Annual Meeting January 19–21, 2016 Hilton Orlando Bonnet Creek/Waldorf Astoria • Orlando, FL

Home , AIMCO, AvalonBay Communities, Cedric Richmond, Charles Boustany, Dermot FitzGerald, Erik Paulsen

Meeting Portfolio

Meeting Portfolio sponsored by:

National Multifamily Housing Council 1850 M Street, NW • Suite 540 • Washington, DC 20036 202/974-2300 (phone) • 202/775-0112 (fax) www.nmhc.org (web site) • [email protected] (e-mail) 2016 NMHC Annual Meeting Sponsors* NMHC gratefully acknowledges the sponsorship of the firms whose support make this event possible.

2016 CHAIRMAN’S CIRCLE SPONSORS

2016 FRIENDS OF THE COUNCIL SPONSORS

® berk eley point

A Division of Marcus & Millichap

2016 ADDITIONAL MEETING SPONSORS

CAPITAL MANAGEMENT

* as of January 12, 2016

MEMBERSHIP REPORTS

NMHC Officers and Leadership (January 2016)

Officers

Chairman Vice Chairman Treasurer Robert DeWitt Sue Ansel David Schwartz GID Gables Residential Waterton Associates, LLC Boston, MA Dallas, TX Chicago, IL

Secretary President Immediate Past Chair Ken Valach Douglas Bibby Daryl Carter Trammell Crow Residential National Multifamily Avanath Capital Management Houston, TX Housing Council Irvine, CA Washington, DC

Committee Leadership

Audit Finance Membership David Schwartz (Chair) Mark Parrell (Chair) Rick Graf (Chair) Waterton Associates, LLC Equity Residential Pinnacle Chicag0, IL Chicago, IL Dallas, TX

Diversity Adam Fruitbine (Vice Chair) Operating Julie Smith (Chair) Alliance Residential Robert DeWitt (Chair) Bozzuto Management Company GID Company New York, NY Boston, MA Greenbelt, MD Investment OpTech Planning Emerging Leaders Dawn Severt (Chair) Greg O’Berry (Chair) Nickolay Bochilo (Chair) Gables Residential Trust JVM Realty Corporation Bell Partners Atlanta, GA Oak Brook, IL Alexandria, VA Joint Legislative Kristy Simonette (Vice Chair) Kara Wiard (Vice Chair) Ken Valach (Chair) Camden Property Trust EastdilSecured, LLC Trammell Crow Residential Houston, TX San Francisco, CA Houston, TX Political Action Will Mathews (Vice Chair) Marketing and Brand Sue Ansel (Chair) Colliers International Management Gables Residential Atlanta, GA Jennifer Staciokas (Chair) Dallas, TX Pinnacle Scottsdale, AZ

Virginia Love (Vice Chair) Waterton Residential Atlanta, GA

Research Supplier Partner Tax Jay Lybik (Chair) Alliance Tom Moran (Chair) Equity Residential Judy Bellack (Chair) Moran and Company Chicago, IL Bellack Consulting Services Chicago, IL Boca Raton, FL John Chang (Vice Chair) Maxwell Peek (Vice Chair) Marcus & Millichap Systems Technology and Waterton Residential Phoenix, AZ Information Chicago, IL Management Student Housing Karen Hollinger (Chair) WorkForce Housing Randy Churchey (Chair) AvalonBay Communities Affordability EdR Arlington, VA Larry Curtis (Chair) Memphis, TN Winn Properties Scott Pechersky (Vice Chair) Boston, MA Brian Dinerstein (Vice Chair) Alliance Residential Sterling University Housing Phoenix, AZ Houston, TX

December 2015

NEW MEMBERS OF THE BOARD OF DIRECTORS (since September 2015)

New Firms to the Executive Committee

EdR, Memphis, TN Randy Churchey and Thomas Trubiana

Weidner Apartment Homes, Kirkland, WA W. Dean Weidner and Jack O’Connor

New Firms to the Board of Directors

ACRE, Singapore Leslie Menkes

American Realty Advisors, Glendale, CA Scott E. Anderson

Brookfield Properties, LLC, New York, NY David B. Woodward and Jonathan Moore

CBG Building Company, Arlington, VA Keith Anderson

Cortland Partners, LLC, Atlanta, GA Steven DeFrancis

GoldOller Real Estate Investments, Philadelphia, PA Richard Oller and Jake S. Hollinger

Griffis Residential LLC, Greenwood Village, CO Ian Griffis and David Birnbaum

JVM Realty Corporation, Oak Brook, IL James V. Madary, II and Gregory O’Berry

Starwood Capital Group, Atlanta, GA James Edward Kane

New Representatives from Existing Executive Committee Firms

Holland Partner Group, Vancouver, WA Judy Schneider

Trammell Crow Residential, Atlanta, GA Leonard Wood, Jr.

New Representatives from Existing Board of Directors Firms

ARA, A Newmark Company Matthew P. Rotan, Houston, TX Brian Murphy, Dallas, TX

Berkadia, Bethesda, MD Keith T. Misner

CoreLogic SafeRent, Rockville, MD Richard Leurig and Scott Bradford

Grace Hill, Inc., Augusta, GA Dru Armstrong and Gina Rayson

The Laramar Group, LLC, Chicago, IL Steven R. Boyack

Valet Waste, LLC, Tampa, FL Shawn Handrahan

December 2015

NEW ADVISORY AND ASSOCIATE MEMBER FIRMS (since January 2015)

Advisory Committee

* Affito Group Mathew McHugh

ALTA Developers Henry Pino

* American Heritage Investments Matthew Okane

* Amzak Capital Management Mike Kazma

* Annex Student Living Kyle Bach

* Arel Capital Eric A. Lagdameo

* Armada Analytics, Inc. Charles T. Devier, Jr.

* Ascension Commercial Real Estate Jared Spain

* Atalanta Advisors Annu Chopra

* Audubon Communities Andrew Schwarz

* August Home, Inc. Joe Aranda

* Avendra Eleanor Waddell

Banyan Water Gillan Taddune

BC Contracting Chad DeSmith

* Bellack Consulting Services Judith H. Bellack

* New members since Board of Directors and Advisory Committee meeting in September

Advisory Committee (continued)

* Bohler Engineering Brian E. Oberg

* Bradford Allen Capital Charles N. Hoag

* Bradley Risk Management, LLC Marianne Marquez

* Brant Point Properties Holdings LLC Kate A. Murphy

* Brown Gibbons Lang Real Estate Advisors Michael E. Gibbons

* Brown Gibbons Lang Real Estate Partners William Montana

* BRT Realty Trust Mitchell Gould

Bryan Cave LLP Corenia R. Burlingame

* The Calida Group Eric Cohen

* Capital Solutions, Inc. Jamie Klemple

* The Carlton Group Kevin Swill

* Champion Asset Advisors Daniel Hunter

* Champion Contractors & Services - Commercial, LLC. Kirby Vogler

Chapps NV Marie-Cathérine Loeckx

Charter Title Company Kathryn Bergmann

* CKT Development Company Cindy K. Taylor

* Columbus Realty Partners, Ltd. Robert Shaw, President

* New members since Board of Directors and Advisory Committee meeting in September

Advisory Committee (continued)

CRG Residential Jeff Eynon

* Cypress Equity Investments LLC Michael Sorochinsky

* DASMEN Residential LLC Michael Katz

Davis-Penn Mortgage Co. Carl W. Ogden

* DMF Lighting Diana Adams

* The Donohoe Companies, Inc. Neil Stablow

* Douglas Development Corp. Norman Jemal

Dwight Capital Tyler Griffin

* Eagle Property Capital Investments Gerardo A. Mahuad Quijano

* Eagle Realty Group Charles Thomas

* Eastwind Development, LLC John F. Weir

* Easy Park LLC DBA Verde Communities Jesse Levine

* EB Real Estate Group Eli Neuberg

* Elite International Investment Fund Bill Nan Zhou

* Elite Street Capital David Whitby

* ELRH Investments Joseph Lubeck

* Endeavor Real Estate Group Omar J. Alam

* New members since Board of Directors and Advisory Committee meeting in September

Advisory Committee (continued)

* EnergyLink Carman Lovett

Energy Technology Savings, Inc. Seth Reisman

* Engel Realty Company, LLC Michael Spiker

* Engrain Michael Steiner

* Ensemble Investments, LLC Kambiz Babaoff

* Eureka Holdings Inc. Benjamin P. Jones

* EverCharge, Inc. Kyle Lyons

* Evergreen Housing Development Group Sam Gottlieb

* Exponential Property Group Kimberly Radaker

FCA Partners, LLC Albert P. Lindemann, III

Federation of Rental Housing Providers of Ontario Mike Chopowick

* First Interstate Properties, Ltd. Jennifer Jirik

* FortCap Partners Chris Madden

* FourPoint Investments Christopher Bancroft

* GG Land Group LLC Thomas Galuski

GWR Management Grady W. Roberts

Hays Companies Tim Osburn

* HDC Companies Andrew Hislop

* New members since Board of Directors and Advisory Committee meeting in September

Advisory Committee (continued)

* HFO Investment Real Estate Tyler Johnson

Hentschel & Company Stephen Hentschel

* HSL Properties Omar Mireles

* Inland Investment Real Estate Services Daniel Zatloukal

* Intercontinental Real Estate Corporation Matthew Flotta

* Investors Realty Ltd., Inc. John Marling

* Invisible Waste Services James Cornell

* Jackson Square Properties Suzann Cabling

* The Jacobson Company Larry Jacobson

* John Burns Real Estate Consulting Lesley Deutch

* Jordan Foster Construction Roy Raines

* LEDIC Realty Company Rainer Andrews

* Lifestyle Communities Brent Miller

* Lowe Enterprises Real Estate Group Joe Carrol

* Lubert Adler Partners Michael J. Phillips

* Luxer One Package Lockers Arik Levy

* MacDonald Realty Group William A. MacDonald

* New members since Board of Directors and Advisory Committee meeting in September

Advisory Committee (continued)

* Macquarie Bank Keith Page

Maximus Real Estate Partners, LLC Robert Rosania

* Millburn & Company Properties Jed Millburn

* Murtha Cullina LLP Ryan M. Suerth

* NAI Hunneman David N. Ross

* Navarino Capital Management Justin Goldberg

* The Orlofsky Company Aaron J. Orlofsky

* Pancho Real Estate Holdings Eli Tilson

* Parallel Capital Solutions, LLC Joseph M. Piraino

* Park Partners Residential LLC Rick Giles

* Park Row Equity Parnters LLC Ariel Nurieli

* Patcraft Joseph R. Kinsey, III

Peak Capital Partners Jan Sorenson

* Phillips Realty Capital Adam Bieber

* Post Road Properties Kevin Davis

* Power Design Inc. Kelsey Roberts

* Property Markets Group Noah Gottlieb

* New members since Board of Directors and Advisory Committee meeting in September

Advisory Committee (continued)

* Putnam Properties Martin Ing

* Quintus Development Kelly L. Keappler

* The RADCO Companies Matthew Roos

* Read Property Group Eli Feller

* ReaLync Matt Weirich

* Regency Centers Rafael R. Muniz

* Rentlytics, Inc. Justin Alanis

* The Richman Group of Florida, Inc. William T. Fabbri

Rock Apartment Advisors, Inc. Robert Flurry

* Rockpoint Group Kyle Gardner

* ROCO Real Estate Michael Colman

* S2 Capital Scott Everett

* Seritage Growth Properties James E. Bry

* Silver Point Capital Genna Zaiman

Southern Building Group John D. Elliott

Southern California Edison Mary Finn Parker

* Spoke Real Estate Capital Michael Levin

* New members since Board of Directors and Advisory Committee meeting in September

Advisory Committee (continued)

* Stillwater Capital Aaron Sherman

* Stonehenge Partners Patrick Freydberg

* Stonepost Properties Joseph Gontownik, JD

* Summit Equity Investments, Inc. Michael C. Thom

* SunTrust Bank Adam Oates

* TDK Development, LLC Kent Ayer

* Tomlin & Co. Inc. Donald R. Tomlin, Jr.

* Tricon Capital Group Inc. Craig Mode

* Updater Ash Bell

URS Capital Partners Christopher Urso

* Vantage Point Properties, Inc. Paul Jackson

* The Vertex Companies Jaron J. Frieden

* WASH Multifamily Laundry Systems Michael V. Lombardo

* WaterWalk Hotel Apartments Julie K. Olson

WegoWise, Inc. Dan Kosciak

* Woolbright Development, Inc. Christopher A. Smiles

* York Equities Zvi Smursz

* New members since Board of Directors and Advisory Committee meeting in September

Associate

Alamo Manhattan Matthew Segrest

Aligned Equity Partners, LLC David A. Blakey, Jr.

Amore Management Company Frank Berceli

Birge & Held Asset Management Andrew Held

Bolour Associates Karine Clark

Brand Properties Derek Kahn

Catalyst Housing Group Jordan Moss

Citisculpt, LLC Charles Lindsey McAlpine

CNL Financial Group John McRae

Empire USA, LLC Bryson Youkstetter

EquiMark Multifamily Jake M. Millburn

Mosser Capital Jim Farris

Noneman Real Estate Company Dennis J. Noneman

PM Realty Group Joan Maxwell

Priya Living Arun Paul

Steel Castle Capital LLC Craig M. Reed

Urban Offerings Dean Nucich

Zurich Alternative Asset Management Christopher Edgar

* New members since Board of Directors and Advisory Committee meeting in September

GOVERNMENT AFFAIRS LEGISLATIVE & REGULATORY REPORT

APARTMENT INDUSTRY 2016 POLICY PRIORITIES

The apartment sector is a competitive and robust industry that helps today’s 38 million renters live in an apartment home that’s right for them. It’s also an important economic driver, contributing $1.3 trillion to the U.S. economy annually. We stand ready to meet the growing demand for rental housing, but we need public policies that don’t impede our ability to do so.

