2021 IREM Congressional Briefing

Article by: 

Drew Williams, CPM®, ARM®, CAM+SH®

https://www.linkedin.com/in/drew-williams-cpm/

On Wednesday, July 21st, Shannon Longino, CPM® joined Susan Monaghan, CPM®, and Daniel Wagner, as featured panelists for the 2021 IREM Congressional Briefing. 

It was a packed house of Industry Professionals and decision makers, all who were assembled to discuss critical issues that the latest proposed legislative changes could have on the 1031 Exchange & Affordable Housing. 

Mr. Wagner opened the meeting by explaining the fundamentals of the 1031 exchange, its definition and purpose, how it effectively finances economic development, supports local communities, and most importantly the significant adverse effects a change in recently proposed legislation could cripple the real estate sector as a whole.

Mrs. Longino then shared her message of hope and empowerment, aptly titled “Recovery & Resilience,” the phase we’re currently navigating. Longino stated “though we learned our weaknesses, it also exposed our resilience. No one was prepared for COVID-19, but we survived; here we are 1 year & 3 months later, we’re resiliently recovering, both Companies and individuals surviving together.” Longino said she was most impressed by those Landlords, governing entities & agencies who mounted up to ensure the safety & well-being of the Resident Base and for such programs like rental assistance & the eviction moratorium. A 27 year long-term advocate for low-income housing & families, Longino currently serves as First Vice-President with Truist Bank and works with their Affordable Housing Finance/Asset Management Division (Truist Community Capital), where she oversees loans with developers, thus allowing her to hear from both sides of the table, both Resident and Landlord alike.  She quickly realized the disconnect and breakdown. Landlords aren’t being advocated for as the entirety of the focus was being placed on the preservation of the resident. Longino then stressed the importance of making sure that, moving forward, all partners would be covered; Landlord, Resident & Agencies. Furthermore, Longino expressed a severe breakdown in the expeditious allowance for housing inspections and the urgent need to appeal to Landlords to participate in federal programs.

“There’s a lack of housing & funding, and all parties need to do a better job of working together to battle these issues.”

Longino closed with excitement, “We’re better today than we were a year ago because we have better practices in place versus just pulling it from the sky” and “under the new Presidential Administration, millions are proposed to combat homelessness, develop new affordable units, focus on veteran housing, and address various additional long-term federal housing issues.” “We don’t know if the legislation will pass - but it’s in motion,” said Longino. 

Click HERE to see the video!

Shannon Longino, CPM® served as the 2019 Chapter President for IREM Georgia and will be inducted as it’s 2022 Regional Vice President in October 2021 during the IREM Global Leadership Conference in Las Vegas, NV.