Articles from e-News
Another Recess, Another Advocacy Opportunity
This is a reminder that both chambers of Congress are currently on a lengthy recess before returning in September. As always, this provides BOMA International members the perfect opportunity to reach out to their senators and representatives when they are home during this break. It’s worthwhile to consider giving a quick phone call to your respective elected official’s office to request a meeting or to invite them to visit your property or representatives from your company to explain to them how your operation works and how the economy may have affected your business. You can also use this as a chance to discuss issues, like that proposed tax increase on carried interest, and how it would have a negative impact on the entire industry. Should you need more guidance or information for your visits or calls to district offices, don’t hesitate to contact Karen Penafiel or Jason Todd of the BOMA International advocacy staff.
Covered Bond Legislation Moves through House Committee
Prior to adjourning for August recess, the House Financial Services Committee approved legislation (H.R. 5823) introduced by Rep. Scott Garrett (R-NJ) that would encourage the development of a covered bond market in the United States. Covered bonds are securities whose underlying assets are typically a pool of commercial or residential mortgage or public-sector loans. Already in use in Europe and Canada, covered bonds represent a potential complementary funding source in the U.S. housing financial system, as well as an alternative to securitization that could help address ongoing refinancing challenges in the commercial real estate sector. BOMA International joined an industry letter supporting Rep. Garrett’s bill, which has a chance to be considered by the full House and Senate before the end of the year.
CIAT Responds to President’s Working Group on Terrorism Insurance Issues
On August 2, the Coalition to Insure Against Terrorism (CIAT), of which BOMA International is a member, filed comments to the President’s Working Group on Financial Markets (PWG). Our coalition’s comments were in response to 32 questions issued by PWG to stakeholders on the availability and affordability of terrorism insurance and the effectiveness of the Terrorism Risk Insurance Act (TRIA) and its 2007 reauthorization. CIAT is a diverse group that represents policyholders across all sectors of the U.S. economy. The coalition first came together in 2001 to address the immediate issues of insurance and reinsurance availability and affordability after 9/11.
CIAT’s comments concluded “We believe the TRIA program has been a success because it provides for the sharing of risk between government, private insurers, and policyholders. Ultimately, it is critical for the U.S. economy that commercial policyholders be able to obtain coverage for terrorism risk.” CIAT further believes that TRIA must be extended beyond its current 2014 authorization.
BOMA Launches Vendor 7 Point Challenge
At the recent Winter Business Meeting in Washington, D.C., BOMA launched a challenge to its associate members to implement energy efficient and sustainable policies within their corporate facilities and to work with their customers – commercial real estate owners and managers – to provide expertise and knowledge of the products, equipment, services or programs they offer to help customers evaluate green strategies to facilitate market transformation. This vendor challenge is an “add-on” to BOMA’s 7 Point Challenge that was first launched in 2008.
Specifically, we call on BOMA associate members to:
- Continuously develop, enhance, and market new product and service offerings to the BOMA community, giving members innovative and cost-effective solutions to deploy in the reduction of energy use in existing buildings;
- Demonstrate leadership by working towards a goal to decrease energy consumption by 30 percent by 2012 and implement sustainable strategies in your corporate facilities;
- Actively participate in public-private partnerships (such as the DOE’s Energy Alliances) to identify voluntary energy efficiency strategies with proven results and application to existing buildings;
- Share research and/or case studies on building operating and management practices, equipment replacement, or building retrofit projects, etc., that achieve the goal of reducing energy consumption and result in a positive ROI;
- Work with policymakers to enact voluntary, incentive-based programs to accomplish their goals of implementing green strategies;
- Work cooperatively within the consensus model building codes process to develop responsible energy codes and green buildings standards that reduce energy consumption utilizing cost-effective and proven technologies; and
- Provide opportunities and support for company employees to participate in education programs about energy conservation and sustainable practices.
To accept the challenge, email kpenafiel@boma.org.
BOMA Members Take Real Estate’s Message to Congress
On February 3, 300 BOMA members took to the Hill as part of BOMA International’s Winter Business Meeting and National Issues Conference. In addition to the top notch speakers, such as Senate Real Estate Caucus Co-Chairs Ben Cardin (D-Md.) and Johnny Isakson (R-Ga.), House Ways and Means Committee member Rep. Danny Davis (D-Ill.), and political analyst Charlie Cook attendees participated in “How to Lobby” workshops and met with their legislators and staff.
BOMA members represented the majority of the local BOMA associations across the U.S. and collectively met with about 250 Senate and House offices. The meetings focused on the economy and job creation, as well as our tax and energy agenda. Tax priorities included support for an extension of the 15-year depreciation period for leasehold improvements and opposition to changing current tax law on carried interest. Energy issues included support for incentives to promote energy efficient retrofits to existing buildings and opposition to building codes changes that would set arbitrary and overly aggressive energy efficiency targets for building codes and change the process by which the codes are developed.
Many of these meetings resulted in requests for BOMA’s endorsement of bills as well as requests for proactive ideas to meet our policy objectives, and the value of these meetings is truly unquantifiable. BOMA’s grassroots advocates were treated to some once in a lifetime experiences, including tours of the capitol by their representative and being escorted to the capitol for a vote (as well as some not as fun meetings with some of the more grouchier members of Congress).
In addition to the BOMA members on Capitol Hill, NAIOP members were on the Hill the same day, also weighing in on tax and energy issues critical to the industry. All told, it must have been nearly impossible for our elected officials to not hear our message!
Fire Sprinkler Incentive Legislation Introduced in Senate
On January 22, Senator Tom Carper (D–Del.) and Senator Susan Collins (R–Maine) introduced S. 2947, the Fire Sprinkler Incentive Act of 2010. BOMA International supports the legislation, which includes tax incentives for property owners to retrofit commercial buildings with automatic fire sprinkler systems by reducing the depreciation schedule from 39 years to five years. Benefits of this legislation would include lower local fire department costs, increased loan activity, reduced insurance claims and premium costs, and increased retrofitting and installation jobs.
Last year, Congressman Jim Langevin (D–R.I.) introduced the same bill in the House of Representatives. The House version, H.R. 1194, currently has 111 cosponsors but no action has been taken on the bill.
BOMA Supports Water Incentives in Letter to White House
BOMA International joined representatives of a broad cross-section of groups to send a letter to President Obama and Congressional leaders to urge the inclusion of plumbing and irrigation efficiency retrofits in legislation to create green jobs and boost the economy. Co–signers on the letter included plumbing and irrigation contractors, equipment manufacturers and wholesalers, retailers, utilities, environmental groups and other real estate organizations.
"Not only will water–efficient retrofits create near–term jobs in the plumbing industry, but installation of WaterSense products will save consumers money, save billions of gallons of water, reduce energy consumption and reduce greenhouse gas emissions," the letter stated. "A jobs bill should also include federal procurement of WaterSense products for new buildings and major renovations."