Fair Housing and Disparate Impact: clarify HUD’s Data Security: seek reasonable data breach protections enforcement practices in light of regulatory and legal efforts, and disclosure requirements that do not impose overly and improve compliance resources for rental housing burdensome compliance obligations providers U.S. Postal Service Reform: ensure that postal reform Tax Reform: protect the current-law tax treatment of flow- legislation does not adversely affect mail delivery to through entities, carried interest, depreciation, like-kind apartment residents or impose costly requirements on exchanges, business interest and the Low-Income Housing apartment properties Tax Credit (LIHTC) Music Licensing: as policymakers evaluate copyright laws, Foreign Investment in Real Property Tax Act look for potential opportunities to clarify music licensing (FIRPTA): seek reforms that remove the punitive barriers policies for apartment communities FIRPTA creates on foreign investment in real estate Telecommunications: protect apartment owner and Housing Finance Reform: ensure housing finance resident interests as policymakers consider in-building and reform proposals include a federal guarantee and recognize outdoor coverage and capacity issues as well as network the unique characteristics of the multifamily industry, and neutrality continue engagement with regulators as they pursue transformational policies outside the legislative process Patent Reform: enact legislation to strengthen patent quality, improve enforcement mechanisms and protect LIHTC: increase program resources and allow “income apartment companies from abusive claims without merit or averaging” to create more mixed-income housing evidence to support them

Section 8 Rental Assistance: modernize and streamline Flood Insurance: seek long-term reauthorization of the the program to attract private sector participation as well as National Flood Insurance Program that expires in 2017 and seek reliable funding and reinforce the voluntary nature of continue collaborating with FEMA on flood risk mitigation the program strategies that could be used at multifamily properties

Military Housing Allowance: oppose reductions to the Lead-Based Paint: insist that EPA establish a lead hazard military’s Basic Allowance for Housing or other changes to finding before duplicating and expanding regulatory burdens military housing benefits for the owners and managers of post-1978 multifamily properties Immigration Reform: promote immigration reform that improves temporary worker visa programs and prevents Energy Policy: seek practical, cost effective solutions for apartment firms from being required to enforce immigration improving the energy performance of building systems and laws appliances, support research on building technologies and increase incentive-based strategies to improve building Criminal Background Checks: protect the ability of energy efficiency apartment firms to consider criminal history in employment and residential screening Building Codes, Construction and Development: seek cost-effective building codes, green building goals and Clean Water Act: seek regulatory clarity on permitting land use policies that support apartment development requirements under a newly expanded scope of the Act

2016 NMHC and NAA Policy Priorities

Tax Policy Housing Policy • Tax Reform • Fair Housing and Disparate Impact o Flow-Through Entities • Section 8 Rental Assistance o Carried Interest • ADA and Fair Housing Accessibility o Like-Kind Exchanges • Rental Assistance Demonstration o Business Interest Deductibility • Fair Market Rents and Small Area Fair o Depreciation Rules Market Rents

o Low-Income Housing Tax Credit • U.S. Census Bureau’s American • FIRPTA Reform Community Survey • Low-Income Housing Tax Credit • Basic Allowance for Housing

Finance and Capital Markets Energy and Environment • Housing Finance Reform • Energy Policy • Dodd-Frank and Basel III o Energy Efficient Building Tax • Security Trading Practices Incentives • High Volatility Commercial Real Estate o ENERGY STAR Loans o Appliance Efficiency Standards • Workforce Housing o Better Buildings Initiative • Foreign Capital Investment (EB-5) • Clean Water Act • HUD Multifamily Programs • Lead-Based Paint

Business and Property Operations Employment and Immigration • Data Security and Breach Notification • Criminal Background Checks • Music Licensing • NLRB Joint Employer Rule • Telecommunications • Labor Department Overtime Rule • Patent Reform • Immigration Reform • U.S. Postal Service Reform o E-Verify • Flood Insurance and Mitigation o Labor Shortage Visa Programs • Home Sharing Services (Airbnb, VRBO, HomeAway) Construction and Development • Building Codes • Sustainability • Land Use

Tax Policy

TAX REFORM

Why It Matters: Tax reform has the potential to significantly impact all facets of the multifamily industry because the owners, operators and developers of multifamily housing pay taxes when they build, operate, sell or transfer communities to their heirs.

What We Are Doing: Engaging with policymakers to protect the multifamily industry’s tax reform priorities in any possible tax reform legislation. These include: protecting flow-through industries; maintaining the current-law tax treatment of carried interest; defending like-kind exchanges; retaining the deduction for business interest; ensuring depreciation rules avoid harming real estate; and preserving the Low-Income Housing Tax Credit.

To support our advocacy, we are also working with our industry partners to commission key studies on the vital role that like-kind exchanges and economically viable depreciation schedules play in developing and maintaining commercial real estate.

FOREIGN INVESTMENT IN REAL PROPERTY TAX ACT (FIRPTA)

Why It Matters: FIRPTA imposes income tax on foreign persons disposing of U.S. real property interests that is not charged on a foreign person disposing of other U.S. assets such as stocks and bonds. As a result, it prevents commercial real estate from securing a key source of private-sector capital for developing, upgrading and refinancing properties. As part of tax legislation enacted in late 2015, Congress reduced FIRPTA’s negative impact on U.S. real estate investment by increasing from 5 to 10 percent the ownership stake that a foreign investor may take in a U.S. publicly traded REIT without triggering FIRPTA. Congress also removed a tax penalty FIRPTA imposed on foreign pension funds investing in U.S. real estate. While these provisions represent real progress, repealing FIRPTA or enacting additional reforms could unlock billions in foreign capital that could help to refinance real estate loans and drive new investment.

What We Are Doing: Calling on Congress to either repeal FIRPTA or enact additional reforms to FIRPTA to promote foreign investment in the U.S. multifamily industry and meet the growing demand for rental housing.

LOW-INCOME HOUSING TAX CREDIT (LIHTC)

Why It Matters: LIHTC is the only federal program that helps subsidize the production of privately operated affordable housing. It has financed nearly 2.8 million units since its inception in 1986. While it generally operates effectively, additional resources could spur added construction of units.

What We Are Doing: Urging lawmakers to resist calls to eliminate the LIHTC in any effort to reform the nation’s tax code. We are also seeking program improvements. These include providing additional program resources and allowing “income averaging” to make the program more flexible and allow for more mixed- income housing.

Finance and Capital Markets

HOUSING FINANCE REFORM

Why It Matters: Getting multifamily right in housing finance reform is the single most important factor to ensuring that the apartment industry can meet the nation’s growing rental housing demand.

What We Are Doing: Working closely with lawmakers to ensure that housing reform legislation recognizes the unique characteristics of the multifamily industry and retains a federal backstop to ensure reliable and affordable access to capital in all markets at all times. Because of our efforts, Members of

Congress have come to understand that any credible housing finance reform effort must have dedicated consideration for the multifamily industry.

BANK CAPITAL STANDARDS: DODD-FRANK AND BASEL III

Why It Matters: Federal regulators have produced a number of regulations and standards recently and are considering more that could potentially constrain capital flows to the sector. Among those are updated Dodd-Frank risk-retention rules and Basel III capital standards, both of which impact how financial institutions must treat the multifamily debt they hold and originate. Basel III began phasing in for larger banks in 2014 and will begin for the broader lending community in January 2015. Basel III rules regarding Net Stable Funding positions and rules regarding Fundamental Review of Trading Book will be issued in 2016. In addition, regulators are proposing Dodd-Frank risk-retention rules impacting securitization are scheduled for implementation on December 31, 2016.

What We Are Doing: Monitoring the rulemaking process by regulators to keep members apprised of coming changes. We are also communicating concerns to Congress and the Administration in order to educate them on the potentially negative consequences of misapplied regulations, including punitive increases in cost for multifamily debt.

SECURITY TRADING PRACTICES

Why It Matters: Regulators announced a proposed rule that will impact lenders and borrowers who participate in the multifamily market and may result in an increase in operational and borrowing costs. Specifically, the proposal will influence how mortgage backed securities, supported by Fannie Mae multifamily or Ginnie Mae multifamily project loans, are issued and settled. The proposal would require the establishment of a risk management process called margining between the seller and buyer of the security.

What We Are Doing: We are actively working with regulators to educate them on the risk management and trading practices already in place in the multifamily industry. We have worked closely with other industry members to voice our concern and opposition to the implementation of this costly rule.

HIGH VOLATILITY COMMERCIAL REAL ESTATE LOANS

Why It Matters: Bank regulators have produced a number of regulations and standards recently and are considering more that could potentially constrain capital flows to the sector. Basel III capital standards for acquisition, development and construction loans went into effect on January 1, 2015. The regulations were unclear in many areas and the regulators issued guidelines in an FAQ in April 2015. There are still a number of critical areas left unaddressed that can potentially constrain or raise the cost of these loans. In addition, this set of rules applies to every bank, no matter the size, which could have a far reaching impact.

What We Are Doing: Working with a number of industry groups to seek better clarity on interpretation of the rules and provide rational relief to several of the provisions within the rules that constrain the capital contribution from borrowers. We are communicating our concerns to Congress and the regulators who issued the rule.

WORKFORCE HOUSING

Why It Matters: America is facing significant rental affordability challenges. Rental demand is growing, supply is limited and resident incomes have been stagnant while housing costs have risen. Roughly 54 percent of apartment households spend more than 30 percent of their incomes on housing and 30 percent 3

spend more than 50 percent, according to the most recent data from the American Housing Survey. State and federal collaborations, and partnerships between the public and private sectors, are critical to addressing this issue.

What We Are Doing: We are vocal participants in the discussion and aim to help policymakers develop effective solutions that will preserve programs that work, stem the loss of additional housing stock and promote the development of new units.

FOREIGN CAPITAL INVESTMENT (EB-5)

Why It Matters: Foreign investment is an important, and growing, source of capital for the multifamily industry. The strong current and historic performance of multifamily real estate attracts interest from a variety of international capital sources, but opportunities exist for policymakers to further enable investment from abroad. One mechanism through which the apartment industry attracts foreign capital is the EB-5 Investor Visa Program. The program provides visas to foreign investors in exchange for investments in American real estate projects, which eventually create jobs. Multifamily projects have attracted significant equity through the EB-5 Program in recent years, including an estimated $68 million last year from China alone.

What We Are Doing: Working to remove barriers and further encourage foreign capital participation through a long term reauthorization of the EB-5 Investor Visa Program, retaining essential elements of the program and promoting multifamily investment.

HUD MULTIFAMILY PROGRAMS

Why It Matters: The Federal Housing Administration’s (FHA) multifamily programs traditionally account for approximately 10 percent of the total outstanding multifamily mortgage debt and are a material and important source of capital for underserved segments of the rental market. Importantly, because of appropriate risk-based premiums and strong underwriting, the multifamily programs are able to operate as self-funded, fully covered lines of business at HUD. In past years, however, they have been hampered by artificial constraints on the volumes of mortgages they can insure. In addition, HUD has undertaken a multi-year effort to streamline and consolidate its multifamily field offices. These field offices provide mortgage insurance to HUD-approved lenders nationwide, facilitate multifamily housing projects and administer rental assistance programs.

What We Are Doing: Educating policymakers about the different performance histories of FHA’s multifamily and single-family programs to retain FHA as a reliable source of capital for the apartment sector. Continuing in-depth discussions with the offices of the HUD Secretary and the FHA Commissioner to limit the potential adverse impact of the reorganization on multifamily borrowers. NMHC/NAA have also worked with HUD and Congress to lift the multifamily lending authority for FHA to levels more reflective of market demand. In addition, we have worked with FHA during their MAP Guide update to ensure changes benefit the borrowers and improve program execution.

Business and Property Operations

DATA SECURITY AND BREACH NOTIFICATION

Why It Matters: Apartment companies and other consumer facing entities are increasingly targets of cyber-criminals because of the treasure trove of personal and financial information they possess. Multifamily firms and their third party service providers collect and maintain sensitive personally identifiable information. This includes Social Security numbers and the financial details of residents, prospective residents and employees that is valuable to data thieves and those wishing to do harm to a company’s reputation and financial standing. Federal lawmakers are working to enhance existing data privacy and security laws. They are considering the creation of a national data security standard and data breach notification requirements to replace the current patchwork of privacy and data breach laws in 47 states and the District of Columbia.

What We Are Doing: Supporting efforts by Congress and the Administration to implement mechanisms for the private sector and Federal Government to share information about possible cyber threats and intrusions. Advocating for reasonable data security standards and data breach notification requirements for multifamily firms while protecting consumers, our networks and our industry.

MUSIC LICENSING

Why It Matters: Performing Rights Organizations administer and enforce copyrights on behalf of copyright owners. Some claim that apartment communities may be obligated to obtain a public performance license for certain uses of copyrighted music.

What We Are Doing: Seeking potential opportunities to clarify music licensing requirements for apartment firms as Congress and the Administration evaluate music copyright laws.

TELECOMMUNICATIONS

Why It Matters: The multifamily industry increasingly relies on web-based platforms and mobile connectivity for property operations, as well as corporate functions from marketing to revenue management and leasing to maintenance. Inadequate, unreliable service significantly impacts residents and may involve costly technical solutions. The Federal Communications Commission and Congress are considering a range of regulatory and legislative issues that could impact apartment operations and residents. This includes a potential rewrite of the nation’s primary telecommunications law governing video, telephone and broadband, cellular service, net neutrality, provider consolidation, emergency communication standards, and more.

What We Are Doing: Educating policymakers about the growing need for reliable telecom and cable service for apartment operations and resident satisfaction. This is in addition to the industry’s interest in policies affecting broadband deployment and solutions for connectivity and capacity challenges.

PATENT REFORM

Why It Matters: Multifamily companies and service providers have been targeted by abusive “patent trolls” who threaten legal action and demand fees without evidence supporting their claims. Targeted firms are forced to pay licensing fees or defend against illegitimate patent infringement claims for using common

technology products. This includes resident-facing programs for marketing, payments, maintenance requests and other property-level communications, as well as off-the-shelf products like on-site security systems. There is strong bipartisan support in Congress to curb the problem. Proposed legislation would require greater detail in demand letters and legal filings, and stronger litigation standards. However, disagreement remains over several aspects of the issue as lawmakers try to address abuse and protect incentives for innovation.

What We Are Doing: Urging Congress to pass legislation that would bring greater transparency and efficiency to patent regulation and enforcement, and create disincentives to fraud and abuse. NMHC/NAA have joined with other real estate and business groups in asking lawmakers to address predatory demand letters, patent trolls and improve the patent litigation system.

U.S. POSTAL SERVICE REFORM

Why It Matters: U.S. Postal Service (USPS) policies impact the security and convenience of mail and package delivery to multifamily communities, as well as safety and efficiency for residents and employees. Congress is expected to consider significant postal reform measures that would affect mail and package delivery that could impact both existing and future apartment communities. Some proposed cost-cutting measures would mandate centralized delivery locations for both new and existing addresses. This would dramatically reduce the number of USPS delivery points including “to the door” delivery.

What We Are Doing: Educating congressional decision-makers and regulators about the practical implications of legislative or regulatory changes to USPS mail delivery policy for apartment communities and our residents.

FLOOD INSURANCE AND MITIGATION

Why It Matters: The National Flood Insurance Program (NFIP) was reauthorized by Congress in 2012. The reauthorization included many reforms to the program to ensure its long term solvency. Of particular note was a provision that allows for higher coverage limits available to multifamily buildings covered under NFIP policies. The maximum NFIP policy coverage limit available for multifamily buildings increased from $250,000 to $500,000 per building. This increase is very positive for borrowers because it will be easier to comply with industry flood insurance requirements when securing project financing. Additionally, FEMA established advisory guidelines for property owners that cannot take traditional mitigation steps like changes to building elevation. This was in an effort to assist multifamily property owners in reducing their flood insurance premiums and mitigate against future flood risk.

What We Are Doing: Monitoring the operations of the NFIP to ensure the program remains viable and affordable for the multifamily industry over the long-term. We are also working with Congress and FEMA to ensure further actuarial work is done that would provide property owners with greater clarity and increased insurance savings for taking sensible steps to mitigate against flood risk. In addition, we are working with FEMA and HUD on a proposed regulation by the Obama Administration to establish a Federal Flood Risk Management Standard. This could impact the development of new multifamily projects in a federally designated floodplain when using federally backed or insured financing programs such as FHA multifamily loans.

HOME SHARING SERVICES (Airbnb, VRBO, HomeAway)

Why It Matters: The multifamily industry is increasingly dealing with the implications, both positive and negative, of peer-to-peer home sharing services like Airbnb, VRBO and HomeAway. While these services are increasingly popular with consumers, some of the potential issues at hand include tenant lease violations, on-site security concerns and questions around liability and property insurance. While there are unanswered questions for our industry, and our economy as a whole, the “sharing economy” is booming. With such incredible growth, Congressional and federal oversight is likely to increase.

What We Are Doing: Congress and several federal agencies have begun to examine the impact of Airbnb, Uber and other companies considered part of the “sharing economy.” Both the Federal Trade Commission and the House have held hearings on the topic and this oversight is not expected to ease. We will continue to monitor the issue for developments that could impact the apartment industry from a legal or regulatory perspective.

