Tag: Renewing Opportunity in the American Dream to Housing Act (ROAD) to Housing Act

Growing Bipartisan Effort in Congress Targets Barriers to Housing Supply and Affordability

Posted on by abigail_grenadier

Housing Hearing

  • The House Financial Services Committee examined regulatory obstacles driving the nation’s housing shortage during a hearing, “Building Capacity: Reducing Government Roadblocks to Housing Supply.”
  • Lawmakers and witnesses focused on zoning limits, lengthy permitting timelines, and other local and federal policies that restrict new construction and inflate costs. (Committee Press Release, Dec. 3)
  • Committee Chair French Hill (R-AR) said during the hearing the committee will assemble a housing and banking package later this month aimed at cutting red tape, strengthening community bank lending to homebuilders, and creating a more predictable development environment for builders, lenders, buyers, and renters. (Politico, Dec. 3)
  • Throughout the hearing, witnesses emphasized the need to cut red tape, streamline local permitting, and address workforce, tariff, and energy-rule cost pressures, while emphasizing the expansion of manufactured housing as a critical supply solution.
  • National Association of Realtors Immediate Past President Kevin Sears testified that zoning prohibitions and regulatory barriers at all levels restrict many communities from allowing diverse housing types. He added that lengthy permitting processes further slow development, and that federal incentives to encourage local governments to streamline approvals would be highly beneficial. (Watch Hearing; Committee Memo)

State of Play

  • The Senate Banking Committee has its own bipartisan housing policy package, the Renewing Opportunity in the American Dream (ROAD) to Housing Act of 2025 (S. 2651), which passed in October as part of its version of the National Defense Authorization Act (NDAA). (Roundtable Weekly, Oct. 17)
  • GOP leaders are now considering whether to add a revised or scaled-down version of the Senate’s legislation to the NDAA, but no final decisions have been made. (PoliticoPro, Dec. 3)
  • Chair Hill cautioned that members have not yet reviewed any legislative text and emphasized that the committee must be fully engaged in negotiations. He said in a statement late Wednesday that “any housing package must have the buy-in” of his committee. (PoliticoPro, Dec. 3)

Senate Housing Legislation

  • This week, Senators John Cornyn (R-TX), Michael Bennet (D-CO), Steve Daines (R-MT), Adam Schiff (D-CA), John Barrasso (R-WY), and Mark Kelly (D-AZ) introduced the More Homes on the Market Act, which would make housing more available and affordable by amending the tax code to allow sellers to exclude additional funds from capital gains taxes, incentivizing homeowners to sell and increasing market supply. (Sen. Cornyn Press Release, Dec. 3)
  • The More Homes on the Market Act would increase the exclusion to $500,000 for single filers and $1 million for joint filers, making it more financially desirable for homeowners to sell and increasing housing turnover.
  • “The American dream is rooted in owning a home and raising a family, but an outdated tax code not only prevents the next generation from being able to afford a home, but it also prevents seniors seeking to downsize from selling theirs,” said Sen. Cornyn. “This legislation would update the tax code to incentivize sellers and make homes more affordable, and I’m glad to support it.”

EB-5 & Workforce

  • Sen. Gallego (D-AZ) introduced the Building Housing for the American Dream Act this week, a bill that would redirect foreign capital from the EB-5 program into affordable housing construction. (Sen. Gallego Press Release, Dec. 4)
  • The bill would extend the lower $800,000 investment threshold to projects dedicated to the production, preservation, or rehabilitation of housing and would expedite processing for applications linked to affordable housing. (Bloomberg, Dec. 4)
  • “Creative policy solutions must be on the table to increase the housing supplies we need to address the national affordability crisis” said Jeffrey D. DeBoer, President and CEO of The Real Estate Roundtable.
  • “Senator Gallego’s Building Housing for the American Dream Act hits the mark. It recognizes that housing should be treated as infrastructure. It will attract overseas investment capital through the EB-5 visa program, helping to build more homes in markets across the country where there are serious housing shortages. It will accomplish these goals at no cost to taxpayers, and create jobs for American workers. This is a smart bill that should be included in long-term EB-5 reauthorization. We thank Senator Gallego for his leadership.”  (Sen. Gallego Press Release, Dec. 4)

RER will continue engaging with policymakers and industry leaders to promote bipartisan solutions and regulatory reforms that expand housing supply, improve affordability, and strengthen economic stability.

