Argentum is continuing its advocacy efforts with a broad coalition to address critical changes needed to the 21st Century ROAD to Housing Act (H.R. 6644), bipartisan housing legislation aimed at increasing housing supply and affordability.
The legislation was originally passed by the House in February by a 390-9 vote. The Senate passed a modified the legislation in March by a 89-10 vote, adding limits on large investors buying single‑family homes and a temporary ban on a Federal Reserve central bank digital currency, among other provisions. Argentum is concerned that Section 901 could negatively impact senior living communities, which restricts large investor purchases of single-family housing. This restriction may inadvertently apply to existing senior living communities that include duplexes, cottages, or villas, as an exemption in the bill currently only applies to new construction, renovations, and rental conversions, and does not clearly protect existing communities.
Argentum is working to raise awareness on the issues with the legislation and amend it as it continues to make its way through the legislative process. As the House and Senate versions differ, lawmakers will either need to establish a conference committee to mediate the differences, or the House may take up the Senate’s bill as-is or pass a modified version to send back to the Senate for consideration. Our advocacy actions include:
- Sending a joint letter to Congressional leadership with the American Seniors Housing Association (ASHA) and the National Center for Assisted Living (NCAL) outlining our concerns and need for a remedy;
- Drafting proposed amendment language that could be inserted into the legislation;
- Meeting with the legislation’s sponsors, including U.S. Representative French Hill (R-AR), who also serves as Chairman of the House Financial Services Committee;
- Launching a grassroots letter writing campaign with a pre-written letter for senior living stakeholders to send to their members of Congress to express concern, if you have not already sent a message we encourage you to take action now;
- Coordinating activities with other housing stakeholders who are also concerned about Section 901 of the legislation to amplify our message.