Bresnahan celebrates bipartisan housing reform becoming law

On July 14, U.S. Representative Rob Bresnahan, Jr. (PA-08) announced the 21^st Century ROAD to Housing Act became law over the weekend. The legislation, which passed with overwhelming bipartisan support last month, represents one of the most significant federal housing reforms in decades by preventing large institutional investors that already own hundreds of single-family homes from buying up more houses that should be available to American families. The law also expands housing supply, cuts red tape that drives up construction costs, and strengthens local lenders that help working families achieve homeownership.  

“For too long, Wall Street investors have been buying up homes that should be going to young families, first-time homebuyers, and hardworking people looking to build a future,” said Bresnahan. “When corporations can outbid local families with cash offers, the American Dream slips further out of reach. This law puts families first by stopping the largest institutional investors from buying more single-family homes, building more homes, and making it easier for working people to own in the communities they call home. I’ll always fight to make sure Northeastern Pennsylvania families have a fair shot at homeownership.”

The 21^st Century ROAD to Housing Act prohibits large institutional investors that already control 350 or more single-family homes from purchasing additional existing single-family homes, helping level the playing field for families competing in today’s housing market. At the same time, it tackles the nation’s housing shortage by reducing unnecessary regulations that slow construction, streamlining the homebuilding process, modernizing federal housing programs and supporting the community and rural banks that finance housing projects in communities like Northeastern Pennsylvania. 

Among other provisions, the 21^st Century ROAD to Housing Act:

• Prevents the largest institutional investors from continuing to buy up existing single-family homes, helping preserve opportunities for families and first-time homebuyers.
• Allows the use of ready-to-use, pre-approved home designs so builders can secure permits faster and build homes more quickly.
• Strengthens local housing efforts to increase the supply of affordable homes in both rural and urban communities.  
• Updates rules for manufactured homes and makes the Department of Housing and Urban Development (HUD) the lead authority on standards.
• Modernizes the HOME Investment Partnerships Program to expand the supply of affordable housing.
• Exempts small-scale housing development from burdensome federal environmental reviews, reducing delays and lowering construction costs.
• Cuts unnecessary red tape for community and rural banks, so they can spend more time lending to local homebuyers and small businesses. 
• Expands community and rural banks’ access to stable funding so they can lend locally and support small businesses, farmers, and households.
• Supports rural banks, encourages new banks, and provides regulators flexibility to handle failures without hurting local access to banking. 

“Owning a home shouldn’t be reserved for the highest bidder or the biggest investment firm,” continued Bresnahan. “This law puts families ahead of Wall Street, increases the supply of homes, and creates more opportunities for families, first-time buyers and young people looking to put down roots in Northeastern Pennsylvania.”