The National Center for Assisted Living (NCAL), the American Seniors Housing Association (ASHA), and Argentum sent a letter on March 13 to U.S. House Leadership that addresses a senior housing related matter included in the
21st Century ROAD to Housing Act (
H.R. 6644). Last week, the U.S. Senate passed by a vote of
89-10 H.R. 6644 sending the bill to the House, where policy differences between the two chambers will need to be addressed.
Section 901 of the legislation, which prohibits large institutional investors from purchasing single family homes, grants several exceptions including one for properties within a 55 and older community. However, this exception specifies new construction, renovations, and rental conversions, but does not include protection for “existing” properties. By not expressly including “existing” properties, it effectively denies the same treatment relative to the exception, as the other categories. In short, this omission will threaten the removal of a critical source of capital necessary to ensure these units are not lost but remain healthy and viable options for housing and care for years to come.
NCAL will provide relevant updates as work continues on the Hill on this housing related package.