| 5/5/26 Why It Matters Congressional leaders continue to discuss the timing for next steps on a housing package that merges key elements of the Senate’s original ROAD to Housing Act with the House-passed Housing for the 21st Century Act. The full Senate passed its most current version of the package (H.R. 6644, as amended) on March 12, but four sections of the bill could unintentionally limit rental housing supply, reduce access to critical multifamily financing, add costly new requirements for lenders, and place additional obligations on the FHA Mutual Mortgage Insurance Fund. With further House action possible soon, there is a narrow window for lawmakers to correct these issues before any measure is enacted. Your engagement can help ensure the final bill strengthens—rather than harms—real estate finance markets across the country. Take Action Congress is currently considering major housing legislation that combines elements of two previously separate bills: the ROAD to Housing Act (S. 2651) and the Housing for the 21st Century Act (H.R. 6644). A comprehensive package containing provisions from both bills passed the U.S. Senate on March 12. While the Senate’s bill (H.R. 6644, as amended) includes several measures intended to improve housing affordability and supply, it also contains four sections that require correction before the legislation is enacted: – Section 901 purports to ban institutional investors owning more than 350 units from purchasing ANY additional single-family housing. However, the definition of “single-family home” in the current text applies to rental townhomes and other attached units. Although there are carve-outs for certain types of build-to-rent transactions, they come with a requirement to dispose of those holdings after seven years – with existing previously built-to-rent properties not explicitly exempted. – Section 213 was intended to raise FHA multifamily loan limits for the first time since 2003. However, drafting errors in the current text would instead force FHA to lower those limits, undermining the section’s original purpose. – Section 602 would expand FHA’s consumer disclosure requirements to include VA loan pricing comparisons. Stakeholders note that lenders already provide this information through existing processes, and the new mandate could be costly without improving consumer outcomes. – Section 101 would require servicers of all government backed loans to provide “foreclosure mitigation” counseling to any borrower who becomes 30 days delinquent. It would also require the FHA Mutual Mortgage Insurance Fund (MMIF) to pay for counseling across multiple federal programs, raising concerns about whether this use of the MMIF is appropriate or permissible. House leaders are now preparing their response to the Senate bill. ACT NOW to urge your U.S. Representative to ensure that the emerging House version corrects these four troubling sections. Take Action By opening this MAA email or registering for an MBA/MAA event, you acknowledge and agree to enroll in—or renew—your FREE MAA membership for one year (365 days) from the date of your action. You may cancel your membership at any time by contacting [email protected]. MAA is a free, grassroots advocacy organization, not a PAC, and no membership dues are required. |
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