The Main Street Home Builders Act establishes a pilot program through the Small Business Administration to provide loans to small businesses that build and manage rental apartment complexes. The program, called the 505 Pilot Program, makes loans available through state development companies to help small builders construct, renovate, or expand multifamily rental housing. Participating small businesses are exempt from typical SBA requirements like job creation mandates and project leasing restrictions, though lenders must verify that borrowers have a track record in rental housing development and sufficient financial capacity. The program is funded at $1 billion in fiscal year 2026, $2 billion in 2027, and $3 billion annually from 2028 through 2030, with all funding drawn from existing SBA loan appropriations. The pilot program expires five years after enactment, meaning it will run through 2030.
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