Senate Hearing Highlights Bipartisan Push to Expand Housing Supply and Cut Costs

Posted on by abigail_grenadier

The Senate Banking Subcommittee on Housing, Transportation, and Community Development held a hearing this week, “Innovation in U.S. Housing: Solutions and Policies for America’s Future,” which examined the nation’s housing shortage, the impact of rising regulatory costs, and innovative approaches such as modular and off-site construction, accessory dwelling units (ADUs), and pre-disaster mitigation to help address the housing crisis.

Hearing Highlights

  • Subcommittee Chair Katie Britt (R-AL) and Ranking Member Tina Smith (D-MN) framed the housing crisis as a bipartisan priority, citing the ROAD to Housing Act’s unanimous 24-0 passage through the Senate Banking, Housing, and Urban Affairs Committee as proof of momentum for federal housing reform. (Watch Hearing)
  • Among the measures Senators raised were proposals to ease permitting rules, streamline approvals, and modernize FHA and USDA programs to speed construction.
  • Members also discussed Opportunity Zones and expanding the Low-Income Housing Tax Credit (LIHTC as levers to spur investment in underserved areas, particularly when paired with state and local zoning reforms.
  • Witnesses emphasized regulatory and financing barriers, noting that government requirements add roughly 24 percent to the cost of new single-family homes and 40 percent to multifamily developments. 
  • Mary Tingerthal, founder of Construction Revolution, highlighted modular and off-site construction as key innovations to lower costs and timelines, reducing project durations by up to 50 percent and costs by 10-20 percent.

By the Numbers

  • A new report published by Goldman Sachs Research estimates the U.S. must add 3-4 million homes—about 2-2.6 percent of current housing stock.
  • The firm found that restrictive land-use regulations are the biggest barrier to growth, and that easing them could generate up to 2.5 million additional units over the next decade. (Goldman Sachs, Oct. 21)
  • Separately, Goldman Sachs economists reported that U.S. consumers are bearing about 55 percent of the costs from tariffs this year, with businesses and foreign exporters absorbing smaller shares. (ABC News, Oct. 14)
  • The firm said U.S. companies are expected to pass on more of those costs to consumers as the tariffs remain in effect.  (The Hill, Oct. 13)

RER Advocacy

  • The bill focuses on streamlining regulations, incentivizing construction, modernizing housing finance and disaster recovery programs, and supporting vulnerable populations such as veterans and the homeless.   

Roundtable on the Road – Chicago

  • This week, RER Chair Kathleen McCarthy (Blackstone), RER Treasurer Michelle Herrick (JPMorgan Chase), and RER President and CEO Jeffrey D. DeBoer hosted members in Chicago for Roundtable on the Road, featuring discussions on housing policy, market innovation, and federal priorities.
  • “Our Chicago stop underscored the value of Roundtable on the Road—real-time dialogue among industry leaders on housing, the economy, and market trends,” said DeBoer. These on-the-ground insights strengthen our advocacy in Washington, helping to shape practical, fact-based solutions that expand housing, fuel growth, and ensure policymakers understand the real-world impact of their decisions.”

Housing, GSE reform, and solutions to improve housing affordability will be key topics of discussion during RER’s Fall Roundtable Meeting next week in Washington, D.C., on Oct. 27-28 (Roundtable-level members only).

Senate Passes Bipartisan ROAD to Housing Act

Posted on by abigail_grenadier

The U.S. Senate passed the Renewing Opportunity in the American Dream (ROAD) to Housing Act of 2025 (S. 2651) on Oct. 9, as part of its version of the National Defense Authorization Act (NDAA)—marking the first bipartisan, comprehensive housing package advanced in more than a decade. (MultiFamily Dive, Oct. 15)

