Louisiana Realtors has released a member guide explaining the newly enacted 21st Century ROAD to Housing Act, which became law on July 11 and is described as the most sweeping federal housing legislation in a generation.
The law bundles more than 60 housing bills designed to increase home construction, expand homeownership opportunities, modernize manufactured and modular housing and help keep single-family homes accessible to individual buyers rather than large institutional investors.
Louisiana Realtors CEO Norman Morris says the legislation addresses issues members regularly encounter, including manufactured housing, small-dollar lending and appraisal delays, while emphasizing the importance of educating Realtors on the law’s changes.
Key provisions affecting Louisiana include eliminating the permanent chassis requirement for manufactured homes, increasing FHA-insured loan limits, allowing accessory dwelling units to qualify for certain FHA property improvement loans and launching a pilot program for FHA-backed mortgages under $100,000. It also establishes new appraisal review procedures to reduce transaction delays, permanently authorizes HUD’s Community Development Block Grant–Disaster Recovery program and limits new single-family home purchases by large institutional investors while preserving a build-to-rent exemption.
US housing market
