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French Hill says housing bill loosens HUD reviews, alters bank rules and limits some investor purchases
Summary
Congressman French Hill described a recently passed housing bill as largely deregulatory: it reduces some HUD environmental reviews for HOME program projects, changes incentives for local zoning and building codes, adjusts small‑bank compliance rules, and places limits on institutional buyers of single‑family homes.
Congressman French Hill, chairman of the House Financial Services Committee, described a recently passed housing bill as a supply‑side, deregulatory package intended to increase housing supply and hold the Department of Housing and Urban Development (HUD) more accountable.
"This bill has been worked on for years. It is a deregulatory bill. It is a supply side bill," Hill said. He said the measure reduces certain environmental reviews for building on city‑owned lots under the HOME program and changes building‑code incentives and zoning to encourage greater density and lower development costs.
Hill said the bill also changes bank compliance rules to help community banks compete with larger institutions, including adjustments to reciprocal and custodial deposit rules and a shift in the public‑welfare ratio from 10% to 15% to unlock more community development investment.
He said the measure increases HUD accountability by requiring more frequent testimony from the HUD secretary, and includes provisions intended to limit some institutional investors from bidding on single‑family homes in ways that could disadvantage individual buyers. "Can somehow you limit big institutional investors from bidding against moms and dads for cash to buy a house ...? And this bill answers that question," Hill said.
Hill estimated the changes could unlock "3 or $4,000,000,000" in institutional investment particularly for build‑to‑rent, senior and campus housing, though he did not provide a formal source or detailed breakdown for that figure during the interview.
The interview did not include comment from HUD, community banks, housing advocates or institutional investors; Hill framed the law as designed to increase supply and make it easier for local developers to build housing, but the transcript did not include implementation details or an administration response.
