Historic, Barrett-Backed Housing Package Becomes Law

Washington, D.C. - Today, Congressman Tom Barrett (MI-07) celebrated the 21st Century ROAD to Housing Act (H.R. 6644) becoming law to expand affordable housing options and lower costs for Americans. Specifically, this housing package that Barrett helped pass would increase housing supply by cutting unnecessary red tape, expanding financing opportunities for local housing projects, and more. It also includes an effort that Barrett has helped lead to ban large corporations from buying up single-family homes.

"For generations, owning a home has been a cornerstone of the American Dream, but that dream is slipping away for too many Michigan families," said Barrett. "That changes today. The 21st Century ROAD To Housing Act becoming law will finally ease the burdensome regulations that have made it impossible to build new homes and prevent corporate investors who treat family homes like their personal stock portfolio from buying up all the supply. Every American deserves a fair shot at owning a home and building a future in their community, and I was proud to fight to make sure they get it."

According to the Competitive Enterprise Institute, hidden regulatory expenses currently cost families more than $16,000 annually, with an additional $130,000 in regulatory costs added to building a new home. This bill would cut this red tape and lower costs for homebuyers by:

• Prohibiting large institutional investors that own more than 350 single-family homes from buying up more of the market.
• Speeding up home construction by streamlining permitting, and reducing regulatory delays;
• Modernizing federal housing programs to support more affordable housing development;
• Expanding financing opportunities for community banks so they can support more local housing projects; and
• Encouraging the construction of single-family homes, apartments, manufactured housing, and other affordable housing options.

On February 9, the House of Representatives passed the 21st Century ROAD to Housing Act by a vote of 390-9. On June 22, the Senate passed an amended version of the bill by a vote of 85-5. The House voted to concur with the Senate version on June 23, by a vote of 358-32, sending the package to the president's desk. The bill became law at midnight last night.

About Barrett's Blueprint for a Better America

• Restoring Trust in Government: Making Government Serve the People, Not Special Interests
• Reviving the American Dream: Helping Families Afford Homes in Mid-Michigan
• Making Health Care Affordable Again: Lowering Costs for Working Families
• Recalibrating American Foreign Policy: Ending Endless Wars and Promoting Peace Through Strength
• Reforming Campaign Finance: Putting Governing Before Campaigning
• Making America Healthy Again: Prioritizing Public Health Over Corporate Profits

Click here or visit barrett.house.gov/reform to learn more.