The 21st Century ROAD to Housing Act is headed to the President’s desk after passing the Senate on Monday, 85-5, and the House on Tuesday, 358-32.
Why This Matters: Some of the most important provisions to NH&RA members include:
- Lifts the public welfare investment (PWI) cap from 15 to 20 percent, potentially unlocking billions of dollars in additional investment in the Housing Credit (Sec. 203);
- Reauthorizes the HOME program and requires HUD to review the implementation of Build America, Buy America (BABA) requirements for HOME funds and issue updated guidance (Sec. 205);
- Note: This BABA language only applies to the HOME program and does not address the need for BABA reform in other HUD or USDA housing programs.
- Increases the Rental Assistance Demonstration (RAD) cap on housing authorities, but with a new limit of 100,000 units (Sec. 212);
- Reduces delays in HUD inspections by allowing units financed through federal housing programs (LIHTC, HOME, USDA Rural Housing) to automatically meet Housing Choice Voucher (HCV) inspection requirements if they have passed an inspection within the past year (Sec. 405);
- Exempts build-to-rent housing from the institutional investor ban; (Sec. 1001); and
- Streamlines NEPA reviews for HUD & USDA small (15 units or smaller) and infill housing projects as well as eliminates the need for additional reviews if additonal funding sources are added (Secs. 103, 205, 802).
Go Even Deeper: The Bipartisan Policy Center released an explainer detailing each section of the bill that will be signed into law by President Trump at a signing ceremoy likely later today, Wednesday, June 24.
For More: Join NH&RA at our Summer Institute in Huntington Beach, CA on July 9 & 10. The HUD Update: Priorities, Programs, and Policy Developments panel on Friday, July 10 will unpack the bill and what it means for you.
With Gratitute: Thank you to everyone who worked on and advocated for this bill – this momentus achievement would not have been possible without you!
