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NCSHA Washington Report | June 26, 2026

Published on June 26, 2026

NCSHA Washington Report - 2025

We’re still optimistic President Trump will sign the 21st Century ROAD to Housing Act into law, even after he belittled the bill and blew up his scheduled signing ceremony with hours’ notice this week.

If and when that happens, the details of the law’s tortuous trek to enactment will quickly be forgotten by even those who have been most riveted by them (okay, maybe not this week’s surprise). But the ROAD Act’s process to passage, and precedents in prior bills, may bear on how well it lives up to its promise.

The act is mostly an assemblage of more than 40 fairly narrow legislative proposals backed by and important to handfuls of members of Congress from each party and prioritized variously by housing industry and advocacy groups — most all of whom were in favor of the whole bill mainly because it contained pieces they cared most about in it.

In this way, the ROAD Act is a bit like the Community Renewal Tax Relief Act of 2000, which packaged together a set of thematically related tax incentives that each had their congressional champions and core constituencies in a bipartisan political bargain. Post-enactment, some got implemented quicker, accomplished more, and lasted longer than others, based on how effectively their backers engaged with the federal agencies tasked with translating the law into actionable policy.

Which gets to a second point: Almost everything in the ROAD Act requires a federal agency to write regulations, issue notices, produce reports, and provide additional guidance filling in the implementation details. HUD, especially, will be busy, with some level of responsibility for more than 30 of the bill’s provisions.

A cautionary tale could be the Housing Opportunity Through Modernization Act. That law was enacted 10 years ago next month, and while HUD was able to issue the necessary notices for some parts to kick in fairly quickly, other sections took years, and one is still pending, due to deep-seated technology and other systems issues inside the agency. HUD’s much smaller today than it was then, underscoring the challenges facing efforts to deliver actual supply-enabling, cost-cutting results sooner than later.

The final point on process is that the ROAD Act travelled toward passage on Congress’ “authorizing” track. That’s why credit for the remarkable legislative accomplishment it represents goes largely to the top housing authorizers: Senators Tim Scott (SC) and Elizabeth Warren (MA) and Representatives French Hill (AR), Maxine Waters (CA), Mike Flood (NE), and Emanuel Cleaver (MO).

Some of them already have suggested they see their bill as a start not an end. Yet the next best opportunities for continued congressional action on housing may be in other legislative lanes: appropriations and tax.

The former is the (generally) annual process through which Congress funds federal programs, including newly authorized ones, of which the ROAD Act would create several, including a home repair initiative modeled on a successful statewide effort in Pennsylvania.

Movement in the latter tends to happen when one party has enough control to muscle bills into the legislative fast lane via the “reconciliation” process. It’s not clear Republicans will be able to accomplish that again this year, but they are trying, which may create an opening to advance ROAD Act-complementing tax incentives to improve housing supply and affordability.

But the president needs to sign the ROAD Act first.

Stockton-Williams-Washington-ReportStockton Williams | Executive Director

Washington Report will return July 10.

In This Issue

Senate, House Pass 21st Century ROAD to Housing Act; Trump Unexpectedly Puts Off Bill Signing
As referenced above, the Senate and House of Representatives earlier this week passed identical versions of the 21st Century ROAD to Housing Act (H.R. 6644). This sweeping legislation is the most significant non-tax housing legislation to advance in more than 30 years. It reforms and streamlines numerous federal affordable housing programs and policies, authorizes new pilot programs and extends others, and provides incentives for state and local zoning and land-use reform. The legislation contains several NCSHA priorities, most notably provisions reauthorizing the HOME Investment Partnerships Program and increasing the public welfare investments cap for large banks. NCSHA summarized the bill in more detail on our blog. A section-by-section summary is available here.

The legislation passed by overwhelming margins of 85 – 5 in the Senate and 358 – 32 in the House. President Trump was scheduled to sign the bill into law during a ceremony Wednesday before abruptly canceling the event and announcing he will not sign H.R. 6644 until Congress passes an unrelated elections reform bill. As of this writing, it is not yet known what steps Congress and the president will take next.

