[Congressional Record Volume 172, Number 109 (Tuesday, June 30, 2026)]
[Extensions of Remarks]
[Page E641]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                    HOUSING FOR THE 21ST CENTURY ACT

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                               speech of

                            HON. MIKE FLOOD

                              of nebraska

                    in the house of representatives

                         Tuesday, June 23, 2026

  Mr. FLOOD. Madam Speaker, I rise along with my colleague, 
Representative Emanuel Cleaver of Missouri, to raise a particular point 
that the Department of the Treasury should consider when evaluating the 
congressional intent as it relates to Section 1001 of this piece of 
legislation, the 21st Century ROAD to Housing Act. Mr. Cleaver and I 
are both original cosponsors of this piece of legislation and were 
intimately involved in the drafting of the bill.
  It is the intent of Congress that entities providing for the 
temporary acquisition of homes during employer sponsored relocation 
home sale programs be exempt from the definition of large institutional 
investor in Section 1001 of this Act.
  These entities provide a service to the private sector, government 
agencies and their employees by facilitating worker relocations. These 
properties remain available to American homebuyers; they are not 
removed from the homeownership market and turned into rental 
properties. Additionally, these transactions are in service of an 
employee relocation, not for investment purposes. As such, it is 
appropriate to exclude them from the definition of a large 
institutional investor pursuant to the Act.
  Additionally, in this bill Congress grants the Department of the 
Treasury the authority to issue regulations aimed at carrying out the 
purposes of this section, avoiding market disruptions, and protecting 
consumers from harm. Under that authority, Treasury should issue rules 
clarifying the meaningful financial support required for homeownership 
programs under subparagraph (D). It is the intent of Congress that any 
meaningful financial support from the investor should include 
consideration of the physical condition of the home. It is also the 
intent of Congress that any homeownership program under subparagraph 
(D) must involve properties that are habitable and shall not impose 
significant repair obligations on the consumer before a deed is granted 
to them. Consumers attempting to purchase these homes should not be 
obligated to pay for significant repairs unless they have a deed in 
their name and full ownership rights, to prevent transactions that are 
built to fail.

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