Congress Passes Historic Housing Package
Latest Update – Bill Signing Delayed (June 24)
Following yesterday’s final passage of the 21st Century ROAD to Housing Act out of Congress, the President this morning called off a scheduled ceremony to sign the bill into law.
Given the process as outlined in the Constitution, if the President takes no action on the bill, it would become law on July 7, 2026, without his signature.
NAA encourages the President to swiftly sign the landmark legislation into law and deliver a strong affordability win for the American people.
House Passes Bill, Sends to President’s Desk (June 23)
Tonight, the U.S. House passed (358-32) the updated 21st Century ROAD to Housing Act just one day after the Senate overwhelmingly advanced the bill. The legislation now heads to President Trump who is expected to sign the package as early as tomorrow.
The final bill represents historic action on housing, including a number of provisions that will directly help local communities across the country increase housing supply and ease longstanding affordability challenges.
Deeper Dive: Read NAA and NMHC’s statement on the final agreement.
Senate Passes Bicameral Housing Package (June 22)
This evening, the Senate overwhelmingly passed (85-5) the 21st Century ROAD to Housing Act after reaching an agreement with House lawmakers on final bill text last week. The bill retains an overwhelming focus on boosting supply and easing longstanding housing affordability challenges and importantly leaves out the damaging seven-year disposition requirement for build-to-rent (BTR) housing. Read NAA and NMHC’s statement applauding the agreement.
This week, the House is widely expected to reconsider and vote on the package before sending the legislation to President Trump’s desk for signature.
Congress Aligns on Housing Package (June 17)
House & Senate Reach Deal: Yesterday, leaders in both chambers of Congress—Senators Tim Scott (R-S.C.) and Elizabeth Warren (D-Mass.) and Representatives French Hill (R-Ark.-2) and Maxine Waters (D-Calif.-43)–announced a bipartisan, bicameral deal on the 21st Century ROAD to Housing Act. For a deeper dive, read the joint press release and access the new bill text.
What This Means: The final package is the result of a great deal of compromise – and, while imperfect, represents the most meaningful housing legislation in decades.
NAA and the National Multifamily Housing Council (NMHC) issued a statement applauding the agreement, noting that the bill would ultimately “help communities expand housing supply, improve affordability and create more pathways to both rental housing and homeownership.”
Key Takeaways: The bill retains an overwhelming focus on boosting supply and easing longstanding housing affordability challenges. Of note, the package leaves out the damaging seven-year disposition requirement for build-to-rent (BTR) housing.
Supply-focused sections include:
- Key inspections provisions from the Choice in Affordable Housing Act, which would reduce duplicative inspections by allowing one passed inspection to satisfy federal requirements across housing programs;
- The Housing Supply Frameworks Act, which requires HUD to publish best practices and guidelines to assist communities in modernizing local and state zoning frameworks that support the production of adequate housing options at every income level;
- The HOME Investment Partnerships Reauthorization and Reform Act, which would reauthorize and modernize the HOME program to improve administration and support more affordable housing construction;
- The Unlocking Housing Supply Through Streamlined and Modernized Reviews Act, which would streamline National Environmental Protection Act (NEPA) review for small and infill housing projects; and
- The Build Now Act, legislation that creates a pilot program to incentivize housing development of all kinds in certain Community Development Block Grant (CDBG) funded jurisdictions.
What’s Next: On Tuesday, the Senate cleared a procedural hurdle and is on track to pass the bill as early as this week. From there, the House is widely expected to advance the legislation and send it to the President’s desk for signature. NAA and NMHC look forward to playing an active role as federal regulators begin the implementation process, particularly to ensure the long-term protection of build-to-rent (BTR) housing for Americans.
Senate to Reconsider Housing Package (June 16)
The Big Picture: The U.S. Senate has announced revisions to the latest House-passed version of the 21st Century ROAD to Housing Act and plans to vote again on the legislation as early as this week.
What To Know: The vast majority of changes in the Senate do not impact housing-related provisions and instead focus on the banking sections of the bill. Importantly, the Senate version – like the House bill passed in May – leaves out the damaging seven-year disposition requirement for build-to-rent (BTR) housing, a reflection of steadfast advocacy from NAA members.
Deeper Dive: As a part of their changes, the Senate is seeking to add back in the BUILD NOW Act, legislation that would link Community Development Block Grant (CDBG) funding to new home construction.
What’s Next: As the Senate reconsiders the legislation, NAA joined several industry coalition partners yesterday in asking key leaders to make one technical clarification within the BTR section of the bill. The minor change would more clearly exempt BTR homes from the institutional investor provisions and give developers and investors confidence to create new housing opportunities that Americans need.
