The 21st Century ROAD To Housing Act

The term ROAD means Renewing Opportunity in the American Dream.

The act Act became law on July 11 without the President’s signature. It passed with enough votes in the Congress and the Senate that there was no possibility of presidential Veto. It is a sprawling piece of legislation containing dozens of provisions covering housing supply, financing, manufactured housing, building codes, environmental review, affordable housing programs and institutional ownership of single-family homes.

The Act restricts large institutional investors from purchasing additional single-family homes once they control at least 350 homes, subject to several exceptions. Existing portfolios are not required to be sold, and exceptions remain for newly constructed housing, certain build-to-rent communities, senior housing and other qualifying transactions.

This could reduce competition for scattered-site acquisitions from the largest operators. But it may also redirect institutional capital toward purpose-built rental communities, multifamily apartments and financing partnerships with smaller developers.

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