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House Passes Seven-Year TRIA Reauthorization

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On June 29, the House voted 373-15 to pass the bipartisan TRIA Program Reauthorization Act of 2026 (H.R. 7128), advancing a long-term extension of the federal terrorism risk insurance program through 2034. (PoliticoPro, June 29 | Legis1, July 1)

State of Play

  • The bill, sponsored by House Financial Services Subcommittee on Housing and Insurance Chairman Mike Flood (R-NE), would extend the Terrorism Risk Insurance Program for seven years beyond its current Dec. 31, 2027 expiration. (Rep. Flood Press Release | PoliticoPro, June 29)
  • The measure would also increase the minimum loss threshold for an event to qualify as an act of terrorism under the program from $5 million to $10 million beginning in 2029 and establish a 90-day timeframe for Treasury certification determinations. (Insurance Journal, June 30)
  • The House Financial Services Committee previously advanced the legislation in January by a 51-2 vote. (Roundtable Weekly, Jan 23)
  • Following the Sept. 11 attacks, terrorism insurance became largely unavailable, disrupting commercial real estate financing and delaying billions of dollars in transactions. TRIA has since provided a public-private mechanism to maintain access to coverage that the private market alone cannot fully provide.

RER Advocacy

  • The coalition emphasized TRIA remains a critical public-private partnership that ensures the continued availability of terrorism insurance coverage and supports the broader economy. (Letter, June 29)
  • “While no insurance program can eliminate terrorism risk, TRIA provides a critical economic backstop that helps businesses, lenders, and insurers manage the financial consequences of an attack,” said RER President and CEO Jeffrey D. DeBoer. “We urge the Senate to act promptly on a long-term reauthorization well in advance of the program’s expiration at the end of 2027.”
  • This week, RER continues to work through CIAT and with other business and insurance organizations to encourage Senate leaders to include TRIA reauthorization in the FY2027 National Defense Authorization Act (NDAA). 
  • However, the Fiscal Year 2027 National Defense Authorization Act (NDAA) (H.R.8800) is currently stalled in the Senate.
  • RER and its coalition support Amendment #5879, offered by Sens. Dave McCormick (R-PA), Tina Smith (D-MN), Thom Tillis (R-NC), and Ruben Gallego (D-AZ), for inclusion in the FY 2027 NDAA. The amendment is identical to the Senate TRIA reauthorization bill, S. 4395, and would extend TRIA for seven years. (Roundtable Weekly, May 1)

What’s Next

  • Amendment #5879 to the FY2027 NDAA could provide a path for sending a seven-year TRIA reauthorization to the president’s desk this year.

RER and its industry partners urge Senate leaders to include the amendment in the NDAA and secure a long-term extension well ahead of the program’s 2027 expiration.

21st Century ROAD to Housing Act Becomes Law

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The landmark, bipartisan, bicameral 21st Century ROAD to Housing Act became law Saturday without President Trump’s signature, culminating months of congressional work and advocacy by The Real Estate Roundtable and its housing coalition partners. (NYT, July 11|  Bill Text  | One-pager | Section-by-Section, June 24)

State of Play

U.S. Capitol - viewing upward from left
  • The Senate approved the final package 85–5 on June 22, followed by a 358–32 vote in the House on June 23.  (Roundtable Weekly, June 26)
  • President Trump canceled a planned June 24 signing ceremony and later declined to sign the measure in protest over the Senate’s failure to pass the unrelated SAVE America Act. (Axios, July 10 | 11)
  • Because he neither signed nor vetoed the housing bill, it became law July 11 under the Constitution’s 10-day provision. (CBS News, July 11)
  • The bill was championed by House Financial Services Committee Chairman French Hill (R-AR), Ranking Member Maxine Waters (D-CA), Senate Banking Committee Chairman Tim Scott (R-SC), and Ranking Member Elizabeth Warren (D-MA).
  • “Homeownership should be within reach for more Americans, and this law moves us closer to that goal,” Chairman Hill said Saturday. (Rep. Hill Press Release, July 11)

