H.RES. ____ — 21st Century ROAD to Housing Act, as amended
Executive Summary
The 21st Century ROAD to Housing Act is a massive, multi-title housing and financial services omnibus aimed at addressing the national housing affordability crisis while advancing several conservative financial policy priorities. The legislation tackles housing supply constraints by incentivizing local zoning reforms, expanding financing for manufactured and modular housing, and streamlining environmental reviews for federal housing programs. Notably, the bill includes a populist measure banning large institutional investors from purchasing single-family homes, alongside significant banking provisions that provide regulatory relief for community banks and explicitly prohibit the Federal Reserve from issuing a Central Bank Digital Currency (CBDC).
Arguments For
- The ban on institutional investors purchasing single-family homes provides a strong populist talking point, addressing widespread voter frustration over Wall Street firms outbidding regular homebuyers.
- The CBDC prohibition and community bank regulatory relief provisions secure strong backing from conservative financial circles and the banking lobby.
- Incentivizing local zoning reforms rather than mandating them respects federalism while actively addressing the root cause of the housing supply shortage.
Likely Supporters
Arguments Against
- The ban on institutional investors will face fierce opposition from private equity and the real estate industry, who will argue it distorts the free market and could reduce the supply of single-family rental homes.
- The prohibition on a CBDC may be criticized by technocrats and some Democrats as a premature restriction that could cause the U.S. to fall behind in global financial innovation.
- The sheer size and scope of the omnibus—combining housing supply, banking deregulation, and digital currency policy—makes it highly vulnerable to procedural objections and fractured opposition.
Likely Opponents
📋 Key Provisions
- Prohibits 'covered large institutional investors' (entities controlling 350+ single-family homes) from purchasing additional single-family homes, with civil penalties redirected to HUD homeownership programs.
- Prohibits the Federal Reserve from issuing or creating a Central Bank Digital Currency (CBDC) directly or indirectly.
- Establishes a $200 million per year 'Innovation Fund' to award competitive grants to local governments that successfully reduce regulatory barriers to housing development.
- Creates a pilot program to incentivize the origination of FHA small-dollar mortgages (principal obligations of $100,000 or less).
- Modernizes regulations for manufactured and modular housing, including updating FHA loan limits and establishing standards for manufactured homes built without a permanent chassis.
- Provides regulatory relief for community banks and credit unions, including modifications to reciprocal deposit rules, tailored supervisory testing, and adjustments to the FDIC's 'least cost resolution' exception for failing banks.
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Prohibits large institutional investors from purchasing single-family homes.
"No covered large institutional investor may purchase"
Prohibits the Federal Reserve from issuing a Central Bank Digital Currency.
"System or a Federal reserve bank may not issue or create"
Authorizes $200 million annually for the Innovation Fund.
"appropriated to carry out this section $200,000,000"
Defines a small-dollar mortgage as having a principal balance of $100,000 or less.
"$100,000 or less; and"