The bipartisan bill is the first major housing legislation passed by Congress in decades.
The House of Representatives passed a major bipartisan housing bill on June 23, sending it to President Donald Trump’s desk.
The 21st Century Road to Housing Act—legislation aimed at boosting supply and lowering prices—overwhelmingly passed in the lower chamber with a vote of 358–32.
This comes one day after the Senate voted 83–5 to pass the bill, following a months-long standoff between the two chambers.
It represented one of the biggest housing affordability bills in three decades.
“We are cutting red tape, unlocking housing supply, and preserving local control,” Senate Banking Committee Chairman Tim Scott (R-S.C.) said in a statement on June 23.
Trump will sign the bill on June 24, White House press secretary Karoline Leavitt said on Tuesday.Housing costs have surged since the pandemic due to tighter supplies and the lock-in effect from historically low interest rates.
Both sides of the aisle have advocated for policy reform to restore housing affordability.
“Housing affordability starts with supply, and this bill makes meaningful progress toward building more homes and lowering costs for American families,” House Financial Services Committee Chairman French Hill (R-Ark.) said in a statement.
Leaders in the House and Senate have disagreed on various provisions of the legislation, including the administration’s idea to restrict institutional investors from purchasing single-family homes.
The Senate version wanted to mandate that build-to-rent single-family developers sell their units within seven years.
The House instead suggested softer measures, including a broad array of exemptions.
The amended bill keeps a 350-unit cap but eliminates the seven-year mandate.
It also contains a wide array of other features to reduce review and permitting times, extend financial incentives to state and local governments, and deregulate small banks and credit unions to facilitate mortgage lending.
Overall, these efforts aim to loosen regulations on home construction and increase inventories.
The comprehensive housing package is the first step toward addressing the housing shortage, says Neil Bradley, chief policy officer and head of strategic advocacy at the U.S. Chamber of Commerce.
“This supply-focused package would incentivize housing development by modernizing federal housing programs, reducing regulatory barriers, preserving residential and multifamily rental housing options, increasing pathways to homeownership, and encouraging much-needed investment and new construction,” Bradley said.
By Andrew Moran