Why It Matters

  • The bill is the most consequential housing package in a generation, with reforms aimed at increasing housing supply, boosting homeownership, and improving affordability. (One-pager | Section-by-Section, June 24)
  • The package advances major reforms to modernize federal housing programs, streamline environmental reviews, reduce barriers to construction, support manufactured housing, build more homes in Opportunity Zones, encourage transit-oriented development, and promote local zoning and land-use reforms. (Roundtable Weekly, May 22 | June 18)
  • For RER, a significant achievement is the removal of the Senate bill’s unconstitutional seven-year forced-sale mandate, which would have required certain owners to sell newly constructed build-to-rent homes to individual buyers. (RER Fact Sheet, July 17)
  • RER and other housing stakeholders warned that the mandate would be counterproductive—discouraging new construction and undermining efforts to increase housing supply.

RER Advocacy

  • Over the past several months, RER and its housing partners worked throughout the legislative process to preserve the package’s supply-focused reforms and remove the forced-sale mandate targeting build-to-rent housing through letters to Congress, coalition letters of support, and direct engagement with lawmakers.
  • RER also led efforts to raise constitutional concerns about the Senate’s forced-sale mandate, through a white paper by former U.S. Solicitor General Paul Clement, which characterized the provision as an unprecedented federal market intervention and outlined a “triple threat” to the U.S. Constitution. (RER’s One Pager, May 18 | RER Letter, May 12 | Roundtable Weekly, April 17)
  • “Enactment of the 21st Century ROAD to Housing Act is a historic bipartisan achievement that will help expand housing supply, reduce barriers to construction, and improve affordability nationwide,” said RER President and CEO Jeffrey DeBoer.
  • “This law protects private property rights and preserves the capital needed to build more homes, while advancing practical reforms to reduce regulatory barriers, modernize federal housing programs, and expand rental and homeownership opportunities. We commend Chairman Hill, Ranking Member Waters, Chairman Scott, Ranking Member Warren, and congressional leaders for their persistence in getting this comprehensive package across the finish line.” DeBoer said. (RER Fact Sheet, June 8)
  • DeBoer noted that the reforms will take time to reach the housing marketplace. “These reforms are significant, but they will take time to fully filter into the housing marketplace and begin correcting the supply imbalance caused by years of underbuilding and regulatory barriers,” DeBoer said. (RER Statement, June 18)

What’s Next

  • The institutional investor purchase restrictions are scheduled to take effect six months after enactment and expire after 15 years.
  • HUD, working with the Treasury, the Securities and Exchange Commission, and the Federal Housing Finance Agency, is directed to develop and implement regulations to avoid adverse effects on consumers and communities.

As federal agencies begin implementing the law’s numerous housing and banking provisions, RER will remain engaged throughout the process.

Update: ENERGY STAR, Codes, Building Standards and More

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Federal and other officials continue to weigh a wide range of energy policies affecting commercial real estate. RER’s Sustainability Policy Advisory Committee (SPAC) is coordinating industry input to ensure these measures are practical, cost-effective, and grounded in real-world CRE development, operational, and financing decisions.

ENERGY STAR

  • Senate Appropriations Committee Chair Susan Collins (R-ME) also sent a July 2 letter to EPA Administrator Lee Zeldin requesting information about the transition, funding, and staffing for ENERGY STAR. (Letter, July 2)
  • A short-term continuing resolution to extend current funding is increasingly likely. Congress is not expected to complete FY 2027 appropriations legislation by Sept. 30, the end of the present fiscal year.
  • ENERGY STAR is a critical program for CRE. According to the program’s National Buildings Registry, over 7 billion square feet of U.S. commercial floor space have been ENERGY STAR certified.
  • Why It Matters: CRE relies heavily on Portfolio Manager, ENERGY STAR’s standard energy and water benchmarking tool, for investor reporting, capital expense (capex) planning, building certifications, and compliance with state and local requirements.

