Category: Housing

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.

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.

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.

Senate Leaders Signal Momentum on Bipartisan Housing Package

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Congress appears to be moving closer to a final agreement on the 21st Century ROAD to Housing Act, as Senate and House leaders work to resolve remaining differences and send the bipartisan housing package to President Trump’s desk. (PoliticPro, June 11)

State of Play

  • The Senate and House each passed separate versions of the bill this year. The House-passed bipartisan amendment, approved 396-13 on May 20, is now awaiting Senate action. (Roundtable Weekly, May 22)
  • Senate Banking Committee Chairman Tim Scott (R-SC) said Thursday he is “optimistic” the Senate and House can reach a bicameral agreement and send the bill to President Trump “in the next week or so.” (PoliticoPro, June 11)
  • Scott said he met with House leaders on Tuesday to discuss compromise language “that’s on the table,” adding that the package “maintains all of the House product and most of ours.” (PoliticoPro, June 11)
  • Senate Majority Leader John Thune (R-SD) said he hopes the Senate can pass an updated version of the housing package and send it back to the House before the July 4 recess. (PoliticoPro, June 11)
  • The White House has indicated support for the House version as lawmakers work toward final passage. (White House SAP, May 20)

What They’re Saying

  • At RER’s Annual Meeting this week, senators and representatives from both sides of the aisle also expressed optimism that Congress could reach an agreement and move the housing package forward. (See stories above)
  • House Financial Services Committee Chairman French Hill (R-AR) worked with House leadership, Democrats, and the White House to advance compromise language that secured overwhelming bipartisan support on the House floor. (PoliticoPro, June 8)
  • “It’s in the best interest of both chambers and in the interest of both political parties to have a win on housing,” Chairman Hill told Politico. (PoliticoPro, June 8)

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 House-passed bill preserves the core housing supply and affordability provisions in the Senate package, including reforms to streamline environmental reviews, reduce barriers to new construction, modernize HUD programs, support manufactured housing, and encourage local zoning and land-use reforms. (Bipartisan Policy Center, May 20)
  • The most significant change was the removal of the Senate’s 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)
  • RER members and other housing stakeholders warned that the mandate would be counterproductive—discouraging new construction and undermining efforts to increase housing supply.

RER Advocacy

  • The measure includes provisions relevant to owners, developers, and financiers of single- and multi-family rental housing, including reforms to modernize outdated housing programs, reduce barriers to development, and give local communities more flexibility. (RER Fact Sheet, June 8)

RER and its coalition partners will continue working with lawmakers to ensure the final package remains focused on increasing housing supply, improving affordability, protecting private property rights, and supporting the capital needed to build more homes nationwide.

Housing Bill Returns to Senate as HUD Moves to Streamline Reviews

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The House and Senate return from recess next week as lawmakers continue negotiations on the bipartisan 21st Century ROAD to Housing Act, following the House’s 396-13 vote last week to pass the amended housing package. (Politico, May 24 | May 25)

What’s Next

  • The House-passed bill now returns to the Senate, where lawmakers must decide whether to accept the amended package or pursue additional changes as both chambers resume work next week. The Senate returns Monday, June 1, with no floor action on the housing bill scheduled yet. (Roundtable Weekly, May 22)
  • The White House said it “strongly supports” the House-amended bill and urged the Senate to pass it, asking both chambers to “resolve any remaining differences expeditiously.” (White House SAP, May 20 | CNBC)
  • Senate Banking Committee Chairman Tim Scott (R-SC) and Ranking Member Elizabeth Warren (D-MA) said there is “still work to be done” on a final bill. (Politico, May 21)
  • Neither Senate Majority Leader John Thune (R-SD) nor Senate Minority Leader Chuck Schumer (D-NY) has publicly said whether they support the House-amended package. (Politico, May 21)

Key Reforms

  • The House-passed bill preserves core Senate provisions designed to expand housing supply, modernize federal housing programs, streamline environmental reviews, reduce barriers to new construction, improve affordability, support manufactured housing, and encourage local zoning and land-use reforms. (View Bill Text |  One-Pager | Section-by-Section | Bipartisan Policy Center, May 20) 
  • The most significant change is the removal of the Senate’s unconstitutional seven-year forced-sale mandate for build-to-rent (BTR) housing. Limits on large institutional investors remain, with exceptions for newly built and renovated housing. (Axios, May 21)

