Tim Scott pushed the housing affordability bill in the Senate forward on Monday as the chamber passed the 21st Century ROAD to Housing Act in an 85-5 vote. The measure now moves to the House, where lawmakers will decide whether to take up the package this week.
Tim Scott and Elizabeth Warren
Scott, the Senate Banking Committee chairman, said the bill was the result of years of work to lower costs, expand housing supply, cut red tape, protect taxpayers, and help more Americans achieve the dream of homeownership. He also urged Congress to move it forward.
Elizabeth Warren, the top Democrat on the committee, told the Senate floor last week, "There is so much in this bill," and said, "Each piece, directing us toward increasing the supply of housing, bringing down the cost, and making housing something that is not just a Wall Street investment, but is actually there for American families."
House priorities and limits
The legislation includes more than 45 housing provisions, along with language limiting institutional investors from purchasing certain single-family homes. Warren said the package would remove some regulatory barriers, streamline environmental reviews to increase development of affordable housing, update chassis requirements for manufactured housing, create an innovation fund for communities increasing housing supply, and support housing opportunities for veterans.
French Hill said the final text adopted key House priorities, pointing to nine community banking bills and the investor limit. He called the bill "a meaningful step toward increasing housing supply, improving affordability, and helping more Americans achieve homeownership," and said, "I look forward to President Trump signing it into law."
Waters and the White House
The White House has pushed for the investor restriction, and Maxine Waters said the final agreement reflects meaningful progress. She said, "no compromise is perfect, this legislation reflects meaningful progress," and added, "This is an important step forward, not the final destination," while saying she looks forward to continuing work on housing costs and affordable housing.
The Senate approved an earlier version of the package in March, and the House approved another version in May before the committees announced a bicameral agreement last week. With the Senate vote complete, the House is the next chamber to act on a bill that lawmakers have described as rare bipartisan progress in an election year.