House Passes Amended Housing Bill (May 20)
The Big Picture
Today, the U.S. House passed a twice-amended version of the 21st Century ROAD to Housing Act (396-13). The amended version is the result of a great deal of compromise and deliberation (some within the last 24 hours between the White House and House Speaker Mike Johnson (R-La.-4)) that ultimately represents an improvement from the Senate-passed version earlier this year. If signed into law, this version would deliver affordability wins for Americans across the nation and provide a bulwark against the rise in rent control proposals driven by a lack of adequate supply to moderate rents.
Key details of the amended version include:
- The amended bill removes the 7-year disposition requirement for build-to-rent (BTR) housing but includes fewer exemptions than the initial House text released earlier this week.
- The pro-supply provisions largely mirror those from the Senate-passed version, including:
- Unlocking Housing Supply Through Streamlined and Modernized Reviews Act, which would streamline National Environmental Protection Act (NEPA) review for small and infill housing projects;
- Key inspections provisions from the Choice in Affordable Housing Act, which would reduce duplicative inspections by allowing one passed inspection to satisfy federal requirements across housing programs;
- The HOME Investment Partnerships Reauthorization and Reform Act, which would reauthorize and modernize the HOME program to improve administration and support more construction; and
- The Housing Supply Frameworks Act, which requires HUD to publish best practices and guidelines to assist communities in maintaining modern local and state zoning frameworks that support the production of adequate housing options at every income level.
In response, a broad coalition of industry organizations said in a media statement that “this revised legislation will help communities expand housing supply, improve affordability, and create more pathways to both rental housing and homeownership.”
This version passed today would not have been possible without the steadfast advocacy of NAA members, including those who held more than 300 Capitol Hill meetings at Advocate in March.
What’s Next
Next, the Senate must reconsider the bill. Both President Trump and Senate Majority Leader John Thune (R-S.D.) have indicated support, though Banking Committee Chairman Tim Scott (R-S.C.) and Ranking Member Elizabeth Warren (D-Mass.) issued a statement pointing to "more work to be done."
Importantly, the industry’s work on this legislation is not complete. Once this package is signed into law, there are several regulatory directives – including around BTR – that will require our input to ensure they promote housing affordability and availability.
For more timely updates on the industry’s advocacy and legal news, register for our monthly Advocacy and Legal Webinar (ALW) series and tune in every third Wednesday of the month at 2 pm ET. This webinar is exclusively for NAA members and affiliate partners. Contact NAA at publicpolicy@naahq.org if you have any questions.
Amended Federal Housing Bill Would Ease Affordability Burdens, Protect BTR (May 18)
The Big Picture: Amendments made in the U.S. House to the 21st Century ROAD to Housing Act would ultimately deliver a stronger affordability win for Americans by preserving build-to-rent (BTR) housing as a flexible, affordable living option for Americans and by realigning the bill to focus on boosting housing supply. NAA and national coalition partners applauded the new language late last week, saying that it would “help preserve flexible housing options for renters, ease affordability challenges and provide more opportunity for households on the path toward homeownership.”
As the House prepares to consider the bill again this week, read more on key provisions that demonstrate how this package would deliver supply-focused results.
Protecting Build-to-Rent
Importantly, the new House bill removes the 7-year disposition requirement for BTR. It more explicitly follows the President’s Executive Order, “Stopping Wall Street From Competing With Main Street Homebuyers,” which allows “appropriate, narrowly tailored exceptions for build-to-rent properties that are planned, permitted, financed, and constructed as rental communities.” NAA continues to believe that all investment into housing is needed if we are to effectively address the nation’s affordability challenges.
Supply-Focused Provisions
- Single-Stair / Point-Access Building Guidance (Sec. 102): Directs HUD to develop model code guidance for single-stair residential buildings.
- Why it matters: Enables new building types that can increase density and reduce costs.
- Opportunity Zones Housing Incentives (Sec. 201): Prioritizes federal housing grants for projects located in Opportunity Zones.
- Why it matters: Encourages private investment and development in underserved communities.
- Housing Supply & Zoning Incentives (Sec. 204): Establishes incentives tied to local housing growth performance, adjusting CDBG allocations based on whether jurisdictions increase housing supply.
- Why it matters: Directly incentivizes local governments to remove barriers and approve more rental housing.
- CDBG Expansion to Allow New Construction (Sec. 205): Explicitly allows new construction of affordable housing under CDBG funding (up to 20%).
- Why it matters: Provides flexible financing to support multifamily development deals.