Housing Policy

FAIR HOUSING AND DISPARATE IMPACT

Why It Matters: Recent increases in regulatory and legal action related to disparate impact theory creates new uncertainty about the lawfulness of otherwise legitimate apartment operation and development practices like resident screening and use of tax credits. Absent limitations, housing providers can face increased allegations of Fair Housing violations.

What We Are Doing: Seeking certainty and/or clarification of HUD enforcement practices in light of regulatory efforts, including HUD’s 2013 disparate impact rule, and the U.S. Supreme Court’s decision in Texas Department of Housing and Community Affairs v. Inclusive Communities Project.

While the High Court upheld the validity of disparate impact liability under the Fair Housing Act in its final ruling on June 2015, the ruling offers some limitations on the theory that may prove helpful to businesses facing these types of actions. Nearly 500 participants tuned-in for the NMHC/NAA sponsored webinar in July 2015 on this decision and its potential impact on the industry. We continue to follow this issue closely and explore both legislative and legal remedies to help apartment firms avoid disparate impact claims.

SECTION 8 RENTAL ASSISTANCE

Why It Matters: The Section 8 program is plagued by inefficiencies that make it more expensive to rent to a Section 8 renter than a market-rate renter. At the same time, a growing number of jurisdictions are trying to enact “source of income” fair housing protections that effectively make the program mandatory.

What We Are Doing: We are working to prevent potential rental payment losses by intervening when related budget cuts are proposed. We are also seeking reforms to modernize and streamline the program to better attract private sector participation and encourage new opportunities for private industry engagement in affordable housing through programs like the Rental Assistance Demonstration. In addition, we are working to reaffirm the voluntary intent and design of HUD’s affordable housing programs by Congress and HUD.

We helped enact related legislation signed into law by President Obama in December 2015 that significantly reduces Section 8 Housing Choice Voucher program administrative burdens. Specifically, the legislation reduces administrative burdens by allowing for the recertification of incomes every three years, instead of annually, for residents on fixed incomes. We also continue to actively promote future reforms to the program regarding property inspections, tenant screening and reliable funding to avoid payment interruptions for property owners. In addition, we are supportive of extending the contract term for project-based vouchers from 15 to 20 years.

ADA AND FAIR HOUSING ACCESSIBILITY

Why it Matters: Housing providers have responsibilities under both the Americans with Disabilities Act (ADA) and Fair Housing Act (FHA) to ensure that their communities are accessible to people with disabilities, including the inclusion of specific building design features. However, the complex and sometimes conflicting nature of guidance, building codes and statutory language have led to varying interpretations of compliance with the Acts. Litigation related to allegations of non-compliance poses significant costs, operational barriers and other challenges for apartment firms.

What We Are Doing: In the last several Congresses, we have supported legislation to stem the growing trend of ADA compliance complaints dubbed “drive by” lawsuits. These complaints often result from tester visits to a business for the express purpose of finding violations and filing suit. Plaintiffs then typically demand settlement money in lieu of filing a lawsuit. We are supporting legislation introduced this Congress that provides a business owner with the opportunity to cure an alleged ADA deficiency prior to the initiation of a lawsuit, which would disincentivize complaints motivated purely for financial gain.

RENTAL ASSISTANCE DEMONSTRATION

Why it Matters: The Rental Assistance Demonstration, or RAD, is an affordable housing preservation strategy for public housing authorities, allowing for the conversion of public housing properties at risk of obsolescence or underfunding into project-based vouchers or rental assistance contracts under the Section 8 program. This conversion provides opportunities for private sector participation through the redevelopment, management and financing of the converted properties.

What We Are Doing: The RAD program was initially approved to convert 60,000 units to affordable housing in 2011. We worked with Congress and HUD to expand the program in 2014 to 185,000 units, and will explore opportunities for further expansion to meet the substantial demand for affordable housing preservation.

FAIR MARKET RENTS (FMRs) AND SMALL AREA FAIR MARKET RENTS (SAFMRs)

Why it Matters: The Section 8 Housing Choice Voucher Program provides subsidized rents for qualifying low-income families. The program uses HUD-determined FMRs to establish maximum allowable rents the government will pay to a private apartment owner who rents to a family with a Section 8 voucher. HUD's current method for establishing FMRs and determining housing assistance payments is a proven, efficient system.

What We Are Doing: We are concerned with HUD’s action to move to a SAFMRs system, which establishes rent rates by ZIP Code. The SAFMR system remains unvetted, less flexible and less reflective of housing providers' needs for participation in assisted housing programs.

U.S. CENSUS BUREAU’S AMERICAN COMMUNITY SURVEY

Why It Matters: The U.S. Census Bureau’s American Committee Survey (ACS) provides Congress, state and local governments, businesses and non-profits with the objective, reliable data they need to invest wisely, stimulate economic and job growth, and meet the needs of vulnerable populations, such as veterans, people with disabilities, older Americans and low income households. Funding of the ACS, as well as its mandatory nature, is regularly in jeopardy when budgets are discussed. The ACS is important to the multifamily industry because it helps in estimating the economic impact of apartments and provides the latest relevant data.

What We Are Doing: We are continuing to urge lawmakers to fund ACS, along with testing for the 2020 survey. We co-sponsored a congressional staff briefing where various economists and researchers highlighted concerns about potential funding short falls. In addition, we previously submitted numerous letters with a broad coalition to the full Congress expressing our concern over the proposed deep cuts in the most recent budget cycle.

BASIC ALLOWANCE FOR HOUSING (BAH)

Why It Matters: One million service members rely on their BAH to pay their housing expenses. The BAH is also key to the viability of the Department of Defense’s Military Housing Privatization Initiative (MHPI), which the multifamily industry has participated in for nearly 20 years. Military compensation and benefits reform efforts have looked at significantly reducing the BAH, and how it is allocated, to help balance the military’s budget. Reducing military housing benefits limits housing options for military families and can undermine apartment investments in and around military installations.

What We Are Doing: Working to ensure that the success of the MHPI, and the private rental markets around military housing installations, are not jeopardized through reductions to the BAH or any other proposals that envision long-term changes to military housing benefits. We have advocated against changes to the BAH in the annual defense authorization and spending bills and successfully held back an aggressive reduction included in the Senate’s authorization bill. Instead, Congress moved forward with just a one percent reduction this year, allowing for continued advocacy on the success of the program.

Energy and Environment

ENERGY POLICY

Why It Matters: Energy efficient multifamily buildings reduce utility consumption costs for apartment owners and residents and further the goal of national energy independence. Although the industry has embraced energy efficient design and operations, certain impractical energy performance standards negatively impact housing affordability. Existing incentives are also insufficient to fully support efforts to improve the efficiency of the nation’s existing housing stock. In addition, apartment firms now benefit from a new ENERGY STAR rating for multifamily, which we helped develop and launch. However, they are blocked from participating in the program because they cannot get whole property energy consumption data from the utilities.

What We Are Doing: Pushing back on burdensome energy code mandates, promoting building energy research and working to help property owners access their energy consumption data. We are also lobbying for energy efficiency tax measures that encourage energy efficient rehabilitation of existing properties. In 9

addition, we continue to work with HUD, EPA and the Department of Energy to expand opportunities that will assist property owners in improving building energy performance. We continue to focus on growing the ENERGY STAR rating for multifamily.

CLEAN WATER ACT

Why It Matters: The Environmental Protection Agency (EPA) and Army Corps of Engineers (Corps) have issued a rule intended to clarify the scope of the waters regulated under the federal Clean Water Act. This far-reaching “Waters of the U.S.” rule would significantly increase the costs and time associated with permitting requirements, provide greater opportunities for citizen lawsuits and essentially federalize local land use planning.

What We Are Doing: Pursuing an aggressive advocacy strategy before Congress, the Administration and with state and local policymakers on the impact of the overly broad approach outlined by federal regulators in the rule. The final rule is now under review by the courts. These challenges will shape the implementation of the rule. We will continue to work with federal regulators and Congress to clarify implementation issues under the Clean Water Act.

LEAD-BASED PAINT

Why It Matters: In 1993, Congress directed EPA to determine whether there were lead hazards existing in public and commercial properties and, if so, to develop a regulation to protect the public health. Despite the passage of time, EPA has failed to conduct any targeted research on this matter, but has proposed a rule to expand lead-based paint regulations that apply to certain residential properties to public and commercial buildings. Pre-1978 residential properties have been guided by a number of disclosure and mitigation regulations for more than 20 years. The EPA proposal would require apartments built after 1978 to comply with lead-based paint regulations even though EPA has failed to demonstrate that these properties contain lead paint or pose a lead-hazard. Moreover, the Occupational Safety and Health Administration’s Lead in Construction Standard applies to the disturbance of lead on all properties – regardless of the age of or type of the building.

What We Are Doing: We have filed numerous comments on the regulatory proposal with EPA, including a technical appraisal of EPA’s theoretical model of lead exposure during renovation and repairs on public and commercial properties. We have worked with the Small Business Administration to ensure representation of the multifamily industry on regulatory review panels. We have also raised concerns about the flawed regulatory process with the White House Office of Management and Budget. EPA is on track to issue a final rule in 2017. In the meantime, we will review the hazard finding and continue to advocate for a risk-based, cost effective regulation. We also continue to advocate for streamlining the requirements for recertification of workers on residential properties that are subject to regulation.

Employment and Immigration

CRIMINAL BACKGROUND CHECKS

Why It Matters: The multifamily industry depends on professional staff who routinely enter apartment homes, handle confidential information and carry out financial transactions. Multifamily owners and operators need the ability to check criminal backgrounds to help protect the safety and security of residents and staff and to reduce the risk of violence, theft and fraud. The use of criminal background checks has

come under increased scrutiny by some members of Congress and the Equal Employment Opportunity Commission (EEOC). However, EEOC’s strengthened enforcement policy has been challenged by other members of Congress and judges.

What We Are Doing: Working as part of a coalition to educate decision makers about the importance of criminal background checks in creating safe housing for the nation’s 38 million renters.

NLRB JOINT EMPLOYER RULING

Why It Matters: Joint employers occur when the supervision of an employee’s activity is shared between two or more businesses. In its August 2015 Browning-Ferris Industries ruling, the National Labor Relations Board (NLRB) ruled that it could impose joint employer liability when an entity has “indirect” control and “unexercised potential” of control over another entity’s employees. However, for 30 years before this ruling entities were designated joint employers when both had “direct and immediate” control over “essential terms and conditions of employment.” This could have a significant impact on multifamily firms who may become liable for the actions of subcontractors, suppliers, vendors and temporary staff. Joint employers are also required to negotiate with any union representing the jointly employed workers.

What We Are Doing: Working as part of a coalition to support congressional efforts to mandate that the NLRB revert to the joint employer standard that was in effect prior to the Browning-Ferries Industries ruling.

LABOR DEPARTMENT OVERTIME RULE

Why It Matters: In June 2015, the Department of Labor proposed to increase the salary threshold for white collar workers who are entitled to overtime pay protections under the Fair Labor Standards Act (FLSA). Multifamily and other industry workers would be impacted because overtime pay would be determined based only on falling below the threshold. Specifically, under this proposal, the salary threshold for executive, administrative and professional employees’ overtime pay would be raised in 2016 from $455 a week ($23,660 a year) to a projected level of $970 a week ($50,440 a year). Among other issues, the multifamily industry is concerned the proposed rule would harm the ability of employers to implement, and employees to take advantage of, flexible scheduling options. The rule could also result in employees being treated differently due to regional cost-of-living differences. In addition, it could limit career advancement opportunities for employees.

What We Are Doing: Working as part of a coalition to support efforts to urge reconsideration of the proposed ruled. A final rule is expected in July 2016.

IMMIGRATION REFORM

Why It Matters: One in five renter households is headed by an immigrant, and immigrants include 22 percent of the construction workforce, making reform a critical issue for the multifamily industry. Pressure is mounting for Congress to enact comprehensive reform. In the absence of congressional action, state and local governments have approved numerous immigration related measures, creating a burdensome patchwork of compliance obligations for apartment companies. Rental apartment firms are particularly concerned about those laws that would hold them responsible for the immigration status of apartment residents and impose various additional employment-related mandates beyond federal requirements.

What We Are Doing: Working closely with policymakers to improve temporary worker visa programs, including the H2-B Visa Program. We are also empowering employers, creating legal safe harbors through 11

the E-Verify Employee Verification Program, and promoting new sources of investment capital through the EB-5 Immigrant Investor Program.

Construction and Development

BUILDING CODES

Why It Matters: Cost-effective building codes and standards that promote building safety and efficiency benefit multifamily owners, operators and residents. Burdensome code requirements discourage multifamily development, increase construction costs and negatively impact housing affordability. The International Code Council is beginning work now on the 2018 model building codes, which will affect many areas of concern to apartment properties, including fire safety requirements, energy efficiency measures, accessibility and green building requirements. Special emphasis is being placed on fires in apartments, both existing and new, because of the recent fires that have gotten special attention.

What We Are Doing: Serving as members of the code and standard development committees, collaborating with the development bodies to craft code proposals, representing the multifamily sector at code hearings, developing code commentary, and serving as a resource for the code- and standard-making organizations. In response to the fire issues, we are working with members and code organizations to better understand the issues and to be better prepared with information and possible proposals to limit fires in apartments, as well as to respond to the discussions that will come forward during the upcoming code hearings.

SUSTAINABILITY

Why It Matters: Apartment properties face significant challenges as federal, state and local governments undertake sustainability initiatives and look to incorporate green building and building performance mandates into building codes and federal program requirements. These efforts must address the specific needs of multifamily occupancies, including the continued affordability and availability of new apartment homes.

What We Are Doing: Developing robust tools to help building owners and managers improve the environmental performance of the nation’s housing stock. Where building codes, federal initiatives and other sustainability efforts seek to establish performance benchmarks for apartment properties, we advocate for the use of the National Green Building Standard.

LAND USE

Why It Matters: Changing demographics, employment patterns and lifestyle preferences are challenging the sprawling, low-density development patterns of the past 50 years. Understanding that existing growth models are unsustainable, new efforts to promote infill, mixed-use and transit-oriented development that features apartment communities are being considered.

What We Are Doing: Promoting land use policies that recognize the benefits of apartments, including compact development and efficiency.

NMHC Legislative and Regulatory Team

Cindy Chetti, Senior Vice President, Government Affairs Betsy Feigin Befus, General Counsel Matthew Berger, Vice President, Tax Lisa Blackwell, Vice President, Housing Policy David Borsos, Vice President, Capital Markets Paula Cino, Vice President, Construction, Development and Land Use Policy Lisa Costello, Vice President, Political Affairs Kevin Donnelly, Vice President, Government Affairs Eileen Lee, Vice President, Energy and Environmental Policy Ron Nickson, Vice President, Building Codes Kimble Ratliff, Director, Government Affairs Julianne Goodfellow, Manager, Government Affairs Hailey Ray, Manager, NMHC PAC Connor Dunn, Associate, Government Affairs

Communications and Industry Initiatives Staff

Kim Duty, Senior Vice President, Public Affairs and Industry Initiatives Jim Lapides, Vice President, Strategic Communications Rick Haughey, Vice President, Industry Technology Initiatives Sarah Yaussi, Vice President, Industry Communications Michele Anapol, Manager, Policy and Advocacy Communications Devin Bartley, Manager, Web and Digital Communications Ashley Moghari, Manager, Marketing and Communications Projects Racquel Madlala, Associate, Communications

POLITICAL ACTION COMMITTEE (PAC) REPORT

NMHC PAC Board Report January 2016

NMHC’s political action committee, NMHC PAC, supports the apartment industry’s legislative goals, educates Congress about multifamily housing issues and encourages participation in the political process.

