1 trillion. The twice-defeated proposal to double taxes on carried interestprofits will no doubt be back in play. There may also be pressure to change the treatmentof like-kind exchanges and to increase the overall tax rates on capital gains, dividendsand income.

Congress is also under pressure to do something about the federal estate tax. A temporary2002 law lets the tax rate go to zero in 2010, but it will revert to a high 55 percent taxrate (with a low $1 million exemption) in 2011. NMHC will press lawmakers to retainthe law as it will be in 2009, with a 45 percent tax rate, a $3.5 million exemption leveland retention of “stepped-up” basis at the time of inheritance.


Dave Cardwell, NMHC’s VicePresident, Capital Markets and Technology, leads a discussion on the state of the capital markets.

NMHC’s Vice President of Tax,Jennifer Bonar Gray, leads adiscussion about pending taxlegislation at NMHC's Board of Directors meeting.


Energy and Environmental Issues

Energy efficiency, green technologiesand climate change will take precedencein 2009. President Obama has alreadysignaled his support for legislation restricting greenhouse gas emissions.Environmentalists are pushing formandatory building energy-efficiencyrequirements and are arguing that imposing these mandates will spur investments in technology that willstimulate the economy. NMHC willargue against proposals that have notbeen sufficiently vetted and are nottechnically feasible or cost-effective.

We will also be actively engaged in thepolicy debate to ensure that any new requirements are paired with mean-ingful incentives. With lawmakers

committed to stimulating the economy, it will theoretically be easier to pass initiatives that spur transit-orienteddevelopment, improve public works infrastructure and expand our country’s investment in renewable energy.

Labor and Employment

The apartment industry is prepared for Congress and the regulatory agencies to focuson labor and employment issues much more than has been seen in years. Labor groupsare poised to advance several significant measures that are expected to speedily pass theHouse of Representatives, but be more closely scrutinized by the Senate. At the top ofthat agenda will be the Employee Free Choice Act (EFCA), popularly known as the “cardcheck” bill. The proposed legislation could ease organizing and collective bargainingrules, making apartment firms more vulnerable to unionization. As part of a broad-based business coalition, NMHC will vigorously oppose the measure in Congress. Wewill also prepare apartment firms for a potential increase in union-sponsored activitythrough a special task force that will help create apartment industry-specific best prac-tices for communicating with employees about unions.

Immigration Reform

Apartment firms are both employers and housing providers, so the immigration reformdebate is especially important to us. This means that NMHC will be involved in the debate not only in Congress, but also at the regulatory and judicial level. We will continue to urge Congress to pass a legislative package thatmeaningfully addresses existing deficiencies in employment verification and border enforcement and also creates rational earned legalization and temporary worker programs. Fortunately, both President Obama and his Secretaryof Homeland Security support such comprehensive immigration reform.

The federal Internet-based employment verification system, known as E-Verify, is set to expire in March, so lawmakershave to decide whether to continue funding the existing system or enact programmatic changes. Questions of whetherto make the system mandatory will undoubtedly be part of the debate. Given the program’s current level of inaccura-cies and vulnerability to fraud and error, we will continue to call for a voluntary program. We will also argue againstany federal, state or local measure that would force apartment owners to screen residents for their legal status.

Eileen Lee, NMHC’s Vice President, Energy and Environmental Policy, and Jim Arbury, NMHC'sSenior Vice President of Government Affairs, discuss the industry’s top priorities with Representa-tive Artur Davis (D-AL), member of the House Ways & Means Committee.

Betsy Feigin Befus, NMHC’sVice President, EmploymentPolicy and Counsel, leads the Council’s lobbying effortson immigration, human resources and telecom-munications regulations.

Telecommunications

In 2009, NMHC will continue to lead the fight against federalregulations that improperly restrict an apartment owner’s abilityto freely contract with providers of voice, video and data service.Specifically, we will continue our legal challenge to the FederalCommunications Commission’s (FCC) January 2008 ban on exclusive access agreements for cable television service. We havefully briefed the court and are preparing an oral argument inthe case. We will also continue to voice our strong opposition to the FCC’s proposed regulation of exclusive marketing agree-ments and bulk billing arrangements, both of which benefitboth apartment residents and apartment owners. At this point,the overall outlook on such regulations is unknown because theFCC’s makeup will change under the Obama Administration.What is clear, however, is the President’s general support for increased broadband deployment, which could lead to addi-tional misguided regulations in the name of competition andconsumer choice.

Property and Risk Management

This broad issue covers a wide range of core operational areasfor apartment firms, so it presents a diverse set of legislative, reg-ulatory and legal challenges and opportunities. In 2009, the risein power of the Democrats likely will mean more active enforcement of civil rights laws, including the accessibility re-quirements of both the Fair Housing Act and the Americans with Disabilities Act. NMHC will continue our outreachto the Department of Justice and HUD to educate them about the obstacles to more widespread compliance and theneed for a tolerance-based approach to enforcement of the accessibility regulations.

Insurance – specifically the availability and affordability of natural catastrophe insurance – will also require our focused attention as lawmakers will likely reconsider in 2009 a failed package from last year that would have createda commission and a loan program for states. In addition, a temporary extension of the National Flood Insurance Pro-gram (NFIP) will expire in March. NMHC will continue to lobby for increased coverage limits and subsidized premi-ums for apartments as program reform is debated.

Building Codes

Perhaps the least understood of NMHC’s policy areas is the building codes practice. Staying on top of building codes involves meticulously examining thousands of technicalproposals to determine whether they will impact apartment construction costs, knowingthat every victory earned can be wiped out in the next code development cycle.

For that reason, NMHC is always working on two distinct horizons. On the short-termhorizon, we review proposed code changes, collect evidence to support or oppose themand work behind the scenes to secure the necessary votes in our favor. On the long-termhorizon, we are continuously educating key stakeholders of our positions so we can headoff potentially negative code changes before they acquire any momentum.

In 2009, our key issues are proposals related to energy conservation, fire safety and pro-posals related to the attack on the World Trade Center. As is the case in so many of ourpolicy areas, here, too, the facts are on our side as apartments (with sprinklers, as is thenorm now) have the best safety record of any occupancy classification covered by the codes.


Lisa Blackwell (right), NMHC’s Vice President, Housing Policy,and Jeanne McGlynn Delgado, NMHC’s Vice President, BusinessOperations and Risk Management Policy, greet Senator Kent Conrad (D-ND), Chairman of the Senate Budget Committee andMember of the Senate Finance Committee before his remarks toNMHC members.

NMHC's Ron Nickson, VicePresident, Building Codes, advances the industry’s inter-ests with the model buildingcode organizations.


Turned Back Homeownership Incentives; Secured Rental Incentives Instead Trans-formed the comprehensive housing stimulusbill enacted in July from a bailout bill for the single-family sector to a “balanced housing policy” measure. The final version eliminatedproposals to create an FHA-insured zero-down-payment mortgage program and rejected callsfor a $15,000 tax credit for people who buy foreclosed houses. Instead, it included rentalhousing incentives and improvements to tax law related to Real Estate Investment Trusts.