Building Codes and Performance Standards

Department of Energy building in Washington, DC
  • RER is preparing comments on DOE’s “cost methodology” to better reflect CRE “hold” periods and loan maturity horizons. Comments are due Aug. 3.

California Building Performance Standard (BPS)

  • The California Energy Commission (CEC) released its draft Building Energy Performance Strategy Report. This report lays the foundation for a future statewide building performance standard in California for large commercial and residential buildings.
  • RER, ICSC, and Nareit are coordinating with the California Business Properties Association (CBPA) to discuss priorities for the real estate industry’s response to California’s pre-regulatory study.
  • The CEC will hold a public workshop July 29 (1 pm – 3 pm ET). Written comments regarding the report are due August 21. (CEC’s filing instructions here.)
  • The CEC study refers to ASHRAE Standard 100 as a “starting point” for a potential statewide building performance standard in California.
  • RER has coordinated with ASHRAE to hold a briefing session (Tuesday, July 28, 2 pm – 3 pm ET) to inform our members on Standard 100’s building energy consumption and emissions targets. (Register here)

Solar Tax Credits

Workers on sustainable energy project on rooftop of building
  • Solar projects that “begin construction” between July 5 –Dec 31, 2026 must be “placed in service” by the end of 2027 to qualify for federal tax credits.
  • The court opinion found the IRS Notice 2025-42 issued last summer illegal. Under that notice, only “low output solar facilities” (1.5 MW or less) may establish the “beginning of construction” date for federal tax credit eligibility by spending at least 5% of total project costs.
  • Bottom line: Projects of 1.5 megawatts or less can rely on the 5% safe harbor under existing IRS guidance. The court ruling currently restores the safe harbor for larger projects as well, although uncertainty remains because Treasury could appeal or issue revised guidance. (RER’s Fact Sheet -Clean Energy Tax Incentives, Aug. 27, 2025)

Quick Hits

  • Data Centers: The North American Electric Reliability Corporation (NERC) is on track with its Large Load Action Plan to eventually register data centers and likely require them to ultimately report their electricity use and other grid impacts. (NERC Primer | 2026 “State of Grid Reliability” Full Report and Snapshot (June 24) | Roundtable Weekly (May 8)
  • California Climate Reporting Rule: The California Energy Commission (CEC) released its anticipated “draft strategy report” to lay the foundation for an eventual statewide BPS law. The deadline for companies’ first public emissions disclosures has been pushed back from this coming August to November 10.  (ESG Today (June 25) | KPMG alert (June 25) | JD Supra (July 3)
  • Permitting Reform: Senate negotiators continue working toward a bipartisan permitting reform package ahead of the August recess, with transmission policy remaining a key sticking point. Lawmakers are also divided over environmental and historic preservation reviews and limits on the administration’s authority to revoke previously approved energy project permits. (E&E News, July 13)

RER’s SPAC will continue engaging federal agencies, Congress, state regulators, and industry partners as these initiatives develop. SPAC is chaired by RER Board MemberTony Malkin (Chairman and CEO, Empire State Realty Trust). SPAC’s Vice Chair is Tamara Chernomordik (Vice President, Kimco Realty).

The Real Estate Roundtable Announces BXP’s Owen D. Thomas as New Chair

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Thomas to Succeed Kathleen McCarthy Baldwin as Chair July 1

(WASHINGTON, D.C.) — The Real Estate Roundtable’s (RER) Board of Directors has elected Owen D. Thomas (Chairman and Chief Executive Officer, BXP) to begin his three-year term as Roundtable Chair on July 1, 2026. He succeeds Kathleen McCarthy Baldwin (Former Global Head of Real Estate, Blackstone), who has served as Roundtable Chair since July 1, 2024.

