On Tuesday, the House passed a significant housing bill with an overwhelming 358-to-32 vote. This bipartisan effort marks a major legislative victory before the midterm elections. President Trump is expected to sign the bill swiftly, finalizing the most important housing legislation in 36 years.
The bill’s success comes after extensive negotiations between the House and Senate. The Senate approved its version of the bill on Monday with an 85 to 5 vote. This legislation addresses the acute housing shortage in the U.S. by increasing the supply of new homes. It seeks to tackle a critical affordability issue that both parties felt pressure to address before the upcoming elections.
The 21st Century Road to Housing Act includes multiple provisions to serve both rural and urban areas. It aims to lower housing costs through various measures. These measures include loosening federal regulations to speed up construction, easing lending rules, supporting disaster-affected communities, and setting limits on institutional investors in the housing market.
Shaun Donovan, the president of Enterprise Community Partners and former Housing and Urban Development Secretary under Obama, praised the bill. He described it as the most comprehensive housing legislation of this century, tackling the current housing supply challenges directly.
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