MBA Joins Letter Urging Changes to BTR Provision in ROAD to Housing Act
The Mortgage Bankers Association joined with a broad coalition of organizations in sending a letter to Senate leadership urging changes to the build-to-rent provision in the housing package–the 21st Century ROAD to Housing Act–currently under consideration.
“We are deeply concerned that language in Section 901 of the 21st Century ROAD to Housing Act, now pending before the Senate, would effectively eliminate the production of Build-to-Rent (BTR) housing,” the groups wrote.
“The 7-year disposition requirement will effectively shut down BTR development, leading to less supply and fewer options for renters. This provision, in concert with a technical oversight on the impacts to horizontal multifamily housing, would take hundreds of thousands of housing units off the market over the next decade, many of which would serve lower- and middle-income households,” it continued. “Even if it were possible to build these units, which it is not, it would lead to the forced displacement of thousands of renters each year as their housing providers are forced to sell. It also threatens to negate the other pro-supply elements of the larger bipartisan housing package.”
The letter outlines further concerns and makes suggestions for amelioration.
Also signing the letter were the Affordable Housing Tax Credit Coalition, Institute of Real Estate Management, Leading Builders of America, National Affordable Housing Management Association, National Apartment Association, National Association of Home Builders, National Housing Conference, National Leased Housing Association, National Multifamily Housing Council, National Rental Home Council and The Real Estate Roundtable.
Click here or read the full letter below