“I am honored to serve as Chair of The Real Estate Roundtable and to build on the organization’s longstanding tradition of fact-based, bipartisan advocacy on national public policy issues,” said Thomas. “Real estate plays a vital role in communities across the country by supporting jobs, investment, housing, and economic growth. Today we are in a time of significant economic uncertainty resulting from inflation, global tensions, the growing use of artificial intelligence and the reimagining of how business and people use work and living space.  I look forward to working with our members and staff to advance modern, sustainable policies that support investment, encourage development, and help the industry respond to the country’s evolving needs for how people live, work, shop, and connect.”

Thomas is a recognized leader in the real estate industry with more than 35 years of executive leadership, strategic planning, management and international experience, as well as substantial experience in financial and capital markets. Mr. Thomas has served as the CEO and a director of BXP since April 2013, and was appointed Chairman of the Board in May 2022.

“Kathleen has been an exceptional leader for The Real Estate Roundtable, and I am honored to succeed her as Chair,” Thomas added. “Her steady leadership, strategic insight, and deep commitment to the industry have helped position the organization to address some of the most important policy issues facing commercial real estate and the broader economy.”

Outgoing Chair Kathleen McCarthy Baldwin said, “It has been a privilege to serve as Chair of The Real Estate Roundtable. Over the past two years, The Roundtable successfully navigated major housing and tax legislation before Congress, advanced significant policy ideas related to energy use in buildings, and helped policymakers address challenges associated with capital investment, both foreign and domestic. Owen is an extraordinary leader who pairs deep real estate experience with policy savvy. I am confident he will be an outstanding Chair and a strong voice for the real estate industry in Washington.”

Roundtable President and CEO Jeffrey D. DeBoer said, “Kathleen has provided exceptional leadership to The Real Estate Roundtable. She brought a thoughtful, principled, and forward-looking perspective to our work, and her guidance helped strengthen The Roundtable’s engagement on key issues affecting commercial real estate.”

DeBoer added, “We are thrilled to welcome Owen Thomas as our new Chair. Owen is one of the industry’s most respected leaders, with broad experience across real estate, capital markets, and global business. He has long been a valued member of The Roundtable’s Board, and his leadership will be instrumental as we continue advancing practical policy solutions that support investment, job creation, and healthy communities nationwide.”

Also joining The Roundtable’s Board of Directors as of July 1:

  • Ben Brown, Managing Partner | Co-President, Brookfield Properties
  • Sean Burton, Chairman and CEO, Cityview
  • Giovanni Cutaia, President of Blackstone Real Estate, Blackstone
  • Dan Letter, CEO, Prologis
  • Benjamin Schall, CEO & President, AvalonBay Communities, Inc.
  • Leslie Teskey, Managing Principal/Tenant Representative, Cresa; 2026 President, CREW Network
  • Willy Walker, Chairman & CEO, Walker & Dunlop; Representative, Mortgage Bankers Association

The Roundtable also thanks the following board members for their years of service as they rotate off the Board as of July 1:

  • Brian Kingston, Managing Partner and Chief Executive Officer, Brookfield Property Partners
  • Jodie McLean, Chief Executive Officer, EDENS
  • Mark Parrell, Chief Executive Officer, President, Equity Residential
  • Matthew G. Rocco, Sr., President, Colliers, Immediate Past Chair, Mortgage Bankers Association
  • Alexander D. Thomson, FRICS, Founder, Prevail Consultants, Immediate Past Chair, NAIOP, the Commercial Real Estate Development Association

See the complete list of the FY2027 Board of Directors.

About Owen Thomas

Owen D. Thomas is the Chairman and CEO of BXP. He was a Director of Lehman Brothers Holdings from 2012 to 2025 and served as its first Chairman from 2012 until 2013 when he joined BXP. Prior to Lehman, Mr. Thomas was with Morgan Stanley for 24 years serving in a number of different roles, business units and locations, including Chief Executive Officer of Morgan Stanley Asia and Chairman of Mitsubishi UFJ Morgan Stanley Securities, while living in Hong Kong from 2008 until 2011. He also held the roles of President of Morgan Stanley Investment Management, Head of Morgan Stanley Real Estate and served on Morgan Stanley’s Management Committee from 2005 until 2011.

