Historic Federal Housing Package Becomes Law
By Anastasia Kotkovskaya, Director of Advocacy & Research
After several years of sustained advocacy by REALTORS® across the country, the 21st Century Road to Housing Act has become law to help expand housing supply and promote homeownership!
The legislation is the culmination of nearly two years of sustained advocacy by the National Association of REALTORS® and its nearly 1.5 million members. Ohio REALTORS® was proud to be part of that effort. Our members and leadership advocated for housing solutions through our Great Lakes Caucus visits with Federal Political Coordinators, as well as during the REALTORS® Legislative Meetings in Washington, D.C. These meetings gave Ohio REALTOR® members the opportunity to speak directly with lawmakers about the housing challenges facing Ohio communities and the need for federal action to increase supply and strengthen pathways to homeownership.
The legislation comes at a critical time for the housing market. After more than a decade of underbuilding, NAR estimates the United States faces a housing shortage of approximately 4.7 million homes. The lack of available inventory has driven up prices, limited options for buyers, and made homeownership increasingly difficult for many Americans, especially first-time and first-generation home buyers.
The shortage is particularly acute for middle-income households. According to NAR research, roughly 310,000 homes priced at $261,000 or less are missing from the market, leaving many working families with few affordable options. As demand continues to outpace supply, prospective buyers are often forced to compete for a limited number of homes or delay purchasing altogether.
Ohio REALTORS® has long believed that housing is a nonpartisan issue. It is a community issue, an economic issue and a family issue. Every Ohio community is affected by the housing shortage in some way, whether it is a lack of starter homes, workforce housing, senior housing or options for families trying to move closer to work, school or loved ones.
We will continue working with NAR, Ohio’s congressional delegation and policymakers at every level to advance solutions that support housing production and help more Ohioans achieve the dream of homeownership!
The 21st Century ROAD to Housing Act brings together dozens of individual housing proposals focused on supply, affordability, financing, zoning, workforce development, property rehabilitation and other housing challenges. Below are the provisions included:
Measures to increase housing supply:
Sec. 107—Housing Supply Frameworks. Directs the Department of Housing and Urban Development to develop zoning and land-use best practices to help communities remove barriers to housing development.
Sec. 201—Increasing Housing in Opportunity Zones. Prioritizes HUD grants that support housing construction and preservation in Opportunity Zones.
Sec. 202—Whole-Home Repairs Act. Supports grants and forgivable loans to preserve and stabilize aging housing stock.
Sec. 204—Affordable Housing Construction Eligibility. Allows Community Development Block Grant funds to be used for new housing construction.
Sec. 205—BUILD Housing Act. Streamlines environmental reviews to reduce delays and encourage housing development.
Sec. 206—Unlocking Housing Supply Through Streamlined Reviews. Simplifies federal reviews for small and infill housing projects.
Sec. 207—Grants for Housing Planning and Implementation. Helps state, local and tribal governments plan for and support housing growth.
Sec. 208—Innovation Fund. Provides flexible funding to communities expanding housing supply and supporting infrastructure.
Sec. 209—Accelerating Home Building Act. Encourages preapproved housing designs and faster local permitting.
Sec. 210—RESIDE Act. Supports converting vacant and abandoned buildings into housing.
Sec. 211—Housing Affordability Act. Increases Federal Housing Administration multifamily loan limits to better support affordable housing development.
Sec. 301—Housing Supply Expansion Act. Modernizes manufactured housing rules to encourage innovation and expand affordable housing options.
Sec. 302—Modular Housing Production Act. Reduces financing barriers to modular housing construction.
Sec. 303—Property Improvement and Manufactured Housing Loan Modernization Act. Expands financing options for manufactured and factory-built housing.
Sec. 501—HOME Investment Partnerships Reform Act. Modernizes and reauthorizes a key affordable housing production program.
Sec. 502—Rural Housing Service Reform Act. Preserves affordable housing opportunities in rural communities.
Measures to expand access to homeownership:
Sec. 105—FHA Small-Dollar Mortgages. Creates a pilot program to expand access to mortgages of $100,000 or less.
Sec. 401—Creating Incentives for Small-Dollar Loan Originators. Examines barriers to originating small-dollar mortgages.
Sec. 402—Small-Dollar Mortgage Points and Fees. Reviews regulations that may limit the availability of small-dollar loans.
Sec. 404—Helping More Families Save Act. Encourages savings and economic mobility to support future homeownership.
Sec. 405—Choice in Affordable Housing Act. Reduces inspection delays and expands housing options for voucher holders.
Sec. 601—Military Service Question. Helps ensure veterans are informed about available VA home loan benefits.
Sec. 602—Housing Unhoused Disabled Veterans Act. Expands access to housing assistance for disabled veterans.
Measures to expand access to capital:
Sec. 203—Community Investment and Prosperity Act. Increases banks' capacity to invest in affordable housing.
Sec. 907—American Access to Banking. Streamlines bank formation and reviews restrictions that may limit capital access.
Sec. 908—Promoting New Bank Formation. Encourages the creation of new financial institutions through a phased regulatory framework.
Other provisions to expand access to capital: The legislation includes additional measures intended to strengthen lending capacity and support housing finance.
Measures to support veterans:
Sec. 603—Veterans Affairs Loan Informed Disclosure (VALID) Act. Improves transparency for veteran home buyers by ensuring they can better compare VA and FHA financing options. NAR supports the VALID Act.
Find more information about this advocacy effort here: NAR | After 21 Months of Advocacy, NAR Leaders Help Deliver Landmark Housing Law
Anastasia Kotkovskaya
Director, Advocacy & Research
Supports Ohio REALTORS®’ legislative, regulatory, and political initiatives at the Ohio Statehouse, conducting public policy research, collaborating with stakeholders, and developing advocacy resources to keep members informed of advocacy efforts. She provides regular legislative updates through Capitol Connections and The Latest Political Buzz, and hosts the Policy Talks podcast to provide insights on key political developments. She also serves as the staff liaison for the Political Advocacy Fund Committee.
Learn more about Anastasia & her role.
