On October 22, 2026, the U.S. Department of the Treasury proposed rules to implement the 21st Century ROAD to Housing Act, which restricts large institutional investors from purchasing additional single-family homes. Beginning January 7, 2027, investors controlling at least 350 single-family homes generally would be prohibited from acquiring additional properties, subject to certain exceptions.
The proposed rules outline exceptions for newly built rental homes, qualifying property renovations, and programs that help renters transition to homeownership. They also establish requirements for offering renters an opportunity to purchase a home before it is marketed to other buyers.
This proposal is the first of several anticipated rulemakings to implement the law. The National Association of REALTORS® (NAR) is reviewing the proposal and will provide updates to members as additional information becomes available.