• 2015 NMHC PAC Receipts and Disbursements (Staff: Lisa Costello and Hailey Ray) In 2015, NMHC PAC raised $1,434,941 from 1,636 individuals from 145 NMHC member companies. The $1.25 fundraising goal was surpassed – by nearly $200,000.

Employees of the following firms have contributed $10,000 or more in 2015: Alliance Residential Company; AMLI Residential; ARA; AvalonBay Communities; Berkadia, The Bozzuto Group; Camden Property Trust; CBRE; Colliers International, Cushman & Wakefield; Entrepreneurial Properties Corporation; Equity Residential; FPA Multifamily; Gables Residential; GID; Heritage Title Company; HFF; Holland Partner Group; Home Properties; Jones Lang LaSalle; Legacy Partners Residential; Lincoln Property Company; Marcus & Millichap/Institutional Property Advisors; Moran & Company; National Multifamily Housing Council; NALS Apartment Homes; Pinnacle; Post Properties; RealPage; SARES*REGIS Group; The Rainmaker Group; Trammell Crow Residential; UDR; Walker & Dunlop; Waterton Associates; Westdale Asset Management; Wood Partners; and The Wilkinson Group.

The top five firms for employee contributions to NMHC PAC in 2015 were Marcus & Millichap/Institutional Property Advisors ($129,645), Equity Residential ($104,500), Holland Partner Group ($67,200), Berkadia ($55,600) and CBRE ($54,900.)

In 2015, NMHC PAC contributed $1,296,500 to 188 congressional campaigns, leadership PACs and party committees.

• NMHC PAC Co-Hosted Events A significant amount of NMHC PAC funds are used co-hosting real estate specific events allowing NMHC’s Government Affairs team to solidify relationships with the key lawmakers receiving our PAC dollars. In addition to events based in Washington, D.C., NMHC PAC served as a co-host for events held by our members, specifically Sue Ansel, Lauren Brockman, Bob DeWitt, Clyde Holland, Mike Miller, Tom Moran, Greg Mutz, Tim Myers, David Neithercut, Jeff Stack, and Jerry Wilkinson. These opportunities allowed NMHC PAC to maximize the impact and effectiveness of our dollars with conversations focused on the multifamily industry. Further, they allowed us to make the connection between NMHC and our local members for lawmakers on Capitol Hill. NMHC continues to improve its political clout in Washington with each event.

• NMHC PAC Prior Authorization Campaign Federal law requires member firms of NMHC to sign a Prior Authorization Form in order for the executive or administrative personnel of the firm to receive NMHC PAC information and/or be legally solicited for voluntary NMHC PAC contributions (Individual members do not need to sign Prior Authorization Forms). Member firms can only grant prior authorization to one trade association per year. Prior authorization is voluntary and can be withdrawn at any time. For firms that submit a Prior Authorization Form to NMHC, NMHC PAC only solicits NMHC’s lead and alternate contacts at the member firm and prior donors.

Signed Prior Authorization Forms allow us to communicate with more member firms about the impact NMHC PAC has on the industry’s future. As customary, there will be a campaign in 2016 to educate more firms about prior authorization and to obtain more signed forms.

• 2016 NMHC Political Action Committee Leadership: Sue Ansel, President, & CEO, of Gables Residential will serve as 2016/17 Chairwoman. Bob DeWitt, Vice Chairman, President & CEO of GID will serve as past chairman. They will be supported by the NMHC PAC Committee, which plays a key role in NMHC PAC fundraising and oversight. Mike Ferris of Valet Waste, Steve Weilbach of Cushman & Wakefield, and Ed Pettinella of Home Properties will be rotating off the committee with gratitude for their service during a successful year. Bruce Barfield of The Rainmaker Group, Margette Hepfner of Lincoln Property Company, and Arlene Mayfield of RentPath joined the committee this year.

The 2016 NMHC PAC Committee members are:  Sue Ansel, Gables Residential – PAC Chairwoman  Bob DeWitt, GID – Past PAC Chairman  Bruce Barfield, The Rainmaker Group  Mike Darling, Walker & Dunlop  Marc deBaptiste, ARA  Alan George Equity Residential  Rick Graf, Pinnacle  Robert Hart, TRUAMERICA  Margette Hepfner, Lincoln Property Company  Clyde Holland, Holland Partners Group  Will Mathews, Colliers International  Arlene Mayfield, RentPath  Michael Miller, AUM  Greg Mutz, AMLI Residential  Robert Poynter, Monogram Residential Trust  Donna Preiss, The Preiss Company  David Schwartz, Waterton Residential  John Sebree, Marcus & Millichap Institutional Property Advisors  Geoffrey Stack, SARES*REGIS Group  Leonard Wood, Trammell Crow Residential

For questions about candidates supported by NMHC PAC, or additional information about the PAC, please contact Lisa Costello, Vice President of Political Affairs at 202-974-2325 or [email protected]. You may also learn more at www.nmhc.org/pac.

2015 NMHC PAC DISBURSEMENTS (January 1 – December 31, 2015) U.S. House of Representatives

Leadership Party Re-Elect LPAC Xavier Becerra, CA D $5,000 John Boehner, OH R $5,000 $5,000 James Clyburn, SC D $2,500 $5,000 Joseph Crowley, NY D $5,000 $5,000 Steny Hoyer, MD D $5,000 $5,000 Ben Lujan, NM D $5,000 $5,000 Kevin McCarthy, CA R $5,000 $5,000 Nancy Pelosi, CA D $2,500 Jared Polis, CO D $5,000 Cathy McMorris-Rodgers, WA R $5,000 $5,000 Paul Ryan, WI R $5,000 $5,000 Steve Scalise, LA R $5,000 $5,000 Greg Walden, OR R $5,000 $2,500

Member by Committee Party Re-Elect LPAC Financial Services Andy Barr, KY R $5,000 Joyce Beatty, OH D $5,000 Mike Capuano, MA D $2,000 John Carney, DE D $1,000 William Lacy Clay, MO D $2,500 Emanuel Cleaver, MO D $4,000 John Delaney, MD D $2,500 Sean P. Duffy, WI R $5,000 Keith Ellison, MN D $5,000 Stephen Fincher, TN R $5,000 $5,000 Bill Foster, IL D $3,500 Scott Garrett, NJ R $5,000 Frank Guinta, NH R $5,000 Denny Heck, WA D $5,000 $5,000 Member by Committee Party Re-Elect LPAC (Financial Services) French Hill, AR R $5,000 Jim Himes, CT D $5,000 $5,000 Bill Huizenga, MI R $5,000 Randy Hultgren, IL R $5,000 Robert Hurt, VA R $5,000 $5,000 Dan Kildee, MI D $2,500 Mia Love, UT R $4,000 Frank Lucas, OK R $5,000 Blaine Luetkemeyer, MO R $5,000 Stephen Lynch, MA D $1,000 Carolyn Maloney, NY D $5,000 $5,000 Patrick McHenry, NC R $5,000 $5,000 Gregory Meeks, NY D $5,000 Luke Messer, IN R $5,000 $1,000 Patrick Murphy, FL D $1,000 Randy Neugebauer, TX R $2,500 $5,000 Steve Pearce, NM R $1,000 Ed Perlmutter, CO D $5,000 $5,000 Bruce Poliquin, ME R $5,000 Dennis Ross, FL R $2,000 Edward Royce, CA R $5,000 $5,000 David Schweikert, AZ R $1,000 David Scott, GA D $2,500 $5,000 Terri Sewell, AL D $4,000 Kyrsten Sinema, AZ D $5,000 Steve Stivers, OH R $5,000 Juan Vargas, CA D $1,500 Nydia Velazquez, NY D $1,500 Ann Wagner, MO R $4,500 Maxine Waters, CA D $5,000 $5,000 Lynn Westmoreland, GA R $5,000 $2,500

Ways & Means Diane Black, TN R $5,000 $2,500 Charles Boustany, LA R $3,000 Kevin Brady, TX R $5,000

Member by Committee Party Re-Elect LPAC (Ways and Means Cont.) Bob Dold, IL R $5,000 $2,500 George Holding, NC R $5,000 Lynn Jenkins, KS R $5,000 Mike Kelly, PA R $5,000 Ron Kind, WI D $5,000 $5,000 John Larson, CT D $5,000 $2,500 Sandy Levin, MI D $5,000 $2,500 Kenny Marchant, TX R $5,000 Pat Meehan, PA R $5,000 Richie Neal, MA D $5,000 $5,000 Kristi Noem, SD R $5,000 Devin Nunes, CA R $2,500 Bill Pascrell, NJ D $5,000 Erik Paulsen, MN R $5,000 $3,000 Tom Reed, NY R $5,000 Dave Reichert, WA R $4,500 Jim Renacci, OH R $5,000 Peter Roskam, IL R $5,000 $5,000 Linda Sanchez, CA D $2,500 $5,000 Jason Smith, MO R $5,000 Adrian Smith, NE R $5,000 Mike Thompson, CA D $5,000 $5,000 Pat Tiberi, OH R $5,000 $5,000 Todd Young, IN R $1,000 $4,000

Appropriations Robert Aderholt, AL R $2,500 Ken Calvert, CA R $5,000 John Culberson, TX R $1,000 Charlie Dent, PA R $5,000 Mario Diaz-Balart, FL R $5,000 Rodney Frelinghuysen, NJ R $5,000 Kay Granger, TX R $2,000 Tom Graves, GA R $5,000 Jaime Herrera-Beutler, WA R $5,000 Steve Israel, NY D $5,000 $5,000 Evan Jenkins, WV R $4,000 David Jolly, FL R $5,000 Member by Committee Party Re-Elect LPAC (Appropriations Cont.) David Joyce, OH R $3,000 Derek Kilmer, WA D $4,500 Martha Roby, AL R $2,500 Hal Rogers, KY R $5,000 Tom Rooney, FL R $2,000 Mike Simpson, ID R $5,000 $2,500 David Valadao, CA R $5,000 Debbie Wasserman-Schultz, FL D $1,000 Kevin Yoder, KS R $4,000

Energy & Commerce Gus Bilirakis, FL R $3,500 Marsha Blackburn, TN R $4,000 Michael Burgess, TX R $1,000 G.K. Butterfield, NC D $3,500 Tony Cardenas, CA D $5,000 Yvette Clarke, NY D $2,500 Mike Doyle, PA D $2,500 Renee Ellmers, NC R $5,000 Brett Guthrie, KY R $5,000 Richard Hudson, NC R $2,000 Joe Kennedy, MA D $2,500 Adam Kinzinger, IL R $5,000 Leonard Lance, NJ R $1,000 MarkWayne Mullin, OK R $2,000 Tim Murphy, PA R $2,000 Frank Pallone, NJ D $5,000 $5,000 Mike Pompeo, KS R $1,000 Kurt Schrader, OR D $3,500 John Shimkus, IL R $4,000 $1,000 Fred Upton, MI R $5,000 Peter Welch, VT D $2,500 Ed Whitfield, KY R $5,000 $2,000

Armed Services Pete Aguilar, CA D $1,000 Brad Ashford, NE D $1,000 Bradley Byrne, AL R $1,000 Member by Committee Party Re-Elect LPAC (Armed Services Cont.) Joaquin Castro, TX D $2,000 Joe Courtney, CT D $1,000 Susan Davis, CA D $2,500 John Garamendi, CA D $1,000 Sam Graves, MO R $2,000 John Kline, MN R $1,500 Steve Knight, CA R $3,000 Martha McSally R $3,000 Seth Moulton, MA D $1,000 Scott Peters, CA D $3,000 Austin Scott, GA R $1,000 Elise Stefanik, NY R $5,000 Mac Thornberry, TX R $2,000 Jackie Walorski, IN R $1,500 Brad Wenstrup, OH R $2,000 Joe Wilson, SC R $3,000 Rob Wittman, VA R $2,000 $2,500

Budget Committee David Cicilline, RI D $2,500 Michelle Lujan Grisham, NM D $3,000 Alex Mooney, WV R $2,500 Gary Palmer, AL R $1,000 Mimi Walters, CA R $3,000

Government Oversight Mike Turner, OH R $1,000

Homeland Security Susan Brooks, IN R $1,000 Bill Keating, MA D $1,000 Mike McCaul, TX R $1,000 $1,500 Donald Payne, Jr., NJ D $2,500 Bennie Thompson, MS D $4,000

Judiciary Ron DeSantis, FL R $1,500 Ted Deutch, FL D $1,500 Member by Committee Party Re-Elect LPAC (Judiciary Cont.) Bob Goodlatte, VA R $2,500 Hakeem Jeffries, NY D $3,500 Cedric Richmond, LA D $2,500 $2,500 Lamar Smith, TX R $5,000

Natural Resources Dan Benishek, MI R $2,500 Doug LaMalfa, CA R $1,000

Science and Technology Ami Bera, CA D $3,000

Transportation & Infrastructure Cheri Bustos, IL D $2,500 Barbara Comstock, VA R $5,000 Ryan Costello, PA R $5,000 Carlos Curbelo, FL R $5,000 Rodney Davis, IL R $5,000 Peter Defazio, OR D $2,500 Jeff Denham, CA R $5,000 Marcia Fudge, OH D $4,000 Bob Gibbs, OH R $1,000 Garret Graves, LA R $2,000 Gwen Graham, FL D $5,000 Duncan Hunter, CA R $5,000 $2,500 John Katko, NY R $5,000 Rick Larsen, WA D $1,500 Sean Patrick Maloney, NY D $3,500 Mark Meadows, NC R $2,500 Tom Rice, SC R $1,500 David Rouzer, NC R $3,000 Bill Shuster, PA R $5,000 $2,500 Lee Zeldin, NY R $3,000

U.S. SENATE Leadership Party Re-elect LPAC John Barrasso, WY R $5,000 Roy Blunt, MO R $5,000 $5,000 John Cornyn, TX R $5,000 Dick Durbin, IL D $5,000 Mitch McConnell, KY R $5,000 Rob Portman, OH R $5,000 $5,000 Chuck Schumer, NY D $5,000 $5,000 Jon Tester, MT D $5,000 John Thune, SD R $5,000 $5,000

Member by Committee Party Re-elect LPAC Banking Sherrod Brown, OH D $5,000 Bob Corker, TN R $5,000 Mike Crapo, ID R $5,000 $5,000 Joseph Donnelly, IN D $5,000 Dean Heller, NV R $5,000 Mark Kirk, IL R $5,000 Jerry Moran, KS R $5,000 $5,000 Jack Reed, RI D $5,000 Ben Sasse, NE R $1,000 Tim Scott, SC R $5,000 $5,000 Richard Shelby, AL R $5,000 $5,000 Debbie Stabenow, MI D $5,000 Patrick Toomey, PA R $5,000 Mark Warner, VA D $5,000

Finance Michael Bennet, CO D $5,000 $5,000 Richard Burr, NC R $5,000 $5,000 Tom Carper, DE D $5,000 Bob Casey, PA D $5,000 Mike Enzi, WY R $2,500 Chuck Grassley, IA R $5,000 Orrin Hatch, UT R $5,000 Johnny Isakson, GA R $5,000 $5,000 Ron Wyden, OR D $5,000 $5,000

Member by Committee Party Re-elect LPAC Appropriations Susan Collins, ME R $5,000 John Hoeven, ND R $5,000 $5,000 Shelley Moore-Capito, WV R $5,000 Chris Murphy, CT D $5,000 Patty Murray, WA D $5,000 Jeanne Shaheen, NH D $5,000

