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Can the bill Congress just passed make buying a home more affordable?
Congress approved the 21st Century Road to Housing Act, a bipartisan effort to increase affordable housing supply and reduce costs, with President Donald Trump expected to sign it into law on Wednesday.
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WASHINGTON —
Congress passed the 21st Century Road to Housing Act, a bipartisan package of bills aimed at increasing affordable housing supply and lowering costs, with President Donald Trump expected to sign it into law on Wednesday.
The legislation, described as one of the most sweeping efforts in decades, aims to:
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- Reduce federal regulations
- Speed up the construction process
- Curb the influence of corporate landlords by restricting investment companies from purchasing homes and driving up prices
- Raise limits on the number of public housing units eligible for renovation financing
- Add new renter protections
- Enhance programs to end homelessness
Republicans and Democrats have supported the bill as a way to tackle the nation’s affordability crisis, which has been driven in part by rising home prices due to a shortage of affordable housing.
Rep. French Hill, R-Ark., chair of the Financial Services Committee, lauded the legislation as “bringing together common-sense policies to expand housing opportunities and improve affordability for our families.”
Rep. Maxine Waters, D-Calif., ranking member of the Financial Services Committee, said the bill “incorporates over 50 housing and banking provisions championed by House Democrats and will lay the groundwork for the development of new affordable homes.”
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