Mr. Thomas is Chair of The Real Estate Roundtable, a member of the Advisory Board of Governors of the National Association of Real Estate Investment Trusts, a member of the Economic Club of New York, and a member of the Board of Directors of The Doe Fund and the Board of Trustees for Carnegie Hall. He is former Chairman of the Urban Land Institute and of the Pension Real Estate Association. He attended and is Chairman of the Board of Trustees of Woodberry Forest School and received a B.S. in Mechanical Engineering from the University of Virginia and an M.B.A. from Harvard Business School.

Roundtable Weekly Will Resume Publication on July 17, 2026

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The Roundtable’s policy news digest will resume publication on Friday, July 17, 2026.

Recent issues of Roundtable Weekly can be searched by keyword here.

Housing Bill Awaits Final Action After Bipartisan Passage

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Congress this week passed the 21st Century ROAD to Housing Act with overwhelming bipartisan support, clearing the Senate 85–5 and the House 358–32 after months of negotiations over the most significant federal housing package in decades. (Politico | Axios | CNBC | Bill Text | One-pager | Section-by-Section, June 24)

State of Play

  • House Republican leaders are transmitting the bipartisan housing bill to the White House following Speaker Mike Johnson’s (R-LA) meeting with President Trump on Thursday, starting the 10-day window for the president to sign or veto the measure once it is formally delivered. (Politico, June 26)
  • “Congress has work to do, and that’s what we’re going to do,” Johnson said after the meeting. He also said he expects Trump to sign the bill. (ABC News, June 25)
  • If Trump does not sign or veto the bill within 10 days, excluding Sundays, it becomes law without his signature under the Constitution. The bill passed both chambers this week with veto-proof majorities. (Axios, June 25)
  • The move follows the White House’s decision Wednesday to cancel a planned signing ceremony after Trump said he would not sign the measure until Congress passes the SAVE America Act. (Truth Social, June 24 | NYT, June 25)
  • In a joint statement, Senate Banking Committee Chairman Tim Scott (R-SC) and Ranking Member Elizabeth Warren (D-MA) called the Senate’s bipartisan vote “an important step toward addressing America’s housing affordability crisis” and said the bill reflects years of work with the White House, Senate, and House to increase supply and expand access to affordable housing. (Senate Banking Press Release, June 22)
  • After final passage in the House on Tuesday, Chairman French Hill said, “This is a true bicameral, bipartisan product that demonstrates what can happen when both chambers work together to deliver real solutions.” (Press Release, June 23)

Why It Matters

  • The bill is the most consequential housing package in a generation, with reforms aimed at increasing housing supply, boosting homeownership, and improving affordability. (One-pager | Section-by-Section, June 24)
  • The package advances major reforms to modernize federal housing programs, streamline environmental reviews, reduce barriers to construction, support manufactured housing, build more homes in Opportunity Zones, encourage transit-oriented development, and promote local zoning and land-use reforms. (Roundtable Weekly, May 22 | June 18)
  • For CRE, the most significant change remains the removal of the unconstitutional seven-year forced-sale mandate for build-to-rent housing, which would have required certain owners to sell newly built single-family rental homes after seven years. (RER Fact Sheet, June 8)
  • The Real Estate Roundtable (RER) and other housing stakeholders warned that the mandate would be counterproductive—discouraging new construction and undermining efforts to increase housing supply.

