The U.S. Senate has yet to take up H. Res. 1299, a revised version of the 21st Century Road to Housing Act that passed the House last month. Argentum remains concerned with other industry stakeholders that the legislation could result in unintended consequences, after our amended language—which was initially supported by top lawmakers—was ultimately not included in the House-passed version, following pressure from the Administration to move quickly and align more closely with the Senate version of the package.
Argentum, the American Seniors Housing Association (ASHA), and the National Center for Assisted Living (NCAL) had successfully secured critical clarifying language in an earlier House version to address unintended consequences for senior housing providers. Our concerns related to Section 1001, which restricts large institutional investors from purchasing single-family homes, with limited exceptions for certain 55+ housing. As drafted, these exceptions apply only to new construction, renovations, and rental conversions, leaving existing senior living communities exposed to potential misinterpretation.
The bill now returns to the Senate, where no additional floor action has yet been scheduled. Importantly, Senate leaders are not expected to reopen or amend Section 1001 directly. However Argentum members with close relationships with Congressman French Hill (R-AR-Chair, House Financial Services Committee) and Senator Tim Scott (R-SC-Chair-Senate Banking Committee) and staff continue to work them and other key lawmakers to advance a Joint Explanatory Statement to clarify congressional intent. This approach would help influence how federal agencies interpret and implement the provision during the rulemaking process, preserving investment in housing tailored to older adults and avoiding unintended constraints that would not advance the bill’s underlying goal of expanding homeownership. Advancing such guidance would require agreement from the House Financial Services and Senate Banking Committee Chairs and Ranking Members, as well as leadership.