Commerce Kelly Ayotte, NH R $5,000 $5,000 Cory Booker, NJ D $5,000 Claire McCaskill, MO D $5,000 Gary Peters, MI D $5,000 Marco Rubio, FL R $5,000 Roger Wicker, MS R $5,000

Energy and Natural Resources Chris Coons, DE D $5,000 Cory Gardner, CO R $5,000 Martin Heinrich, NM D $5,000 Joe Manchin, WV D $5,000 Lisa Murkowski, AK R $5,000 $5,000

Judiciary Richard Blumenthal, CT D $5,000 David Perdue, GA R $2,500 Thom Tillis, NC R $3,000

Environment and Public Works John Boozman, AR R $5,000 $5,000 Deb Fischer, NE R $5,000 Kirsten Gillibrand, NY D $5,000 Jim Inhofe, OK R $5,000 Dan Sullivan, AK R $1,000

Member by Committee Party Re-elect LPAC Armed Services Mazie Hirono, HI D $2,500 Angus King, ME I $2,500 Tim Kaine, VA D $5,000 John McCain, AZ R $5,000

MISCELLANEOUS CONTRIBUTIONS

Party and Coalition PACs Party Amount Democratic Congressional Campaign Committee D $30,000 Democratic Senatorial Campaign Committee D $30,000 National Republican Congressional Committee R $30,000 National Republican Senatorial Committee R $30,000 BOLD PAC- Hispanic Caucus D $5,000 Congressional Black Caucus PAC D $5,000 MOD PAC D $5,000 New Democrat Coalition PAC D $5,000 Right NOW PAC R $5,000 Tuesday Group PAC R $5,000 VIEW PAC R $5,000

2015 NMHC PAC DISBURSEMENTS (January 1 – December 31, 2015) U.S. House of Representatives

Ways & Means Diane Black, TN R $5,000 $2,500 Charles Boustany, LA R $3,000 Kevin Brady, TX R $5,000

Budget Committee David Cicilline, RI D $2,500 Michelle Lujan Grisham, NM D $3,000 Alex Mooney, WV R $2,500 Gary Palmer, AL R $1,000 Mimi Walters, CA R $3,000

Government Oversight Mike Turner, OH R $1,000

Homeland Security Susan Brooks, IN R $1,000 Bill Keating, MA D $1,000 Mike McCaul, TX R $1,000 $1,500 Donald Payne, Jr., NJ D $2,500 Bennie Thompson, MS D $4,000

Natural Resources Dan Benishek, MI R $2,500 Doug LaMalfa, CA R $1,000

Science and Technology Ami Bera, CA D $3,000

Commerce Kelly Ayotte, NH R $5,000 $5,000 Cory Booker, NJ D $5,000 Claire McCaskill, MO D $5,000 Gary Peters, MI D $5,000 Marco Rubio, FL R $5,000 Roger Wicker, MS R $5,000

Energy and Natural Resources Chris Coons, DE D $5,000 Cory Gardner, CO R $5,000 Martin Heinrich, NM D $5,000 Joe Manchin, WV D $5,000 Lisa Murkowski, AK R $5,000 $5,000

Judiciary Richard Blumenthal, CT D $5,000 David Perdue, GA R $2,500 Thom Tillis, NC R $3,000

Environment and Public Works John Boozman, AR R $5,000 $5,000 Deb Fischer, NE R $5,000 Kirsten Gillibrand, NY D $5,000 Jim Inhofe, OK R $5,000 Dan Sullivan, AK R $1,000

Member by Committee Party Re-elect LPAC Armed Services Mazie Hirono, HI D $2,500 Angus King, ME I $2,500 Tim Kaine, VA D $5,000 John McCain, AZ R $5,000

MISCELLANEOUS CONTRIBUTIONS

FUTURE MEETINGS

Future Meetings (as of 1/12/16)

Meeting City/State Location

2016 April 6-7, 2016 Research Forum Chicago, IL The Omni Hotel (Entire Membership)

May 18-20, 2016 Chicago, IL Four Seasons Hotel Spring Board of Directors Meeting (Board of Directors)

September 13-15, 2016 Washington, DC The Fairmont Hotel Fall Board of Directors and Advisory Committee Meeting (Board of Directors and Advisory Committee)

September 28-30, 2016 New Orleans, LA New Orleans Marriott Student Housing Conference & Exposition (Entire Membership and Non-members invited)

November 14-16, 2016 Dallas, TX Hilton Anatole OPTECH Conference & Exposition (Entire Membership and Non-Members Invited)

2017 January 24, 2017 San Diego, CA Manchester Grand Hyatt Apartment Strategies Outlook Conference (Entire Membership and Non-Members Invited)

January 24-26, 2017 San Diego, CA Manchester Grand Hyatt Annual Meeting (Entire Membership)

Stay up-to-date with the NMHC meeting schedule by visiting www.nmhc.org/allmeetings.aspx

SPEAKER BIOGRAPHIES Mark Alfieri Chief Executive Officer Monogram Residential Trust

Mr. Alfieri has served as our Chief Executive Officer since June 30, 2014 and as one of our directors since May 2014. Mr. Alfieri has served as the Company’s President since July 31, 2013, and has also served as our Chief Operating Officer since our inception in 2006. Mr. Alfieri served as Chief Operating Officer of our Former Advisor and our Former Property Manager from September 2006 and March 2008, respectively, to July 31, 2013.

Prior to joining Behringer in May 2006, from January 1999 to April 2006 Mr. Alfieri was Senior Vice President of AMLI Residential Properties Trust (“AMLI”), formerly a New York Stock Exchange-listed REIT, where he directed investment activities for the Southwest region. During his seven-year tenure at AMLI, Mr. Alfieri consummated multifamily transactions in excess of $2.5 billion. From 2000 to 2006, Mr. Alfieri was a member of CEC, AMLI’s senior executive committee. In February 2006, AMLI merged into an indirect subsidiary of Morgan Stanley Real Estate’s Prime Property Fund, and the consideration paid for AMLI represented a 20.7% premium over the closing price of its common shares on the last full trading day prior to the public announcement of the merger. From 1991 until 1998, Mr. Alfieri was president and Chief Executive Officer of Revest Group, Inc., a regional full service investment company. Revest was engaged in the acquisition and development of multifamily and commercial properties as a sponsor/general partner on behalf of international and domestic private investors. Mr. Alfieri also was President and Chief Executive Officer of Revest Management Services. Revest Management Services fee managed office, mini-storage and multifamily properties.

Mr. Alfieri graduated from Texas A&M with a Bachelor of Business Administration degree in Marketing. Mr. Alfieri is a licensed Real Estate Broker in the State of Texas. Mr. Alfieri served on the Board of Directors of the National Multi Housing Council from 2002 to 2016. Mr. Alfieri is a member of the Texas A&M Mays Business School Masters of Real Estate Advisory Board. In 2011 Mr. Alfieri was honored as Executive Of The Year by Multifamily Executive magazine.

Mike Allen Chief White House Correspondent POLITICO

Mike Allen is one of Washington’s most influential and well-connected journalists. The chief White House correspondent for POLITICO, he is the driving force behind its daily email tip-sheet Playbook, which has become the early-morning go-to source for movers and shakers in politics and the media. Between 5:30 and 8:30am each morning, the politerati are reading his insights and being influenced by his words – even before they have had their morning caffeine. His reach extends even to the president, with the New York Times calling him “The Man the White House Wakes Up To,” and Vanity Fair said, “Reading Playbook is as close as you can come on a Washington morning to knowing everything.”

Allen is a “founding father” at POLITICO, one of Washington’s most popular publications. He not only reports on but also drives the day’s conversations in and around the Beltway. His sharp journalistic experience and coveted insider status make him an ideal choice to discuss the latest political happenings. In presentations, he offers his non-partisan, energetic and up-to-the-minute insider perspective on the political issues of the day, the Obama administration, the Republican Congress, the upcoming presidential election, and building a business in an unsteady economy. Exclusively represented by Leading Authorities speakers bureau, he has been praised for his dedication, passion, and unmatched ability to give a political story dimension and context.

Follow for Award-Winning Political Coverage. TIME named Allen one of its top 140 Twitter feeds, calling him “the Virgil of the beltway, leading the rest of us hapless Dantes through the inferno of America’s political universe.” Vanity Fair named him to its 2011 (#39) and 2012 (#19) “Top 50 New Establishment and Powers That Be” lists, and Allen also won the White House Correspondents’ Association’s Merriman Smith Memorial Award for “Outstanding presidential coverage on deadline” in 2004.

Building a Political Powerhouse. In 2006, Allen joined POLITICO—at the time a small organization in a shrinking industry. He sought to carve out a niche in the marketplace by focusing on giving readers one solid take-away from select stories, and with this approach, he helped grow paper into the thriving, 200-person news source it is today. The Washington Post also contributes some of his success to the fact that he is a “native-advertising pioneer.”

Allen is also the creator of the daily newsletter, Morning Money, which gives readers insight into the intersection of Washington and Wall Street. It is a must read for everyone from cabinet secretaries to Fortune 500 CEOs. He also co-authored two e-books focusing on the 2012 presidential campaign that he released during the campaign cycle – Politico Playbook 2012: The Right Fights Back and Inside the Circus: Romney, Santorum and the GOP Race.

Before POLITICO, Allen served as TIME magazine’s White House correspondent and spent six years at the Washington Post. At WaPo he covered President Bush’s first term, Capitol Hill, campaign finance, and the Bush, Gore and Bradley campaigns of 2000. Before turning to national politics, he worked at the Free Lance-Star, the Richmond Times-Dispatch, and the New York Times. Rohit Anand, AIA, NCARB Principal KTGY Group, Inc.

Rohit Anand brings a wealth of experience in leading the design of multi-family/residential development projects. Rohit’s experience includes the design of almost 25,000 market rate, for-rent and for-sale, multifamily residential units. He counts among his clients many of the nation’s top multifamily residential developers including TCR/Mill Creek Residential Trust, UDR, Kettler, The Bozzuto Group, AvalonBay, Home Properties, Lincoln Property Company and Wood Partners.

Mr. Anand and his team typically advise developers on product positioning and are adept at providing efficient construction systems that help to meet developers’ proforma. He and his team have won numerous awards for their work from NAHB chapters.

Sue Ansel President and Chief Executive Officer Gables Residential

Sue Ansel is President and Chief Executive Officer. In her 25 plus years with Gables, she has held positions in acquisitions, development, and operations and has led important company initiatives including the advancement of real estate technology efforts and third-party client services. Sue serves on several boards and committee’s including serving as an officer and on the Executive Committee of the National Multifamily Housing Council, and officer of The Real Estate Council and The Real Estate Council Foundation Board of Directors, The Dallas Summer Musical Board of Directors and DePauw University’s Board of Trustees. Sue is also a member of the Urban Land Institute and a graduate of DePauw University.

Peter Bergen CNN National Security Analyst and Best-Selling Author of Manhunt

Award-winning journalist and producer Peter Bergen is one of the nation's foremost authorities on foreign policy, national security, and the new generation of terrorism that threatens the West and its economic interests. CNN's national security analyst, he is one of the few people to interview Osama bin Laden face-to-face and the best-selling and award-winning author of five books. His latest is the upcoming United States of Jihad: Investigating America's Homegrown Terrorists, following up his New York Times best-seller Manhunt: The Ten-Year Search for Bin Laden - From 9/11 to Abbottabad. It was named one of the "Best Non-Fiction Books of 2012" by the Washington Post and made into an Emmy- winning HBO documentary.

When Bergen reports on national security, Congress, the White House, and those who need to be "in- the-know" sit up and listen. He has traveled repeatedly to the Middle East and South Asia and testified before multiple congressional committees on national security and terrorism-related issues. He is heavily connected in the geopolitical world, having interviewed senior While House officials, Congressmen, Navy SEAL operators, senior officers around the global, and more. Exclusively represented by Leading Authorities speakers bureau, Bergen offers audiences a straight-from-the- source, insider's perspective our nation's growing geopolitical challenges and how they have the potential to affect American business.

Best-Selling Books and Writing. In addition to United States of Jihad and Manhunt, Bergen is also the author of New York Times best-seller The Longest War: The Enduring Conflict between America and Al-Qaeda (2011), which was called "one of the most important accounts on the subject to appear in years" by the New York Times. He also wrote the New York Times best-seller Holy War, Inc. and The Osama bin Laden I Know, both of which were named one of the best non-fiction books of the year by the Washington Post and turned into Emmy-nominated documentaries.

Bergen has written on national security issues for the New York Times, the Washington Post, TIME, and many, many other domestic and international publications. He is a contributing editor at Foreign Policy and writes a weekly column for CNN.com. He has also worked as a correspondent or producer for several documentaries that have aired on National Geographic, Discovery, and CNN.

National Security Expertise. Bergen is a member of the Homeland Security Project, a successor to the 9/11 Commission. He also serves as the director of the international security program at the New America Foundation in Washington, DC, and is a research fellow at Fordham University's Center on National Security. He is a professor of practice at Arizona State University's School of Politics and Global Studies and has held teaching positions at the Kennedy School of Government at Harvard University and at the School of Advanced International Studies at Johns Hopkins University. He is also on the editorial board of Studies in Conflict & Terrorism, a leading scholarly journal in the field.

Dr. Ben S. Bernanke Distinguished Fellow in Residence with the Economic Studies Program, Brookings Institution Former Chairman of the Board of Governors, Federal Reserve System

Ben S. Bernanke is a Distinguished Fellow in Residence with the Economic Studies Program at the Brookings Institution. From February 2006 through January 2014, he was Chairman of the Board of Governors of the Federal Reserve System. Dr. Bernanke also served as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body.

Before his appointment as Chairman, Dr. Bernanke was Chairman of the President's Council of Economic Advisers, from June 2005 to January 2006. He had already served the Federal Reserve System in several roles. He was a member of the Board of Governors of the Federal Reserve System from 2002 to 2005.

From 1994 to 1996, Dr. Bernanke was the Class of 1926 Professor of Economics and Public Affairs at Princeton University. He was the Howard Harrison and Gabrielle Snyder Beck Professor of Economics and Public Affairs and Chair of the Economics Department at the university from 1996 to 2002. Dr. Bernanke had been a Professor of Economics and Public Affairs at Princeton since 1985.

Before arriving at Princeton, Dr. Bernanke was an Associate Professor of Economics (1983-85) and an Assistant Professor of Economics (1979-83) at the Graduate School of Business at Stanford University. His teaching career also included serving as a Visiting Professor of Economics at New York University (1993) and at the Massachusetts Institute of Technology (1989-90).

Dr. Bernanke has published many articles on a wide variety of economic issues, including monetary policy and macroeconomics, and he is the author of several scholarly books and two textbooks. He has held a Guggenheim Fellowship and a Sloan Fellowship, and he is a Fellow of the Econometric Society and of the American Academy of Arts and Sciences. Dr. Bernanke served as the Director of the Monetary Economics Program of the National Bureau of Economic Research (NBER) and as a member of the NBER's Business Cycle Dating Committee. In July 2001, he was appointed Editor of the American Economic Review. Dr. Bernanke's work with civic and professional groups includes having served two terms as a member of the Montgomery Township (N.J.) Board of Education.

Dr. Bernanke was born in December 1953 in Augusta, Georgia, and grew up in Dillon, South Carolina. He received a B.A. in economics in 1975 from Harvard University (summa cum laude) and a Ph.D. in economics in 1979 from the Massachusetts Institute of Technology.

Dr. Bernanke is married and has two children.

