In mid-March, the U.S. Senate passed the 21st Century ROAD to Housing Act by a vote of 89-10. According to Yahoo!news (and various news outlets), the bill contains more than three dozen provisions aimed at spurring new home and apartment construction by easing zoning, increasing the supply of modular and manufactured homes and banning institutional investors. In addition, the bill regulates corporate investors and expands how housing dollars can be used to build affordable homes and rentals.
National REIA‘s President Anish Dave and Executive Director Rebecca McLean weighed-in on the legislation during committee hearings via a prepared statement. Below are excerpts from that written testimony:
“Independent real estate investors are deeply rooted in the communities where they invest. Our members are teachers, contractors, firefighters, nurses, retirees, and small business owners. They live in the same neighborhoods where they own rental homes. Their children attend the same schools, and their families participate in the same civic and community organizations as their residents. Because of this, they have a direct and personal stake in the stability, safety, and vitality of their neighborhoods.
Equally important, small housing providers are accessible and accountable in ways that large institutional owners often are not. When a repair is needed, residents frequently speak directly with the owner or a local property manager—not a national call center. Because these owners live and work locally, they are more responsive to the needs of their residents and the expectations of their communities.
America’s small independent housing providers are not Wall Street – not in scale, not in structure, and not in their impact on communities. They are everyday Americans pursuing the same goals as many of their neighbors: building financial security, saving for retirement, and providing quality housing for the people who live in their communities. We improve neighborhoods, one home at a time.
The legislation now goes back to the U.S. House for further deliberation as the bill they passed in February does not align with the version passed by the Senate. It is expected to face an uphill climb. Stay tuned…
Click here to read the text of the Senate’s amendments (S. Amdt. 4308 to H.R.6644).
Click here to read the written testimony from National REIA.
Click here to read the full story at Yahoo!news.
