Yesterday, a bipartisan letter signed by 76 members of Congress called on House leadership to modify the build-to-rent (BTR) provisions in the 21st Century ROAD to Housing Act (H.R.6644), which have broad impacts across the housing sector that include Housing Credit developments. Led by the Real Estate Caucus and the Build America Caucus, the 76 congressional supporters represent key committees for affordable housing, including the House Financial Services Committee and Ways and Means Committee.
The BTR provisions were a new addition to the latest Senate version of the bill, which was amended to include a section intended to ban institutional investment in single-family housing (Sec. 901). However, as written, the provisions would preclude BTR housing financed by the Housing Credit. This would be especially harmful in suburban, rural and Native communities, where BTR Housing Credit developments are most common. Concerns about the BTR language have led to efforts from across the industry, including the AHTCC, to urge Congress to modify the language in subsequent bill versions. In addition, the AHTCC has signed letters with industry partners calling for changes to the BTR provisions and, at the very least, an exemption for the Housing Credit.
The 21st Century ROAD to Housing Act passed the Senate in an overwhelmingly bipartisan vote of 89-10 in March, and the House has been weighing next steps for the legislation. While the Senate-amended 21st Century ROAD to Housing Act includes many areas of overlap with the House’s version, it did not include several of the House’s priorities.
A proposal to lift the public welfare investment cap, one of the AHTCC’s top priorities, remains well-positioned, having been included in every prior version of the housing bill. The AHTCC continues to advocate for its inclusion in any final housing legislation in order to meaningfully increase bank investment in affordable housing.
To resolve differences with the Senate, the House may still request a formal conference with the Senate or advance a further modified version of the bill. We encourage AHTCC members to join us in advocating for a timely path forward that supports Housing Credit investment and BTR development.
Comments are closed.