Doug Bibby President National Multifamily Housing Council

Douglas M. Bibby is President of the National Multifamily Housing Council (NMHC), a national organization of more than 1,100 member firms involved in the multifamily housing industry. Under his leadership NMHC represents the industry on Capitol Hill and before the regulatory agencies, promotes research and the exchange of information, and advocates for rental housing across a broad spectrum of issues. Prior to joining NMHC, Bibby spent 16 years as a senior officer of Fannie Mae, where he served on the company’s Management Committee throughout his tenure. He was part of the top management team that is credited with the remarkable turnaround at Fannie Mae in the book Good to Great.

Bibby began his career with the worldwide communications firm J. Walter Thompson where he served a variety of clients both domestically and internationally over his 12-year career with the company. At the time of his departure from J. Walter Thompson, he was Senior Vice President and General Manager of the firm’s Washington, D.C. operations. Bibby has been active in the non-profit community of Washington, D.C. for the past 30 years.

Bibby graduated from Denison University with a B.A. degree and was honored with the university’s Alumni Citation Award in 2004. He also holds a Masters of Business Administration degree from the University of Texas at Austin.

Jeffrey I. Brodsky Vice Chairman Related Companies

Jeffrey I. Brodsky is Vice Chairman of Related Companies. Mr. Brodsky joined Related’s affordable housing development group in 1982 as a development associate and rose through the ranks to serve as President of Related Management Company for the last 18 years. In 2015 he was named Vice Chairman of Related Companies where he works closely with Related’s executive team to optimize business development and drive improved performance and results, across the platform and internationally.

Mr. Brodsky is a member of the Real Estate Board of New York Residential Management Council and the recipient of its 2006 George M. Brooker Management Executive of the year award, the Board of Directors of the Corporation for Supportive Housing, the National Leased Housing Association, the Realty Advisory Board of N.Y., and served a 4 year role as the Chairman of the Property Management committee of the National Multi‐Housing Council. He is the 2009 recipient of the Institute for Real Estate Management (IREM) NY Chapter Certified Property Manager of the Year Award.

He has also been the past Chairman of Urban Green, the US Green Building Council chapter in New York, is a member of FNMA’s Green Housing Task Force, and is the current Chairman of the New York Energy Efficiency Corporation. In 2009 Mr. Brodsky initiated Related’s National Smoke Free Housing program across all asset classes, the first such program in the U.S. He holds a Bachelor of Science degree in Mechanical Engineering from Rensselaer Polytechnic Institute and a Master’s degree in Business Administration from New York University.

Cliff Chandler Managing Director Greystar

Cliff Chandler is a Managing Director of Investments on the West Coast for Greystar, and is primarily responsible for acquisitions, asset management and dispositions for the Pacific Northwest, Northern California, Phoenix, and Minneapolis. During his tenure with Greystar, Cliff has led the acquisition of over $1.6 billion of multifamily properties. Cliff joined Greystar in 2011, and has been a multifamily professional since 2001. Previously Cliff was an Acquisition Associate with TA Associates Realty, where he assisted with sourcing, underwriting, and closing $729 million of value-add acquisitions in 23 transactions. Prior to that, he was an Associate Director in the North America Venture Investments group with GE Capital Real Estate. Cliff holds an MBA from Harvard Business School and graduated with a Bachelor of Business Administration summa cum laude from the University of San Diego. He is a full member of the Urban Land Institute and currently serves on the ULI NEXT Council.

Cindy Clare President Kettler Management Inc.

Cindy Clare serves as President of Kettler Management Inc., a McLean, Virginia, based property management firm specializing in apartments that range from high-end luxury to affordable housing.

Ms. Clare joined Kettler in March 2005, and oversees operations of 30,000 apartments currently under management, as well as a pipeline of 5,000 additional units that Kettler expects to bring on line over the next several years. Kettler also manages over 20,000 units for third party clients and has expanded outside of the Washington Metropolitan area. Prior to joining Kettler, Ms. Clare worked at The Mark Winkler Company, a real estate development and management company based in Alexandria. Va. During her tenure at Winkler, Clare was responsible for all operations related to residential management, overseeing over 6,000 units. Under her guidance, many innovative processes were put in place to improve customer service and attract and retain skilled, professional personnel.

Ms. Clare earned a bachelor's degree from the University of Virginia. She also earned the Certified Property Manager designation from The Institute of Real Estate Management and the Real Property Administrator designation from the Building Owners and Managers Association. Ms. Clare is a past president of IREM’s Northern Virginia Chapter and a past Regional Vice President. She is also a member of the National Faculty for IREM. Ms. Clare is a past President of the Apartment and Office Building Association and a member of the NAA Board of Directors.

Deb Cloutier Principal and Co-Founder JDM Associates

Deb has provided consulting services in commercial real estate, energy management, and sustainability for over 20 years; supporting EPA’s ENERGY STAR program since its inception and playing a critical role in recruiting more than four billion square feet of real estate to the program. She has extensive experience designing, developing, implementing, and managing sustainability programs in the built environment. Deb now works with several large institutional owners, and supports the DOE Better Buildings Initiative to promote strategic environmental management as a standard business practice. Clients have achieved energy savings of over $100 million since 2006 under her guidance, and consistently receive recognition for their leadership in sustainability and energy efficiency. Deb began her career at AIA, where she served as liaison to architects and the public regarding environmentally preferred building materials and design, and had the distinct pleasure of supporting the Greening of the White House under the Clinton Administration.

Ziv Cohen President Resmark Apartment Living

Mr. Cohen joined Resmark in 2001. With more than 20 years of real estate experience, he has been involved in the financing and development of over 10,000 residential units in the United States and Israel. Mr. Cohen's responsibilities include overseeing the day-to-day operations and strategy for Resmark Apartment Living. Under his direction since 2011, Resmark's multifamily division has acquired and developed approximately 4,500 units through joint venture and direct investments. Previously, Mr. Cohen established the firm's Northern California Division in 2003 and successfully expanded its California operations. He also led Resmark's emergence as a key player in the area of direct investments in land and housing in 2007.

Prior to joining Resmark, Mr. Cohen was a member of Fieldstone Communities' management team, where he was responsible for land acquisition and entitlements, product design, construction management, and sales and marketing operations for multiple projects. Before arriving in the United States, he served as an operations manager for Peled Residential Construction in Israel and prior to that as an officer in the Israeli Defense Forces. He received a Bachelor of Arts degree in Political Science from Tel Aviv University, and an M.B.A. from Pepperdine University.

Jeffery J. Daniels Managing Director AIG Global Real Estate Investment Corp.

Mr. Daniels is a Managing Director with AIG Global Real Estate Investment Corporation. In this role, he oversees the acquisition and asset management of the company’s multifamily portfolio and is the primary liaison for AIG’s strategic relationships with leading national real estate development and management companies. Since joining AIG as an analyst in 2003, Mr. Daniels has assumed various roles within the multifamily business unit, including managing AIG’s $600 million multifamily fund. To date, Mr. Daniels has developed and acquired over $3.5 billion of multifamily investment products, growing the firm’s portfolio to over 32,000 units.

Prior to joining AIG Global Real Estate, Mr. Daniels was an Assistant Vice President at Zurich Structured Finance, where he managed a $1.5 billion multifamily portfolio financed with Section 42 Low Income Housing Tax Credits. Prior to Zurich, he worked for Colliers ABR, Inc. as a Senior Accountant in the Property Management Group.

Mr. Daniels received a Bachelor of Science degree in accounting from Hampton University and an MBA in business management from Bloomsburg University. He is on the Board of Directors of the National Multifamily Housing Council, is a Sustaining Member of the Urban Land Institute, a Member of the ULI Multifamily Bronze Council, and serves on the Board of Trustees of Friends Academy and the Board of Directors of the Community Development Corporation of Long Island.

Mark Delisi Sr. Director of Corporate Responsibility AvalonBay Communities

Mark is the Sr. Director of Corporate Responsibility at AvalonBay Communities, an equity Real-Estate Investment Trust in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and the Northern and Southern California regions of the United States.

He leads AvalonBay’s environmental sustainability, strategic philanthropy and responsible procurement programs. In addition, he is responsible for interacting with AvalonBay stakeholders and investors on the Company’s commitment to Corporate Responsibility and reporting to all stakeholders on CR metrics and the company’s 2020 CR goals.

Prior to joining AvalonBay, Mark spent 17 years at Computer Sciences Corporation (CSC), where he most recently led their global Corporate Responsibility program. In other positions with CSC, Mark led their Leadership Academy, responsible for executive, senior leader and managerial development. Before that he spent five years supporting CSC’s business developers and account managers, leading strategic sales training and helping large account develop plans to grow and improve client relationships.

Mark holds a Bacherlors degree in Mechanical Engineering and a Master of Arts in Theological Studies from the University of Dayton. He lives in Leesburg, VA, with his wife and three children.

Robert E. DeWitt Vice Chairman, President and Chief Executive Officer GID

Robert E. DeWitt is Vice Chairman, President and Chief Executive Officer of GID. He oversees corporate strategy development, new client/equity partner sourcing and procurement, property acquisitions and dispositions, client relations and overall management of the company. In his oversight of GID's equity co-investment programs – the Windsor Realty Funds – Mr. DeWitt directs real estate acquisitions, dispositions, portfolio management and partner communications. Previously, he was Chief Investment Officer of GID and Senior Vice President of GID Acquisitions. Mr. DeWitt joined the company as Vice President of GID Acquisitions in 1987. From 1982 to 1987, he worked as Vice President of Acquisitions at Winthrop Financial Associates, a national real estate investment banking and syndication firm based in Boston.

Mr. DeWitt received an MBA from The Amos Tuck School of Business Administration at Dartmouth College and a BA from Middlebury College.

Jared Ford Senior Vice President, Multifamily Construction Crescent Communities

Jared Ford joined Crescent in 2013. He has more than 15 years of experience managing the design and construction of multifamily investments totaling 11,000 apartment units, 350,000 sf of retail, and 250,000 sf of office space.

Prior to Crescent, Ford’s resume includes: Vice President with Fortune-Johnson, General Contractors where he was responsible for all aspects of many major projects, managing large teams and reporting directly to the Chief Executive Officer.

He serves on the Board of Directors for Eastern Carolina University Construction Department and the Board of Directors of National Multifamily Housing Council; participates in Associated Builders and Contractors and Urban Land Institute; and is an active member of his local church.

Ford received his Master’s from Georgia Tech and Bachelor’s degree from Western Kentucky University, both in Civil Engineering.

John Gray Managing Director and Head of Investments Lennar Multifamily Communities

Mr. Gray is Managing Director and Head of Investments for Lennar Multifamily Communities. Focused on raising debt/equity and dispositions nationally, John oversees the investment activity of LMC. Since the firm was founded in summer of 2011, LMC has closed into 51 development joint ventures with a total cost of $3.9 billion. In 2014 and 2015, LMC began construction on 9,147 apartment units and raised a build-to-core equity fund with $1.1 billion in commitments to date from institutional investors.

Prior to joining Lennar, Mr. Gray spent time at Crescent Communities, Grandbridge, and Laureate Capital.

Andy Green Vice President TriBridge Residential

Andy Green is responsible for the origination of acquisition and development opportunities for TriBridge in Georgia and Tennessee. As Vice President at TriBridge, Andy has led the acquisition of a number of properties including 1065 Midtown, a luxury high-rise in Midtown Atlanta, and the closing of Inman Quarter, a mixed-use property in the Inman Park neighborhood in Atlanta.

From 2011 through 2013, Andy was a Vice President with responsibilities of acquisitions and asset management for Lubert Adler Real Estate Funds, a Philadelphia-based private equity firm. During his time at Lubert Adler, Andy acquired approximately $750 million of hotels and apartment communities. Prior to joining Lubert Adler, Andy was an investment banker in the real estate group at Friedman, Billings, Ramsey, a Washington D.C. based firm.

Andy received a Bachelor of Arts in Economics from the University of North Carolina at Chapel Hill and a Masters in Real Estate with a concentration in Finance from Cornell University. He is also a member of the Urban Land Institute.

In his spare time, Andy enjoys playing golf, working out at his CrossFit gym and has competed in several triathlons. When he is not in the office, he can usually be found watching a Tar Heels game or spending time with his family in Wrightsville Beach, NC.

Steve Hefner Senior Vice President of Construction Camden

Stephen R. Hefner is responsible for directing and supervising Camden's construction operation across the company's entire portfolio. He oversees construction management and general contracting for multifamily and other real estate properties developed by Camden and third-party clients. He is involved in site due diligence, acquisition, design team selection and direction, as well as cost estimating, project management, and general contracting. He has worked in over twelve different states across the nation.

Hefner began his career in construction with Worthing Southeast Builders, managing multifamily housing developments projects. He was then responsible for many of the same activities under SAE Spaw Glass/Cahaba Residential, a light commercial and residential builder based throughout the United States.

Later, Hefner served as Construction Manager for Gross Builders, a privately-owned development and construction company in Houston, Texas. He oversaw general contracting for the owner and developer before transferring to Camden.

Hefner received an Associate's Degree in Applied Science, Building Construction, from Texas State Technical Institute in 1985, and studied Finance at Southwest Texas State University as an undergraduate.

Hefner is Chairman of the multifamily council for the greater Houston Builders Association, and is a member of the national multifamily council of the NAHB, Houston Building Council, and the Houston Apartment Association. He is a licensed contractor in multiple states throughout the United States.

Jessie Henry Managing Director - East Acquisitions Mill Creek Residential

Jessie Henry joined Mill Creek in 2014 and serves as Managing Director - East Acquisitions, where she is responsible for implementing the company's East Region investment and acquisition strategies, including sourcing, underwriting, negotiating, and managing targeted investment opportunities.

Prior to joining Mill Creek, Ms. Henry worked with AvalonBay Communities. During her six year tenure with AvalonBay, Ms. Henry was promoted from Director to Senior Director of Investments, where she transacted $1.3B in multi-family acquisitions and dispositions, including associated asset management and redevelopment initiatives for these assets. From 2006 to 2008, Ms. Henry was a Principal with Thackeray Partners, a real estate private equity firm, where she invested in retail, industrial, office and multifamily through a national operating partner network.

Ms. Henry is on the Board of the National Multifamily Housing Council’s (NMHC) Emerging Leaders Program Committee. She was named one of Bisnow Media’s 2013 “35 under 35: Rising Stars in DC Commercial Real Estate.” Ms. Henry holds a Masters of Business Administration from Darden Graduate School of Business Administration and a Bachelor of Science in Business Administration for Georgetown University. She is the co-founder of the Washington, DC-area Multi-Family Network and a member of the ULI Young Leaders Program.

Clyde Holland Chairman and CEO Holland Partner Group

Clyde Holland is responsible for the strategic direction of Holland Partner Group, which is active in developing, redeveloping, acquiring and managing multifamily communities in some of the Western U.S.’s most demanding markets.

Prior to establishing the Holland Partner Group, Clyde served as the West Coast Group Managing Partner of Trammell Crow Residential (TCR). Clyde has directed the development or rehabilitation of over 25, 000 units and is approaching $5 billion in total transaction volume.

