At a glance
- The House Appropriations Committee passed its fiscal 2027 funding bill before ROAD became law, Klurfield said on a Bipartisan Policy Center webinar in September.
- A developer or fund that has penciled a ROAD program into a 2027 closing is underwriting against funding that may not arrive and eligibility terms that have not been written.
- The 12 new programs, along with the regulatory changes and new public reporting requirements, all require capacity at the federal level, Klurfield said.
The 21st Century ROAD to Housing Act's 12 new programs may not receive funding until fiscal 2028 at the earliest, according to Kristen Klurfield, associate director for the J. Ronald Terwilliger Housing Policy Center at the Bipartisan Policy Center.
The House Appropriations Committee passed its fiscal 2027 funding bill before ROAD became law, Klurfield said on a Bipartisan Policy Center webinar in September. "It's possible that many of the programs in ROAD will not receive funding until fiscal year 2028, at the earliest," she said, in remarks reported by Multifamily Dive.
A developer or fund that has penciled a ROAD program into a 2027 closing is underwriting against funding that may not arrive and eligibility terms that have not been written.
The 12 new programs, along with the regulatory changes and new public reporting requirements, all require capacity at the federal level, Klurfield said. ROAD runs to about 60 measures that modernize federal housing programs, streamline regulation and expand affordable housing financing.
ROAD creates authority for many new programs but does not fund them, according to Aaron Shroyer, a Terner Center policy fellow and director of policy and advocacy at the National Association of Affordable Housing Lenders. "Nothing from ROAD was self-executing. So nothing takes effect on its own," Shroyer said on the same webinar.
Some measures took effect immediately, but many others need funding and rulemaking from Congress, and it will likely take more than a year before the law produces a real impact, the experts said.
Some of the rules HUD must write under ROAD could go final as soon as early 2028, Shroyer said. He noted that "HUD is doing more work with fewer people." Rep. Josh Harder (D-Calif.), an advocate for the bill, told Multifamily Dive that implementation falls to "underfunded and overstretched agencies."
If those HUD rules hold to that schedule, early 2028 is the earliest point at which the terms a sponsor would need in order to underwrite the new programs could exist.
Nothing from ROAD was self-executing. So nothing takes effect on its own.Aaron Shroyer, Terner Center policy fellow and director of policy and advocacy at the National Association of Affordable Housing Lenders
Reported by the Sectors desk from Multifamily Dive. Published . Corrections