Retained the Ban on Seller-Financed “Char-ity” Downpayment Assistance Secured a banon “charity” downpayment programs, such asthose run by Nehemiah Corporation of Americaand AmeriDream, and then successfully blockedefforts by the National Association of Realtorsand the National Association of Home Buildersto overturn the ban.

Maintained Capital Availability After thefederal takeover of Fannie Mae and Freddie Mac, worked with the new regulator to ensure that multifamily lendingprograms would continue to operate as usual and that any restrictions on the GSEs’ ability to retain mortgages intheir portfolios would not restrict multifamily lending. Also educated lawmakers that a “one-size-fits-all” approach to the GSEs’ programs could have seriously negative consequences for multifamily financing, and launched a multi-pronged initiative to restore capital flows to the multifamily sector.

Alan George (Equity Residential) talks about green building with Representative BarneyFrank (D-MA), Chairman of the House Financial Services Committee.

Key Legislative and Regulatory Victories in 2008

Two Organizations, One Voice

For nearly two decades, NMHC and the National Apartment Association (NAA) have joined forcesto form a Joint Legislative Program to advocate on behalf of the apartment industry.

This unique relationship combines expertise and strength in numbers to create a partnership that is greater than the sum of its parts. NMHC is able to tap into the grassroots power of NAA’s52,000 members and its state and local chapters to help move our issues forward. NAA members,meanwhile, gain access to one of the most experienced and skilled legislative teams working onCapitol Hill. The alliance creates an entity with the strength to attract excellent legislative staffersand the resources to conduct cutting-edge research on important issues facing the industry. Justas importantly, it also enables the apartment industry to pursue its legislative and regulatoryagenda with a single, unified and clear voice.


Secured Favorable Accessibility Ruling Successfully influenced a favorable decision by the Ninth Circuit Courtrecognizing a two-year statute of limitations period in the Fair Housing Act’s accessibility provision beginning whenthe last certificate of occupancy is issued.

Blocked Mandatory Federal Translation Requirements Through an NMHC-filed lawsuit, obtained a court ruling that HUD guidance requiring federally funded apartment owners to translate a broad array of documents in multiple languages and to provide verbal translations for those who do not read in their native language was not mandatory and imposes no requirements on housing providers.

Improved LIHTC Utility Regulations Achieved long-sought regulations that expand the methods that LIHTCapartment owners can use to adjust their rents whenthe utility payments are made by the residents, a changethat should increase overall rental income for LIHTCproperty owners.

Blocked Onerous Environmental Mandates Opposedlegislation requiring mandatory federal standards forstate energy-efficiency building codes that would havegreatly exceeded current standards and, in some cases,were beyond what is currently technologically or fiscallyachievable. Testified before Congress on the industry’scommitment to energy-efficient building operation andurged caution in developing a one-size-fits-all greenbuilding standard. Helped draft the forthcoming NationalGreen Building Standard, the only consensus-basedstandard for residential green building.

Opposed a Tax Increase on Carried Interest For thesecond year in a row, turned back legislation that wouldhave more than doubled taxes on carried interest (or the“promote”). If enacted, this proposal would have had a devastating impact on real estate partnerships.

Improved the Nation’s Building Codes Defeated all the proposed changes to the 2009 edition of the International Building Code that would haveadversely affected low-rise apartment properties. These measures wouldhave required more expensive sprinklers, eliminated sprinkler design options, revised building separation requirements and lowered allowablebuilding heights, permitted stories and building area. Successfully opposedefforts to dramatically increase the code requirements for high-rise prop-erties suggested as a result of the 2001 World Trade Center collapse.

Expanded and Enhanced the LIHTC Program Achieved major legisla-tion simplifying the LIHTC program and making changes to attract newinvestors to the program and help restore liquidity to the program. Also secured long-sought regulations expanding the methods used to calculateutility allowances.

Extended Energy and Brownfields Tax Incentives Overcame parti-san gridlock to secure a five-year extension of several critical energy tax

In 2008, NMHC defeated onerous energy efficiency mandates that in some cases exceeded what is possible with current technology. Testifying on behalf of NMHC before the U.S. House of Representa-tives in June, Alan George, Executive Vice President and Chief Investment Officer of Equity Residential, explained that the apartmentindustry is committed to increasing the energy efficiency and overallsustainability of its properties in a way that does not jeopardize theavailability and affordability of housing.


Beyond our skilled team of lobbyists, one of the most important ingredients in our legislative initiatives is the NMHC PoliticalAction Committee (PAC). Through theNMHC PAC we are able to support politicalcandidates who are in harmony with our industry’s goals, and we can be more aggressive in supporting up-and-comingmembers of Congress who will grow instature and power in the future.

Despite the sharp economic downturn in2008 and thanks to the great leadership of our NMHC Political Action CommitteeChairman Linwood Thompson and Vice Chairman David Neithercut, we raised a record $522,637 for our NMHC PAC. Those funds were used to support 91 members of Congress of both parties.

The success of our PAC depends entirely on member support. Since corporationscannot contribute to PACs, we rely on voluntary personal contributions from employees of NMHC member firms. In 2008, we recognized two firms for their employees’ exemplary support of the PAC. Our gold medal Advocate’s Award went to Marcus & Millichap, which raised $86,651 for the PAC. Equity Residentialwas second and received our Challenger’s Award after raising $30,774 in PACfunds from its employees.

The employees of 17 firms contributed $10,000 or more in 2008. In addition to Marcus & Millichap and Equity Residential, high contributors included (in order of contributions): Wood Partners, LLC; American Management Services (dba Pinnacle); CB Richard Ellis; BRE Properties; Gables Residential Trust; SARES•REGISGroup; Lincoln Property Company; AvalonBay Communities, Inc.; Archstone-Smith; Camden Property Trust; Post Properties, Inc.; Moran & Company; UDR, Inc.; Apartment Realty Advisors; Western National Realty Advisors; and Waterton Associates, L.L.C. A record 1,079 individuals from 93 firms contributed to NMHCPAC this year.

Participation in the NMHC PAC by Council members is still significantly below 50 percent. With key issues that can impact our industry being debated in Congress and so many interest groups vying to be heard, it is more imperativethan ever that our legislative effort is enhanced by full participation in the PAC by all NMHC members.

NMHC’s Jim Arbury presentsthe NMHC Advocate's Award to Linwood Thompson withMarcus & Millichap. The firmraised more than $86,000 for the NMHC PAC in 2008.

National Multi Housing Council Political Action Committee (NMHC PAC)A Sound Investment in Our Industry


incentives for commercial real estate firms as well as a retroactiverenewal through 2009 of a tax provision allowing immediate expensing for brownfields.

Protected the Industry from Controversial Immigration Measures Successfully blocked efforts to make the federal E-Verify employee screening program mandatory and turned back a HUD initiative to force apartment owners to translate a broadarray of documents.

