The Senate voted on Monday evening (84-6) on the procedural motion to advance the 21st Century ROAD to Housing Act.

Go Deeper: Like the bill’s title, the newly released text and section-by-section summary blend the House and Senate versions and will serve as the framework for the Senate’s floor vote.

By the Numbers: The new bill is made up of 36 of the 40 provisions from the Senate’s ROAD to Housing combined with six provisions from the House’s Housing for the 21st Century.

What’s Included:

  • Lifting the public welfare investment (PWI) cap from 15 to 20 percent, (Sec. 204, Community Investment and Prosperity Act);
  • President Trump’s request to ban institutional investors from buying single family homes (Sec. 901, Homes Are For People, Not Corporations);
  • Streamlining NEPA reviews for small and infill housing projects (Sec. 208 – Unlocking Housing Supply Through Streamlined and Modernized Reviews Act);
  • Lifting the RAD cap (Sec. 201 – Rental Assistance Demonstration Program); and
  • Reforming the HOME program (Sec. 502 – HOME Investment Partnerships Reauthorization and Reform Act).
    • Unfortunately, the watered-down language that directed HUD to review and rewrite guidance related to BABA compliance in the HOME program did not make it into this version of the bill.
    • Call to Action: If you have examples showcasing BABA premiums on your deals, especially from the state of Nevada, please send to Ilana Morof to help with our advocacy.

Myth vs Fact: Senate Republicans released a one-pager to address misinformation surrounding the new bill.

What’s Next: The Senate needs to pass the bill before heading over to the House for a vote. President Trump signaled with the release of a Statement of Administrative Policy he would sign the bill in its current form into law.