House Approves Permitting Reform Bill to Spur Multifamily Development

The House today approved NAHB-supported legislation that is a positive step toward reducing regulatory barriers by addressing the challenging permitting regime for multifamily housing. On average, regulations from all levels of government account for more than 40% of a typical multifamily development’s cost.

The Standardizing Permitting and Expediting Economic Development (SPEED) Act would help spur the production of more multifamily housing by instituting important reforms to the National Environmental Policy Act (NEPA).

Specifically, by clarifying that federal funding alone is not sufficient to constitute a “major federal action” under NEPA, the SPEED Act would ensure that builders leveraging federal grants, loans, and loan insurance to construct or renovate multifamily housing are not hindered by lengthy reviews for development that lack a federal nexus.

Following passage of the PERMIT Act and SPEED Act in the House, NAHB looks forward to the Senate engaging on permitting reform in the new year and urges inclusion of provisions which will ease regulatory burdens for home building.