Senate Passes Major Bipartisan Housing Bill, Setting Stage for Final House Vote

The Senate passed the 21st Century Road to Housing Act on Monday night with a vote of 85-5, advancing a significant bipartisan housing bill towards final approval in the House. This legislation, comprising 45 provisions, aims to streamline regulations and stimulate the construction of more housing units across the nation. The bill's passage follows a bipartisan compromise reached by leaders in both chambers of Congress. A final vote in the House is scheduled for Tuesday, where concurrence with the Senate's amendments will allow the bill to be sent to President Donald Trump's desk. Key proponents of the bill include House Financial Services Committee Chair Rep. French Hill (R-Arkansas), ranking member Rep. Maxine Waters (D-California), Senate Banking, Housing, and Urban Affairs Committee Chair Sen. Tim Scott (R-South Carolina), and Ranking Member Sen. Elizabeth Warren (D-Massachusetts). The act incorporates new restrictions on large institutional investors in the housing market, a policy prioritized by President Trump, though some provisions were modified following concerns from the build-for-rent industry. Additionally, the bill introduces financial regulations, including measures to deregulate and support small banks and credit unions in accelerating mortgage lending.