Help Fix Landmark Housing Legislation
Help Fix Landmark Housing Legislation
The National Apartment Association (NAA) needs your urgent help to remove a damaging provision from landmark housing legislation in Congress.
The Big Picture:
The U.S. Senate has offered substitute language for the bipartisan housing package, which passed out of the U.S. House last month on a broad bipartisan vote of 390 to 9.
While the new bill text represents a compromise between Senate Republicans, Democrats and the White House – and does include many NAA-supported provisions from previous versions of both ROAD to Housing and Housing for the 21st Century Act – it regrettably adds new policy language (Section 901) that would fundamentally upend the nation’s build-to-rent (BTR) market and jeopardize a longstanding affordable and flexible living option for many Americans.
This new section would prohibit large institutional investors from purchasing single-family homes after the date of enactment of this Act and require the selling of single-family assets to individual homebuyers not later than 7 years after the date of purchase.
Please contact your elected officials and urge them to fully exempt BTR from the disposition requirements outlined in Section 901 to realign the package with its initial goal of boosting housing supply and easing affordability challenges.