LOUISIANA - A bipartisan federal housing law aimed at lowering home prices and increasing the housing supply is expected to have a direct impact on Louisiana's housing market.

The 21st Century ROAD to Housing Act bundles more than 60 separate housing bills and is built around four main goals: increasing home construction, expanding paths to ownership, modernizing manufactured and modular housing, and keeping single-family homes within reach of individual buyers.

Several provisions in the law carry particular weight for Louisiana. The law eliminates a 1974 requirement that all manufactured homes be built on a steel chassis, which is expected to cut costs for builders and buyers. Close to 30 percent of new single-family homes in Louisiana are manufactured, one of the highest shares in the nation.

The law also expands Federal Housing Administration-backed mortgages under $100,000, addressing a lending gap for manufactured and rural properties across the state.

It also formally and permanently authorizes the U.S. Department of Housing and Urban Development's Community Development Block Grant-Disaster Recovery program, which has channeled billions into Louisiana's rebuilding after natural disasters.

"Being able to get that funding easier, being able to get people back into their homes and get their homes restored a lot faster," said Karen Profita, CEO of the Home Builders Association of Greater Baton Rouge.

The law also restricts new single-family home purchases by large institutional investors that own 350 homes.

The law also allows factories and offices to be converted into apartments and authorizes pilot programs to offer grants and forgivable loans to fix older homes that have fallen into disrepair.

"It's great legislation and we love the attention it's getting for the home building industry because there is an affordability problem," said Profita.

Louisiana Realtors CEO, Norman Morris emphasizes that the impacts of the law will not be felt overnight.

"FHA, HUD and the other federal agencies involved will have to create rules and regulations to match up with this law, operate and work efficiently. So, we think within the next year, year and half you're going to hopefully see some benefits of more housing opportunity," said Morris.

The 21st Century ROAD to Housing Act became law on July 11 after a 10-day constitutional window for presidential action lapsed without a signature or veto from President Donald Trump. It passed the Senate 85-5 on June 22 and the House 358-32 on June 23.