Blocked Onerous Changes to the ADA Guidelines In the finalstages of a 10-year rulemaking process to revise the ADA Accessi-bility Requirements for Public Accommodations, helped con-vince the Justice Department to reject a provision that wouldhave required existing properties to retrofit to meet the new standard even if they had already met the earlier standard.

Addressed Catastrophic Insurance Needs Through a multi-faceted lobbying campaign, secured the introduction of legislationthat would improve conditions for property insurance, thus layingthe groundwork for the next Congress. Also successfully lobbiedfor an extension of the National Flood Insurance Program (NFIP)before it expired in September.

Averted a Shortfall in Project-Based Section 8 Funding Pre-vented a serious funding shortfall in the project-based Section 8program by securing additional funding and a technical adjustment in the way funding is allocated.

Secured Hurricane Relief Secured temporary expansions of the LIHTC program in areas struck by 2008’s hurricanes, floods and wildfires; obtained additional rental voucher funding for victims of hurricanes Katrina

and Rita; and saw FEMA adopt the NMHC-recommended strategy of relying on rentalhousing rather than hotels and trailers forintermediate- and long-term housing needsafter hurricanes Ike and Gustav.

Hector Pinero (Related Management) with Senator Chris Dodd (D-CT), Chairman of the Senate Banking Committee, after testifying on behalf of NMHC about contract problems that have caused serious problems in the Section 8 program.

NMHC President Doug Bibby withRepresentative Ed Royce (R-CA).

The story of 2008 is a story of two halves. Through mostof the summer, the apartment industry held up prettywell. Occupancy rates drifted downward over the courseof the year, though they remained higher than in 2003-2004. Net absorptions were weaker than in 2007, butmuch better than in 2006. Rent growth remained positive, but fell well below the rate of overall inflation.

But as the recession gathered strength over the course of the year, job losses mounted and apartment operatingstatistics began to worsen. The implosion in the for-sale market was initially good for the apartment industry, as the shift away from homeownership led to increaseddemand for rental units of all kinds. But the burstinghouse price bubble led to a stunning collapse of basic financial infrastructure, and the combination has nowbrought on what is likely to be the biggest recessionsince at least the early 1980s.

The Federal Reserve and the Treasury went well outsidethe “textbook” to try to right our economic ship, but fewof their steps made much of an impact as the economysagged under the weight of an overleveraged financialsystem and overleveraged consumers.

With forecasts of unemployment possibly reaching double digits and 2.6 million jobs lost in 2008, 2009 will be a challenging year for apartment operators.

Capital Markets Crisis

The biggest challenge in the short-term for the sector is clearly the volatile credit markets. The market forcommercial mortgage-backed securities (CMBS) –once the source of $200 billion in credit capacity annually – has virtually ground to a halt since mid-2007.Other major sources of commercial real estate credit,such as banks, life insurance companies and pensionfunds, have also largely stopped issuing new commercialreal estate debt and are downsizing existing real estateloan portfolios.

Even in the midst of this credit crunch, the apartmentsector has had greater access to credit than other commercial real estate sectors because it has benefitedfrom continued debt capital availability through FannieMae and Freddie Mac. But they are not sufficient, bythemselves, to entirely insulate the apartment sectorfrom the current credit crisis.

By the end of 2009, an estimated $400 billion in commercial real estateloans will mature from a variety of sources. Withinsufficient liquidity to refinance these debts, the specter of immense systemic risk and a wave of defaults is real. Already thefrozen capital markets have put a chill on apartmenttransactions. Property sales were down by 63 percent in2008 and by 61 percent from two years ago. With buyerson the sidelines, property values fell by 20 percent.

As policymakers seek to “fix” our country’s housing finance system, NMHC will be a strong voice for differentiating between the single-family and multi-family sectors. In 2009, we will be working closely withthe GSEs’ regulator, lawmakers and officials at the U.S. Department of Treasury to address short-term andlong-term solutions to the credit crisis.

Bright Spot in a Dark Picture

The good news – if there is any such thing in the currenteconomy – is that fundamentals for the apartment sectorare holding up fairly well. While we face some competi-tion from the single-family “shadow” rental market, themultifamily sector is the only housing sector that is notoversupplied. The lack of financing has forced develop-ers to cancel new development, which will further helpthe industry’s long-term performance. New multifamilystarts dropped 15 percent in 2008 and are forecast toplunge another 30 percent or more in 2009.

Lower homeownership rates, strong immigrationlevels and the entry of the Echo Boomers into therental market means apartment demand is likely toexceed supply in the coming years. As one analyst putit, “Apartments are likely to be worth dramatically more in 2014 than they are in 2009.”

Even now, as we wait for a recovery, the inherent advantages of the apartment sector can be seen in in-vestment performance. While total returns to apartmentREITs fell by 25 percent in 2008, other sectors fared farworse. REIT returns in the office sector fell 41 percent,while retail dropped nearly 48 percent and industrialplummeted by 67 percent.


The Economist’s Corner:

Waiting Eagerly for 2010

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


For 30 years, NMHC has provided thought leadership to the apart-ment industry. Although we are best known for our highly effective

government affairs program, the success of your business is one of our core missions. We call it our Strategic BusinessInformation initiative, which is our way of saying that we make sure you have the information you need to make informed business decisions. From original research to benchmarking studies to best practices and regulatory compli-ance guidance, we keep you informed. Here are just some of the resources and tools we produced for you in 2008:

Apartment Market Conditions • White paper exploring the impact of the foreclosure crisis on the credit quality

of renters: Renter Credit Quality in a Volatile Housing Market.

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

• Research: 2008 NMHC 50 – the Top 50 Apartment Owners and Top 50 ApartmentManagers.

• New research on employment and the apartment industry; apartment supply trends and the nation’s excess housing inventory.

Apartment Marketing/Promotion • New consumer brochure, Your Best Start to Renting Smart: Rent from the Pros,

promoting the advantages of professionally managed apartments to help apartment firms compete against “shadow” rentals.

• Getting Density Right, a new toolkit co-published with the Urban Land Institute to help communities overcome obstacles to compact development.

Energy Efficiency/Sustainability • Landmark research, Strategies and Costs to Exceed ASHRAE 90.1-2004 Requirements in a Multifamily

Apartment Building, examining the costs, benefits and practical limitations of making large increases in energy efficiency in a typical multifamily building. This research helps owners and developers meet proposed energy-efficiency benchmarks and can also be used to oppose unreasonable standards (either mandatory or voluntary)that exceed what is technically feasible and cost-effective based on existing technology.

• White paper explaining federal energy-efficiency tax credits and how firms can use them to offset the costs of high-performance upgrades to their properties.

• Webinar offering practical advice on steps firms can take to improve energy efficiency at new and existing properties.

Student Housing • New research on on-campus housing costs and their

impact on privately owned off-campus housing: On-Campus Housing Costs: More Than Meets The Eye.

