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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:
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.
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.
News Archive
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.
Many market participants believe that President-Elect Trump will prioritize removing the Enterprises from conservatorship.
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.
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:
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.
Contact David McCarthy (dmccarthy@crefc.org) with questions.
CREFC has teamed up with NCREIF to produce and promote the NCREIF/CREFC Open-end Debt Fund Aggregate (the “Debt Aggregate”). In short, this product will deliver a fund-level compilation of open-end debt funds providing financing to commercial and multifamily real estate borrowers/owners. The Debt Aggregate will be issued in a draft “consultation” format for at least one year, which allows time for industry feedback before it is rolled out as an official product. For questions or to get involved, contact Lisa Pendergast
Overview of Debt Fund Index (presentation slides from CREFC's September 28, 2023 Capital Markets Conference)
Watch the Video (video replay from CREFC's September 28, 2023 Capital Markets Conference)
The mission of the Young Professionals (YP) Network is to provide a platform for junior CRE finance professionals to foster meaningful business relationships and gain relevant industry knowledge through networking events, seminars and panels.
YP programming events are developed by YPs – so the content is current and applicable in their daily work. Each YP educational event includes a networking aspect to build and foster industry relationships with both peers and seasoned industry leaders. YPs are surveyed by region for ideas for future programming to ensure educational and industry needs are met.
Additionally, there are networking only events held in a more relaxed atmosphere where YPs can mingle among their peers.
There is a discounted rate to conferences and seminars for those CREFC Members 30 years of age or younger. To sign up for the 30 and Under Program Rate join the network and ensure that you check off the box “I would like to sign up to receive the “30 and Under Program Rate”. You will be required to submit photo ID to be approved for the discounted program rate. Sign up TodayCREFC members Only
Take your career to the next level with our programming, mentoring, career planning, and continuing education. Sign up
CREFC’s Government Relations team serves as the primary interface between the CRE Finance industry and policymakers. Through a collaborative process with our members, CREFC engages with legislators, regulators, and other policy stakeholders to advocate for policies that promote the interests of our membership and the broader industry. By joining a CREFC Forum, members are able to participate in the creation of official policy positions and will gain access to regular updates from our Government Relations team on the latest regulatory developments. View our recent policy wins and sign up for a CREFC Forum below to join our advocacy efforts and make a difference in the direction of our industry. Please contact David McCarthy with any questions. Election 2024 Scenario Analysis: Potential Outcomes for CRE and Multifamily Finance The below documents aim to highlight key issues in the commercial and multifamily real estate finance industry and how different election scenarios shape policy in 2025. While members of CREFC's Government Relations team will not predict the electoral outcome, the goal is to dig deeper into some of the factors that influence a particular area of legislation or regulation. CREFC Election 2024 Scenario Analysis (10/28/24) CREFC Election 2024 Scenario Analysis (10/22/24) CREFC Election 2024 Scenario Analysis (10/8/24) Recent Policy Developments (as of Q3 2024) Basel Endgame Advocacy The federal banking regulators plan to repropose the Basel Endgame Capital rules with significant changes. CREFC had submitted comments and coordinated a real estate industry letter on proposed rules and is waiting for the re-proposal to see the extent to which our comments were taken into consideration. CREFC plans to continue advocacy as needed following the release of the re-proposal. Tax Policy Working Group Convened a group of member experts on tax to analyze and triage key tax priorities ahead of 2025. With the expiration of key provisions in the 2017 Tax Cuts and Jobs Act, Congress is expected to take up a tax bill next year. CREFC will engage with lawmakers and staff on key tax issues through the end in preparation the tax push early next year. 15c2-11 No Action Letter Expiration CREFC is engaging with CMBS broker dealers on the upcoming application of 15c2-11 public data requirements for conduit CMBS. While CREFC and other trades successfully exempted 144A bonds from the public disclosure requirements, the public CMBS requirements are scheduled to come online in January 2025. CREFC will follow up with the SEC and/or on Capitol Hill as necessary. Conflicts of Interest Rule Successfully advocated for narrowing the overly broad scope of the SEC’s Conflicts of Interest in Securitizations rule to target conflicted transactions and relevant parties more appropriately. CREFC partnered with other organization on an implementation toolkit.
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Read the latest issue of CREFC's weekly Policy and Capital Markets Briefing
CREFC’s Policy Tracker includes a variety of visual aids and updates to help members understand, track, and analyze key policy issues affecting the CRE and multifamily finance industry.
CREFC’s Sustainability Initiative seeks to align the objectives of our members and the CRE finance industry with the opportunities and challenges of environmental, social and corporate sustainability.
For our weekly government relations and industry policy briefings, please visit our Document Resource Center. The Document Resource Center contains CREFC position papers, analyses, testimony, and other policy tools.
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The affairs of CRE Finance Council are managed by a Board of Governors, selected from the general membership, which meets at least two times a year. During the periods the Board is not convened, the Executive Committee has full authority to transact all CRE Finance Council business. The Executive Committee is made up of the chair, chair-elect, vice chair, secretary, treasurer, membership chair, administrative executive, as well as four additional Executive Committee members. View the CREFC By-Laws.
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The CRE Finance Council holds two premier conferences each year in the United States: the January Conference in Miami and the June Annual Conference in New York. Conference programming addresses the most relevant topics facing the industry, presented by recognized finance leaders.
Complementing these major conferences are After-Work Seminars, Young Professional, Women's Network, and Educational events held regularly throughout the calendar year, each of which is tailored to fit the constituencies served by CREFC.
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