CRE Finance Council is a trade association that is...

  • Dedicated exclusively to the nearly $6 trillion commercial real estate finance industry
  • Committed to promoting strong & liquid debt markets across platforms
  • The meeting place for industry professionals
  • The platform for establishing best practices, industry standards & federal policy
  • Comprised of approximately 400 companies and 19,000 individual members

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News

CREFC Publishes C-PACE Primer

January 9, 2025

The CRE Finance Council on January 9 published a comprehensive Commercial Property Assessed Clean Energy (CPACE) Primer to serve as a valuable resource for our members.

The Primer provides an in-depth overview of the key features, stakeholders, and market trends associated with C-PACE financing, one of the tools used to drive sustainability and resiliency in the CRE sector.

Key topics include:

  • Financing Mechanics: Understanding how C-PACE enables CRE owners to implement energy efficiency, renewable energy, and resiliency upgrades.
  • Stakeholder Roles: A breakdown of responsibilities for property owners, mortgage lenders, legal counsel, and program administrators.
  • Market Trends: Analysis of the growing C-PACE market, with over $7 billion in cumulative financing and nearly $2 billion in 2023 alone.
  • Important Considerations: Insights into underwriting concerns, lease implications, and compatibility with CMBS transactions.

Why it matters: As the CRE industry continues to prioritize sustainability, C-PACE financing is one avenue for property owners to enhance asset performance while meeting environmental and resiliency goals.

  • This Primer equips CREFC members with the insights needed to navigate and leverage this growing market segment effectively.

CREFC would like to thank the group of investors, bankers, rating agencies, lawyers, and lenders who contributed to the development of the Primer.

Please contact Sairah Burki (sburki@crefc.org) with questions.

Contact 

Sairah Burki
Managing Director, Head of Regulatory
Affairs & Sustainability
703.201.4294
sburki@crefc.org
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2025 CRE Finance Council. All rights reserved.
CREFC Publishes C-PACE Primer
January 9, 2025
The CRE Finance Council on January 9 published a comprehensive Commercial Property Assessed Clean Energy (CPACE) Primer to serve as a valuable resource for our members.

News

Treasury and FHFA Agree on Administrative Logistics for GSE Reform

January 7, 2025

The Treasury Department
and Federal Housing Finance Agency (FHFA) announced on Jan. 2 an agreement that would give Treasury the ability to block any proposal to remove Fannie Mae and Freddie Mac (the Enterprises) from conservatorship.

  • The agreement restores Treasury’s previous right to consent to a release of the GSEs from conservatorship.
  • Under a separate side letter from FHFA to Treasury, FHFA will solicit public input on the potential impacts on the housing market and the GSEs, before releasing the GSEs from conservatorship.
  • Additionally, Treasury will consult with the President prior to consenting to a release of the GSEs from conservatorship.

Many market participants believe that President-Elect Trump will prioritize removing the Enterprises from conservatorship.

  • This could be effected via either legislatively or administratively, with the FHFA declaring the Enterprises ready for exit.

What they’re saying: According to TD Cowen’s Jaret Seiberg:

We see this as an effort by the Democrats to ensure Donald Trump owns any negative outcome from ending the conservatorships of Fannie and Freddie as it deprives Team Trump from saying the independent regulator made the decision to proceed with recap and release.”

However, the Trump administration could amend or nullify this agreement. According to Jonathan McKernan, a commissioner at the Federal Deposit Insurance Commission (FDIC) and potential contender for new FHFA director, the agreement marked a:

“Bad day for financial stability and protecting taxpayers against bailouts . . . even if all easily reversed.”

What's next: CREFC will keep a close watch on developments related to GSE reform, ensuring that our members are able to comment on potential paths for an exit from conservatorship.

Contact Sairah Burki (sburki@crefc.org) or David McCarthy (dmccarthy@crefc.org) with questions.
 

Contact 

Sairah Burki
Managing Director, Head of Regulatory
Affairs & Sustainability
703.201.4294
sburki@crefc.org

David McCarthy
Managing Director, Chief Lobbyist, 
Head of Legislative Affairs
202.448.0855
dmccarthy@crefc.org
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2025 CRE Finance Council. All rights reserved.
Treasury and FHFA Agree on Administrative Logistics for GSE Reform
January 7, 2025
The Treasury Department and Federal Housing Finance Agency (FHFA) announced on Jan. 2 an agreement that would give Treasury the ability to block any proposal to remove Fannie Mae and Freddie Mac (the Enterprises) from conservatorship.

News

On Again, Off Again: Corporate Transparency Act Cases 

January 7, 2025

A flurry of court decisions in late December once again left the Corporate Transparency Act (CTA) and the Beneficial Ownership Information (BOI) reporting requirements in limbo ahead of the January 2025 filing deadline for existing legal entities.

Why it matters: Amid the decisions, Treasury’s Financial Crimes Enforcement Network (FinCEN) has paused BOI reporting requirements. Click here for additional background on the litigation. The latest procedural history is summarized on FinCEN’s website below:

  • On Tuesday, Dec. 3, 2024, in the case of Texas Top Cop Shop, Inc., et al. v. Garland, et al., the U.S. District Court for the Eastern District of Texas, issued an order granting a nationwide preliminary injunction. The Treasury, via the Department of Justice, appealed that decision.
  • On Dec. 23, a panel of the U.S. Court of Appeals for the Fifth Circuit granted a stay of the district court’s preliminary injunction.
  • However, on Dec. 26, a different Fifth Circuit panel issued an order vacating the Court’s Dec. 23 order granting a stay of the preliminary injunction. On Dec. 31 the Department of Justice, on behalf of the Treasury, sought a stay of the injunction pending the ongoing appeal from the Supreme Court of the United States.
  • The injunction issued by the district court in Texas Top Cop Shop, Inc. is once again in effect.

What’s next: The Supreme Court is likely to have the final say on the preliminary injunction and the constitutionality of the CTA. But changes in Congress and the administration could alter course, as there is both bipartisan support and frustration with the CTA.

  • The original legislation was enacted in 2021 with broad bipartisan support as a measure to streamline BOI reporting and combat illicit finance. But FinCEN’s implementation has been rocky and delayed, adding to frustrations among some of the Act’s supporters.
  • The original year-end 2024 government funding bill, torpedoed by Elon Musk, contained a provision that would have extended the CTA compliance deadline. That extension was not included in the slimmed-down version of the bill.

Contact David McCarthy (dmccarthy@crefc.org) with questions.

Contact 

David McCarthy
Managing Director, Chief Lobbyist, 
Head of Legislative Affairs
202.448.0855
dmccarthy@crefc.org
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2025 CRE Finance Council. All rights reserved.
On Again, Off Again: Corporate Transparency Act Cases
January 7, 2025
A flurry of court decisions in late December once again left the Corporate Transparency Act (CTA) and the Beneficial Ownership Information (BOI) reporting requirements in limbo ahead of the January 2025 filing deadline for existing legal entities.

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