What’s the 21st Century ROAD to Housing Act?
In mid-July, the 21st Century ROAD to Housing Act (H.R. 6644), a landmark bipartisan housing package, passed into law in both houses of Congress. Here’s what you need to know about the bill, and how it might shape real estate transactions moving forward.
What does H.R. 6644 Do?
This bill aims to reduce unnecessary regulatory barriers to new home construction and modernize HUD programs.
Its provisions address concerns about large investors unfairly competing with individual homebuyers, enabling community banks to more freely deploy funding for residential real estate transactions.
This bill will likely be a boost for commercial real estate, too. H.R. 6644 includes nine House Community Banking Bills, which will provide necessary relief to America’s main streets by expanding local lending for housing construction and mortgages. There are 45+ provisions that reduce unnecessary regulatory barriers to new home construction and modernize HUD programs.
Finally, the bill includes a prohibition on the issuance of a Central Bank Digital Currency (CBDC) until December 31, 2030.
Guiding Philosophy: A Fair Shot for All
Here’s what the House Financial Services Committee Chairman, French Hill, says about the bill he and many of his colleagues championed:
“Homeownership should be within reach for more Americans, and this law moves us closer to that goal. This bill reduces unnecessary barriers to building, strengthens community banks, and ensures families – not institutional investors – have a fair shot at buying a home. The final product reflects years of bipartisan, bicameral collaboration and proves that when Congress stays focused on results, we can deliver meaningful reforms.”
This package may stop or delay new construction in the build-to-rent industry, but small businesses and homeowners will likely benefit from its provisions and protections.
Buy and Sell with Confidence
Real estate law changes often, but our commitment to excellent client services doesn’t. If you’ve been waiting to buy or sell property in Tennessee or Kentucky, let our expertise put your mind at ease. We’ll ensure your real estate transactions afford you any benefits applicable by law, and get even your stickiest questions answered. Book a consultation with our Tennessee and Kentucky Title attorney today to start toward your goals.
