The House and Senate have reached an agreement to pass bipartisan legislation aimed at increasing housing supply and improving affordability. The deal was finalized on Tuesday after months of negotiations between Republicans and Democrats. The legislation, known as the 21st Century ROAD to Housing Act, is expected to be approved by both chambers and signed into law by President Donald Trump before the midterm elections.
Senate Banking, Housing, and Urban Affairs Committee Chairman Tim Scott (R-SC) stated that the bill aims to lower costs, expand housing supply, cut red tape, and help Americans achieve homeownership. The agreement followed discussions between House Speaker Mike Johnson (R-LA) and Senate Majority Leader John Thune, and included revisions to previous versions of the bill.
The legislation seeks to ease federal regulations and encourage state and local reforms in land-use rules to increase housing supply. A notable provision in the bill aims to ban large investors from purchasing single-family homes, which has garnered both support and opposition among lawmakers and industry stakeholders. Additional measures include the BUILD NOW Act, which incentivizes localities to permit more housing construction, and the Preservation and Reinvestment Initiative for Community Enhancement Act, which provides grants for manufactured housing.
The Senate is scheduled to vote on a procedural measure to advance the legislation, although the timeline for the bill's passage to the President remains uncertain. The bill is significant politically, as it provides lawmakers with tangible legislation addressing housing affordability ahead of the campaign trail. President Trump has expressed support for the legislation, indicating optimism about its progress.