CREF Policy Update: House Passes Amended Version of 21st Century ROAD to Housing Act
House Passes Amended Version of 21st Century ROAD to Housing Act
Last Wednesday, MBA’s President and CEO Bob Broeksmit, CMB, released the following statement after the House passed an amended version of the Senate-passed, 21st Century ROAD to Housing Act (H.R. 6644, as amended). The bill advanced with broad bipartisan support (396–13), marking a positive step forward for MBA and our members.
• The package, which was introduced (as a counterpoint to a March-passed Senate companion bill) late last week by House Financial Services Committee Chairman French Hill (R-AR) and Ranking Member Maxine Waters (D-CA), was altered further with input provided by the White House prior to Wednesday’s vote. This latest House proposal fixes prior concerns related to FHA multifamily loan limits and single-family disclosure requirements, preserves important USDA Rural Housing Service reforms, and codifies the GSEs’ reconsideration of value appraisal processes without increasing lender liability. Notably, the bill no longer includes a proposed expansion of an inefficient “first look” requirement for servicers.
• The bill also fixes industry concerns around a provision that would have required disposition within seven years of newly constructed “build-to-rent (BTR)” homes acquired by large institutional investors (LIIs) – as defined by the bill. Several members of Congress are committed to working with MBA (and the Treasury Department upon enactment) to clarify the bill’s treatment of existing “horizontal multifamily” units not fully exempted from the LII section’s coverage.
Why it matters: MBA extends its deep appreciation to the Mortgage Action Alliance (MAA) and the thousands of grassroots advocates who responded to repeated Calls to Action — especially during MAA Action Week (May 11–15) — that helped educate House lawmakers and build support for a substantially refined House package. MBA’s legislative and political affairs team, reinforced by multiple letters sent independently and with housing partners, also led a sustained direct lobbying effort that ensured the final House bill was improved. In a letter from MBA’s Chief Lobbyist/SVP of Legislative & Political Affairs Bill Killmer and two coalition letters (here and here) to the House ahead of the vote, MBA indicated its support for the overall proposal, providing specific commentary on key sections of the package and other pertinent measures.
What’s next: MBA remains engaged with House and Senate leaders and the Administration on this housing package and its key provisions. Senate Banking Committee leaders indicated mid-week that there is “more work to do” to respond to the overwhelming House vote. We will continue to monitor next steps planned in the Senate in pursuit of the best possible bill that can be sent to President Trump’s desk for his signature in the coming days and weeks.
For more information, please contact Rachel Kelley at (202) 557-2816, Madisyn Rhone at (202) 557-2741, George Rogers at (202) 557-2797, or Jeremy Green at (202) 557-2849.
MBA-Opposed COPA Bill Reintroduced by NYC Council
The New York City Council has revived the controversial Community Opportunity to Purchase Act (COPA – Int# 0905-2026), a proposal that would give qualified nonprofits and some mission-driven buyers a first shot at purchasing certain multifamily buildings before they are sold.
• The issue has a long history in the Council, with years of debate over whether the policy would help preserve affordable housing or create new friction in the city’s real estate market.
Go deeper: This latest version follows last year’s Council action on COPA, which was vetoed by former Mayor Eric Adams. Compared with last year’s version, the current draft appears more targeted in some respects, with narrower coverage and expanded exemptions, but it preserves the same basic structure giving qualified nonprofits the first opportunity to purchase certain covered buildings.
• MBA and the New York MBA wrote to the Council and the Mayor late last year to point out that the proposed policy adds complexity, delay, and uncertainty to private transactions.
What’s next: The City Council will likely hold hearings on the bill next and consider amendments, before any final vote. MBA will again strongly oppose the bill together with the NY MBA and other partners. MBA will again strongly oppose the bill together with the NY MBA and other partners.
For more information, please contact William Kooper (202) 557-2737 or Megan Booth (202) 557-2740.
MORPAC Action Week Is Coming — And We Need YOU! | June 1–5
MORPAC Action Week is right around the corner, and excitement is building. From June 1–5, companies across the real estate finance community will unite to strengthen our association’s PAC — engaging in a focused week of engagement, unity, and impact.
During this effort, our industry rallies behind MORPAC, the real estate finance industry’s Political Action Committee (PAC) that ensures our priorities are given voice. We are calling on every member company to sign up and run a MORPAC campaign during Action Week — whether via a targeted outreach effort, a company‑wide challenge, or a creative internal push that gets your team energized and involved. Your engagement — at any level — strengthens our industry’s influence on Capitol Hill and helps ensure we remain a trusted, effective voice in the policy-related conversations that shape our future.
Go deeper: Backed by thousands of individual contributors, MBA’s MORPAC provides the access and relationships needed to help policymakers understand the real‑world impact of their policy decisions. This broad base of support empowers MBA to engage directly with key lawmakers, share industry expertise, and advocate for policies that protect your businesses, your employees, and the customers you serve. When we participate together — through company campaigns or individual contributions — we strengthen the influence that keeps our industry “at the table” during critical legislative and regulatory conversations.
Why it matters: A strong PAC means a strong industry — and a stronger, more effective advocacy program working on our behalf.
What’s next: During MORPAC Action Week, MBA will host two special MORPAC Speaker Series events featuring the political directors of the Democratic Senatorial Campaign Committee (DSCC) and the National Republican Senatorial Committee (NRSC). These briefings will offer members valuable insight into the dynamics shaping the policy/political environment on Capitol Hill. RSVP here.
For more information, please contact Erin Reilly at 802-236-4651 and Jamey Lynch, AMP at 561-301-6432.
Upcoming MBA CREF Council and Committee Meetings
MBA’s CREF Councils and Committees are a key way to connect to everything MBA has to offer around policy, advocacy, market intelligence and research, education, and networking. Visit www.mba.org/yourCREF to find out more. Councils and Committees are built around specific capital sources and serve as an opportunity for you to join other commercial real estate finance professionals to hear from experts, discuss opportunities and challenges, and connect with peers.
Upcoming virtual meetings include:
• FHA Committee: June
• Life Company Council: June 16
• Bank Council: June 18
• Structured Finance Council: June 24
• Private Credit Finance: June 17
• Agency Council: July 9
• Servicer Council: July 16
• Commercial Council: July 21
For more information, click on the links above and/or contact Kelli Burke at (202) 557- 2742.
Upcoming MBA Education Webinars on Critical Industry Issues
MBA Education continues to deliver timely commercial/multifamily and single-family programming that covers the spectrum of challenges, opportunities, obstacles and solutions pertaining to our industry. Below, please see a list of upcoming and recent webinars – all complimentary to MBA members:
• Understanding Tax-Exempt Private Activity Bonds in Affordable Housing Finance – June 12
• Fundamentals of Commercial Insurance Issues and Problems – July 15
MBA members can register for any of the above events and view recent webinar recordings by clicking here.
For more information, please contact David Upbin at (202) 557-2931.
