The law includes a range of policies to address housing affordability, boost supply, modernize financing options, reduce regulatory barriers, promote economic mobility, and enhance program oversight and coordination.
Ahead of the vote for both chambers of Congress, CURE sent a letter to congressional members calling on them to address our nation’s skyrocketing housing costs and pass the legislation.
As the letter noted, “The 21st Century ROAD to Housing Act tackles these high housing costs by eliminating unnecessary, burdensome, and outdated red tape. It unlocks substantial private investment to improve dilapidated public housing nationwide and it provides temporary flexibility for communities responding to homelessness to expand shelter capacity and get people off the streets.”
Among many things, the law:
Prohibits large institutional investors from purchasing certain single-family homes;
Directs Fannie Mae and Freddie Mac to increase transparency for veterans;
Allows the Department of Housing and Urban Development (HUD) to prioritize housing development and preservation grants for projects based in Opportunity Zones; and
Directs HUD to conduct a review of Federal Housing Administration construction financing programs to identify barriers for modular housing developers and administrative opportunities to reduce any such barriers.
CURE commends Congress for passage of this vital legislation that aims to tackle the high housing costs facing hardworking Americans. The 21st Century ROAD to Housing Act will eliminate unnecessary and burdensome red tape, while honoring American taxpayers and providing real solutions to combat the limited supply and rising costs of housing in America.