- Environmental Review Streamlining (Sec. 207): Expands categorical exclusions and reduces NEPA-related delays for housing development.
- Why it matters: Shortens project timelines and reduces regulatory burden on developers.
- FHA Multifamily Loan Limit Increases (Sec. 212): Significantly increases FHA loan limits and indexes them to construction costs.
- Why it matters: Improves project feasibility by closing financing gaps for new housing supply.
- Choice in Affordable Housing Act (Sec. 405): Streamlines Housing Choice Voucher (Section 8) participation by allowing inspections parity from other federal programs and enabling pre-inspections.
- Why it matters: Reduces administrative burden, accelerates lease-up and increases owner participation.
- HOME Investment Partnerships Reform and BABA Implementation Clarity (Sec. 501): Modernizes the HOME program by expanding flexibility and eligible uses while directing HUD to review the implementation of Build America, Buy America (BABA) requirements and issue updated guidance clarifying how those requirements apply to HOME-funded housing activities.
- Why it matters: Makes a key federal housing program more workable for developers and housing providers while providing critical clarity on BABA compliance to reduce uncertainty, avoid project delays, and limit cost increases for multifamily housing development.
What’s Next
Instead of the disposition requirement, the House bill establishes a renter dispute hotline and imposes annual renter notification and disclosure requirements to HUD for owners who are covered institutional investors.
In light of its overwhelmingly pro-supply focus, NAA is advocating for the passage of the amended version of the bill. Read more in our most recent letter.
House Introduces Amended Package (May 14)
The Big Picture: Today, key leaders in the House unveiled an amended version of the 21st Century ROAD to Housing Act that importantly preserves build-to-rent (BTR) housing.
NAA and industry coalition partners wrote Congressional leadership this afternoon, encouraging them to pass this amended package. "This legislation will help preserve flexible housing options for renters, ease affordability challenges and provide more opportunity for households on the path toward homeownership," the letter said.
NAA members played a key role in making this happen, including through more than 300 meetings on Capitol Hill during Advocate, NAA's annual advocacy conference.
Read the Coalition's Statement
NAA, NMHC Call on Congress to Fix and Pass Housing Package (May 12)
The Big Picture: NAA President and CEO Bob Pinnegar and National Multifamily Housing Council (NMHC) President Sharon Wilson Géno issued a statement today urging Congress to fix and pass the 21st Century ROAD to Housing Act.
“The 21st Century ROAD to Housing Act - the most significant, bipartisan legislation to increase housing supply in years - has the potential to meet our shared housing goals, but only if it is modified to preserve investment in Build-to-Rent (BTR) communities," the statement said.
“BTR serves as an important step for families on the path to homeownership, as it provides an affordable option for households to live in a single-family setting while they are saving for a home of their own. These communities also increase the number of homes available for purchase by providing an option for senior households to downsize and sell their homes to another family."
House Members Call for Build-to-Rent Fix (April 23)
The Big Picture: On April 22, the Bipartisan Congressional Real Estate Caucus released a letter with 76 bipartisan signatories in the House expressing serious concerns regarding provisions included in the Senate-passed 21st Century ROAD to Housing Act that would undermine efforts to address our nation’s housing supply and affordability crisis.
Deeper Dive: "By applying a mandatory seven-year divestiture requirements and sweeping definitions of 'purchase' and 'investment control,' Section 901 would effectively halt the production of Build- to-Rent (BTR) housing nationwide and eliminate hundreds of thousands of future units," the letter said.
NAA's Take: In response, NAA President and CEO Bob Pinnegar said that "Congress must address damaging language within the current housing package that would eliminate our nation’s growing Build-to-Rent (BTR) market, ultimately removing a flexible housing option for families and exacerbating supply shortages."
Read NAA and NMHC's Joint Statement
Momentum Grows for Conference (March 23)
The Big Picture: Since the Senate's passage of the 21st Century ROAD to Housing Act earlier this month, momentum has slowly been building -- particularly in the House -- for a conference on the legislation. A conference would allow both chambers to work through many of the specific provisions and more closely align on a final housing package.
The Latest: House Financial Services Committee Ranking Member Rep. Maxine Waters (D-Calif.-43) recently sent around a "dear colleague" letter than in part called for a conference on the bill.
"Additionally, we need to address stakeholder concerns that have been raised since passage in the Senate, especially about whether the bill now curtails the construction of new homes and creates other unintended consequences. Given these changes, we must reconcile the House and Senate versions to produce the strongest possible housing legislation for our communities at home."
