House leadership has released the text of its amendment for a bipartisan housing bill ahead of a possible vote on the legislation next week.
In April, the Senate passed the 21st Century ROAD to Housing Act, which included elements from two House bills on the topic as well as additions made by senators. The bill includes language to reward communities that build more housing supply, ease environmental review of new construction, rethink regulations that hamper additional lending for small-dollar mortgages, and expand tenant assistance and protections.
The proposed House amendment would make several changes to the bill. Among other things, the definition of a single-family home would exclude manufactured housing and homes that have been renovated for sale, according to an analysis by Politico. It would also remove a provision to require single-family homes built as long-term rentals by large institutional investors to be sold after seven years to individual homebuyers.
In a statement, House Financial Services Committee Chairman French Hill (R-Ark.) said the amendment reflects feedback “from hundreds of members and stakeholders.”
“It cuts unnecessary barriers to new home construction, modernizes HUD programs, and allows banks to more freely deploy funding into their communities,” Hill said. “We must get this right – and I am committed to working hard to do that.”