Human Capital • Annual National Apartment Survey of Compensation

and Benefits Practices, the industry’s leading and mostdetailed source for strategic compensation information.The 2008 report covered 68 corporate/regional and on-site job titles in more than 200 geographic areas.

The Business

of Your Business

Renter Credit Quality in aVolatile Housing Market whitepaper; and 2008 NMHC 50.

NMHC members tour University Town Center, an off-campus student housing property near the University of Maryland and hear first-hand from the students duringNMHC’s Student Housing Conference in September.

• Compensation Strategy Flash Survey taken in the final months of 2008 to update our annual compensation survey with real-time data on firms’ plans, in light of the recession, for merit increases and bonuses.

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

• New Intern Recruitment Tool on our Career Center.

Technology and Telecommunications• White Paper and webinar providing best practices for Multifamily

Marketing in the Internet Age.

• The first and only apartment-specific survey, Information Technology Investment Benchmarking Survey, to benchmark how firms are allocating resources to Information Technology.

• Webinar: Ensuring Network Security.

• Webinar: Preparing for the Digital TV Transition.

• Guidance identifying best practices to comply with the federal ban on exclusive contracts with video providers.

Property and Risk Management• 2008 Apartment Cost of Risk Survey, which benchmarks insurance rates, deductibles, coverage terms

and claims history for 10 different lines of insurance.

• Best practices guidance on the emerging trend of smoke-free housing policies.

• Regulatory compliance guidance on new federal identity theft regulations that require firms to implement new policies for using consumer credit report information.

• Compliance guidance on new pool and spa safety regulations that require the installation of anti-entrapmentequipment.

• Regular guidance on immigration reform and the apartment industry, including coverage of federal enforce-ment activity targeting apartment owners as employers and proposed state mandates and lawsuits targetingapartment owners as housing providers.

• Webinar detailing new lead-based paint regulations that require property owners to ensure that maintenanceworkers receive EPA-approved training and, in some cases, become certified tocarry out routine O&M procedures.

Workforce Housing • New Online Workforce Housing Resource

Center with a comprehensive library of afford-able housing resources and links, includingtoolkits for developers and localities and detailed case studies of successful workforcehousing projects.

• First-Ever Workforce Housing Project Estimator, an online “calculator” that allowsreal estate firms and policymakers to evaluatethe financial viability of proposed workforcehousing properties under various subsidies and incentives.


Research Notes and Market Trends newsletters

NMHC Online Career Center


You deserve some credit. All over the country, apartmentfirms are working to improve their communities, usually

with little fanfare or recognition. The NMHC Good Neighbor Award for Outstanding Community Service seeksto change by that by promoting our industry’s good deeds.

An independent group of prominent judges selects the winner of this annual award, which features a $10,000 charitable donation. Past winners have included Mid-America Apartment Communities, Post Properties and John M. Corcoran and Company.

This year, the Good Neighbor honor goes to Maryland-based Hendersen-Webb, Inc. for its Creative Kids Community Centers.

NMHCGood Neighbor Award

NMHC President Doug Bibby presentsthe 2008 Good Neighbor Award to Hendersen-Webb’s Jamie Lubliner, President of Creative Kids, Inc.

Starting with one not-for-profit community center in 1997, there are now three Creative Kids centers in various Hendersen-Webb apartment communities; the programs and services offered range from English for Speakers of Other Languages classes to tutoring and homework assistance to job-seeking assistance. The company and its affiliates provide utilities and staffassistance and fund a portion of the salaries of the centers’ directors.

Hendersen-Webb associates also assist with the centers’ operations, and three Hendersen-Webb employees serve on Creative Kids’ Board of Directors, donating hundreds of hours of their time.

NMHC commends Hendersen-Webb for its inspiring community service and for creating this creative way to benefit its residents.

NMHC’s goal for the Good Neighbor Award is to honor apartmentfirms that excel in community service. But we also want to inspire others by showing them examples of successful programs that theycan adapt and adopt in their own communities. To learn more aboutthe award, visit www.nmhc.org/goto/GoodNeighbor.

NMHC’s meetings are considered to be the industry’s moststimulating and thought-provoking gatherings. Varying in size

and focus, the meetings offer participants an invaluable opportunity to candidly share information, debate issues ofcommon interest and hear nationally recognized speakers. In addition to its regular membership meetings, NMHCconvenes 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.


Future Meetings Calendar: Come Join Us

March 31-April 1Human Resources ForumResearch ForumChicago, IL (Members Only)

June 4Finance ForumWashington, DC (Members Only)

June 4-5Board of Directors MeetingWashington, DC (Executive Committee and Board Members Only)

July 13-14Executive Leadership ConferenceWashington, DC (Members Only)

September 21-22Fall Board of Directors and Advisory Committee MeetingAustin, TX (Members Only)

September 22-23Student Housing ConferenceAustin, TX (Open to Non-Members)

November 8-9Property/Risk Management ForumPhoenix, AZ (Members Only)

November 8-10Apartment Technology ConferencePhoenix, AZ (Open to Non-Members)

January 13, 2010Apartment Strategies ConferenceBoca Raton, FL (Open to Non-Members)

January 13-15, 2010NMHC Annual MeetingBoca Raton, FL (Members Only)

2000: Jimmy Carter2001: John Major2002: George H.W. Bush 2003: Gerald R. Ford2004: Madeleine K. Albright

2005: William Jefferson Clinton2006: Colin L. Powell2007: Vicente Fox2008: Tony Blair2009: Al Gore

2009 Calendar of Events NMHC extends a very special thank you to Time Warner Cable.

Time Warner Cable’s Dave Christensen andhis wife Judy with just a few of the national andinternational leaders thefirm has sponsored asspeakers at NMHC’s meetings over the past 10 years.

For the past 10 years, Time Warner Cable has generously sponsoredthe world-class speakers featured at the Council’s meetings.

Statement of Financial Position Taking Financial Measure


2007

$ 88,8416,629,4476,718,288

693,729 (584,410)109,319

14,67614,676

$ 6,842,283

$ 27,839600

28,438

6,544,545 269,300

6,813,845

$ 6,842,283

2008(unaudited*)

$ 211,9906,540,6226,752,612

680,629 (562,927)117,702

14,67614,676

$ 6,884,990

$ 68,503600

69,102

6,813,845 2,043

6,815,888

$ 6,884,990

NMHC members and employees are encouraged to report suspected violations of the law, violations of NMHC policies and procedures, dishonestor unethical behavior, 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 maycommunicate 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 federalWhistleblower Statutes 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 2008 financial statements will take

place in April 2009. In the past, there have been few, if any, differences between the audited and unaudited financial statements.

