Federal Legislative Committee Holds First Meeting

October 28, 2021 • Pearce Crosland

BOMA International’s Federal Legislative Committee held its first meeting this year at the 2021 BOMA International Conference & Expo in Boston. Attendees outlined the new and existing work that the federal advocacy team has been engaging with Congress on over the past several months.

BOMA International has worked extensively to introduce new legislation benefiting the commercial real estate industry. Furthermore, as Congress works to pass a budget resolution, BOMA International has been actively engaged with key House and Senate committees, working with lawmakers to preserve crucial industry tax structures.

Introduction of Key Legislation

Green Energy Loan Enhancement Act—Rep. Jason Crow (D-Colo.)

  • BOMA International has been working with Rep. Crow’s office to introduce legislation that will expand the cap on Section 504 loans for investments in energy efficient and enhancement upgrade projects.
  • Small Business Administration 504 loans provide funding to businesses “that might not otherwise obtain financing on reasonable terms and conditions,” and most loans are capped at $5 million.
    • The Green Energy Loan Enhancement Act will expand the cap for energy efficient project loans up to $10 million.
  • BOMA International was one of the first associations to endorse the legislation and is working to lead an industry coalition to develop an advocacy strategy on the bill.

Pandemic Risk Insurance Act of 2021—Rep. Carolyn Maloney (D-N.Y.)

  • BOMA International, along with partners in the Business Continuity Coalition, has been working with Rep. Maloney’s office to develop the Pandemic Risk Insurance Act of 2021 (PRIA).
    • The PRIA would create a federal backstop that ensures the availability of pandemic risk coverage in all critical commercial lines of insurance.
    • The legislation would require insurers to offer coverage in return for a government indemnification of 95 percent of insured losses arising from any future pandemic that results in a public health emergency.
    • PRIA addresses the unavailability of coverage in other crucial lines of insurance, such as event cancellation, production insurance and liability coverage for essential services.

Key Legislative Engagement

Workforce Development
BOMA International is working with the U.S. Department of Labor (DOL) to create a new commercial real estate industry apprenticeship program. This program will allow BOMA members to access federal grants for development and training programs to address workforce shortages in key industry areas.

The Subcommittee on Workforce Development, along with key industry stakeholders, are working to develop the national standards and education curriculum required by the DOL for registered apprenticeship programs.

Once the DOL approves the standards and authorizes the program, the committee will build out state and local toolkits outlining how to access and participate in these apprenticeship programs.