RER Advocacy

  • RER commended congressional leaders for their work to advance the amended 21st Century ROAD to Housing Act in a statement from RER President and CEO Jeffrey D. DeBoer. (RER Statement, June 18)
  • “This landmark, bicameral legislation advances a comprehensive package of reforms to help build more homes, improve affordability, protect private property rights, and preserve the capital needed to finance housing nationwide,” DeBoer said.
  • DeBoer noted that the bill includes major reforms to modernize federal housing programs, streamline environmental reviews, reduce barriers to new construction, support manufactured housing, build more homes in Opportunity Zones, restore critical community banking provisions, encourage transit-oriented development, and promote much-needed land-use and zoning reforms. (RER Fact Sheet, June 8)
  • DeBoer also emphasized that the reforms will take time to reach the housing marketplace. “These reforms are significant, but they will take time to fully filter into the housing marketplace and begin correcting the supply imbalance caused by years of underbuilding and regulatory barriers,” DeBoer said.

What’s Next

The bipartisan housing package now awaits final action. RER continues to urge swift enactment of the bill to advance supply-focused reforms that can help address the nation’s long-standing housing affordability crisis.

IRS Issues Long-Awaited Transition Guidance for Opportunity Zones

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The Treasury Department and IRS issued new guidance last week, IRS Notice 2026-40, providing transition rules for Opportunity Zone investments made or initiated under the original OZ 1.0 regime.

The notice previews rules Treasury and IRS intend to include in forthcoming regulations. It focuses on new OZ designations going forward, transition rules for investors with existing deferred gains, and transition rules for Qualified Opportunity Funds (QOFs) and Qualified Opportunity Zone Businesses (QOZBs) operating in OZs designated under the prior law. (Tax Notes, June 18 | Reuters, June 22)

Why It Matters

  • The guidance is a major development for Opportunity Funds and OZ businesses with projects in OZ 1.0 census tracts as the program transitions to the new permanent OZ framework under the One Big Beautiful Bill (OB3)Act.
  • While the OB3 Act permanently extended and improved the OZ tax incentives, it left unresolved tax questions affecting investments in expiring OZ 1.0 tracts, including how far along a project must be before a census tract expires and whether future capital expenditures can continue to qualify for the tax incentives.

The Notice

  • Under the notice, property acquired after Dec. 31, 2026, in a previously designated OZ may still qualify if certain conditions are met. (Seyfarth, June 23)
  • To qualify, the OZ business must have a written working capital plan in place by Dec. 31, 2026; future property acquisitions must be consistent with that plan; the business must receive at least 10% of its estimated working capital assets by year-end; and it must expend at least 5% of those assets by Dec. 31, 2026. (IRS Notice 2026-40, June 18)
  • The notice also clarifies how OZ compliance tests apply after an OZ 1.0 census tract expires. In certain cases, a previously designated OZ can continue to be treated as a qualifying zone for purposes of the “substantial use” test and the requirement that at least 50% of a business’s gross income be derived from the active conduct of a trade or business in a qualified OZ. (IRS Notice 2026-40, June 18 | Reuters, June 22)
  • The guidance provides important certainty for real estate investors, developers, and businesses seeking to move forward with projects in low-income communities during the transition from OZ 1.0 to the new permanent OZ framework.

RER Advocacy

  • RER emphasized that unresolved questions surrounding expiring census tract designations could delay projects, discourage new fund formation, and undermine housing production and community development efforts.
  • While the notice includes many important details that remain under review, its issuance marks a major step forward in providing greater certainty for long-term OZ investment in underserved communities.

RER’s Opportunity Zone Working Group will review the implications of Notice 2026-40 in the days ahead and continue to engage with Treasury and the IRS to support clear, workable implementation of the new OZ framework.

Roundtable Statement on the 21st Century ROAD to Housing Act

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(WASHINGTON, D.C.) — Jeffrey D. DeBoer, President and CEO of The Real Estate Roundtable (RER), issued the following statement:

“The Real Estate Roundtable applauds the Senate’s advancement of the amended 21st Century ROAD to Housing Act.

This landmark, bicameral legislation incorporates a comprehensive package of reforms to help build more homes, improve affordability, protect private property rights, and preserve the capital needed to finance housing nationwide.

