I 
119TH CONGRESS 
1ST SESSION H. R. 6328 
To require the Administrator of the Small Business Administration to carry 
out a pilot program for construction or management of build-to-rent 
multifamily housing, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
NOVEMBER 28, 2025 
Mr. VINDMAN (for himself and Mr. BRESNAHAN) introduced the following bill; 
which was referred to the Committee on Small Business 
A BILL 
To require the Administrator of the Small Business Adminis-
tration to carry out a pilot program for construction 
or management of build-to-rent multifamily housing, and 
for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Main Street Home 
Builders Act of 2025’’. 
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SEC. 2. PILOT PROGRAM FOR CONSTRUCTION OR MANAGE-
MENT 
OF 
BUILD-TO-RENT 
MULTIFAMILY 
HOUSING. 
(a) IN GENERAL.—The Administrator shall carry out 
a pilot program to be known as the ‘‘505 Pilot Program’’ 
to make loans to State development companies in accord-
ance with title V of the Small Business Investment Act 
of 1958 (15 U.S.C. 695 et seq.) to provide assistance to 
covered persons for projects to— 
(1) construct, refurbish, expand, or make im-
provements to build-to-rent multifamily housing; and 
(2) manage such build-to-rent multifamily hous-
ing. 
(b) CONSIDERATION.—A covered person that partici-
pates in the 505 Pilot Program shall not be considered 
to be a speculative business or a passive business (as such 
terms are defined, respectively, in section 120.110 of title 
13, Code of Federal Regulations). 
(c) REQUIREMENTS.—A loan made under the 505 
Pilot Program shall be made in the same manner and for 
the same purposes as a loan made under title V of the 
Small Business Investment Act of 1958 (15 U.S.C. 695 
et seq.), except that a project to be funded under the 505 
Pilot Program shall not be subject to— 
(1) the requirements of section 501(d)(1) of the 
Small Business Investment Act of 1958 (15 U.S.C. 
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695(d)(1)) or any other job creation requirements; 
or 
(2) the requirements of paragraph (4) or (5) of 
section 502 of such Act (15 U.S.C. 696) or any 
other limitation on leasing a project assisted under 
the 505 Pilot Program. 
(d) LENDER DUE DILIGENCE.—A lender shall con-
duct appropriate due diligence to ensure that a covered 
person receiving assistance under the 505 Pilot Pro-
gram— 
(1) will be the end user of the project for which 
the covered person seeks such assistance; 
(2) has a proven track record of successfully 
constructing or managing build-to-rent multifamily 
housing; and 
(3) has adequate assets to construct or manage 
the project for which the covered person seeks such 
assistance. 
(e) USE OF ASSISTANCE.—A covered person receiving 
assistance under the 505 Pilot Program shall ensure 
that— 
(1) with respect to a project to construct a new 
facility, the project creates at least one additional 
dwelling unit than existed before the commencement 
of such project; and 
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(2) with respect to a project to acquire, ren-
ovate, or reconstruct an existing facility, the project 
creates at least one additional dwelling unit than the 
existing facility. 
(f) FUNDING.— 
(1) IN GENERAL.—Subject to paragraph (2), 
amounts appropriated to the Administrator of the 
Small Business Administration for loans under title 
V of the Small Business Investment Act of 1958 (15 
U.S.C. 695 et seq.) shall be used to carry out the 
pilot program established by this section. 
(2) LIMITATION.—The Administrator may use 
not more than the following amounts to carry out 
the pilot program: 
(A) For fiscal year 2026, $1,000,000,000. 
(B) For fiscal year 2027, $2,000,000,000. 
(C) For each of fiscal years 2028 through 
2030, $3,000,000,000. 
(g) TERMINATION.—The authority to carry out the 
pilot program established by this section shall terminate 
on the date that is five years after the date of the enact-
ment of this Act. 
(h) DEFINITIONS.—In this Act: 
(1) BUILD-TO-RENT MULTIFAMILY HOUSING.— 
The term ‘‘build-to-rent multifamily housing’’ means 
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multifamily housing constructed with the intention 
of renting or leasing such housing. 
(2) COVERED
PERSON.—The term ‘‘covered 
person’’ means a small business concern (as defined 
under section 3 of the Small Business Act (15 
U.S.C. 632)) that— 
(A) constructs, refurbishes, expands, or 
makes improvements to build-to-rent multi-
family housing; and 
(B) manages such build-to-rent multifamily 
housing. 
(3) DWELLING
UNIT.—The term ‘‘dwelling 
unit’’ means a single unit of residence for a house-
hold of one or more persons. 
(4) MULTIFAMILY HOUSING.—The term ‘‘multi-
family housing’’ means a facility that contains more 
than one dwelling unit. 
Æ 
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