Main Street Home Builders Act of 2025

[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

_______________________________________________________________________

                                 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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