A federal housing act became law without a signature, and Illinois condo buyers are its target
A federal housing act became law without a signature, and Illinois condo buyers are its target
2026-09-10 · Illinois · Legislation
What happened. The 21st Century ROAD to Housing Act became law on July 11, 2026. It passed the Senate 85–5 and the House 358–32. President Trump declined to sign during a standoff over unrelated legislation, and it became law automatically after ten days under Article I, Section 7.1
Key sponsors: Senate Banking Chairman Tim Scott, Ranking Member Elizabeth Warren, House Financial Services Chairman French Hill, Ranking Member Maxine Waters.
What is in it
More than sixty proposals combined, including:
- expanded NEPA categorical exclusions;
- $200 million a year in zoning-modernization grants;
- the RESIDE Act adaptive-reuse pilot, converting vacant commercial property to mixed-income housing;
- a ban on entities owning 350 or more single-family homes from acquiring more;
- re-evaluation of point-and-fee caps on small-dollar mortgages;
- FHA appraisal modernization and an expanded certified-appraiser pipeline;
- a rise in the bank “public welfare investments” cap from 15% to 20%.
The two pieces that matter to Illinois condominium owners
Small-dollar mortgage fee caps and FHA appraisal reform. Both are aimed at the sub-$150,000 unit, which is what a large share of Chicago's older condominium stock is — and which is currently the hardest property in the state to finance.
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