The U.S. House of Representatives is scheduled to vote on an amended version of H.R. 6644, the 21st Century ROAD to Housing Act. As noted in previous communication, the National Center for Assisted Living (NCAL), the American Seniors Housing Association (ASHA), and Argentum have been working closely together around concerns on a provision of the Senate passed bill, which prohibits large institutional investors from purchasing single family homes, with limited exceptions for properties serving the 55 and older community.
However, this exception specifies new construction, renovations, and rental conversions, but does not include protection for “existing” properties. By not expressly including “existing” properties, it effectively denies the same treatment relative to the exception, as the other categories.
NCAL, ASHA and Argentum were able to successfully advocate for a critical change to the bill from the Senate-passed version that would have resulted in unintended consequences for senior housing. The amended House language removes all references to new construction, renovation, and conversion, and instead applies the exception uniformly to all properties, including those already in existence.
If the bill passes in the House, the legislation will then return to the Senate for consideration. NCAL will provide relevant updates as work continues on the Hill on this housing related package.