Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, announced that she and Chairman French Hill (R-AR) have reached a new bipartisan agreement to pass an improved version of the ‘21st Century ROAD to Housing Act’—a major bipartisan legislative package aimed at addressing the nationwide housing supply shortage and affordability crisis—to the Senate.
The updated legislation follows the bill’s initial passage in the House with overwhelming bipartisan support. Unfortunately, the Senate amended the legislation to exclude more than 20 provisions secured by House Democrats. In response, Ranking Member Waters called for a conference committee to reconcile the differences between the bills. After continuing negotiations with Chairman Hill, the House has now reached an agreement on a strengthened path forward.
“After months of continued bipartisan negotiation, I’m pleased that we were finally able to come together to move this critical housing legislation forward,” said Ranking Member Waters. “The affordable housing crisis demands immediate action. This updated bill restores key provisions to hold institutional investors accountable and protect renters, while expanding access to affordable housing opportunities for families across the country. I look forward to a strong bipartisan vote in the House and urge the Senate to swiftly take up the House bill so we can deliver real relief to the millions of Americans struggling to keep a roof over their heads.”
This legislation strengthens and improves the 21st Century ROAD to Housing bill by adding the following key provisions and changes:
Restores House-Passed Housing Provisions. This House version restores numerous Democratic provisions, which would expedite the building of multifamily, manufactured, rural housing, make available small-dollar mortgages, create a national eviction hotline, better protect borrowers and families living in federally assisted housing, and enhance federal oversight of housing providers.
Eliminates Harmful Provisions to Public Housing and its Residents. This House version removes the Senate’s Rental Assistance Demonstration (RAD) and Moving to Work (MTW) provisions, which would weaken tenant protections and reduce federal oversight, leaving tenants in federally assisted housing vulnerable to displacement and harmful policies.
Prohibits Corporate Landlords from Buying Homes and Creates Renter Hotline. This House version prohibits large institutional investors that own more than 350 single-family homes from purchasing such homes and allows for certain exempted purchases, including build-to-rent properties. The House version improves the Senate version by:
Ensuring the continuation of critical housing construction and its financing and protecting tenants from eviction by eliminating earlier Senate language which would require the disposition of certain purchased properties.
Creating a renter hotline and public website for reporting, monitoring and resolving renter disputes with large institutional investor landlords. Establishes procedures for timely responses by federal and state regulators and large institutional investor landlords. Requires annual Congressional reports on such renter disputes and annual notification by large institutional investor landlords to HUD about the number and location of their properties.
Providing clarification in definitions of covered large institutional investor, covered single family home, and excepted purchase, including removing loopholes that could harm renters with land contracts and exempting LIHTC and other housing types at risk of unintended consequences.
Supporting community financial institutions. This House version restores bipartisan provisions, including 5 led by Democratic Members, to support thousands of community financial institutions, including community banks, credit unions, community development financial institutions (CDFIs), minority depository institutions (MDIs), and rural depository institutions that provide critical financing to homebuyers and housing developers.