Within the multifamily industry, Clyde has taken a significant lead in the development of teams focused on new multifamily product concepts which address high-density, urban in-fill opportunities located to leverage public transportation. His teams’ accomplishments include Glo, a celebrated 200-unit mid-rise in Downtown Los Angeles; Dexter Lake Union, a 201-mid- rise in Downtown Seattle, which was named Market Rate Multifamily Development Of The Year by Multi-Family Executive magazine; and M-Street, a 220-unit high-rise, with 40,000 square feet mid-rise office, and 12,000 square feet grocery, which was named Washington State NAIOP 2007 Project Of The Year, Union SLU development in Seattle’s South Lake Union was named 2013 National Multi-Family Mid-Rise Development of the year by Multi-Family Executive and Coppins Well received the Emerald Awards winner for new development of the year 2013. Holland Partner Group’s value-added acquisition team has acquired and re-positioned over 10,000 units, and is active in Colorado, Arizona, the Pacific Northwest and California.

Clyde serves on the Executive Board of the National Multifamily Housing Council and is a member of the Urban Land Institute - Multifamily Bronze Council.

Lou Holtz Legendary Football Coach and Analyst, ESPN (2004-2015)

Lou Holtz has established himself as one of the most successful college football coaches of all time. Born Louis Leo Holtz on January 6, 1937, Holtz grew up in East Liverpool, Ohio, just up the Ohio River from his Follansbee, West Virginia, and birthplace. He graduated from East Liverpool High School, earned a Bachelor of Science degree in History from Kent State in 1959 and a master’s degree from Iowa in Arts and Education in 1961. He played linebacker at Kent State for two seasons before an injury ended his career. He has received 14 honorary doctorate degrees.

COACH Holtz is the only coach in the history of college football to: 1) Take 6 different teams to a bowl game. 2) Win 5 bowl games with different teams. 3) To have 4 different college teams ranked in the final Top 20 poll.

Despite never inheriting a winning team, he compiled a 243-127-7 career record that ranked him third in victories among active coaches and eighth in winning percentage. His 12 career postseason bowl victories ranked him fifth on the all-time list. Holtz was recently selected for the College Football Hall of Fame, class of 2008, which places him in an elite group of just over 800 individuals in the history of football who have earned this distinction. Approximate 1 in 5,000 people who played college football or coached it make it into the Hall of Fame. In April of 2012, Coach Holtz was inducted into the Cotton Bowl Hall of Fame.

The Follansbee, West Virginia, native became the 27th head coach of Notre Dame following two seasons at Minnesota (1984 to 85), seven at Arkansas (1977 to 83), four at North Carolina State (1972 to 75) and three at William & Mary (1969 to 71). He spent the 1976 season as head coach of the New York Jets of the National Football League. Twenty-one of the 26 collegiate teams under his direction have earned post-season bowl invitations—and 14 have finished in the final AP top 20, eight in the top 10 (not including the 1995 finish in that category).

Holtz’s head-coaching career began in 1969 at William & Mary at age 32. His second team in 1970 won the Southern Conference title and advanced to play 15-ranked Toledo in the Tangerine Bowl in the only postseason appearance in the history of the school. Holtz’s stab at professional football—between his tenures at North Carolina State and Arkansas produced a 3-10 record. He resigned the week of the Jets’ final regular season game.

Before becoming head coach at William & Mary in 1969, Holtz served as an assistant coach at Iowa (freshmen, 1960), William & Mary (offensive backs, 1961 to 63), Connecticut (defensive backs, 1964 to 65), South Carolina (defensive backs, 1966 to 67) and Ohio State (defensive backs, 1968). The Buckeyes won the national championship in 1968 in his one season on the Ohio State staff. He worked under such respected coaches as Forest Evashevski at Iowa, Rick Foranzo at Connecticut, Paul Dietzel at South Carolina and Woody Hayes at Ohio State.

When Holtz took over as Notre Dame’s 27th head football coach back in November of 1985, he brought with him a well-proven reputation as a fixer of football programs following a series of spectacular repair jobs at William & Mary, North Carolina State, Arkansas and Minnesota.

NOTRE DAME Twenty-six seasons as a collegiate head coach earned Holtz a sterling reputation for turning pretenders into contenders—for taking football programs and elevating them a level or two on their way to the top 20. But nowhere has he done this as impressively than at Notre Dame.

He enhanced that track record quickly, needing only two years to put the Fighting Irish back into a major post-season bowl game for the first time in seven seasons. Holtz proved he could take the Irish back to the ranks of college football’s elite and keep them there on a consistent basis. He also has developed a well-earned reputation as an expert when it comes to knocking off highly ranked opponents. That ability has been particularly well displayed in bowl games, with his team recording wins on January 1 in five of the last seven seasons against teams with a combined record of 74-4-1, all of them ranked seventh or higher in the Associated Press poll.

In his 11 seasons at Notre Dame, Holtz chalked up more victories than the number accumulated by Parseghian, Rockne or Leahy in their first 11 years on the job. Including the consensus national championship in 1988, a record 23-game winning streak that ranks as the longest in Notre Dame history. An overall 100-30-2 mark during those eleven years—his accomplishments nonetheless have positioned him alongside those Fighting Irish coaching legends. When the Fighting Irish met Florida in the 1996 Orange Bowl, it was the ninth straight year Holtz had taken Notre Dame to the traditional January post-season bowls (Cotton Bowl following 1987, 1992 and 1993 campaigns, Fiesta in 1988 and 1994, Orange in 1989, 1990 and 1995, Sugar in 1991). This is something that no other coach in the country has matched. Holtz is the 2008 recipient of the Notre Dame Monogram Club’s highest honor, the Moose Krause Distinguished Service Award.

After his departure from Notre Dame following the 1996 season, he joined CBS Sports’ College Football Today for two seasons as a sports analyst and worked with United States Filter (a global provider of water treatment) as a customer relations spokesman. From there he went on to be head coach at the University of South Carolina for six seasons from 1999-2004 where he led the Gamecocks to back-to-back January 1 bowl games for the first time in the history of the school and defeated Ohio State in consecutive bowl appearances.

ESPN Sports Analyst Holtz served as a college football studio analyst on ESPN from 2004-2015. He appeared on ESPNEWS', ESPN College GameDay programs, SportsCenter as well as an on-site analyst for college football games.

SPEAKER For many years Holtz has been considered among the greatest speaking legends in America today. He speaks on overcoming seemingly impossible challenges by setting your own goals and working to achieve them. He has built a reputation as a motivator, a demanding disciplinarian and someone who relishes challenges and hard work.

AUTHOR Holtz has authored three New York Times best-selling books The Fighting Spirit that chronicled Notre Dame's 1988 championship season and Winning Everyday: A Game Plan For Success (August 1998), which has been published in several languages. His latest book which was released August 15, 2006 is Wins, Losses and Lessons, an autobiography of his life and the lessons he has learned, and is also a best seller.

Additionally, he has produced three highly acclaimed motivational videos: Do Right, Do Right II, and If Enough People Care. The Lou Holtz Hall of Fame opened in East Liverpool, Ohio in July 1998. And he recently released his latest video, Do Right 20 Years Later.

The Walter Camp Football Foundation, an award that is presented annually to an individual who has attained a measure of success and been a leader in his chosen profession, named Lou Holtz 1998’s "Man of the Year". This is the second time Coach Holtz has been saluted by the organization named for the legendary Father of American Football. In 1977, while in Arkansas, he was named Coach of the Year.

Married to Beth Barcus of East Liverpool on July 22, 1961, Holtz and his wife are the parents of four children and currently reside in Orlando, Florida.

Grace Huebscher President Capital One Multifamily Finance

Grace co-founded Beech Street Capital in 2009, Fannie Mae, Freddie Mac and FHA multifamily lending. Beech Street was sold to Capital One Multifamily Finance in 2013 where Grace is currently the President. Prior to 2009, Grace held senior management positions in multifamily housing at Fannie Mae. During her tenure at the agency, she was responsible for pricing and capital markets, structured finance, affordable and large loan lending, and the pool channel. She introduced Fannie Mae’s lending program for the manufactured housing community and built the multifamily small loan business from $400 million in the early 2000s to several billion dollars in 2009.

Prior to Fannie Mae, Grace served as CEO of National Cooperative Bank Mortgage Company, where she built the first CMBS platform for originations. Prior to that, she was a lender in New York City for Security Pacific and Chase Manhattan Bank.

Grace currently serves on the Fannie Mae DUS Advisory Council, as a member of the Commercial Board of Governors for the MBA, and as a member of the Urban Land Institute’s Multifamily Silver Council. Grace is also a director of the Catholic Charites/Spanish Catholic Center and has been a board member of The Kenyon Review since 1998.

Grace graduated magna cum laude with a double major in economics and Spanish literature from Kenyon College and completed the MIT Senior Executive Program. She is a member of Phi Beta Kappa.

Grace lives in Chevy Chase, Maryland with her husband and two children.

Dick Knapp Senior Vice President, Acquisitions Foulger-Pratt

As Senior Vice President of Acquisitions, Dick Knapp oversees the Company’s acquisition of Multi-Family apartments, including luxury, ground-up communities and value-add renovations. He has been responsible for growing the Foulger-Pratt multi-family portfolio and pipeline to over 8,000 homes.

Prior to joining Foulger-Pratt, Mr. Knapp was a partner at KSI Services Inc., where he founded the company’s multi-family and property management divisions, developing an apartment portfolio of over 12,000 homes.

Mr. Knapp holds a B.A. with honors from Grinnell College and a Masters of City Planning from University of Pennsylvania.

Tom Koulopoulos President and Founder Delphi Group

Tom Koulopoulos is acknowledged as one of the industry’s leading futurists. He is the author of ten books and founder of Delphi Group, a 20-year-old Boston-based think tank, which was named one of the fastest growing private companies in the US by Inc. Magazine. Delphi provides advice on innovation practices and methods to Global 2000 organizations and government agencies. Tom is also a columnist for Inc.com, an adjunct professor at Boston University Graduate School of Management, an Executive in Residence at Bentley University, the past Executive Director of the Babson College Center for Business Innovation, and past Executive Director of the Perot Systems Innovation Lab, which was acquired in 2009 by Dell Computer.

Named one of the industry’s most influential consultants by InformationWeek magazine, his articles and market insights appear frequently in national and international print and broadcast media such as BusinessWeek, the Wall Street Journal, Forbes, The Economist, CNBC, CNN and NPR. Geoff James of CBS Interactive Media called Tom “one of the truly deep thinkers in the arena of technology and culture.” Forbes.com named Tom one of its Business Visionaries with “an incisive view of world trade…”

Mr. Koulopoulos’ ten books include his most recent, The Gen Z Effect; Cloud Surfing; The Innovation Zone; and Corporate Instinct.

His work has been praised by luminaries such as Peter Drucker and Tom Peters who called his writing “a brilliant vision of where we must take our enterprises to survive and thrive.” And according to the late Peter Drucker, Tom’s writing “makes you question not only the way you run your business but the way you run yourself.”

Michele C. Meyer-Shipp Vice President and Chief Diversity Officer Corporate Human Resources

Michele C. Meyer-Shipp is vice president and Chief Diversity Officer at Prudential. She is responsible for leading and supporting all diversity and inclusion efforts for the company, and for ensuring ongoing compliance with federal and state equal employment opportunity/affirmative action laws.

Meyer-Shipp joined Prudential in April 2010 as vice president and counsel in the Employment and Labor Law Group. In this role, she provided legal advice, counsel, training and investigative support to several lines of business on a variety of employment and human resources related matters.

Prior to joining Prudential, Meyer-Shipp served as General Counsel of the Waterfront Commission of New York Harbor, and spent four years at Merrill Lynch, where she served as employment counsel and lead of its diversity and inclusion efforts in the Global Wealth Management business.

Before Merrill Lynch, Meyer-Shipp served as Director of New Jersey’s Division of Equal Employment Opportunity and Affirmative Action. Prior to joining the ranks of public service, Meyer-Shipp was in private practice with the law firms of Collier, Jacob & Mills, P.C. and Lowenstein, Sandler, P.C., both in Roseland, N.J. She also served as an Adjunct Professor at Seton Hall University School of Law, her alma mater. She served as Law Clerk to the Honorable James H. Coleman, Jr. of the New Jersey Supreme Court.

Meyer-Shipp is on the Boards of GLSEN, Inc. (The Gay, Lesbian & Straight Education Network), the National Organization on Disability, and the American Conference on Diversity. She is an active member of several professional associations including the Association of Corporate Counsel, Minority Corporate Counsel Association, Corporate Counsel Women of Color, National Employment Law Council, and the Society for Human Resource Management. She also is a Co-Chair of the Asia Society Global Talent and Diversity Council. Meyer-Shipp was recently named a “Diverse Attorney of the Year” by the New Jersey Law Journal, and has received numerous honors including the Oliver Randolph Award from the Garden State Bar Association, the New Jersey Women Lawyers Association’s Women’s Initiative and Leaders in Law (WILL) Platinum Award for the Corporate Sector, and has made the Black Enterprise List of Top Executives in Corporate Diversity for two consecutive years. She has also been named as one of the “Most Powerful & Influential Women of the Tri-State Area” by The Tri- State Diversity Council.

Gregory Mutz CEO AMLI Residential

Mr. Mutz is the Chairman & CEO of AMLI Residential, which he co-founded in 1980. Mr. Mutz serves on the Board of RBI Holdings, a St. Petersburg, Russia based real estate company (2007-present) and serves on the Board of WAN, S.A., a real estate company headquartered in Warsaw, Poland (2007- present). Mr. Mutz is a Trustee of the Aston Family of Mutual Funds (1993-present). He received a B.A. from DePauw University in 1967 and a J.D. from the University of Michigan Law School in 1973. Mr. Mutz served as an infantry lieutenant in Vietnam (1968-69).

Michael J. Schall President and Chief Executive Officer Essex Property Trust

Mr. Schall, Director, is the President and Chief Executive Officer of Essex. He previously served as the Senior Executive Vice President and Chief Operating Officer for the Company from 2005 to 2010, during which years he was responsible for the strategic planning and management of the Company’s property operations, redevelopment and co-investment programs. From 1993 to 2005, Mr. Schall was the Company’s Chief Financial Officer, responsible for the organization’s financial and administrative matters. He joined The Marcus & Millichap Company in 1986. He was also the Chief Financial Officer of the Company’s predecessor, Essex Property Corporation. From 1982 to 1986, Mr. Schall was the Director of Finance for Churchill International, a technology-oriented venture capital company. From 1979 to 1982, Mr. Schall was employed in the audit department of Ernst & Young (then known as Ernst & Whinney), where he specialized in the real estate and financial services industries. Mr. Schall received a B.S. from the University of San Francisco. Mr. Schall currently serves as a member of the Board of Trustees of Pebblebrook Hotel Trust, Inc. Mr. Schall is a Certified Public Accountant (inactive) and is a member of NAREIT, the National Multifamily Housing Council, the AICPA, and the Board of Governors of NAREIT.

Mike Schlegel President Bozzuto Construction Company

Mike Schlegel is President of Bozzuto Construction Company, the general contracting division of The Bozzuto Group. Since joining the company in 1999, Mike has overseen the construction of more than 20,000 multifamily units and over 1 million square feet of retail, along with public and private infrastructure projects with an aggregate contract value exceeding $3 billion. Prior to joining Bozzuto Construction Company, he was a Vice President with Clark Builders Group.

Mike serves on the Board of Directors for the Housing Association of Non-Profit Developers (HAND), Montgomery Housing Partnership (MHP), the Maryland Center for Construction Education & Innovation, and the Virginia Tech Myers-Lawson School of Construction. He holds a bachelor’s degree in building construction from Virginia Tech, lives in Bethesda with his wife and two children, and is an avid skier and mountain biker.

David Schwartz Co-Founder Co-Chairman and Chief Executive Officer Waterton Associates L.L.C.