What's Next: NAA continues to join industry coalition members in calling for Congress to fix the build-to-rent provision outlined in Section 901 through whatever means necessary, including a formal conference. This ask will be a key part of Advocate, NAA's advocacy conference and Lobby Day, this week on Capitol Hill.
Senate Passes Bill (March 12)
The Big Picture: Today, the U.S. Senate passed the 21st Century ROAD to Housing Act (H.R. 6644) 89-10.
Key Takeaway: While the package retains many pro-supply provisions from the initial Housing for the 21st Century Act (House version) and ROAD to Housing Act (Senate version), it regrettably still includes damaging policy language that would stifle investment into build-to-rent (BTR) and ultimately remove a flexible and affordable housing option for Americans and their families.
NAA and NMHC Respond: In a joint statement responding to the bill’s passage, NAA President and CEO Bob Pinnegar and National Multifamily Housing Council (NMHC) President Sharon Wilson Géno shared that “unfortunately, the promise of this overwhelmingly pro-housing legislation is now undermined by the eleventh-hour addition of a provision that will have an immediate chilling effect on housing supply, affordability and investment.”
What’s Next: NAA and industry coalition partners continue advocacy work to remove this damaging provision as the House considers the updated legislation next.
Industry Coalition Outlines Unified Position on Build-to-Rent (March 11)
Yesterday, NAA -- alongside industry coalition partners -- provided feedback to Congress concerning how the current language in the 21st Century ROAD to Housing Act affects Build-to-Rent (BTR) housing and the supply of affordable housing in our nation.
"The 7-year disposition requirement will effectively shut down BTR development, leading to less supply and fewer options for renters. This provision, in concert with a technical oversight on the impacts to horizontal multifamily housing, would take hundreds of thousands of housing units off the market over the next decade, many of which would serve lower- and middle-income households."
NAA Works to Protect Build-to-Rent (March 9)
Senate Letter: Late last week, NAA – alongside real estate coalition partners – wrote to key Senate leaders to encourage them to fully exempt build-to-rent (BTR) from the disposition requirements outlined in the new bill text (Section 901).
“Rental housing remains a critical part of our national housing needs,” the letter stressed. “BTR homes meet families where they are and play a key role in expanding supply, lowering costs, and broadening opportunity.”
What We’re Doing: NAA continues steadfast advocacy efforts to realign the housing package with its initial goal of boosting housing supply and easing affordability challenges.
Senate Seeks to Amend Housing Package (March 4)
Key Takeaway: The U.S. Senate has circulated draft language to amend the existing housing package and rename it the 21st Century ROAD to Housing Act.
While the new bill text represents a compromise between Senate Republicans, Democrats and the White House – and does include many NAA-supported provisions from previous versions of both ROAD to Housing and Housing for the 21st Century Act – it unfortunately adds new policy language that would fundamentally upend the nation’s build-to-rent (BTR) market and jeopardize a longstanding affordable and flexible living option for many Americans.
The Specifics: This new section would prohibit large institutional investors from purchasing single-family homes after the date of enactment of this Act and require disposal of single-family assets to individual homebuyers not later than 7 years after the date of purchase. “Large institutional investor” would be defined as an entity in the business of investing in, owning, renting, managing or holding single-family homes entity and owns more than 350 single-family homes.
While build-to-rent purchases are exempted from most of the large institutional investor provisions, NAA remains concerned about their inclusion in the disposition provision and the substantial impact it could have on transactions as well as its immediate chilling effect on supply and investment in one of the fastest growing markets for rental housing. The White House issued a Statement of Administration Policy in support of the legislation. The provision also has the strong support of Senate Banking Committee Ranking Member Elizabeth Warren (D-Mass.).
What’s Next: NAA expects that the substitute bill language will be voted on, potentially with other amendments, early the week of March 9.
What We’re Doing: NAA is working with our coalition partners to urge the Senate to change this language and protect the BTR market. We anticipate that more changes could be made to realign all provisions of the package with the ultimate goal of boosting supply and easing affordability challenges.
Senate Votes Again (March 2)
The U.S. Senate will take up the bipartisan housing package again this week.
What’s Next: Starting around 5:30 p.m. ET on Monday, March 2, the Senate will vote on a cloture measure – filed by Senate Majority Leader John Thune (R-S.D.) – to end debate and move forward with a formal vote on the Housing for the 21st Century Act (H.R. 6644). If the motion passes, the chamber will proceed with an official vote on the legislation.
What We’re Monitoring: In this process, the Senate will have the opportunity to add, adjust and remove provisions from the Housing for the 21st Century, as passed by the House in February (309-9). It is likely that the chamber will more closely align the legislation with many of the provisions they previously advanced in the ROAD to Housing Act late last year.