ROAD to Housing Act

  • Introduced by Senate Banking Committee Chair Tim Scott (R-SC) and Ranking Member Elizabeth Warren (D-MA), the bipartisan bill passed the committee 24–0 in July before its inclusion in the NDAA. (CRE Daily, Oct. 14)
  • The legislation builds on years of bipartisan committee work, stakeholder engagement, and multiple hearings. It focuses on streamlining regulations, incentivizing construction, modernizing housing finance and disaster-recovery programs, and supporting vulnerable populations such as veterans and the homeless. (HousingWire, Oct. 10)
  • The bill incentivizes states and cities to boost housing supply by cutting red tape, streamlining federal inspections, and eliminating duplicative regulations. (The Hill, July 29)
  • Key pillars of the bill focus on expanding and preserving supply, improving affordability and access, enhancing accountability and fiscal responsibility, and strengthening oversight of federal housing programs. (Press Release, Oct. 9 | Roundtable Weekly, Aug. 1)
  • The legislation contains more than 40 provisions contributed by every committee member and reflects a coordinated effort to modernize housing policy at the federal level. (Politico, July 29 )
  • Sen. Warren said, “This landmark legislation—the first of its kind in more than a decade—takes important steps to boost the nation’s housing supply, improve housing affordability, and increase oversight and efficiency of federal regulators and housing programs. I look forward to working with my colleagues in the House to get the bill to the President’s desk.” (Press Release, Oct. 9)

What’s Next

  • The bill now heads to the House of Representatives for consideration before going to the President’s desk to be signed into law.

Roundtable on the Road

  • This week, RER President and CEO Jeffrey D. DeBoer was a featured speaker at NYU Stern’s Chen Institute National Apartment Finance & Investment Summit, where he was interviewed by Gregg Gerken (Former Head of Commercial Real Estate and Executive Vice President, TD Bank) on national policy outlook, housing affordability, housing finance reform and agency privatization, and capital availability.
  • “Safe, affordable housing is essential to strong communities and a healthy economy,” said DeBoer. “The nation’s chronic underbuilding has created an affordability crisis that demands coordinated action. The ROAD to Housing Act that recently passed reflects the kind of public-private collaboration needed to address the housing shortage by aligning federal incentives with local action to unlock private capital, expand supply, and strengthen communities nationwide.”

RER will continue engaging with policymakers and industry leaders to promote bipartisan solutions and regulatory reforms that expand housing supply, improve affordability, and strengthen economic stability.

Roundtable CEO Discusses Measures to Boost Housing Supply at Capitol Hill Summit

Posted on by abigail_grenadier

Congress returned from recess this week with housing affordability at the forefront, as lawmakers, industry leaders, and advocates launched new legislation, coalition efforts, and regulatory proposals aimed at expanding supply and lowering barriers to residential development.

Summit on Housing Affordability

  • The National Summit on the Housing Affordability Crisis convened Sept. 3 on Capitol Hill and featured House Democratic Leader Hakeem Jeffries (D-NY), Sen. Ruben Gallego (D-AZ), and other lawmakers calling for bold action to expand and improve the affordability of housing nationwide. Rep. Jimmy Gomez (D-CA) hosted the summit. (Watch Panel)
  • RER President & CEO Jeffrey DeBoer joined Rep. Gomez, Emily Cadik (Affordable Housing Tax Credit Coalition), and Will Fischer (Center on Budget and Policy Priorities) on the summit’s opening panel “Making the Housing Puzzle Work.” (Watch DeBoer’s Remarks, Sept. 3)
  • DeBoer commented, “Housing affordability is at its core a supply problem—and supply is constrained by costs, labor, and capital. We need policies that continue to expand the Low-Income Housing Tax Credit, advance the bipartisan Revitalizing Downtowns and Main Streets Act to encourage the conversion of obsolete buildings, and ensure we have the skilled workforce to build. That’s why it’s so important to bring together lawmakers and stakeholders from every sector, because housing is an essential facet of American life, and solving this crisis requires public and private partners working together to expand supply, modernize rules, and deliver homes—both owned and rental single-family and multifamily—that meet the needs of Americans.”
  • Rep. Gomez highlighted the RER-backed Revitalizing Downtowns and Main Streets Act, which would create a federal tax credit to convert underutilized and obsolete commercial properties into affordable housing.
  • Rep. Gomez framed the affordability crisis as a test of confidence in U.S. institutions, saying America “needs a housing boom” prioritizing fairness and accessibility. (Rep. Gomez Press Release, Sept. 4)

