We Took Richmond's Housing Concerns to Capitol Hill. Here's What Passed.
Updated: Oct 8
On June 17, 2026, I stood in Sen. Tim Kaine's office on Capitol Hill with our Virginia REALTORS® team. We had one ask: pass the 21st Century ROAD to Housing Act.
Five days later the Senate passed it, and on July 11 it became law. Here's what's in it and what it means for buyers, sellers and homeowners in Richmond, Virginia.
THE SHORT ANSWER The 21st Century ROAD to Housing Act became law on July 11, 2026. It's a bipartisan package of nearly 50 measures aimed at building more homes, lowering the cost of building them and making it easier for everyday buyers to get a mortgage. Virginia REALTORS® pushed for it on Capitol Hill in June, and Curt Reichstetter of Two Dog Realty was part of that visit. |
Why Were Virginia Realtors on Capitol Hill?
Every June, Realtors from across the country go to Washington, D.C., for the National Association of REALTORS® Legislative Meetings. In 2026, as President of Virginia REALTORS®, I went with our Virginia team to meet with our congressional delegation on Realtors' Hill day.
We sat down with Sen. Tim Kaine and met with Rep. Rob Wittman's office. Sen. Mark Warner's schedule didn't allow a meeting this trip. Our message to both offices was the same: pass the ROAD to Housing Act.
Why Did We Push for the ROAD to Housing Act?
Because the problem we hear about most at the kitchen table in Richmond is simple: there aren't enough homes, and the ones on the market cost more than many first-time buyers can stretch to. A federal bill won't fix that overnight, but this one goes after several of the reasons homes are hard to build and hard to buy.
Congress agreed across party lines. The House passed the final version 396-13 on May 20, and the Senate approved it 85-5 on June 22, five days after our visit. It became law on July 11, 2026.
What's in the New Law for Richmond Buyers, Sellers and Homeowners?
These are the pieces I think matter most for people buying and selling in the Richmond, Virginia area:
Smaller mortgages for smaller homes. FHA can test mortgages under $100,000, a loan size lenders have long found hard to make work. That matters for starter homes and condos.
A second look at a low appraisal. Lenders on federally backed loans must give borrowers a way to request a reconsideration of value or a second appraisal.
Lower-cost manufactured homes. The rule requiring a permanent steel chassis is gone, which can cut building costs, and FHA loan limits for manufactured housing go up.
Faster, cheaper building. Federal environmental reviews are streamlined for many housing projects, especially infill. Communities can get grants for pre-reviewed designs like duplexes, townhomes and accessory dwelling units, so permits move faster. (If you're weighing a new home, see new construction vs. resale homes in Richmond.)
Rewards for localities that build. Communities that measurably increase housing can compete for $200 million a year in grants.
Limits on the biggest investors. Investors owning 350 or more single-family homes can't buy newly built single-family homes, with exceptions such as build-to-rent.
Help for veterans. Loan applications now point out VA loan eligibility, so more veterans learn about the benefit they've earned.
What Does It Mean for You?
Not much yet, and that's worth knowing. Much of the law depends on agencies like HUD and FHA writing rules and awarding grants, so changes will roll out over the next few years. It doesn't change mortgage rates or the basics of buying or selling a home in Virginia today.
If you're planning a move now, the fundamentals still matter most: get preapproved with a lender you trust (here's how to choose the right mortgage lender in Richmond), price your home to today's market and know the new Virginia real estate laws for 2026 that already apply.
In my 35-plus years in Richmond real estate, I've learned that the decisions that shape your next purchase or sale are often made long before you call a Realtor. That's why Heather and I stay involved in advocacy at Two Dog Realty.
Frequently Asked Questions
What is the ROAD to Housing Act?
The 21st Century ROAD to Housing Act is a federal housing law that combines nearly 50 measures on housing supply, homeownership, financing and veterans' housing. It aims to build more homes, lower the cost of building them and give buyers more paths to a mortgage.
When did the ROAD to Housing Act become law?
It became law on July 11, 2026. The House passed the final bill 396-13 on May 20, 2026, and the Senate approved it 85-5 on June 22, 2026.
Does the ROAD to Housing Act lower mortgage rates?
No. The law doesn't set interest rates. It focuses on housing supply, loan options such as small-dollar FHA mortgages, appraisal fairness and the cost of building new homes.
When will Richmond homebuyers see changes from the ROAD to Housing Act?
Gradually. Many provisions need federal agencies like HUD and FHA to write rules or award grants first, so Richmond, Virginia buyers should expect changes to roll out over the next few years rather than right away.
Can I get a second appraisal if my appraisal comes in low?
Under the new law, lenders on federally backed mortgages must offer borrowers a process to request a reconsideration of value or a second appraisal. Ask your lender how their process works before you need it.
Can large investors still buy new homes?
Investors that own 350 or more single-family homes can no longer buy newly built single-family homes, with exceptions such as build-to-rent projects. Individual buyers and smaller investors aren't affected by this limit.
Did Realtors support the ROAD to Housing Act?
Yes. The National Association of REALTORS® and Virginia REALTORS® advocated for it, including at NAR's Legislative Meetings in June 2026. Curt Reichstetter, 2026 President of Virginia REALTORS® and co-founder of Two Dog Realty, met with Sen. Tim Kaine and Rep. Rob Wittman's office to urge its passage.
Related reading from Two Dog Realty
Thinking About Buying or Selling in the Richmond Area?
Heather and I are happy to walk you through what's changing and what isn't. Book a strategy call, and we'll talk about your plans.
Curt Reichstetter
Two Dog Realty
804-370-1210
curt@curtsellsrva.com
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