Importantly, the amended bill includes major reforms to modernize federal housing programs, streamline environmental reviews, reduce barriers to new construction, support manufactured housing, build more homes in Opportunity Zones, restore critical community banking provisions, encourage transit-oriented development, and promote much-needed land-use and zoning reforms. The bill also removed the unconstitutional forced-sale mandate targeting build-to-rent housing, which would have restricted much-needed capital and worsened supply constraints.

These reforms are significant, but they will take time to fully filter into the housing marketplace and begin correcting the supply imbalance caused by years of underbuilding and regulatory barriers.

We appreciate the thoughtful work of congressional leaders to preserve important measures that will help expand access to homeownership and rental housing opportunities across the country. This bill represents a generational opportunity to deliver more homes for the American people and make meaningful progress on the nation’s housing affordability crisis.

We urge Congress to swiftly pass the bill and send it to President Trump to be signed into law.”

Senate Advances Bipartisan Housing Bill After Bicameral Deal

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The Senate this week voted overwhelmingly, 84-4, to advance the amended 21st Century ROAD to Housing Act, moving the bipartisan housing package closer to final passage after Senate Banking Committee and House Financial Services Committee leaders reached an agreement on updated bill text aimed at expanding housing supply, improving affordability, and modernizing federal housing programs. (Senate Banking Committee, June 16 | Multifamily Dive, June 17 | POLITICO, June 16)

State of Play

  • The Senate voted Tuesday and today on a procedural motion to advance the 21st Century ROAD to Housing Act, clearing an initial hurdle for the House-amended package. (Bill text | Section-by-Section, June 16)
  • A final Senate vote is expected next week. If approved, the bill would return to the House for final approval before it can be sent to President Trump for signature. (POLITICO, June 16)
  • The updated text was released by Senate Banking Committee Chairman Tim Scott (R-SC), Ranking Member Elizabeth Warren (D-MA), House Financial Services Committee Chairman French Hill (R-AR), and Ranking Member Maxine Waters (D-CA), who said the package reflects years of bipartisan, bicameral work and incorporates priorities from the Senate, House, and White House. (Bill text | Section-by-Section, June 16). (Bill text | Section-by-Section, June 16)
  • Chairman Scott said the bill “is the result of years of work to lower costs, expand housing supply, cut red tape, protect taxpayers, and help more Americans achieve the dream of homeownership.” Ranking Member Warren called the package “the biggest housing bill in more than 30 years.” (Senate Banking Committee, June 16)
  • The Senate version preserves most of the House-passed housing provisions, restores community banking measures, updates the Rental Assistance Demonstration program, authorizes the Community Development Block Grant–Disaster Recovery program for three years, and adds back the BUILD NOW Act. (POLITICO, June 16| Multifamily Dive, June 17)
  • Chairman French Hill (R-AR) said the bill is “a meaningful step toward increasing housing supply, improving affordability, and helping more Americans achieve homeownership,” adding, “I look forward to President Trump signing it into law.”  (Bisnow, June 16)

Why It Matters

  • The bill is the most consequential housing package in a generation, with reforms aimed at increasing housing supply, boosting homeownership, and improving affordability.
  • The package advances major reforms to modernize federal housing programs, streamline environmental reviews, reduce barriers to construction, support manufactured housing, build more homes in Opportunity Zones, encourage transit-oriented development, and promote local zoning and land-use reforms. (Roundtable Weekly, May 22)
  • For CRE, the most significant change remains the removal of the unconstitutional seven-year forced-sale mandate for build-to-rent housing, which would have required certain owners to sell newly built single-family rental homes after seven years. (RER Fact Sheet, June 8)
  • The Real Estate Roundtable (RER) and other housing stakeholders warned that the mandate would be counterproductive—discouraging new construction and undermining efforts to increase housing supply.

