The U.S. Senate voted 89-10 last week to pass H.R. 6644, the 21st Century ROAD to Housing Act. The legislation includes streamlined environmental reviews, faster manufactured housing deployment, and new and revised affordable housing grants. It was originally advanced by the House, with the Senate revising to add limits on large investors buying single‑family homes and a temporary ban on a Federal Reserve central bank digital currency. It will now head back to the House for consideration.
With the Senate’s passage, Argentum joined with the American Seniors Housing Association (ASHA) and the National Center for Assisted Living (NCAL) to send a letter to House leadership about a potential unintended consequence in section 901, that if not clarified, will threaten the viability of existing seniors housing units. Section 901 prohibits large institutional investors from purchasing single family homes, grants several exceptions including one for properties within a 55 and older community. However, this exception specifies new construction, renovations, and rental conversions, but does not include protection for “existing” properties. By not expressly including “existing” properties, it effectively denies the same treatment relative to the exception, as the other categories.
Our letter requests that House lawmakers make necessary changes or making adequate clarifications to this provision in Section 901 to avoid any disruption in the ongoing efforts to meet the needs of our nation’s seniors. We are hopeful the House will take steps to reconcile its differences with the Senate legislation with our requested corrections.