Roundtable Advocacy

  • Over the last several months, RER led efforts to raise constitutional concerns about the Senate’s forced-sale mandate, including through a white paper by former U.S. Solicitor General Paul Clement, which framed the provision as an unprecedented federal market intervention and detailed a “triple threat” to the U.S. Constitution. (RER’s One Pager, May 18 | RER Letter, May 12 | Roundtable Weekly, April 17)

HUD Regulatory Action

  • The Department of Housing and Urban Development (HUD) published an interim final rule this month to shorten environmental reviews for large, federally supported multifamily developments. The rule removes an additional approval step for projects with more than 200 units or a mortgage of more than $5 million. (Bisnow, May 27)
  • The change goes into effect June 22, and HUD is accepting public comments through July 21.
  • The rule is part of a broader federal effort to cut red tape, speed up housing construction, and help address rising costs. (PoliticoPro, May 22)

RER will continue working with policymakers to ensure the final housing package remains focused on increasing housing supply, improving affordability, protecting private property rights, and supporting the capital needed to build more homes nationwide.

House Passes Landmark Housing Bill, Sending Bipartisan Package Back to Senate

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The House passed the amended 21st Century ROAD to Housing Act on Wednesday by a vote of 396-13, sending the bipartisan housing package back to the Senate for final consideration. The legislation includes major reforms to expand housing supply, modernize federal housing programs, reduce regulatory barriers, and removes the Senate bill’s unconstitutional forced-sale mandate targeting build-to-rent (BTR) housing. (Politico | The Hill, May 20)

State of Play

  • House Financial Services Committee Chairman French Hill (R-AR) and Ranking Member Maxine Waters (D-CA) led months of bipartisan negotiations over the landmark housing package, navigating extensive back-and-forth among the White House, House leadership, and the Senate. (View Bill Text |  One-Pager | Section-by-Section ) 
  • The White House indicated it will back the House version of the bill, as the legislation moves to the Senate for final approval. (White House SAP, May 20 | CNBC)
  • The House-passed version amends the Senate-approved legislation, addressing concerns raised by House members and industry stakeholders, while preserving core reforms to streamline housing development, improve affordability, encourage new construction, update outdated HUD programs, restore critical community banking provisions, and eliminate burdensome regulatory barriers. (House Financial Services Committee Press Release, May 20)
  • Chairman Hill said, “Today, we proved Washington still works. After months of bipartisan, bicameral negotiations—and with the partnership of the Trump Administration—the House delivered to make housing more accessible and affordable for American families.”(House Financial Services Committee Press Release, May 20)
  • Ranking Member Waters added, “I am beyond proud of this legislation and the benefits it will bring to all of our cities, counties and states. The Senate must meet this moment with the same urgency and determination and quickly pass this bill.” (Rep. Waters Press Release, May 21)
  • In a joint statement before the House vote, Senate Banking Committee Chairman Tim Scott (R-SC) and Sen. Elizabeth Warren (D-MA) said there is “still work to be done” on a final bill. (Senate Banking Committee Press Release, May 20)
  • Chairman Hill urged Senate negotiators to support the amended House bill, calling it “the best landing spot for the two chambers” and saying it reflects both chambers’ priorities and their shared commitment to a “bicameral bipartisan housing bill.” (Watch–Fox News | Roll Call, May 21)

