HERNDON, Va., February 10, 2009 – NAIOP, the Commercial Real Estate Development Association, voices its support for the expansion of the Federal Reserve's consumer-lending program - known as the Term Asset-Backed Securities Loan Facility (TALF) - to finance the purchase of commercial mortgage-backed securities (CMBS), announced today by Treasury Secretary Timothy Geithner.

"CMBS are the source for much of the financing for commercial real estate projects," said Thomas J. Bisacquino, NAIOP president. "The expanded availability of these funds is critical to supporting the industry's performing assets and enabling commercial real estate to avoid the severe liquidity shortfall that would have resulted from continued frozen capital."

More than 320 leaders from NAIOP's 54 U.S.-based chapters are in Washington, D.C., today and Wednesday for meetings on Capitol Hill to share NAIOP's positions on the credit crisis, energy, taxes and transportation and infrastructure. The credit crisis affecting commercial real estate is the most important issue facing the industry.

In 2009, hundreds of billions of dollars of performing commercial real estate debt will mature and will need to be refinanced. Combined, banks and the CMBS market account for 75 percent of all outstanding commercial real estate loans.

"The health of the commercial real estate industry is critical to the nation's financial system," said Bisacquino. "NAIOP commends President Obama for this strategic action that will prevent the problems of the financial markets from causing unnecessary defaults in commercial real estate, further damaging our economy."

NAIOP has been working with a coalition of real estate allies to raise concerns about the growing impact of the credit crisis on commercial real estate and urging federal action, including the expansion of TALF, since November 2008.

About NAIOP

NAIOP, the Commercial Real Estate Development Association, is the leading organization for developers, owners and related professionals in office, industrial and mixed-use real estate. NAIOP comprises 18,000 members in North America. NAIOP advances responsible commercial real estate development and advocates for effective public policy. For more information, visit www.naiop.org.