Friend,
The overwhelmingly bipartisan supported and much awaited 21st Century ROAD to Housing Act is now law and with it comes a raft of improved regulations and access to financing fit, as the name implies, for this century. Those provisions include:
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Billions of dollars of unlocked bank equity allowed to invest in low-income housing tax credit funded projects
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Reauthorization and reforms of housing production programs.
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Increases to FHA multifamily statutory loan limits.
Although many of the elements of the 21 Century ROAD to Housing are specifically designed to increase the velocity of development, there is still likely to be a reality check on the speed of delivery. One of the very practical challenges will be how to quickly assemble a skilled labor force to take on the magnitude of the construction needed to address decades of shortages.
With so many changes to existing practices imminent, making all the components work together will also be testing. But putting those trials aside, this once in a lifetime legislative change deserves its moment of celebration. In tandem with the very possible passage of a California’s $11.3B housing initiative in November, both bill and bond will undoubtedly move the needle.
And for all of us who work in bringing more housing to those desperately waiting, we are eager to begin.
Ken Trigueiro, CEO & President
On behalf of the People’s Team
