ACA-Backed Housing Package Becomes Law
Image courtesy of the American Coatings Association.
The 21st Century ROAD to Housing Act became law July 11, completing passage of a bipartisan package supported by the American Coatings Association.
ACA identified passage of the legislation as a priority under its strategic plan, citing the role of paints and coatings in new residential construction, renovation and maintenance of the existing housing supply.
The U.S. House of Representatives approved the legislation June 23 by a vote of 358-32. The Senate had approved the package one day earlier by a vote of 85-5.
The law includes measures intended to address zoning and land-use barriers, improve cooperation between stakeholders and state and local governments, and expand access to guaranteed loan programs. It also updates borrowing tools to reflect current construction costs.
Additional provisions support whole-home repairs and preservation of existing housing. Measures included through the Build Now Act connect certain community-development resources to accelerated homebuilding.
ACA said the package combines regulatory reform, expanded financing tools and preservation programs in an effort to increase housing supply and affordability.
Growth in residential construction and renovation could affect demand for architectural coatings, wood finishes, primers, sealants, adhesives and other building products.
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