The ROAD Act Is Law. What Happens Next?
The 21st Century ROAD to Housing Act is officially law. Now comes the part that will determine what it actually means for housing, homeownership and communities across the country: implementation.
The ROAD Act includes more than 50 provisions aimed at increasing housing supply, improving access to homeownership and giving communities more tools to address housing affordability.
But becoming law was only the first step.
More than 100 implementation actions are expected across the federal government, many within the first year. In the months ahead, new regulations, guidance, funding decisions and programs will begin shaping how the law works in practice.
Here’s what REALTORS® should be watching next.
Implementation Moves to Federal Agencies
Many of the ROAD Act’s provisions now have to move from legislation to implementation.
Federal agencies will be responsible for putting changes into practice across a wide range of housing issues, including FHA small-dollar mortgage lending, manufactured housing, VA and USDA loan programs, commercial-to-residential conversions and existing federal housing programs.
The details developed during this process will play an important role in determining how effectively the law creates new housing opportunities.
Some Programs Still Need Funding
The ROAD Act authorizes several new grant programs intended to increase housing supply and improve affordability, but authorization doesn’t automatically mean funding.
Congress will still need to provide funding through the appropriations process before those programs can get underway. NAR will continue advocating for that funding as implementation moves forward.
The Next Steps Aren’t Just in Washington
States and local governments will have a role to play, too.
Communities will need to determine how the law’s new tools and flexibility can work at the local level, prepare for potential funding opportunities and, in some cases, take additional action to put new policies into practice.
That means decisions made in the months ahead at the federal, state and local levels will help determine the ROAD Act’s ultimate impact on housing supply and affordability.
NAR will continue working with agencies and policymakers throughout implementation and tracking key milestones as they take shape.
See the Five Areas NAR Is Watching
Advocacy Doesn’t Stop When a Bill Becomes Law
The ROAD Act is a good example of why REALTOR® advocacy doesn’t end with a legislative victory.
How a law is funded, implemented and put into practice matters. And as decisions continue at the federal, state and local levels, REALTOR® advocacy remains an important part of the conversation around housing, homeownership, private property rights and the real estate industry.
Want a closer look at how that advocacy works? Join us for MetroTex Advocacy Day, a day of conversation, education and connection focused on the issues shaping real estate and the REALTOR® voice at the local, state and national levels.
September 22 | 10:00 a.m. to 4:30 p.m. | MetroTex Irving
4 Hours CE | Lunch Included