What’s In the Bill

  • The House-passed bill preserves the core housing supply and affordability provisions in the Senate package, including reforms to streamline environmental reviews, reduce barriers to new construction, modernize HUD programs, support manufactured housing, and encourage local zoning and land-use reforms. (Bipartisan Policy Center, May 20)
  • The most significant change is the removal of the Senate’s unconstitutional seven-year forced-sale mandate for BTR housing, which would have required certain owners to sell newly built single-family rental homes after seven years. (Axios, May 21)
  • Both Chairman Hill and Ranking Member Waters raised concerns about the provision’s constitutionality this week during their floor statements and an appearance on CNBC’s Squawkbox. (SquawkBox, May 19 | Roll Call, May 21 | Rep. Waters Floor Statement, May 19)
  • The bill still limits large institutional investors—defined as entities controlling at least 350 single-family homes—from buying additional single-family homes. However, it includes exceptions for BTR homes, newly constructed or renovated homes, rental conversions, and homes sold by another large institutional investor that already owned the property or acquired it in compliance with the bill. (Bisnow, May 20)
  • The bill also restores critical community banking provisions and includes measures to expand community lending, support transit-oriented development, improve federal tools for renters and homeowners, and convert abandoned buildings into housing.
  • Key provisions include:
  • Manufactured housing reforms to eliminate the outdated 1974 “permanent chassis” requirement for manufactured homes, which supporters estimate could reduce production costs by thousands of dollars per unit.
  • Zoning incentives to provide grants to local governments that adopt “pattern books” of pre-approved housing designs to speed up construction.
  • Permitting and development reforms to reduce delays, streamline environmental reviews, and lower barriers to new housing production.
  • Community lending and housing finance tools to support local development capacity, expand access to housing, and strengthen federal housing programs.

Roundtable Advocacy

  • The Real Estate Roundtable (RER) strongly endorsed the House amendment, which advances several housing supply and affordability reforms RER has long championed. (RER Statement | May 20)
  • “The latest amendment is focused where it should be — on increasing housing supply,” said RER President and CEO Jeffrey D. DeBoer. “Its sections to boost manufactured housing; help support renters interested in home ownership; build more homes in Opportunity Zones; streamline excessive environmental reviews that delay residential construction; encourage transit-oriented development; and promote much-needed land-use and zoning reforms, among other provisions, all add up to a comprehensive and robust package of smart housing policy.” (RER Statement | May 20)
  • Over the last several months, RER has led efforts to raise constitutional concerns about the Senate’s forced-sale mandate, including 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)
  • More than 125 housing advocacy and industry groups supported the House amendment, urging lawmakers to advance legislation that would modernize outdated housing programs, reduce barriers to development, and increase flexibility for local communities. (Coalition Letter, May 18)
  • Following House passage, RER joined 10 other national housing organizations in commending House leadership for their work, while urging the Senate to swiftly pass the revised Act, calling it one of the most significant housing proposals in a generation. (Statement May 20)

What’s Next

  • The legislation now returns to the Senate, where lawmakers will determine whether to accept the House-passed package or pursue additional changes. With Congress out next week for recess, the earliest the Senate could take up the bill is June.
  • Sens. Scott and Warren have indicated they are not ready to accept the House-passed bill as-is and continue to push for the Senate-approved text. (Politico, May 21)
  • Neither Senate Majority Leader John Thune (R-SD) nor Senate Minority Leader Chuck Schumer (D-NY) has publicly indicated whether they will support the House-amended package. (Politico, May 21)

RER and its coalition partners will continue working with lawmakers as the housing bill moves back to the Senate to ensure the final package remains focused on increasing housing supply, improving affordability, protecting private property rights, and supporting the capital needed to build more homes nationwide

Housing Supply Push Gains Momentum with New Tax and Regulatory Proposals

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Federal policymakers offered new measures aimed at boosting housing supply this week, including bipartisan tax legislation to encourage rental construction and new Department of Housing and Urban Development (HUD) recommendations to reduce state and local regulatory barriers to homebuilding.

Rental Housing Investment Act

  • Reps. Claudia Tenney (R-NY), Linda Sánchez (D-CA), Darin LaHood (R-IL), and Jimmy Panetta (D-CA) introduced the Rental Housing Investment Act, bipartisan legislation to increase the supply of long-term rental housing by modernizing the tax code and incentivizing new construction. (Press Release, May 21)
  • The bill would allow builders to immediately deduct up to $150,000 per rental unit in construction costs for qualifying long-term residential rental housing developments, with an increased deduction of up to $250,000 per unit for qualifying affordable housing projects.
  • The legislation includes safeguards to ensure properties remain in long-term rental use and would apply to newly constructed housing placed in service after enactment.
  • “This bipartisan legislation takes a practical, market-driven approach to expanding housing supply, reducing development costs, and helping make housing more affordable for hardworking Americans,” said Rep. Tenney. (Press Release, May 21)
  • The bill’s bipartisan co-sponsors emphasized that high construction costs and limited rental supply are driving affordability challenges in communities across the country.
  •  A similar bill was previously introduced in the Senate by Sen. Lisa Blunt Rochester (D-DE). A Tax Policy Advisory Committee (TPAC) panel will discuss the bill and other housing tax incentives at The Real Estate Roundtable’s Annual Meeting in June.

