A major bipartisan bill to tackle the nation’s housing affordability crisis is now law. It is the most significant federal housing legislation in decades.
The 21st Century ROAD to Housing Act became law automatically on July 11 after President Donald Trump did not sign it within the 10-day constitutional window. Trump had supported the bill but chose not to sign it because of disagreements on other issues.
The bill passed Congress with strong support. The Senate approved it 85-5 on June 22, and the House passed it 358-32 on June 23.
The law includes many steps to increase housing supply, such as reducing regulatory barriers, speeding up environmental reviews, and supporting local zoning changes. It updates programs at the Department of Housing and Urban Development, expands financing for manufactured homes, and restricts large investors from buying new single-family homes so that individual buyers have a better chance to own a home.
Housing Affordability Within Reach
“This law moves us closer to making homeownership within reach for more Americans,” Rep. French Hill (R-Ark.), chairman of the House Financial Services Committee, said in a statement. “It reduces unnecessary barriers to building and ensures families — not institutional investors — have a fair shot.”
The package was the product of months of negotiations led by Hill and Rep. Maxine Waters, D-Calif., in the House, alongside Sens. Tim Scott, R-S.C., and Elizabeth Warren, D-Mass., in the Senate. It reauthorizes and reforms key affordable housing initiatives, including the HOME Investment Partnerships program, provides new tools for rural communities and veterans, and offers regulatory relief to community banks to expand local lending.
Supporters of the measure from both aisles called the bill a rare example of cooperation on a major voter concern. Economists and housing experts have pointed to a shortage of millions of units as the main driver of high prices and rents. The law’s impact on costs is expected to unfold gradually as its provisions are implemented.
