A new federal law that expands multifamily financing and limits Wall Street landlords from buying single-family homes took effect Saturday, July 11, and DeKalb County's top executive says the county plans to pursue funding it unlocks.
The 21st Century ROAD to Housing Act arrives as more than 2,300 apartments are proposed or under construction near Perimeter Mall and along the Buford Highway corridor. DeKalb County CEO Lorraine Cochran-Johnson praised the legislation in a July 24 newsletter, writing that it "opens the door for opportunities DeKalb County intends to pursue."
The law passed the Senate 85-5 and the House 358-32. President Donald Trump allowed the 10-day signing window to expire without acting, and the bill became law automatically.
What the law does
The legislation directs federal agencies to carry out more than 45 provisions, according to The Champion Newspaper. Key measures include:
- Expanding financing for multifamily and affordable housing development
- Streamlining environmental reviews for housing projects
- Barring institutional investors that own 350 or more single-family homes from purchasing additional ones
- Promoting office-to-apartment conversions
- Requiring local governments that receive federal community development funding to publish a searchable database of undeveloped land parcels
The investor cap matters in metro Atlanta. Institutional investors own approximately 72,000 single-family rental homes in the region, more than twice the number in Phoenix, the No. 2 market, according to a report from the American Economic Liberties Project. The cap does not force current mega-landlords to sell. It only blocks new purchases.
"Workers cannot compete with Wall Street when buying a home," Sen. Raphael Warnock said at a July 13 press event in southwest Atlanta, standing in front of a corporate-owned house. "They will outbid you every time."
What's already in the pipeline
No developer in Dunwoody or Brookhaven has publicly said they plan to use the new federal financing tools, but the law's provisions could benefit future project phases or new proposals. Here is what is already moving:
- Northbend (Brookhaven): Third & Urban and HighBrook Investors closed on 30 acres of the former Corporate Square office park along Buford Highway, a $605 million investment. The first phase calls for nearly 700 residences, with 10% designated affordable. A groundbreaking was scheduled for summer 2026.
- Perimeter Summit (Brookhaven): At least 1,260 apartments are in the pipeline across three projects, including the 350-unit Ashford Heights under construction and a proposed 280-unit High Street Residential building with 28 workforce-housing units.
- Campus 244 (Dunwoody): The Georgetown Company and RocaPoint Partners are seeking to build 350 apartments near Perimeter Mall and the Dunwoody MARTA station. The project requires a state Development of Regional Impact review before the city can consider rezoning.
What comes next
Implementation is uncertain. The Urban Institute identified 35 programs, regulations, and studies HUD must carry out under the law, CNN reported. The agency has lost significant staff in recent federal workforce reductions.
Cochran-Johnson said in her July 24 newsletter that the county will monitor federal agency guidance for programs and funding that can benefit local neighborhoods. No specific DeKalb County application deadline or hearing date has been announced.
