Six months after President Trump's executive order on institutional homeownership, Congress has passed comprehensive, bipartisan federal housing legislation. The 21st Century ROAD to Housing Act establishes limits for large institutional investors purchasing single-family homes and introduces additional housing supply measures. Here is an outline of what the law does and how it connects to fractional real estate investing.
Housing affordability and institutional ownership of single-family homes have remained topics of public policy discussion in recent years. On January 20, 2026, President Donald Trump signed Executive Order 14376 stating, “it is the policy of my Administration that large institutional investors should not buy single-family homes that could otherwise be purchased by families.”
The 21st Century ROAD to Housing Act (H.R. 6644) addresses the policy issues identified in the executive order. The legislation passed the Senate and House with bipartisan support before becoming law in July 2026 after the constitutional review period concluded without a presidential signature. Check out our article: "People Live in Homes, Not Corporations" from President Trump.
The ROAD to Housing Act addresses institutional ownership of existing single-family homes while also including provisions intended to encourage additional housing development and improve housing availability over time.
One of the Act’s principle provisions limits future purchases of certain existing single-family homes by entities that meet the law's definition of a "large institutional investor." The legislation broadly defines a large institutional investor as a for-profit entity engaged in the ownership, rental, or management of single-family homes that maintains investment control over 350 or more qualifying properties, whether directly or through coordinated ownership or management arrangements.
Under the Act, the purchase restrictions apply to existing single-family homes, which the legislation defines as residential structures containing two or fewer dwelling units occupied by a single household. The law also provides that certain mergers, acquisitions, and bulk property transfers are treated as purchases for purposes of the restriction. Several exceptions apply, including specified newly constructed homes and certain build-to-rent developments, as outlined in the legislation.
Notably, the legislation does not prohibit all institutional participation in residential real estate.
The ROAD to Housing Act includes several exceptions for large institutional investors, such as newly constructed homes, renovate-to-rent projects, and build-to-rent developments. These provisions reflect a policy approach that distinguishes between purchases of existing housing inventory and projects that may contribute to expanding housing supply.
A portion of the properties on the Realbricks platform are newly constructed single-family homes. Details about a property associated with a Realbricks offering are noted in that offering's materials, including whether the property is new construction.
The Act primarily governs future acquisitions. It does not require institutions to sell homes they already own, including portfolios that exceed the statutory ownership threshold. The legislation also does not directly determine home prices, mortgage interest rates, or housing affordability. Those outcomes continue to be influenced by numerous factors, including housing supply, borrowing costs, local market conditions, demographic trends, and broader economic conditions.
Beyond the provision to limit institutional ownership, the Act includes measures intended to increase the supply of housing across the country: encouraging housing construction, supporting manufactured and modular housing, expanding financing options for certain lower-priced properties, and facilitating the process to convert vacant commercial buildings into residential use. The long-term effects of these provisions remain uncertain and will depend on implementation and market conditions.
Realbricks is an investment platform that provides access to SEC-qualified offerings involving an entity that owns residential rental properties rather than purchasing the property itself. In fractional real estate investing, many investors each own a fraction of the total interest in the property.
Some offerings on the Realbricks platform involve newly constructed single-family homes. The Act includes exceptions for certain newly constructed homes, meaning those properties may not be subject to the same purchase restrictions that apply to certain acquisitions of existing single-family homes by entities meeting the Act's definition of a large institutional investor. Whether a particular offering involves new construction is identified in the applicable offering materials. The Act does not alter the terms of any Realbricks offering, and its long-term effects on the residential real estate market, housing supply, or investment opportunities remain uncertain.
Any distributions, if declared, are based on the underlying property's net operating income and other applicable factors. Distributions are not guaranteed. The value of an investment may increase or decrease, and appreciation, liquidity, and opportunities to resell interests remain uncertain.
The 21st Century ROAD to Housing Act addresses one aspect of the broader discussion surrounding housing affordability and institutional ownership. While the legislation places limits on certain future acquisitions by large institutional investors, it does not prohibit individual participation in SEC-qualified real estate offerings or other forms of real estate investment that comply with applicable laws.
As implementation of the Act continues, policymakers, housing professionals, investors, and researchers will likely continue evaluating how these changes affect housing supply, affordability, and participation in residential real estate markets.
Disclaimer: Investing in real estate involves risks, including the potential loss of capital. This content is for informational purposes only and is not intended as investment, legal, or tax advice. Distributions are not guaranteed and depend on a property being tenanted, collecting rent, and generating net operating income; they may vary or may not be paid. Investors should perform their own research and consult with financial and tax professionals before making investment decisions.
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