HUD Regulatory Best Practices

  • HUD Secretary Scott Turner said the agency is encouraging state and local partners to review their regulations and policies to “lower the cost to build and enable more efficient housing supply growth.”
  • HUD noted that regulatory costs account for more than $100,000 of the final price of a new single-family home, while certain state and local green energy mandates can add up to $30,000 to construction costs. (HousingWire, May 20)

Housing Momentum

  • The housing debate was also front and center at an Axios event this week, where lawmakers highlighted growing bipartisan momentum around supply-side reforms, deregulation, zoning flexibility, and alternative construction methods. (Watch, May 20)
  • Rep. Ritchie Torres (D-NY) said “housing is having a moment in Washington, D.C.,” while Rep. Mike Flood (R-NE) emphasized that housing supply is also an economic development issue tied to workforce shortages and regional growth. (Axios, May 21)

These new legislative and regulatory actions reflect growing bipartisan attention to the core drivers of housing affordability: supply shortages, high construction costs, land-use barriers, lengthy permitting timelines, and financing constraints. RER will continue working with policymakers to advance supply-side reforms that encourage private capital, reduce construction barriers, and expand housing supply nationwide.

Coalition Statement on House Passage of the Amended 21st Century ROAD to Housing Act

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11 National Organizations Commend the House for its Work, Now Call on Senate to Swiftly Pass the Act

The undersigned housing groups representing thousands of housing providers and tens of millions of residents commend the House of Representatives for its bipartisan passage of the recently amended 21st Century ROAD to Housing Act.

The revised Act, like all compromise legislation, is not perfect. Nevertheless, it is one that our organizations support as it encompasses some of the most significant housing proposals in a generation.
As the process moves forward, it will be vital that the final language safeguards millions of BTR homes and the individuals and families that are building their lives in them.

The Act includes many meaningful reforms that will help modernize federal housing programs, reduce barriers to development, and encourage the production and preservation of more housing nationwide. This revised legislation will help communities expand housing supply, improve affordability, and create more pathways to both rental housing and homeownership.

In the days to come, we look forward to working with lawmakers and the Department of the Treasury to finalize important aspects of the bill around implementation and interpretation and make sure that BTR housing can continue to play such a robust and vital role in providing the rental housing the nation needs.

Now, as the President has indicated that he will sign the revised Act, this Coalition urges the Senate to pass this major legislation.

The amended 21st Century ROAD to Housing Act is a key win for members of Congress, the Administration and, most importantly, the American people.

Download Statement

  • Affordable Housing Tax Credit Coalition
  • Leading Builders of America
  • MBA
  • NAA
  • NAHB
  • NAHMA
  • Nareit
  • NHC
  • NLHA
  • NMHC
  • RER

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The Real Estate Roundtable Supports Bipartisan House Amendment to 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:

“We strongly support the House’s bipartisan amendment to the 21st Century Road to Housing Act scheduled for House floor consideration today.

Significantly, this bill eliminates the unconstitutional “forced sale” of build-to-rent housing that plagued prior versions.

Moreover, the latest amendment is focused where it should be — on increasing housing supply. Its sections to boost manufactured housing; help support renters interested in home ownership; build more homes in Opportunity Zones; streamline excessive environmental reviews that delay residential construction; encourage transit-oriented development; and promote much-needed land-use and zoning reforms, among other provisions, all add up to a comprehensive and robust package of smart housing policy.

We congratulate Financial Services Committee Chairman French Hill and Ranking Member Waters on their landmark bipartisan accomplishment. Congress should pass the measure without delay so more homes that are safe, modern, and affordable can be delivered for the American people.”

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