RER Advocacy

  • RER commended congressional leaders for their work to advance the amended 21st Century ROAD to Housing Act in a statement today from RER President and CEO Jeffrey D. DeBoer. (RER Statement, June 18)
  • “This landmark, bicameral legislation incorporates a comprehensive package of reforms to help build more homes, improve affordability, protect private property rights, and preserve the capital needed to finance housing nationwide,” DeBoer said.
  • DeBoer noted that the amended bill includes major reforms to modernize federal housing programs, streamline environmental reviews, reduce barriers to new construction, support manufactured housing, build more homes in Opportunity Zones, restore critical community banking provisions, encourage transit-oriented development, and promote much-needed land-use and zoning reforms. (RER Fact Sheet, June 8)
  • “These reforms are significant, but they will take time to fully filter into the housing marketplace and begin correcting the supply imbalance caused by years of underbuilding, regulatory barriers, and constrained supply.” DeBoer said. (RER Statement, June 18)

What’s Next

The House is expected to take up the Senate-approved bill when lawmakers return from recess on June 23. RER is urging swift passage so the package can be sent to President Trump to be signed into law.

Coalition Urges Regulators to Refine Basel III Proposal for CRE Lending

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The Real Estate Roundtable (RER) and a coalition of national real estate organizations urged federal banking regulators this week to make targeted refinements to the revised Basel III Endgame proposal to better calibrate capital rules for commercial and residential real estate lending. (Letter, June 18)

Why It Matters

  • In March, the Federal Reserve, Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC) unveiled a substantially revised Basel III Endgame proposal, replacing the 2023 framework that drew broad industry opposition. (Reuters, June 18)
  • The coalition commended regulators for improving the revised proposal, particularly by tailoring capital requirements more closely to risk across different assets and activities, but warned that additional changes are needed to avoid unnecessarily constraining CRE credit. (Letter, June 18)
  • Commercial and multifamily real estate is a roughly $20 trillion sector supported by more than $6.4 trillion in debt, with approximately $3 trillion in CRE loans maturing over the next five years.
  • For commercial real estate, the reset could ease regulatory pressure that threatened to constrain credit for real estate lending, mortgage activity, and other capital-intensive transactions. (Roundtable Weekly, March 20)
  • “The Proposals significantly improve on the 2023 proposal,” the coalition wrote, adding that targeted refinements would “better calibrate CRE capital requirements without unduly constraining the financial system or burdening housing providers.”

Policy Priorities

  • The coalition urged regulators to better align capital treatment with actual risk for CRE exposures, multifamily loans, securitizations, warehouse facilities, mortgage servicing rights, Low-Income Housing Tax Credit (LIHTC) investments, and Fannie Mae Delegated Underwriting and Servicing (DUS) exposures.
  • The letter also recommends avoiding structural penalties for common CRE financing arrangements, including mezzanine loans, preferred equity, B-notes, junior participations, and loans involving special-purpose entities. (Letter, June 18)
  • Capital rules that are not properly calibrated could increase borrowing costs, reduce bank lending capacity, and constrain credit for housing development and other income-producing real estate.

Roundtable Advocacy

  • The Real Estate Roundtable (RER) has consistently opposed the original Basel III proposal, citing its potential negative impact on available credit capacity for commercial real estate transactions, market liquidity, and economic growth. (Roundtable Weekly, Nov. 2023 | Jan. 2024 |  Mar. 2024 | Dec. 2025 | Feb. 2026 |  March 20, 2026)
  • Earlier this year, federal regulators released a substantially revised Basel III proposal that reduced capital requirements for the largest U.S. banks by 2.4% overall and lowered certain risk weights for mortgages and mortgage servicing assets. (Financial Times, June 17)
  • In its June letter, the coalition urged regulators to preserve the proposal’s improvements while making targeted refinements to avoid unnecessarily constraining CRE lending, affordable housing investment, or broader economic growth. (Letter, June 18)

RER will continue working with policymakers, regulators, and real estate industry partners to support capital rules that are appropriately calibrated, risk-based, and aligned with the need for a stable and liquid commercial real estate finance market.