NMHC and NAA Statement on Senate Passage of the 21st Century ROAD to Housing Act

WASHINGTON--(BUSINESS WIRE)--Statement from National Multifamily Housing Council (NMHC) President Sharon Wilson Géno and National Apartment Association (NAA) President and Chief Executive Officer Bob Pinnegar:

“For the last year, addressing housing affordability has rightfully been a top concern for Congress and the Administration. The House and Senate took significant steps toward achieving that goal by drafting the Housing for the 21^st Century Act and the ROAD to Housing Act, respectively.

"NMHC and NAA strongly supported both of these bills and our organizations still see great potential in the core elements of the now combined 21^st Century ROAD to Housing Act. Unfortunately, the promise of this overwhelmingly pro-housing legislation is now undermined by the eleventh-hour addition of a provision that will have an immediate chilling effect on housing supply, affordability and investment.

“The provision requiring disposition of Build-to-Rent (BTR) communities as individual units to homebuyers is plainly not feasible. It would stall new communities from being built and divert investment away from an important affordable housing option for renters and their families. BTR housing opens the door to better employment and educational opportunities and is a vital part of our nation’s housing affordability solution. Fewer housing units means higher rental costs for Americans.

“NMHC and NAA are calling on the House and Senate to eliminate this harmful provision before passing the final legislation. The aforementioned disposition requirement would effectively deny housing to Americans who choose to rent at different stages of life—limiting housing choice for seniors, military service members, families and students.

“Now is the time for lawmakers to return the bill to its original pro-housing intent to increase housing supply and ease affordability challenges for renters and their families.”

For more than 27 years, the National Multifamily Housing Council (NMHC) and the National Apartment Association (NAA) have partnered on behalf of America's apartment industry. Drawing on the knowledge and policy expertise of staff in Washington, D.C., as well as the advocacy power of 139 NAA state and local affiliated associations, NAA and NMHC provide a single voice for developers, owners and operators of multifamily rental housing. One-third of all Americans rent their housing, and 40 million of them live in an apartment home.