HGAR Welcomes Federal Housing Bill Becoming Law
The Hudson Gateway Association of Realtors (HGAR), which is based in White Plains, is welcoming the 21st Century ROAD to Housing Act becoming law even though President Donald Trump refused to sign it. The legislation was passed by the House and Senate and then sent to the White House for Trump to sign. However, he refused to do so, having said he would not sign the bill into law unless Congress passed the SAVE America Act that would add new requirements people would have to meet in order to vote. Under standard procedure, legislation that has passed both the House and Senate but is not signed or vetoed by a president automatically becomes law after a 10-day waiting period.
The new housing law is designed to boost housing production, strengthen home ownership opportunities and modernize and expand federal housing programs.
“While we would have welcomed President Trump’s signature, we’re encouraged that Congress came together on an issue that affects every community in America,” Crystal Hawkins-Syska, HGAR’s Westchester County regional director and legislative chair told Westfair’s Business Journals. “Housing is the foundation of strong, vibrant neighborhoods and economic opportunity. Every hardworking family deserves fair access to safe, affordable housing. That’s a vision worth fighting for, and Realtors will continue leading that conversation here at home and across the nation.”
HGAR’s President Rey Hollingsworth Falu said that the fact that the legislation became law is more important than how it got there.
“A win is a win,” Hollingsworth Falu said. “While every major piece of legislation has its own journey, our focus now is on the implementation of Housing for the 21st Century and ensuring these reforms translate into more housing opportunities for Americans. The success of this law will ultimately be measured by whether it helps communities increase housing supply, improves affordability, and expands pathways to home ownership.”
Hollingsworth Falu described the new law as “one of the most significant bipartisan housing victories in a generation. At a time when families across the Hudson Valley are struggling with affordability and limited housing choices, Congress demonstrated that solving our housing crisis is an issue for us all. By modernizing outdated regulations, streamlining responsible development, and expanding opportunities to build more homes, this legislation lays the foundation for a stronger housing future.”
Leading advocates for the legislation were Republican Tim Scott and Democrat Elizabeth Warren in the Senate, and Republican French Hill and Democrat Maxine Waters in the House.
The legislation and its 47 housing supply provisions were the result of months of back and forth between the House and Senate, with both chambers passing initial versions of the bill earlier this year.
The new law focuses on ways to increase the supply of housing, fixing up existing homes that have fallen into disrepair and encouraging local governments to ease permitting restrictions that add time and costs to building. The law also includes a ban on large institutional investors buying up more than 350 single-family homes – a provision added after Trump signed an executive order on the subject in January.
For the last five decades, manufactured homes have been required by federal law to be built on a permanent chassis, a base with wheels that allows them to be moved. In practice, though, most manufactured homes never move once they reach their destination. The new housing law eliminates the chassis requirement, which could reduce the cost of each manufactured home by $5,000 to $10,000.
The law directs regulators to ensure that modular homes, another type of home built off-site, don’t face greater financing barriers than traditionally built homes, making it easier for home buyers to secure loans.
The law includes provisions to encourage state and local governments to adopt land use and zoning policies that are more supportive of housing development. It also offers money to local governments to develop preapproved housing designs, or pattern books, which would help speed up local construction approvals.
The law authorizes a pilot program to offer grants and forgivable loans to address home repair needs and health hazards. It would also make it easier to convert older office buildings into apartment buildings.
Editor’s Note: This article first appeared in the Westfair Business Journal.
