New federal housing law ‘opens opportunities’ in DeKalb

A new federal law aimed at increasing access to homes and addressing the role of institutional investors in the single-family housing market “opens the door for opportunities DeKalb County intends to pursue,” according to DeKalb County CEO Lorraine Cochran-Johnson. 

The 21st Century ROAD to Housing Act, supported by other local elected officials such as Sen. Raphael Warnock and Atlanta Mayor Andre Dickens, became law on July 11 after President Donald Trump allowed the 10-day signing period to expire without acting. 

“The Senate passed the bill 85-5, followed by a 358-32 vote in the house,” stated a newsletter from Cochran-Johnson. “The president had declined to sign in protest of the Senate’s inaction on a separate elections measure, the SAVE America Act; because he neither signed nor vetoed the housing bill within the constitutional window, it took effect automatically.” 

The law directs federal agencies to carry out more than 45 provisions in the months ahead, including increasing housing supply, improving affordability and expanding financing for housing development, among other priorities. 

The law is set to do the following: 

• Expand financing for multifamily and affordable housing development, including new investment capacity for affordable projects. 

• Streamline reviews for certain housing developments, including faster environmental reviews to remove barriers to construction. 

• Limit large institutional investors that own at least 350 single-family homes from purchasing new single-family homes. 

• Establish a federal renter-outreach resource. 

• Add tools to boost supply and affordability, including lifting the cap on the Rental Assistance Demonstration program and authorizing disaster-recovery block grants. 

“Workers cannot compete with Wall Street when buying a home,” Warnock said after the act became law, according to reporting from Capitol Beat News.  

“They will outbid you every time. So, this is about fairness,” Warnock said, adding that Atlanta is “ground zero for private equity’s domination of the housing market.” 

Cochran-Johnson called the legislation “historic” and said it would make an impact locally. 

“As federal agencies roll out guidance in the months ahead, we’ll be watching closely for programs and funding that can benefit our neighborhoods, and we’ll keep citizens posted every step of the way,” stated Cochran-Johnson. 

For more information about the 21st Century ROAD to Housing Act, visit https://www.congress.gov/bill/119th-congress/house-bill/6644/text.