Editor’s Note: The RISMedia series Legislative Round-Up looks at pending and passed federal and state-level legislation that impacts real estate professionals.
ROAD to Housing Act back on the table
An amended version of the housing omnibus bill currently known as the 21st Century ROAD to Housing Act has once more passed the House of Representatives.
In broad strokes, the bills seek a variety of reforms to incentivize housing supply and boost affordability. One of the most controversial provisions was limits placed on future homeownership by institutional investors; added to the Senate bill, the House has now put forth a proposal with a softened restriction on institutional investors, such as removal of a requirement they divest of properties after seven years of ownership.
The bill had passed both the House and then the Senate, only to stall upon return back to the House for another vote due to discrepancies between the versions passed by the two different congressional houses. The NAHB’s index tracking homebuilder confidence improved in May, which has been attributed to renewed momentum for the housing bill.
Following the House’s passage of the bill, both the National Association of Realtors® (NAR) and the National Association of Home Builders (NAHB) released statements praising the bill and encouraging final passage.
Crypto regulatory bill clears Senate committee
The Clarity Act, establishing a comprehensive regulatory framework for cryptocurrency, was advanced out of the Senate Banking, Housing and Urban Affairs Committee on Thursday, May 14, with a 15-9 vote in favor of advancing the bill. The vote split was largely but not entirely partisan; Democratic Senators Ruben Gallego (AZ) and Angela Alsobrooks (MD) voted with their Republican colleagues to advance the bill.
Should the bill pass, one of the most important impacts to real estate would be in home equity. The bill allows the tokenization of financial assets, which includes not only stocks or bonds but also real estate, meaning that homeowners essentially could sell portions of their home equity in exchange for cash. This could represent another step forward toward the integration of cryptocurrency into the U.S. financial system; for instance, Fannie Mae and Freddie Mac have begun to consider crypto assets in mortgage applications.
The Clarity Act, introduced in 2025, has had a slow journey to advancing through Congress. Senator Elizabeth Warren (D-MA), ranking member of the Banking, Housing and Urban Affairs, has also criticized the bill as a boon to the crypto industry it intends to regulate.
California bills offer mortgage relief for homeowners during disasters
California is prone to wildfires, with a particularly destructive string of wildfires hitting Los Angeles back in January 2025. California legislators have moved since to create relief for affected residents, previously through insurance law and now through mortgage relief.
Bills, which passed committee votes on the California assembly in April, would allow homeowners mortgage relief during declared statewide disasters. One bill creates a rule allowing forbearance on mortgage payments for 180 days after a state of disaster is declared in California. Borrowers could apply for 90-day extensions as well, and any late fees or lump sum repayments would be prohibited during the forbearance. Another bill also extends the forbearance period for victims of the January 2025 wildfires to two years.
“By extending protections and creating a statewide safety net, we are standing with families when they need it most, helping them heal, rebuild and stay rooted in their communities,” said bills’ sponsor John Harabedian (D-Pasadena).
However, the California Mortgage Bankers Association is not yet on board with these bills, with CEO Paul Gigliotti claiming the bills go beyond existing federal law and could create confusion. “At the very moment when clarity and speed are most important, conflicting requirements can create confusion, and that is the last thing homeowners need during a crisis,” said Gigliotti.