Statement of Financial PositionAs of December 31, 2008

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 IncreaseTotal 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

Taking Financial Measure


2008 Committee Leadership

Meet Our Leadership

2009 Officers

ChairmanRic CampoCamden Property TrustHouston, TX

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

TreasurerThomas S. BozzutoThe Bozzuto GroupGreenbelt, MD

SecretaryDaryl J. CarterAvanath Capital PartnersIrvine, CA

President Douglas M. BibbyNational Multi Housing CouncilWashington, DC

Immediate Past ChairmanMary Ann KingMoran & CompanyCosta Mesa, CA

Audit Thomas 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

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

MembershipTimothy J. Naughton (Chair)AvalonBay Communities, Inc.Alexandria, VA


Property Management Jeffrey I. Brodsky (Chair)Related Management New York, NY

Property ManagementJulie A. Smith (Vice Chair) Bozzuto ManagementCompany Greenbelt, MD

ResearchHessam Nadji (Chair)Marcus & MillichapWalnut Creek, CA

ResearchJack Kern (Vice Chair)Kern Investment Research CounselorsGermantown, MD

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

Student HousingNathan 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

NMHC/NAA Joint LegislativeDaryl J. Carter (Chair) Avanath Capital PartnersIrvine, CA

OperationsRic Campo (Chair)Camden Property TrustHouston, TX

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

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

2008 Committee Leadership


2008 Board of Directors - Executive Committee

Anthony D'AltoAIMCODenver, CO

David RobertsonAIMCODenver, CO

Rick GrafAmerican Management Services

(dba Pinnacle)Dallas, TX

Stan J. HarrelsonAmerican Management Services

(dba Pinnacle)Seattle, WA

Charles E. Mueller, Jr.ArchstoneEnglewood, CO

R. Scot SellersArchstoneEnglewood, CO

Lili F. DunnAvalonBay Communities, Inc.Alexandria, VA

Timothy J. NaughtonAvalonBay Communities, Inc.Alexandria, VA

James D. SpoundAvanath Capital PartnersNew York, NY

David J. OlneyBerkshire Property AdvisorsBoston, MA

Theodore P. KorosBlackRock RealtySan Francisco, CA

Robert H. LewisBlackRock RealtySan Francisco, CA

John B. SlidellThe Bozzuto GroupGreenbelt, MD

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

Mark A. PetersenBRE Properties, Inc.Irvine, CA

Laurie A. BakerCamden Property TrustHouston, TX

John M. CannonCapmark Finance Inc.Horsham, PA

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

Ron ZeffCarmel Partners, Inc.San Francisco, CA

Brian F. StoffersCBRE Capital MarketsHouston, TX

Larry DugginsCenterline Capital GroupIrving, TX

William T. HymanCenterline Capital GroupNew York, NY

Paul F. EarleColonial Properties TrustBirmingham, AL

Edward T. WrightColonial Properties TrustBirmingham, AL

Paul G. KerrDavlyn InvestmentsSan Diego, CA

Jon D. WilliamsDavlyn InvestmentsSan Diego, CA

Alan W. GeorgeEquity ResidentialChicago, IL

David J. NeithercutEquity ResidentialChicago, IL

Heidi McKibbenFannie MaePasadena, CA

Phillip WeberFannie MaeWashington, DC

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

Robert E. DeWittGID Investment Advisers LLCBoston, MA

Laura A. BeuerleinHeritage Title Company

of Austin, Inc.Austin, TX

Gary S. FarmerHeritage Title Company

of Austin, Inc.Austin, TX

Mona Keeter CarltonHFFDallas, TX

Matthew LawtonHFFChicago, IL

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 A. ButzJPI CompaniesMcLean, VA

Robert D. PageJPI CompaniesIrving, TX

James H. CallardKlingbeil Capital Management/

American Apartment Communities

Annapolis, MD

Kristen Klingbeil-WeisKlingbeil Capital Management/

American Apartment Communities

Santa Barbara, CA

William H. DongesLane CompanyAtlanta, GA

Daniel HaefnerLane CompanyAtlanta, GA

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

Mike RulfMMA Financial, LLCSt. Paul, MN

Mary Ann KingMoran & CompanyCosta Mesa, CA

Thomas F. MoranMoran & CompanyChicago, IL

Guy MetcalfeMorgan StanleyNew York, NY

Anne W. OssewaardeMorgan StanleyAtlanta, GA

Tal AlmquistOakwood WorldwideLos Angeles, CA

Howard F. RubyOakwood WorldwideLos Angeles, CA

Thomas D. SenkbeilPost 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

J. Ronald TerwilligerTrammell Crow ResidentialAtlanta, GA

Kenneth J. ValachTrammell Crow ResidentialHouston, TX

Vincent R. ToyeWachovia Multifamily CapitalNew York, NY

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

Gregory J. LozinakWaterton ResidentialChicago, IL

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

Jay JacobsonWood Partners, LLCBoca Raton, FL


2008 Board of Directors

Arthur F. EvansA.F. Evans Company, Inc.Oakland, CA

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

Nora E. MillerAIG Global Real Estate

Investment Corp.New York, NY

James M. KrohnAlliance Residential CompanyPhoenix, AZ

Bruce C. WardAlliance Residential CompanyPhoenix, AZ

Cristina AllenAlliant Insurance Services Inc.Dallas, TX

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

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

Joel L. AltmanAltman Development CorporationBoca Raton, FL

Michael H. GodwinAmbling Companies Inc.Valdosta, GA

R. Ryan HolmesAmbling Companies Inc.Valdosta, GA

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

Jocelyn RhodeAMSITampa, FL

Owen SmithAMSITampa, FL

Kimberly J. SperryAmstar Group, LLCDenver, CO

Margette GettoApartment GuidePlano, TX

Arlene MayfieldApartment GuideNorcross, GA

Marc E. deBaptisteApartment Realty AdvisorsBoca Raton, FL

David K. OelfkeApartment Realty AdvisorsHouston, TX

Kevin DoyleApartments.comChicago, IL

Brad LongApartments.comChicago, IL

Roger H. BelessArchon ResidentialIrving, TX

William S. RobinsonArchon ResidentialIrving, TX

John E. TastorArthur J. Gallagher & Co.

Insurance Brokers of California, Inc.

San Francisco, CA

Richard R. HortonArthur J. Gallagher Risk

Management Services, Inc.Oklahoma City, OK

Nicole ForsbergAT&T Connected CommunitiesSan Antonio, TX

Rick HubbardAT&T Connected CommunitiesSan Antonio, TX

Michael G. MillerAUMOak Brook, IL

Daniel M. WitteAUMOak Brook, IL

Philip S. PayneBabcock & Brown ResidentialCharlotte, NC

D. Scott WilkersonBabcock & Brown ResidentialCharlotte, NC

Robert N. BaderBader CompanyIndianapolis, IN

Robert BenavidesBader CompanyIndianapolis, IN

Tom KeadyThe Bainbridge CompaniesWest Palm Beach, FL

Richard SchechterThe Bainbridge CompaniesWest Palm Beach, FL

Gregory J. HettrickBank of AmericaDallas, TX

Brian RoopBank of AmericaDallas, TX

Jonathan D. BellBell PartnersGreensboro, NC

Steven D. BellBell PartnersGreensboro, NC

Harry BookeyBH Equities, LLCDes Moines, IA

G. Stephen DonohueBH Management ServicesDallas, TX

Robert MurrayBig Rock Partners LLCMedina, WA

Mark W. DunneBoston Capital CorporationBoston, MA

John P. ManningBoston Capital CorporationBoston, MA

Barden BrownBrown Realty AdvisorsAtlanta, GA

Walter W. MillerBrown Realty AdvisorsAtlanta, GA

Douglas D. ChasickCallSourceMelbourne Beach, FL

Jerry FeldmanCallSourceWestlake Village, CA

David J. AdelmanCampus ApartmentsPhiladelphia, PA

NMHC's Annual Meeting is known as the preeminent networking opportunity in the industry.



