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On May 27, ICSC, as part of the Like-Kind Exchange Coalition, hosted a briefing for Congressional staff. The coalition includes more than 30 organizations representing real estate, farming, forestry and environmental conservation.
The panelists included Marcus & Millichap CEO Hessam Nadji; Naperville, IL Mayor Steve Chirico; Syracuse Professor Milena Petrova; Ernst & Young Economist Robert Carroll; and was moderated by Real Estate Roundtable President & CEO Jeffrey DeBoer. You may view the discussion online here. Special thanks to long-time ICSC member Dan Wagner with Inland Real Estate Group for securing several of the panelists.
The discussion detailed how like-kind exchanges support healthy real estate markets and help meet important social and environmental objectives, such as the preservation of family-owned farms and ranches and the conservation of land for the benefit of the public and future generations.
Roughly 40% of like-kind exchanges involve rental housing, and section 1031 facilitates the development of new affordable housing. As attested by panelist Steve Chirico, like-kind exchanges promote community development, allow for open spaces the public can enjoy and contribute critical tax revenue to cities and localities. The academic and outside research highlighted at the event has shown that exchanges spur capital expenditures, increase investment, boost GDP, lower rental costs, help preserve property values and support over 500,000 jobs annually, including skilled tradesmen and contractors.
Additional Resources:
Current members of the Like-Kind Exchange Coalition include:
ADISA—Alternative & Direct Investment Securities Association
American Farm Bureau Federation
American Hotel & Lodging Association
American Land Title Association
American Resort Development Association
American Society of Farm Managers and Rural Appraisers
Asian American Hotel Owners Association
Building Owners and Managers Association (BOMA) International
CCIM Institute
Commercial Real Estate Finance Council
Federation of Exchange Accommodators
Forest Landowners Association
Institute for Portfolio Alternatives
Institute of Real Estate Management
ICSC
Land Trust Alliance Latino Hotel Association
Manufactured Housing Institute
Mortgage Bankers Association
NAIOP, the Commercial Real Estate Development Association
Nareit
National Alliance of Forest Owners
National Apartment Association
National Association of Black Hotel Owners, Operators and Developers
National Association of Home Builders
NATIONAL ASSOCIATION OF REALTORS®
National Cattlemen’s Beef Association
National Council of Farmer Cooperatives
National Multifamily Housing Council
REALTORS® Land Institute
The Conservation Fund
The Nature Conservancy
The Real Estate Roundtable
The Trust for Public Land
For more information contact Phillips Hinch at phinch@icsc.com.