NCSHA Submits Comments, Signs onto Letter on Capital Requirements for Financial Institutions
NCSHA last week urged federal banking regulators — the Federal Reserve, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency — to make it easier for large banks to invest in Housing Credit properties and Housing Bonds by reducing the amount of capital banks must hold for such investments. The letter was sent in response to a pair of proposed rules issued by the regulators in March to modify bank capital standards. In the letter, NCSHA recommends the risk weighting assigned to bank investments in Housing Credit properties be reduced from 100 percent to 20 percent and the risk weighting for Housing Bonds be lowered from 50 percent to 20 percent. NCSHA argues the strong performance of Housing Credits and Housing Bonds and their important public purpose justify the lower risk weights. The letter also expresses concern about the provision in the proposed rules that would base the risk weight for a single-family home purchase loan entirely on the loan-to-value ratio.

In addition to submitting its own comments, NCSHA joined 26 other housing advocacy organizations in submitting a letter, spearheaded by the National Association of Affordable Housing Lenders, urging the regulators to reduce the risk weighting for Housing Credit properties to 20 percent.

NCSHA Joins Coalition Letter Urging HUD to Continue Restore-Rebuild Housing Construction Program
On June 18, NCSHA signed onto a letter from a coalition organized by several national groups representing public housing authorities (PHAs) to oppose the U.S. Department of Housing and Urban Development’s plan to end the Rental Assistance Demonstration (RAD) Restore-Rebuild Initiative, formerly known as “Faircloth to RAD,” which enables financing for new affordable housing construction by converting new public housing to Section 8 RAD contracts. The letter, led by the Council of Large Public Housing Authorities, National Association of Housing and Redevelopment Officials, Public Housing Authority Directors Association, and MTW Collaborative, calls on HUD to rescind the memorandum implementing its plan to terminate the initiative, continue issuing and processing Notices of Anticipated RAD Rents which allow Restore-Rebuild plans to advance, and to engage with PHAs to make the initiative more effective. The letter also recommends several ways HUD could extend, expand, and clarify its criteria for allowing Restore-Rebuild deals under consideration to go forward.

FHA Issues Mortgagee Letters to Simplify FHA Policies and Procedures
On Tuesday, the Federal Housing Administration (FHA) published five new mortgagee letters (MLs) to further its ongoing efforts to reduce costs, mitigate risk, and make mortgage credit more accessible for FHA borrowers across the continuum of mortgage lending.

Flood, Goodlander Bill Would Suspend BABA and Require HUD Study
On June 15, House Housing and Insurance Subcommittee Chairman Mike Flood (R-NE) and Representative Maggie Goodlander (D-NH) introduced the Build Housing Affordably Act (H.R. 9311). The bill would require HUD to study the impacts of the Build America, Buy America (BABA) Act on affordable housing developed with federal financial assistance through HUD’s programs and report its findings to Congress within 90 days of completing the study. BABA’s application to HUD programs would be suspended until 60 days after HUD submits its report to Congress. The bill also would impose a 90-day deadline for HUD to render decisions on BABA waiver requests submitted after BABA requirements for HUD programs are reinstated. Waivers not receiving a judgment within 90 days would be deemed automatically granted.

NCSHA has endorsed the bill and expects the House Financial Services Committee to hold a markup of it soon. See our blog for more information.

Wyden, Hoyle Introduce DASH Housing Affordability Bill
Senate Finance Committee Ranking Member Ron Wyden (D-OR) and Representative Val Hoyle (D-OR) recently reintroduced the Decent, Affordable, Safe Housing for All (DASH) Act, comprehensive legislation aimed at addressing housing affordability and homelessness. The bill would expand affordable housing production, strengthen the Low-Income Housing Tax Credit, establish new renter and middle-income housing tax credits, and create an advanceable down payment tax credit for first-time home buyers. The legislation also would expand Housing Choice Vouchers and supportive services for households experiencing or at risk of homelessness. According to its sponsors, the bill is intended to spur construction of millions of homes while reducing housing cost burdens for low- and middle-income households.