Miles H. OrthCampus ApartmentsPhiladelphia, PA

Ernest L. HeymannCAPREIT, Inc.Rockville, MD

Richard L. KadishCAPREIT, Inc.Rockville, MD

Tyler AndersonCB Richard Ellis, Inc.Phoenix, AZ

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

Christopher J. WhippleCBC AmRentFlower Mound, TX

Larry H. DaleCiti Community CapitalDenver, CO

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

Nathan S. CollierThe Collier Companies/

The Paradigm GroupGainesville, FL

J. Andrew HogsheadThe Collier Companies/

The Paradigm GroupGainesville, FL

Cynthia CookeColliers InternationalPhoenix, AZ

Regina DingmanColliers InternationalMinneapolis, MN

Daniel J. EpsteinThe ConAm Group of CompaniesSan Diego, CA

J. Bradley ForresterThe ConAm Group of CompaniesSan Diego, CA

Tim CzarnekContinental Realty Advisors, Ltd.Littleton, CO

David W. SnyderContinental Realty Advisors, Ltd.Littleton, CO

Thomas G. DudeckCornerstone Real Estate

Advisers LLCHartford, CT

Brian MurdyCornerstone Real Estate

Advisers LLCHartford, CT

Victor ClarkCredit SuisseDallas, TX

Pete DavisCredit SuisseAtlanta, GA

Richard BuckCrescent Resources, LLCPalm City, FL

Todd M. FarrellCrescent Resources, LLCCharlotte, NC

Michael J. CurranCrossbeam Capital LLCBethesda, MD

Richard K. DevaneyCrossbeam Capital LLCBethesda, MD

Dodge CarterCrow HoldingsDallas, TX

Thomas P. MacManusCushman & Wakefield

Sonnenblick GoldmanNew York, NY

Keith T. MisnerCushman & WakefieldWashington, DC

Michael D. BermanCWCapitalNeedham, MA

Donald P. King, IIICWCapitalNeedham, MA

John CaltagironeThe Dinerstein CompaniesHouston, TX

Brian L. DinersteinThe Dinerstein CompaniesHouston, TX

Tony GoncalvesDIRECTV, Inc.New York, NY

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

Wendy DruckerDrucker & Falk, LLCNewport News, VA

Kellie Falk-TillettDrucker & 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

Gregory L. EnglerEngler Financial Group, LLCAlpharetta, GA

Patrick JonesEngler Financial Group, LLCAlpharetta, GA

Gerald S. BrandFairfield Residential LLCSan Diego, CA

Christopher E. HashiokaFairfield 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

Judith GogolFor Rent Media SolutionsAtlanta, GA

Sarah E. MaloneFor Rent Media SolutionsDenver, CO

Mark HallGE Real EstateWashington, DC

Frank MarroGE Real EstateAlpharetta, GA

Stephen LoPrestiGerson Bakar & AssociatesSan Francisco, CA

Linda ZellerGerson Bakar & AssociatesSan Francisco, CA

J. Gray, IIIGrayco Partners LLCHouston, TX

Howard W. Smith, IIIGreen Park FinancialBethesda, MD

Stacy G. HuntGreystar Real Estate Partners, LLCHouston, TX

William C. MadduxGreystar Real Estate Partners, LLCCharleston, SC

David K. BellGSL Properties, Inc.Portland, OR

Walter O. GrodahlGSL Properties, Inc.Portland, OR

Don HendricksHendricks & PartnersPhoenix, AZ

Tom WarrenHendricks & PartnersDallas, TX

John W. AirhartHepfner, Smith, Airhart & Day, Inc.Plano, 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

Tracy Simonton LeggHunter Warfield, Inc.Denver, CO

Todd WahlHunter Warfield, Inc.Tampa, FL

John R. AllumsInland American

Communities Group, Inc.Dallas, TX

Steven R. UtleyInland American

Communities Group, Inc.Dallas, TX

Daniel J. RoehlIntuit Real Estate SolutionsHighland Hills, OH


Matt ThomasIntuit Real Estate SolutionsHighlands Hills, OH

Kevin A. BaldridgeThe Irvine Company

Apartment Communities “IAC”Irvine, CA

Richard E. LamprechtThe 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

R. Stewart BartleyThe JBG CompaniesChevy Chase, MD

William N. Elam, IIIThe JBG CompaniesChevy Chase, MD

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

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

Keith A. HarrisThe Laramar Group, LLCChicago, IL

David B. WoodwardThe Laramar Group, LLCGreenwood Village, CO

Richard E. Van WertLaSalle Investment

Management, Inc.La Jolla, CA

Peter P. DiLulloLCOR IncorporatedBerwyn, PA

Thomas J. O'BrienLCOR IncorporatedBerwyn, PA

Scott BrianLDG Development, LLCLouisville, KY

Chris DischingerLDG Development, LLCLouisville, KY

Michael J. McNamaraLehman BrothersNew York, NY

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

Charles M. McDanielLockton Companies, LLCDenver, CO

Frank T. Suryan Jr.Lyon Capital Ventures, LLCNewport Beach, CA

Cheryl MartinLyon Management Group, Inc.Newport Beach, CA

Helen AngeloMadison Apartment GroupPhiladelphia, PA

Joseph F. MullenMadison Apartment GroupPhiladelphia, PA

Melissa CannataMarcus & MillichapFort Myers, FL

Peter KatzMarcus & MillichapPhoenix, AZ

Jamie B. MayMarcus & MillichapTampa, FL

Hessam NadjiMarcus & MillichapWalnut Creek, CA

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

Robert D. LazaroffThe Michelson OrganizationSt. Louis, MO

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

H. Eric Bolton, Jr.Mid-America Apartment

Communities, Inc.Memphis, TN

Simon R.C. WadsworthMid-America Apartment

Communities, Inc.Memphis, TN

Richard FurrMilestone GroupDallas, TX

Steve T. LambertiMilestone ManagementDallas, TX

Christopher C. FinlayMission Residential, LLCOakton, VA

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

Ron D. MonsonMorgan PropertiesKing of Prussia, PA

Jodi BartMorrison, Ekre & Bart

Management Services, Inc.Phoenix, AZ

Melanie MorrisonMorrison, Ekre & Bart

Management Services, Inc.Tucson, AZ

Stephen FeltnerMoveWestlake Village, CA

John H. HelmMyNewPlaceSan Francisco, CA

Martha EllisNetwork Multifamily CorporationTampa, FL

Mandy ValloweNetwork Multifamily CorporationTampa, FL

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

Arthur J. ColePacific Property CompanyPalo Alto, CA

Alfred V. PacePacific Property CompanyPalo Alto, CA

Jeff MucciPenco, Inc.Austin, TX

Todd PirtlePenco, Inc.Austin, 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

