What Is In The Big New Housing Bill?

• 11:34 AM EST

by UrbanTurf Staff

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One of the most ambitious federal housing proposals in years is moving through the legislative process. 

The 21st Century ROAD To Housing Act was introduced last year as a bill "to increase the supply of affordable housing in America". On Monday, the Senate voted overwhelmingly to advance the bill.

Below, UrbanTurf highlights the main components of the legislation:

• Cutting red tape on new construction. The bill aims to help communities overcome zoning and other barriers to new home construction, while streamlining environmental reviews for housing projects. There are two separate environmental review provisions — one that empowers states, local governments, and tribes to streamline reviews (the BUILD Housing Act), and another that right-sizes NEPA review for small and infill projects.
• Rewarding communities that build more. A proposed Innovation Fund would create a competitive pool of flexible funding for communities that are building more homes.
• Helping homeowners repair and maintain their properties. The bill establishes a pilot program at HUD offering grants and forgivable loans to low- and moderate-income homeowners and small landlord to address home repair needs and health hazards. 
• Expanding access to manufactured and modular housing. Updates to the federal definition of manufactured housing to include modular and prefabricated units, encouraging innovation and expanding naturally lower-cost housing options. 
• Making it easier to finance non-traditional homes. The bill would require the FHA to assess barriers to insured lending for modular housing and modify the financing draw schedule to encourage its production.

The latest iteration of the bill also includes a provision banning large institutional investors from purchasing single-family homes. The bill defines a "large institutional investor" as any fund, corporation, or entity that controls more than 350 single-family homes.

The proposed bill still needs to pass the House before going to the president. UrbanTurf will provide updates as it moves through the legislative process.

This article originally published at https://dc.urbanturf.com/articles/blog/what_exactly_is_in_this_big_new_housing_bill/24382.