US HB6328

Creates the "505 Pilot Program" through the Small Business Administration to provide loans to small businesses for constructing, refurbishing, expanding, or managing build-to-rent multifamily housing

Exempts participating businesses from job creation requirements and leasing restrictions that normally apply to SBA 504 loans, and excludes them from being classified as speculative or passive businesses

Authorizes funding of $1 billion in FY2026, $2 billion in FY2027, and $3 billion annually for FY2028-2030, using existing SBA appropriations

Requires lenders to verify that loan recipients will be the end user, have a proven track record in multifamily housing, and possess adequate assets for the project

Program terminates five years after enactment and requires each funded project to create at least one additional dwelling unit