Mr. Schwartz co-founded Waterton Associates L.L.C. with Peter Vilim in 1995 and serves as CEO and Co-chairman. Mr. Schwartz, along with Mr. Vilim, shares the ultimate responsibility for Waterton’s business activities and operations. Mr. Schwartz participates on Waterton’s leadership and investment committees.

Prior to co-founding Waterton in 1995, Mr. Schwartz was a vice president of acquisitions for Equity Residential Properties Trust (EQR-NYSE) and from 1985 through 1989 was with AMLI Realty Co. During that time, he invested over $1 billion in 70 properties totaling approximately 20,000 units. Mr. Schwartz received his Bachelor’s Degree in Economics from the University of Illinois and Master’s in Business Administration from the University of Chicago, Booth School of Business.

Mr. Schwartz is a member of the executive committee, a senior officer and Secretary of the National Multi Housing Council. He is also a member of the Urban Land Institute and is chairman of the Multifamily Blue Council, is a member of the Pension Real Estate Association and the Economic Club of Chicago. Mr. Schwartz is a member of the Visiting Committee of the Department of Biological Sciences at the University of Chicago.

Steven L. Shores President and Co-Founder Pollack Shores

Steven Shores and his team have built Pollack Shores into a leading regional multifamily company focused on acquisition, development, investment and property management. He oversees the firm’s day-to-day business activities while focusing on developing strategy, executing the business plan, securing new business, negotiating partnerships and capitalizing projects. He places a strong emphasis on team development and process to ensure the firm meets the goals of its investors, clients, partners and employees.

Over his successful career, Steven has overseen the development and acquisition of more than $1 billion worth of multifamily projects, totaling in excess of over 6,000 units across the Southeastern U.S., including high-density and garden apartment properties as well as urban condominiums and mixed-use buildings.

Prior to co-founding the firm, he was the Manager of the Denver development office of Hines Interests, where he oversaw the development of commercial office, land and residential projects. He previously served as Manager of Acquisitions for Hines’ Southwest region, acquiring office and land assets for the firm’s investment funds. Steven also completed more than $700 million in office and land developments and acquisitions, and served on the advisory committee of the $800 million Hines U.S. Office Value Added Fund.

Steven holds a MBA in Finance and Real Estate from Columbia University Business School and a Bachelor’s degree from Davidson College. He is a member of the Multifamily Bronze Council of the Urban Land Institute (ULI) and serves on the Board of Directors of the National Multifamily Housing Council (NMHC).

Julie A. Smith Chief Administrative Officer and Partner The Bozzuto Group

Julie A. Smith, Chief Administrative Officer and Partner of The Bozzuto Group, has worked with the principals of The Bozzuto Group for the past twenty-six years. Ms. Smith is responsible for the oversight and strategy of Bozzuto’s Marketing, Human Resources, Technology, and Research departments. Julie’s expertise in brand building, talent, and technology is integral in the company’s ongoing expansion efforts into targeted markets as well as in the alignment of the Bozzuto brand with the evolving expectations of today’s customer.

Previously, Julie served as the President of Bozzuto Management Company where she oversaw a $9 billion apartment portfolio of over 54,000 units in 200 properties from Atlanta to Boston with a large concentration of assets in the Washington, DC region.

In 2015, Smith was named one of Washington’s Women of Influence by the Washington Business Journal as well as the top ten most influential women in multifamily by Multifamily Executive magazine. She was also named the 2013 Multifamily Executive of the Year.

Ms. Smith holds a BS in Business Administration with a minor in Economics from the State University of New York at Oswego. She serves on the board of Victory Housing and is an Advisory Board Member for the Master in Real Estate Development (MRED) program at the University of Maryland. Smith chairs the Diversity Committee for the National Multifamily Housing Council and is Vice Chair of Women’s Leadership Initiative for ULI Washington, DC.

Roger Staubach Executive Chairman Jones Lang LaSalle Americas

Responsibilities Roger T. Staubach is Executive Chairman of Jones Lang LaSalle Americas, a financial and professional services firm specializing in real estate. Roger’s role is focusing on client relationships, new business development and strategy. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2011 global revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 2.1 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with more than $47.7 billion of assets under management.

Experience Prior to joining forces with Jones Lang LaSalle, Roger was Executive Chairman of The Staubach Company, a market leading global real estate advisory firm that delivered cost-effective solutions for office, industrial and retail clients. When Roger entered the commercial real estate industry in 1977 the concept of “user representation” was not widely practiced. He saw the potential in this idea and was committed from the outset that The Staubach Company would exclusively represent users of space.

He expanded services to meet clients' ever-changing requirements. Areas of expertise included strategic consulting, site selection, acquisition, disposition, construction consulting / project management, real estate administration, portfolio management, facility management, business and economic incentives and financing and capital solutions. The Staubach Company’s 1,600 people served 3,000+ clients from 70 North American offices and completed 7,280 transactions totaling $28 billion and 200 million square feet during the fiscal year 2007.

Known for its unparalleled standard of business and personal ethics, the company served the following clients: Advanced Micro Devices, Blockbuster Inc., Burlington Northern Santa Fe, Carter & Burgess, Cisco Systems, CVS Corporation, Office Max, Patterson Companies, PBS, PepsiCo, Science Applications International Corporation, Sumitomo Mitsui Banking Corporation, T-Mobile USA, Target, Time Warner Cable, United Stationers and Wachovia Corporation.

In July 2008, The Staubach Company merged with Jones Lang LaSalle, bringing together the unique strengths of two powerful organizations into one integrated global company.

Education and Affiliations A 1965 graduate of the United States Naval Academy with a bachelor of science in engineering, Roger served four years as a Navy officer. After the Navy he joined the Dallas Cowboys professional football team and launched his real estate career while playing football.

Roger serves on the board of directors of Jones Lang LaSalle, AMR Corporation and Cinemark Holdings, Inc. and was the Chairman of the Host Committee for Super Bowl XLV which was held in North Texas in 2011. He continues to be involved with The Children’s Cancer Fund, the United States Naval Academy Foundation and numerous other civic, charitable, and professional organizations.

Honors and awards Among the many honors bestowed upon Roger are Commercial Property News’ "Corporate Services Executive of the Year" (four times), the 2006 Congressional Medal of Honor “Patriot Award,” the NCAA "Teddy Roosevelt Award” for being one of the “100 Most Influential NCAA Student-Athletes,” the American Jewish Congress "Torch of Conscience Award," and the United States Naval Academy "Distinguished Graduate.” Additionally, he was inducted into the Texas Business Hall of Fame, was honored as a “Texas Legend” by the Galleria Chamber of Commerce, was presented the annual "Spirit of Generations Award" by The Senior Source of Dallas, received the North Texas Entrepreneurs Foundation’s “2005 Spirit of Entrepreneurship Award,” presented the "Inaugural Award for Excellence in American Entrepreneurship" from the Bard Business School at the University of Colorado, Denver, given the North Texas Commercial Association of Realtors’ “Hall of Fame Award”, selected by the Boys & Girls Clubs of Greater Dallas for the “2007 Natural Leader Award,” given the “J. Erik Jonsson Ethics Award” from the SMU Cary M. Maguire Center, named Dallas Business Journal’s “2007 Business Person of the Year”, and in 2007 he was presented the “Horatio Alger Award” and inducted as a lifelong member by the Horatio Alger Association of Distinguished Americans.

J. Ronald Terwilliger Chairman Terwilliger Pappas Multifamily Partners

Ron Terwilliger is currently Chairman of Terwilliger Pappas Multifamily Partners which focuses on rental apartment development in the Atlanta, Charlotte, Nashville and Raleigh/Durham markets. He is Chairman Emeritus of Trammell Crow Residential Company which he joined in 1979. Trammell Crow Residential Company is a national residential real estate company and was the largest developer of multi-family housing in the United States for several decades during his tenure as CEO.

Mr. Terwilliger is an honor graduate of the United States Naval Academy. After serving five years in the Navy, he received his MBA degree with High Distinction from the Harvard Graduate School of Business.

Ron is past Chairman of the Urban Land Institute and remains a Trustee. He is also Chairman Emeritus of the Wharton Real Estate Center. Ron is the past Chairman of the International Board of Directors of Habitat for Humanity, is an ex-officio member of the board, and chairs Habitat’s Global Development Council. Additionally, he chairs the board of directors for I Have a Dream Foundation, a nonprofit dedicated to educating low income children. He also serves as Chairman of Enterprise Community Partners Board of Trustees.

Philanthropically, Mr. Terwilliger made a $5 million gift to establish the ULI Terwilliger Center for Housing. Similarly, a $5 million gift to the Enterprise Foundation has created the Enterprise Terwilliger Fund – targeted to create affordable homes. He has contributed more than $20 million to the U.S. Naval Academy, and serves on the Board of the U.S. Naval Academy Foundation. His $100 million legacy gift to Habitat for Humanity International will help thousands of families access improved housing.

Ron received the Hearthstone Builder Humanity Award in 2006 for his commitment to housing related charities and in 2008 was elected to the National Association of Homebuilder’s Hall of Fame in recognition of his efforts to advance housing opportunities for all Americans. In 2009, Ron was honored by the National Housing Conference with the Person of the Year Award for his commitment and contributions to affordable housing.

Additionally, Ron was honored in 2009 by the United States Naval Academy as a Distinguished Graduate for his lifetime commitment to service, personal character and distinguished contributions to our nation. In 2012, Ron was honored with the National Patriotism Award by the National Foundation of Patriotism and in 2013, Ron was the recipient of the ULI J.C. Nichols Prize for Visionaries in Urban Development. Ron was also selected for the prestigious Horatio Alger Award – Class of 2014, bestowed upon individuals who have succeeded in spite of adversity and who are committed to supporting young people in pursuit of increased opportunities through higher education.

Ron’s most recent endeavor is directed at recalibrating Federal Housing Subsidy to target those most in need. In 2014 he created the J. Ronald Terwilliger Foundation for Housing America’s Families to combat the growing affordable housing crisis in the United States.

Vincent Toye Managing Director, Head of Production Wells Fargo Multifamily Capital Wells Fargo & Company

Vincent Toye is a managing director and head of GSE National Production for Wells Fargo Multifamily Capital, which specializes in government-sponsored enterprise (GSE) financing through Fannie Mae and Freddie Mac programs and Federal Housing Administration (FHA)-insured financing. Vince is based out of the group’s New York City office.

Vince is responsible for managing the GSE originations team, increasing production, and overseeing Wells Fargo’s relationships with Fannie Mae and Freddie Mac. He also oversees growth of Wells Fargo’s regional and national borrower relationships and is responsible for building cross-sell relationships with other Wells Fargo business groups.

Prior to his current role, he held a similar role with Wachovia Multifamily Capital from 2006 until 2009. Before that, Vince was a vice president at Fannie Mae responsible for Multifamily Customer Management at the Eastern Business Center (EBC), reporting to the vice president for Multifamily Sales and Marketing. Vince managed the Multifamily EBC and its eight lender and large borrower relationships. The EBC lenders generated in excess of $7 billion in financings between 2005 and 2006.

Vince joined Fannie Mae in 2001 as director of Marketing for Affordable and Capital Markets. He was named head of the Midwest Regional Office in May 2003.

Prior to joining Fannie Mae, Vince was senior vice president at First Union National Bank where he held various roles in the SBA Lending Group, Community Development Lending Group, and the Consumer Banking Group. Before First Union, he was at M&T Bank and Chemical Bank.

Vince received his B.S. in aerospace engineering from the University of Virginia where he was a three- year letterman for the football team and was named to the All-Atlantic Coast Conference Academic Football Team. He received his M.B.A. from The Wharton School of Business at the University of Pennsylvania.

Kenneth J. Valach Chief Executive Officer Trammell Crow Residential

Mr. Valach is the Chief Executive Officer of Trammell Crow Residential. Mr. Valach assumed that role when he was charged with leading TCR through the 2008-2010 financial crisis. He guided TCR through the successful sale and refinance of over 130 properties with capitalization of over $5 billion and repayment of over $3.3 billion in recourse debt. After guiding TCR through the financial crisis, Mr. Valach led the rebuilding of TCR from a firm of less than forty employees to eleven development offices. TCR now has $3 billion under construction and in the pipeline. Mr. Valach has had many roles at TCR including overseeing development, finance and construction for TCR in all major markets in the western half of the U.S. He has overseen development of over 200 rental and for-sale communities.

Prior to attending business school, Mr. Valach served as chief financial officer for a private company in Southern California, and as a management consultant with Price Waterhouse.

Mr. Valach received his B.A. in Economics and Math, cum laude, from Claremont McKenna College, where he currently serves as a member of the Board of Trustees. He received his MBA degree from Stanford Graduate School of Business. Mr. Valach is a member of the Board of Directors – Executive Committee for the National Multifamily Housing Council, a Director of Kimble Senior Housing, a Director of New Hope Housing, and is active in the Boy Scouts of America organization.

David Woodward Managing Partner, Head of Multifamily Brookfield Property Group

David was appointed Managing Partner, Head of Multifamily of Brookfield Property Group in May 2015. He has over 25 years of real estate experience. Prior to joining Brookfield, he formed CompassRock in 2011 with Fortress and CWCapital to provide asset and property management to a national portfolio of multifamily properties. Prior to that, he was the CEO of The Laramar Group where he assembled a portfolio of owned and third-party managed properties totaling over 40,000 units as well as a nationwide commercial portfolio. Prior to Laramar, David was a Senior Vice President with Security Capital Group and its subsidiary, Archstone Communities. David is on the Board of Directors of the National Multi- Housing Council (NMHC), is a member of Young Presidents Organization (YPO) and is a regular speaker at real estate industry events. In 2007, he was named Executive of the Year by Multifamily Executive magazine and again in 2013 was named Executive of the Year by MultiHousing News magazine. David holds a B.S. degree in Business Administration from the Haas School of Business at the University of California at Berkeley.

Michael Zatz Chief, Market Sectors Group ENERGY STAR Commercial Buildings Program U.S. Environmental Protection Agency

Michael Zatz is a manager with the U.S. EPA’s ENERGY STAR® Commercial Buildings Program. In this role, Mr. Zatz oversees the development and implementation of activities aimed at improving the energy efficiency of a wide variety of building types, including offices, K-12 schools, multifamily residences, retail stores, healthcare facilities, hotels, data centers, congregations, and others. Mr. Zatz is also responsible for oversight of ENERGY STAR’s Portfolio Manager® energy benchmarking tool, which has been used by over 400,000 buildings across the U.S. to evaluate and track their energy and water use.

Mr. Zatz joined ENERGY STAR in February 2006, after nearly 14 years with ICF International, a private environmental and energy consulting firm. During his tenure at ICF, Mr. Zatz worked with governments and local and multinational companies in the U.S. and around the world to identify and implement methods for reducing the impacts of their operations on the environment. He has specific expertise in the development and implementation of voluntary public-private partnerships. While with ICF, Mike worked for 3 years in Bangkok, Thailand, where he designed and managed a voluntary program to reduce energy and water use in more than 400 manufacturing facilities and nearly 200 schools, while at the same time improving the bottom line for the businesses, and improving the learning environment for students. Mr. Zatz has an M.S. in Environmental Science and Policy from Johns Hopkins University, and a B.S. in Engineering and Public Policy from Washington University in St. Louis.

Contact Info:

Michael Zatz Chief, Market Sectors Group ENERGY STAR Commercial & Industrial Branch U.S. Environmental Protection Agency 1200 Pennsylvania Ave., NW MC 6202A Washington, DC 20460 E-mail: [email protected] Tel: 202-343-9152 Fax: 202-343-2203 Web: www.energystar.gov/buildings

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