From HUD implementation to congressional funding, NAA’s Nicole Upano and Owen Caine break down the next phase of the new housing law with MHN’s Laura Valean.
Passing the 21st Century ROAD to Housing Act was only the beginning. Now comes the harder part: turning its provisions into policies that actually affect housing production, financing and day-to-day apartment operations.
In this episode of NAA Insights, Multi-Housing News Executive Editor Laura Valean sits down with Nicole Upano, assistant vice president of housing policy & regulatory affairs at the National Apartment Association, and Owen Caine, assistant vice president of federal legislative affairs, to examine what comes next as the new federal housing law enters the implementation phase.
The conversation looks at where apartment owners and operators could see the earliest impact and where meaningful change could take much longer. Upano breaks down the regulatory work ahead at HUD and other federal agencies, including changes involving multifamily inspections, affordable housing programs, zoning guidance and building codes.
Caine offers the Capitol Hill perspective, exploring why congressional appropriations will be critical to putting some of the law’s provisions into practice and whether new federal incentives can actually persuade local governments to remove barriers to housing development.
The discussion also tackles higher FHA multifamily loan limits, the potential of single-stair apartment buildings, HOME program reforms and the closely watched implementation of restrictions on institutional investors.
What will it take for legislation to translate into more projects getting financed, permitted and built? Tune in to hear what multifamily professionals should be watching as that process unfolds. Here are some of the topics covered:
- (1:25) Key provisions to watch
- (2:48) Funding
- (4:36) Inspection rules now in effect
- (5:55) Local zoning
- (11:26) Single-stair buildings
- (13:03) Higher FHA loan limits
- (16:29) Build-to-rent exemption
- (22:36) What success looks like in a year
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Editor’s note: This podcast was recorded in late August 2026.
