Earlier this month, the U.S. Senate passed bipartisan housing legislation—the 21st Century ROAD to Housing Act—aimed at increasing housing supply and affordability. While Argentum supports efforts to expand access to housing, we are concerned about unintended consequences in Section 901 of the bill that could negatively impact senior living communities.
As drafted, Section 901 restricts large investor purchases of single-family housing. Due to the bill’s definition of “single-family home,” this restriction may inadvertently apply to existing senior living communities that include duplexes, cottages, or villas. Although the bill includes an exemption for age-restricted (55+) communities, that exemption is limited only to new construction, renovations, and rental conversions—and does not clearly protect existing communities.
The House of Representatives must now decide whether to advance the Senate bill as written or pursue a conference to resolve these issues. Earlier this month, Argentum joined the American Seniors Housing Association and the National Center for Assisted Living in urging House leadership to address this concern before moving forward. Now, it is critical that Members of Congress hear directly from senior living providers and leaders.
We urge you to contact your Members of Congress today and request a clarification to Section 901 to ensure that existing senior living communities are fully exempt from these restrictions. Taking action is quick and easy using the prepared letter and advocacy tool.
This issue—along with other federal policy and legislative matters affecting senior housing finance and investment—is being followed very closely by Argentum’s Capital Advisory Board, underscoring the significance of this legislation for the long-term stability and growth of the senior living sector.