Housing Bill Has Path To Enactment; Positive For Manufactured, Modular Housing

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Housing Bill Has Path To Enactment; Positive For Manufactured, Modular Housing

TD Securities (USA) LLC POLICY NOTE

June 17, 2026

■WRG Financial Services Housing Bill Has Path To Enactment; Positive

■WRG Housing

For Manufactured, Modular Housing

Jaret Seiberg THE TD COWEN INSIGHT

202 868 5313

Leaders in the Senate and House struck a deal on housing legislation. We view the bill as

jaret.seiberg@tdsecurities.com

positive for manufactured and modular housing. It also exempts built-to-rent homes from

the investor restrictions on single-family rentals. We see a path for enactment this month as

both parties want to demonstrate that they are taking seriously voter concerns over housing

affordability.

What Is Happening

House and Senate leaders have a deal on housing legislation.

Our View

■The Senate voted Tuesday 87 to 8 to debate on the bill. This could lead to full Senate

passage this week. The House could follow within days.

■It is positive for manufactured housing as it eliminates the permanent chassis requirement.

■It benefits modular housing given the focus on FHA lending and the establishment of HUD

as the key regulator.

■We view this as positive for home builders as it exempts built-to-rent homes from the

restrictions on investor-owned rental properties. It also includes zoning reforms that may

help over time.

■This is mixed for institutional investors. It does impose limits on new purchases, but it

exempts built-to-rent, which provides a path for growth.

■Overall, the bill is limited. It does incentivize or subsidize construction of entry-level housing.

It does not address labor shortages. And it does not provide funding improvements that

could encourage construction of lower-cost single-family units.

■It is why we view this bill as a political statement.