What the housing affordability bill means for buyers and sellers
The 21st Century ROAD to Housing Act will become law without President Trump's signature. "I will not sign the Housing Bill, which has been fully approved by Congress and sent to the White House, in PROTEST…
What’s in the 21st Century Road to Housing Act?
- Adds reforms to housing counseling agencies conducting educational programs
- Expands access to lower-value (called “small dollar”) FHA mortgages under $100,000.
- Creates a program for whole-home repair grants and forgivable loans
- Simplifies and expands government planning processes associated with affordable housing
- Creates a $200 million grant program that aims to increase housing supply
- Allows for simplified approval for pre-reviewed housing designs to stimulate construction
- Updates FHA maximum loan limits for multifamily mortgages
- Eliminates the permanent chassis requirement for manufactured homes and seeks to reduce financing friction for modular housing
- Increases the FHA loan limits for manufactured housing loans
- Loosens restrictions on small bank mortgage lending
- Supports the opening of new community banks and credit unions
- Restricts institutional investors that own at least 350 single-family homes from buying additional properties, with some exemptions
