Congress Reaches Compromise on Major Housing Bill After Months of Gridlock

Congress reached a compromise on a major housing bill, the 21st Century Road to Housing Act, on Tuesday night, with the Senate voting 87-8 to consider the House's amended version. This legislation, comprising 45 provisions, aims to increase housing supply and reduce costs, incorporating priorities from both parties and chambers after months of negotiations. Key updates include changes to the Community Development Block Grant program and an institutional investor ban. The bill's final language was agreed upon by leaders of the House Financial Services Committee, including Chair Rep. French Hill and Ranking Member Maxine Waters, and the Senate Banking, Housing, and Urban Affairs Committee, including Chair Sen. Tim Scott and Ranking Member Sen. Elizabeth Warren. The compromise includes nine community banking measures favored by House Republicans. The House is expected to hold a final vote in the coming days before the bill proceeds to President Donald Trump for his signature. The 381-page bill represents a blend of proposals from both the Senate's initial February passage and the House's smaller version passed in March, with the House having given its final approval in May.