The Trump Administration is Making Homeownership More Affordable

Proposed Rules Implement the ROAD to Housing Act and Support Affordable Homeownership in America 

WASHINGTON — Today, the U.S. Department of the Treasury issued proposed regulations to make homeownership more affordable for hardworking Americans. The proposed regulations implement Section 1001 of the 21st Century ROAD to Housing Act (ROAD to Housing Act), which restricts large institutional investors from purchasing single-family homes, codifying key requirements of President Trump’s Executive Order 14376, Stopping Wall Street from Competing with Main Street Homebuyers. 

“Under President Trump, this Administration continues to restore the path to affordable homeownership for millions of young and working families,” said Treasury Secretary Scott Bessent. “Treasury is working to ensure American families and workers have a fair shot at purchasing homes in their communities by increasing housing supply and limiting large institutional investors’ role in the market, while supporting a strong, stable housing market and avoiding unnecessary disruption.”

Beginning on January 7, 2027, a large institutional investor generally may not purchase, or enter into a contract to purchase, a single-family home unless the purchase qualifies as an “excepted purchase” under the ROAD to Housing Act. The ROAD to Housing Act defines a large institutional investor by reference to, among other things, whether an entity is engaged in the business of investing in, owning, renting, managing, or holding single-family homes and has direct or indirect investment control over at least 350 such homes. 

The ROAD to Housing Act permits several categories of excepted purchases, including purchases made pursuant to build-to-rent programs, renovate-to-rent programs, homeownership programs, and programs to boost homeownership. 

Today’s NPRM sets forth Treasury’s proposed framework to:

The proposed rule would provide non-exclusive safe harbors for several statutory requirements. These include standards for determining whether a home has been substantially rehabilitated under a renovate-to-rent program, whether a renter has received meaningful financial support under certain homeownership programs, and whether a renter has received a right of first refusal and 30-day first-look period.  

Treasury’s proposed approach recognizes that housing-market participants use a variety of ownership, investment, construction, servicing, and property-management structures and seeks to provide clarity without unnecessary disruption to housing supply, homebuilding, rehabilitation activity, or capital formation.  

Members of the public should submit comments in response to the NPRM within 30 days after publication in the Federal Register. The proposed regulations are available here.