H.R. 6328 — Main Street Home Builders Act of 2025

This section establishes a pilot program, known as the "505 Pilot Program," under which the Small Business Administration (SBA) makes loans to state development companies pursuant to title V of the Small Business Investment Act of 1958 (i.e., the 504 loan program) to assist covered persons—defined as small business concerns (per 15 U.S.C. 632) that both construct, refurbish, expand, or improve and manage build-to-rent multifamily housing—in undertaking such projects. (As background, the 504 program provides long-term, fixed-rate financing for small businesses to acquire or improve major fixed assets, such as real estate, typically through certified development companies.) The section exempts covered persons from classification as speculative or passive businesses (per 13 C.F.R. 120.110), waives job creation requirements under section 501(d)(1) of the Small Business Investment Act and leasing limitations under section 502(4) or (5), and requires lenders to verify that recipients will be end users with proven track records and adequate assets; projects must also create at least one additional dwelling unit. Funding is limited to amounts appropriated for title V loans, not to exceed $1 billion in FY2026, $2 billion in FY2027, and $3 billion annually in FY2028 through FY2030; the program terminates five years after enactment.