Waters’ statement echoes committee Chairman French Hill’s (R-AR) call for negotiations, as well as Speaker Mike Johnson and Majority Leader Steve Scalise.
- In addition to the concerns impacting supply, House members also have concerns with other aspects of the Senate legislation, including a temporary ban on central bank digital currency.
- Waters’ letter also lists Democratic priorities in the House-passed version that were not in the final Senate bill.
The big picture: CREFC and other real estate industry groups have been raising alarms with section 901 of the bill, which would impose significant federal limitations on institutional investment in offering single-family homes for rent.
- Click here for additional background on the SFR/BTR issue.
- Beyond the SFR issues, a drafting error in section 213 related to HUD’s Federal Housing Administration (FHA) income thresholds on multifamily housing construction would have the effect of lowering eligible income levels rather than raising levels as intended by the original legislation.
- Senate Banking Committee Chairman Tim Scott (R-SC) and Ranking Member Elizabeth Warren (D-MA) remain opposed to any changes. Majority Leader John Thune (R-SD) acknowledged that the chambers may need to negotiate or go to a conference committee to enact the bill.
The bottom line: Bipartisan alignment with the House Financial Services Committee leadership is a positive development in the effort to amend H.R. 6644 to limit its potential negative impacts on creating more housing.
- As Congress will be out through mid-April, negotiations on the bill will likely extend the time horizon on passing housing legislation.
- Momentum on the effort may diminish as lawmakers draw closer to the midterm elections and confront other priorities such as government funding.
Contact David McCarthy (dmccarthy@crefc.org) with questions.