FHFA Proposes Duty to Serve Overhaul; Would Expand Credit Eligibility for Housing Credit Investments
The Federal Housing Finance Agency (FHFA) on Wednesday published a proposed rule to substantially amend its Enterprise Duty to Serve Underserved Markets regulations. The Duty to Serve Rule, which is statutorily obligated, requires the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac each to take steps to support manufactured housing, affordable housing preservation, and rural housing. Under the proposed rule, the GSEs would be eligible to receive credit under the Duty to Serve Rule for Housing Credit investments that support housing in all the underserved markets covered by the rule; currently, only Housing Credit investments for homes in eligible rural areas may receive credit.

The proposed rule also makes comprehensive changes to the process via which the GSEs would develop and modify their Duty to Serve plans, while maintaining the three-year planning and implementation cycle, and states FHFA expects both GSEs to undertake efforts to support financing for manufactured home purchase chattel loans.

NCSHA is still reviewing the proposal’s details and intends to submit comments on behalf of HFAs and their partners. The comment deadline is July 24, a notably short comment period given the proposal’s nature and upcoming July 4 federal holiday. To help inform NCSHA’s comments, please send Greg Zagorski your feedback by July 15.

FHFA Releases Annual Report to Congress
On June 15, FHFA published its 2025 Report to Congress. Required by statute, the report outlines the actions FHFA took last year to carry out its authority to supervise Fannie Mae and Freddie Mac and the Federal Home Loan Banks (FHLBs). In the report, FHFA states the GSEs and FHLBs continued to support affordable housing opportunities for working families, while operating in a safe and sound manner, despite what FHFA describes as “challenging conditions.” The report provides few details about such activities, which are summarized in other reports published by FHFA, the GSEs, and the FHLBs.

Joint Center Report Highlights Continuing Affordability Challenges
Harvard University’s Joint Center for Housing Studies recently released its 2026 report on The State of the Nation’s Housing, finding that housing affordability challenges continue to strain renters and home buyers despite increases in housing production and a softening rental market. The report notes housing costs remain near record highs and millions of households continue to face significant cost burdens. The report also cites a shortage of 7.2 million rental homes affordable and available to extremely low-income households and highlights the continued loss of lower-cost housing stock.

Following its release, NCSHA Executive Director Stockton Williams joined housing leaders from across the public, private, and nonprofit sectors for a panel discussion on the report’s findings and potential policy solutions. For more information, see NCSHA’s blog.

NLIHC Survey Highlights Affordability, Housing Quality Challenges for Renters
A new National Low Income Housing Coalition (NLIHC) survey finds renters continue to face significant affordability challenges, with high housing costs limiting both housing stability and mobility: Among renters who considered moving but ultimately stayed put, 70 percent said they could not find a home with affordable rent. Further, the survey finds many renters are required to pay additional fees, with significantly higher percentages of renters who rent from property management or rental companies reporting their landlords charging at least one of five “junk fees,” as compared to renters who rent from an individual or a family.

The survey also highlights ongoing concerns about housing quality and accessibility: Approximately 60 percent of renters reported experiencing at least one habitability issue in their homes over the past two years, including pests, electrical problems, and broken fixtures. The report concludes increased investments in affordable rental housing, housing assistance, and accessible housing are needed to improve housing stability for low-income renters.

NCSHA in the News
Scotsman Guide, 6.18.26, Lawmakers, housing groups pitch Basel III changes as comment period ends

Looking Ahead

Legislative and Regulatory Activities

State and Industry Events

  • August 5 – 6 | Kentucky Affordable Housing Conference | Lexington, KY
  • August 24 – 26 | Kansas Housing Conference | Overland Park, KS
  • August 26 – 28 | Arizona Housing Forum | Phoenix, AZ
  • September 2 | Indiana Housing Conference | Indianapolis, IN
  • September 9 – 10 | HousingIowa Conference | Des Moines, IA
  • September 9 – 10, 1:00 – 4:30 pm ET | NCSHA Webinar: Housing Credit Administration | Virtual
  • October 3 – 6 | NCSHA’s Annual Conference & Showplace | Detroit, MI

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