William Thomas BooherPNC MultiFamily CapitalSan Francisco, CA

D. Scott BassinPNC Real Estate FinancePittsburgh, PA

Daniel J. FlaniganPolsinelli Shalton FlaniganSuelthaus PCKansas City, MO

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 GhioPrometheusSan Mateo, CA

John D. MillhamPrometheusWalnut Creek, 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



Dean R. SchmidtRealPage, Inc.Carrollton, TX

Stephen T. WinnRealPage, Inc.Carrollton, TX

Michael CornellRealty DataTrustScottsdale, AZ

Michael E. MuellerRealty DataTrustScottsdale, AZ

Mark C. BeislerRed Mortgage Capital, Inc.Reston, VA

David L. GoodmanRed Mortgage Capital, Inc.Reston, VA

David LevineRed Stone Partners, LLCNew York, NY

John SokolovicRed Stone Partners, LLCNew York, NY

Russell L. DixonRedHill Realty Investors, LPSan Diego, CA

Travis GreenwoodRedHill Realty Investors, LPSan Diego, CA

Howard S. PrimerRenaissancePG, Inc.Knoxville, TN

Eric W. HartzRentBureau, LLCAtlanta, GA

Shawn O'NeillRentBureau, LLCAtlanta, GA

Terry S. DannerRiverstone Residential,

A CAS Partners Company Dallas, TX

Christy Curry FreelandRiverstone Residential,

A CAS Partners Company Dallas, TX

W. Michael DoramusSarofim Realty AdvisorsDallas, TX

David EvemySarofim Realty AdvisorsDallas, TX

Scott DerrickSCI Real Estate InvestmentsLos Angeles, CA

Robert RobottiSCI Real Estate InvestmentsLos Angeles, CA

James D. Scully Jr.Scully CompanyJenkintown, PA

Michael A. ScullyScully CompanyJenkintown, PA

W. Steve GilmoreShea PropertiesAliso Viejo, CA

Colm MackenShea PropertiesAliso Viejo, CA

Jay JensenShelter CorporationMinnetonka, MN

Lynn Carlson SchellShelter CorporationMinnetonka, MN

Jeffrey K. HettlemanShelter Development, LLCBaltimore, MD

Marilynn K. DukerThe Shelter GroupBaltimore, MD

William G. RafieThe Sherwin-Williams Co.Cleveland, OH

Wolf VedderSimmons Vedder Partners, Inc.Austin, TX

K. Brad BroyhillSimpson Housing LLLPDenver, CO

J. Robert LoveSimpson Housing LLLPAtlanta, GA

Donald C. PetersonSNK Realty GroupEmeryville, CA

Hal Watson, IIISNK Realty GroupDallas, TX

Shane B. ShaferSperry Van Ness InstitutionalIrvine, CA

Kitty WallaceSperry Van Ness InstitutionalLos Angeles, CA

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

Michael J. BestSunAmerica Affordable

Housing Partners, Inc.Bethesda, MD

Richard I. FisherSunAmerica Affordable

Housing Partners, Inc.Los Angeles, CA

David C. ChristensenTime Warner CableEnglewood, CO

Dave SchwehmTime Warner CableEnglewood, CO

Michael A. BrittiTransUnion/CreditRetrieverGreenwood Village, CO

Richard SchreiberTransUnion/CreditRetrieverChevy Chase, MD

H. Alfred CisselTranswestern - Institutional

Multifamily GroupBethesda, MD

Scott L. MelnickTranswestern - Institutional

Multifamily GroupBethesda, MD

Edward J. RyderTranswestern Investment

Company, LLCChicago, IL

Douglas Crocker, IITranswestern Multifamily

Partners, LLCFort Myers, FL

Charles L. GarrettTVO North AmericaEl Paso, TX

Wayne A. VandenburgTVO Realty PartnersChicago, IL

David J. IngramUBS Realty Investors LLCHartford, CT

Jeffrey G. MaguireUBS Realty Investors LLCHartford, CT

John P. CaseUBS Securities, LLCNew York, NY

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

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

Laura G. AtallahYardi Systems, Inc.Santa Barbara, CA

Amy GregoryYardi Systems, Inc.Santa Barbara, CA

Steven W. PattersonZOM Development, Inc.Orlando, FL


Alara Ventures, LLC

Alliance Tax Advisors, LLC

Appraisal Research Counselors

Arcapita Inc.

Argosy Real Estate

Arizona Partners

The Bascom Group

Bay Escape, Ltd

Belkorp Holdings, Inc.

BKV Group

Bristol Development, LLC

Bristol Resident Services

Buchanan Street Partners

Bury & Partners, Inc.

C.F. Evans & Company, Inc.

Canyon-Johnson Urban Fund

Carleton Development, Ltd.

Castle Group

Chancellor Development Partners, LLC

Chartwell Holdings, LLC

Connexion Technologies

Connolly and Partners LLC

Continental Properties Company, Inc.

Continental Real Estate Services, Inc.

Copper Beech

Cornerstone Communities, LLC

The Distinguished Programs Group

DLA Piper US LLP

DOMO Consulting

E.S. Schwartz and Company, Inc.

Epoch Properties, Inc.

Eureka Multi Family Group

Excel Property Management

Faller Management Co., Inc.

First American Title Insurance Company of New York

Foresite Management, Inc.

Fort Group Development Corp.

Franklin Holdings-Charlotte, Inc.

FST21 Ltd.

GE Asset Management

The Geneva Organization

Glenwood International Properties

Hanley Wood Marketing

Hartford Investment Management

Harvest Equities

Hathaway Development Company Inc.

Heartland Payment Systems

Integra Land Company

Irwin R. Rose & Company

Kenedix Westwood, LLC

Landings Real Estate Group

LBL Group Holdings, LLC

Lessard Group, Inc.

Levenfeld Pearlstein, LLC

Mercy Housing Colorado

Mitchell Management, Inc.

Mobile-Shop Company

Moco Inc.

National Cooperative Bank

The NRP Group

Parkwood Properties, Inc.

