[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6328 Introduced in House (IH)]
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119th CONGRESS
1st Session
H. R. 6328
To require the Administrator of the Small Business Administration to
carry out a pilot program for construction or management of build-to-
rent multifamily housing, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
November 28, 2025
Mr. Vindman (for himself and Mr. Bresnahan) introduced the following
bill; which was referred to the Committee on Small Business
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A BILL
To require the Administrator of the Small Business Administration to
carry out a pilot program for construction or management of build-to-
rent multifamily housing, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Main Street Home Builders Act of
2025''.
SEC. 2. PILOT PROGRAM FOR CONSTRUCTION OR MANAGEMENT OF BUILD-TO-RENT
MULTIFAMILY HOUSING.
(a) In General.--The Administrator shall carry out a pilot program
to be known as the ``505 Pilot Program'' to make loans to State
development companies in accordance with title V of the Small Business
Investment Act of 1958 (15 U.S.C. 695 et seq.) to provide assistance to
covered persons for projects to--
(1) construct, refurbish, expand, or make improvements to
build-to-rent multifamily housing; and
(2) manage such build-to-rent multifamily housing.
(b) Consideration.--A covered person that participates in the 505
Pilot Program shall not be considered to be a speculative business or a
passive business (as such terms are defined, respectively, in section
120.110 of title 13, Code of Federal Regulations).
(c) Requirements.--A loan made under the 505 Pilot Program shall be
made in the same manner and for the same purposes as a loan made under
title V of the Small Business Investment Act of 1958 (15 U.S.C. 695 et
seq.), except that a project to be funded under the 505 Pilot Program
shall not be subject to--
(1) the requirements of section 501(d)(1) of the Small
Business Investment Act of 1958 (15 U.S.C. 695(d)(1)) or any
other job creation requirements; or
(2) the requirements of paragraph (4) or (5) of section 502
of such Act (15 U.S.C. 696) or any other limitation on leasing
a project assisted under the 505 Pilot Program.
(d) Lender Due Diligence.--A lender shall conduct appropriate due
diligence to ensure that a covered person receiving assistance under
the 505 Pilot Program--
(1) will be the end user of the project for which the
covered person seeks such assistance;
(2) has a proven track record of successfully constructing
or managing build-to-rent multifamily housing; and
(3) has adequate assets to construct or manage the project
for which the covered person seeks such assistance.
(e) Use of Assistance.--A covered person receiving assistance under
the 505 Pilot Program shall ensure that--
(1) with respect to a project to construct a new facility,
the project creates at least one additional dwelling unit than
existed before the commencement of such project; and
(2) with respect to a project to acquire, renovate, or
reconstruct an existing facility, the project creates at least
one additional dwelling unit than the existing facility.
(f) Funding.--
(1) In general.--Subject to paragraph (2), amounts
appropriated to the Administrator of the Small Business
Administration for loans under title V of the Small Business
Investment Act of 1958 (15 U.S.C. 695 et seq.) shall be used to
carry out the pilot program established by this section.
(2) Limitation.--The Administrator may use not more than
the following amounts to carry out the pilot program:
(A) For fiscal year 2026, $1,000,000,000.
(B) For fiscal year 2027, $2,000,000,000.
(C) For each of fiscal years 2028 through 2030,
$3,000,000,000.
(g) Termination.--The authority to carry out the pilot program
established by this section shall terminate on the date that is five
years after the date of the enactment of this Act.
(h) Definitions.--In this Act:
(1) Build-to-rent multifamily housing.--The term ``build-
to-rent multifamily housing'' means multifamily housing
constructed with the intention of renting or leasing such
housing.
(2) Covered person.--The term ``covered person'' means a
small business concern (as defined under section 3 of the Small
Business Act (15 U.S.C. 632)) that--
(A) constructs, refurbishes, expands, or makes
improvements to build-to-rent multifamily housing; and
(B) manages such build-to-rent multifamily housing.
(3) Dwelling unit.--The term ``dwelling unit'' means a
single unit of residence for a household of one or more
persons.
(4) Multifamily housing.--The term ``multifamily housing''
means a facility that contains more than one dwelling unit.
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