Washington, D.C. — U.S. Representatives Eugene Vindman (D-Va.-07) and Rob Bresnahan (R-Pa.-08) introduced bipartisan legislation to require the Small Business Administration (SBA) to carry out a pilot program for the construction or management of build-to-rent multifamily housing.
The Main Street Home Builders Act would authorize the SBA’s 504-loan program to support small-scale residential construction under a new pilot. The program would operate under clear performance standards to track success and protect taxpayer dollars. By leveraging the proven structure of the SBA’s 504-loan program, focusing support on small builders, and establishing strict caps and time limits, this bill would increase the nation’s housing supply.
“Communities across America are being squeezed by rising construction costs and a shrinking housing supply. This bill will unlock new opportunities for small builders — empowering them to help deliver the homes our neighbors desperately need,” said Vindman. “By using the Small Business Administration’s proven 504-loan framework in a responsible pilot program, we can grow housing supply, lower costs, and safeguard taxpayer dollars all at once.”
“Families in Northeastern Pennsylvania are being priced out of the housing market, and we can’t afford to let red tape keep holding back the small businesses that are ready to build more homes,” said Bresnahan. “The Main Street Home Builders Act is a commonsense step to lower costs by helping local builders access the tools they need to get more homes on the market. When our local builders can get shovels in the ground faster, families across NEPA see lower costs and more housing options.”
BACKGROUND
Rising construction costs and limited housing supply are putting pressure on communities nationwide. Meeting the country’s economic and workforce needs will require building more homes — and empowering small builders is essential to lowering costs and extending supply. Under current law, the SBA’s 504 Loan Program helps small businesses finance commercial development projects but doesn’t allow small builders to use it for residential construction. This gap limits the ability of local builders to respond to housing demand and slows efforts to increase affordable, attainable housing across the country.
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