Patrician Management, LLC

Phoenix Realty Group

The Praedium Group

Priderock Capital Partners, LLC

Realty Group

RealtyCom Partners, LLC

Rentwiki.com

Resite Online

Rohman Development

RSL Ventures LLC

The Sanctuary Group, LLC

Sierra Capital Partners

SMI Realty Management

Sterling American Property

Sunset Bay Investments LLC

TA Associates Realty

Triad Real Estate Consulting Group, LLC

Trilogy Real Estate Group, LLC

Trinitas Ventures

USAA Real Estate Company

Vicente Ventures, LLC

W.G. Nielsen & Co.

Waller Lansden Dortch & Davis, LLP

WestCorp Management Group, LLC


2008 New Members

Greg Mutz, Chairman and CEO of AMLI Residential Properties, L.P., and Sue Ansel, COO for Gables Residential, at the NMHC Board of Directors meeting.


A Very Special Thank You: 2008 Sponsors

NMHC expresses its appreciation to the following members who generously sponsored research, advocacy efforts and meeting events in 2008.

Fannie MaeFirst Advantage SafeRentFreddie Mac

Hendricks & PartnersKeyBank Real Estate CapitalNetwork Multifamily Corporation

RealPage, Inc. Riverstone Residential,

A CAS Partners Company

Time Warner CableVerizon Enhanced CommunitiesYardi Systems, Inc.

2008 Chairman’s Circle ($50,000 or more in sponsorship)

American Management Services (dba Pinnacle)

The Apartment Guide Apartment Realty AdvisorsAT&T Connected CommunitiesAvalonBay Communities, Inc.Bader Company

BRE Properties, Inc.Camden Property TrustCB Richard EllisColliers InternationalColonial Properties TrustComcast Cable CommunicationsCushman & Wakefield

Eastdil SecuredHFFIntuit Real Estate SolutionsJBMRA – JBM Realty AdvisorsLCOR IncorporatedMid-America Apartment

Communities

Moran & CompanyRed Mortgage Capital, Inc.Rent.comTranswestern – Institutional

Multifamily GroupUDR, Inc.

2008 Friends of the Council ($25,000 or more in sponsorship)

AIMCOAltman Development CorporationAmerican Campus CommunitiesAmerican ExpressAmerican Management Services

(dba Pinnacle)Aon Risk ServicesThe Apartment Guide Apartment Realty AdvisorsArchstoneAT&T Connected CommunitiesAvalonBay Communities, Inc.Bader CompanyBlackRock RealtyBRE Properties, Inc.CallSourceCamden Property TrustCampus Apartments, Inc.CAPREIT, Inc.CB Richard EllisCenterline Capital Group

The Collier Companies/The Paradigm Group

Colliers InternationalColonial Properties TrustComcast Cable CommunicationsCox Cushman & WakefieldEastdil SecuredEducation Realty TrustEquity ResidentialFairfield Residential LLCFannie MaeFirst Advantage SafeRentFor Rent Media SolutionsFreddie MacGables ResidentialGE Real EstateGem Realty Capital/

Schenk Realty Group LLCHendricks & PartnersHFF

Holland Partner GroupHunter Warfield, Inc.Intuit Real Estate SolutionsJBMRA – JBM Realty AdvisorsJones Lang LaSalleJPI Management ServicesKeyBank Real Estate CapitalLane CompanyLCOR IncorporatedMarcus & Millichap National

Multi Housing GroupMid-America Apartment

CommunitiesMiles Properties, Inc.Moran & CompanyNetwork Multifamily CorporationPierce Education PropertiesPost Properties, Inc.The Preiss CompanyProfessional Apartment ServicesReal Capital Markets

RealPage, Inc. Red Mortgage Capital, Inc.Rent.comResidentCheckResidentData,

A ChoicePoint ServiceRiverstone Residential,

A CAS Partners Company SARES•REGIS GroupSterling University HousingTime Warner CableTrammell Crow CompanyTranswestern - Institutional

Multifamily GroupUDR, Inc.Verizon Enhanced CommunitiesWalker & Dunlop/Green Park FinancialWillis HRHWood Partners, LLCYardi Systems, Inc.

2008 Sponsors

AIMCOAlliance Data–Multifamily ServicesAmerican Management Services

(dba Pinnacle)American Utility ManagementAMSI/GEACApartments.comArchstoneAssurant Specialty PropertyAvalonBay Communities, Inc.Blue Moon Software CompanyBRE Properties, Inc.C&H ManagementCallSourceCamden Property TrustCatalyst Energy, LLCComptrol Technologies, Inc.The ConAm Group of CompaniesContinental Utility Solutions, Inc.Corrigo, Inc.

Domin-8 Enterprise Solutions, LLCDomus Systems, Inc.Energy Billing Systems, Inc.Equity ResidentialeReal Estate Integration (eREI)EverGreen SolutionsFair Collections

& Outsourcing, Inc.First Advantage SafeRentForest City Residential Group, Inc.ForRent.comHome Properties, Inc.HPCInteractive/

ApartmentGuide.comHunter Warfield, Inc.Intuit Real Estate SolutionsIRIO Mobile MarketingThe Irvine Company

Apartment Communities ‘IAC’ista North America, Inc.Kroll Factual Data

Lane CompanyLincoln Property CompanyMcDougal Companies, Ltd.Milestone Management, L.P.MinolMoveMyNewPlaceNational Affordable Housing

Management AssociationNational Apartment AssociationNational Community

Renaissance National Multi Housing CouncilNWP Services CorporationOcius, LLCOn-Site.comPayment Service Network, Inc.Post Properties, Inc.PropertyBridge,

a MoneyGram Company

Property Solutions International, Inc.

RealPage, Inc.Realty DataTrustRentBureau, LLCRent Check Credit BureauRentCollect Global Debt

Management ServicesRent.comRentGrow, Inc.ResidentCheck, Inc.Resident Data,

A ChoicePoint ServiceResite OnlineSARES•REGIS GroupSierra Utility BillingSpherexx.comTarragon CorporationTenant Technologies, Inc.Yardi Systems, Inc.

Multifamily Information and Transactions Standard (MITS) SponsorsNMHC also thanks the following firms for their support of NMHC's data standards initiative.


Douglas M. BibbyPresident

James N. ArburySenior Vice Presidentof Government Affairs

Susan GuthrieSenior Vice President,Finance and Operations

Betsy Feigin BefusVice President, Employment Policyand Counsel

Lisa E. BlackwellVice President, Housing Policy

David B. CardwellVice President, Capital Markets and Technology

Jeanne McGlynn DelgadoVice President, BusinessOperations and Risk Management 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 ofBuilding Codes

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

Doris D. CollinsSenior Director of Membership

Deborah D. LeeExecutive Assistant to the President andSenior Director of 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 DwyerManager of Technology and MITS Operations

La Fayette FlowersManager of Membership Services

Garnet SimmsMembership Specialist

Candace M. ThomasAdministrative Assistant

Katrice Patten-SpeightAdministrative Associate

LeVoniann (Toni)SampsonReceptionist/Administrative Associate

The Council’s Staff: Professionals Serving Professionals

2008 national multi housing council annual report

Documents

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board of directors firms

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