Bipartisan Housing Legislation

  • On Sept. 2, RER joined more than 20 real estate and housing groups in a Housing Affordability Coalition letter to Congress urging action on several bipartisan bills, including the HOME Investment Partnerships Reauthorization and Improvement Act, the Workforce Housing Tax Credit Act, and more. (Letter, Sept. 2)
  • The letter emphasized that housing affordability requires public–private partnerships and the removal of regulatory barriers.
  • Rep. Mike Flood (R-NE), chair of the Housing and Insurance Subcommittee, said he aims for an October markup of a bipartisan HOME program reauthorization with Ranking Member Emanuel Cleaver (D-MO). (PoliticoPro, Sept. 3)
  • Their plan would expand uses of HOME funds, reduce regulatory burdens associated with Davis-Bacon, NEPA, and Buy America compliance, and speed affordable housing development.
  • The House agenda complements the Senate’s ROAD to Housing Act, advanced in July, and includes veteran housing and land-use reform bills. (Roundtable Weekly, Aug. 1)
  • Earlier this week, Treasury Secretary Scott Bessent said the Trump administration is weighing whether to declare a national housing emergency this fall, citing zoning and building codes as barriers to new supply. (Bloomberg, Sept. 1)

Coalition Seeks Flexibility on Davis-Bacon

  • On Sept. 3, RER and a group of multifamily trade associations sent a comment letter to HUD Secretary Scott Turner urging the use of Project Labor Agreements (PLAs) to determine prevailing wages on HUD projects. (Letter, Sept. 3)
  • The letter states that PLAs would provide more accurate, local, and timely wage determinations than the Department of Labor’s (DOL) survey method, which often delays projects and raises costs.  
  • The coalition said voluntary PLAs could reduce administrative burdens, speed delivery of HUD-backed housing, and serve as a test case for future Davis-Bacon reforms.

What’s Next

With Congress back in session, housing advocates are pressing for quick action on bipartisan bills and regulatory reforms. RER will continue to push for policies that expand supply, modernize outdated rules, and foster partnerships to address the nation’s affordability crisis.

Real Estate Coalition Supports Affordable Housing Legislation

Posted on by Trey Jackson

On Tuesday, a coalition of national real estate associations, including The Real Estate Roundtable (RER), wrote to Congress urging support for the Renewing Opportunity in the American Dream to Housing Act (ROAD) to Housing Act, (S. 5027 | H.R. 990). Introduced by Senator Tim Scott (R-SC) and Representative French Hill (R-AR), this comprehensive legislation aims to make housing more affordable and widely available. (Letter, Dec. 10)

Addressing Housing Affordability

  • The nation faces a persistent housing affordability crisis rooted in a critical shortage of supply. Addressing this challenge requires bipartisan solutions that foster collaboration across government agencies, industry stakeholders, and policymakers.
  • The coalition praised the bill as “a step forward in addressing the root cause of housing affordability challenges—supply shortages.” (Letter, Dec. 10)
  • The key pillars of the bill are increasing access to affordable housing, promoting opportunity, incentivizing local solutions, and ensuring proper oversight and accountability over federal housing programs. (Sen. Scott Press Release, Sept. 12)
  • Rep. French Hill (R-AR) said, “With the ROAD to Housing Act, we are taking real steps toward creating a housing market that benefits everyone—renters, homeowners, and families striving for stability. I thank my friend Senator Tim Scott for spearheading this legislation in the Senate.” (Rep. Hill Press Release, Oct. 15)
  • The letter emphasized the importance of bipartisan collaboration in crafting sustainable, effective housing policy solutions.

ROAD to Housing Act

  • The ROAD to Housing Act introduces targeted reforms and initiatives, including:
  • Enhanced financial literacy and housing counseling: Empowering individuals with tools to navigate homeownership and rental markets.
  • HUD’s Moving to Work (MTW) program: Fully authorizing this initiative to improve housing outcomes for low-income families. The MTW program helps public housing authorities and agencies implement innovative solutions that support affordable housing goals
  • Boosting affordable housing construction: Encouraging development through construction grants and support for small-dollar mortgage lending.
  • Opportunity Zones focus: Promoting affordable housing projects in designated Opportunity Zones to drive investment in underserved areas.
  • Federal coordination: Establishing regular dialogue between federal agencies and Congress to align housing policies with on-the-ground needs.

The Roundtable and its coalition partners will continue to educate and collaborate with policymakers to advance the ROAD to Housing Act and ensure that housing supply and affordability remain top priorities.