,i  #aaith ,,congress  #ast ,session    
,h4 ,r4 #fcbh  ,,in ,,the ,,house ,,of  
,,representatives  ,november #bh1       
#bjbe,mr4 ,vindman 7for himself and ,mr4
 ,bresnahan7 introduced the following   
bill2 which was referred to the         
,committee on ,small ,business  ,a      
,,bill  ,to require the ,administrator  
of the ,small ,business ,administration 
to carry out a pilot program for        
construction or management of           
build-to-rent multifamily housing1 and  
for other purposes4  #a4 ,short title   
,this ,act may be cited as the ,main    
,street ,home ,builders ,act of #bjbe4  
#b4 ,pilot program for construction or  
management of build-to-rent multifamily 
housing  7a7 ,in general ,the           
,administrator shall carry out a pilot  
program to be known as the #eje ,pilot  
,program to make loans to ,state        
development companies in accordance with
 title ,v of the ,small ,business       
,investment ,act of #aieh 7#ae ,u4,s4,c4
 #fie et seq47 to provide assistance to 

covered persons for projects to--  7#a7 
construct1 refurbish1 expand1 or make   
improvements to build-to-rent           
multifamily housing2 and  7#b7 manage   
such build-to-rent multifamily housing4 
7b7 ,consideration ,a covered person    
that participates in the #eje ,pilot    
,program shall not be considered to be a
 speculative business or a passive      
business 7as such terms are defined1    
respectively1 in section #abj4aaj of    
title #ac1 ,code of ,federal            
,regulations74  7c7 ,requirements ,a    
loan made under the #eje ,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 #aieh 7#ae ,u4,s4,c4
 #fie et seq471 except that a project to
 be funded under the #eje ,pilot        
,program shall not be subject to--  7#a7
 the requirements of section            
#eja7;d77#a7 of the ,small ,business    
,investment ,act of #aieh 7#ae ,u4,s4,c4
 #fie7;d77#a77 or any other job creation

 requirements2 or  7#b7 the requirements
 of paragraph 7#d7 or 7#e7 of section   
#ejb of such ,act 7#ae ,u4,s4,c4 #fif7  
or any other limitation on leasing a    
project assisted under the #eje ,pilot  
,program4  7d7 ,lender due diligence ,a 
lender shall conduct appropriate due    
diligence to ensure that a covered      
person receiving assistance under the   
#eje ,pilot ,program-- 7#a7 will be the 
end user of the project for which the   
covered person seeks such assistance2   
7#b7 has a proven track record of       
successfully constructing or managing   
build-to-rent multifamily housing2 and  
7#c7 has adequate assets to construct or
 manage the project for which the       
covered person seeks such assistance4   
7e7 ,use of assistance ,a covered person
 receiving assistance under the #eje    
,pilot ,program shall ensure that--     
7#a7 with respect to a project to       
construct a new facility1 the project   
creates at least one additional dwelling
 unit than existed before the           

commencement of such project2 and  7#b7 
with respect to a project to acquire1   
renovate1 or reconstruct an existing    
facility1 the project creates at least  
one additional dwelling unit than the   
existing facility4  7f7 ,funding  7#a7  
,in general ,subject to paragraph 7#b71 
amounts appropriated to the             
,administrator of the ,small ,business  
,administration for loans under title ,v
 of the ,small ,business ,investment    
,act of #aieh 7#ae ,u4,s4,c4 #fie et    
seq47 shall be used to carry out the    
pilot program established by this       
section4  7#b7 ,limitation ,the         
,administrator may use not more than the
 following amounts to carry out the     
pilot program3  7,a7 ,for fiscal year   
#bjbf1 #a1jjj1jjj1jjj4  7,b7 ,for fiscal
 year #bjbg1 #b1jjj1jjj1jjj4  7,c7 ,for 
each of fiscal years #bjbh through      
#bjcj1 #c1jjj1jjj1jjj4  7g7 ,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 enactment  
of this ,act4  7h7 ,definitions ,in this
 ,act3 7#a7 ,build-to-rent multifamily  
housing ,the term build-to-rent         
multifamily housing means multifamily   
housing constructed with the intention  
of renting or leasing such housing4     
7#b7 ,covered person ,the term covered  
person means a small business concern   
7as defined under section #c of the     
,small ,business ,act 7#ae ,u4,s4,c4    
#fcb77 that-- 7,a7 constructs1          
refurbishes1 expands1 or makes          
improvements to build-to-rent           
multifamily housing2 and  7,b7 manages  
such build-to-rent multifamily housing4 
7#c7 ,dwelling unit ,the term dwelling  
unit means a single unit of residence   
for a household of one or more persons4 
7#d7 ,multifamily housing ,the term     
multifamily housing means a facility    
that contains more than one dwelling    
unit4