Bipartisan Housing Bill Passed by House

The House of Representatives passed a landmark housing bill on Tuesday with a large majority. This bipartisan effort comes just ahead of the midterm elections. The bill is set to be signed by President Trump and stands as the most significant housing legislation in 36 years.

With a vote of 358-to-32, the passage ends months of debate between the House and the Senate. The Senate had approved its version of the bill the day before with a vote of 85 to 5. The bill addresses the housing crisis by aiming to increase the supply of new homes.

President Trump is expected to sign the bill swiftly. This achievement is crucial for his party, especially as the midterm elections approach. Recently, voters have criticized the president’s management of the economy, with only 33% approving according to a New York Times/Siena poll.

The bill’s success was uncertain due to internal conflicts among Republicans in recent months. However, both parties expressed the need to tackle housing affordability issues as the elections draw near.

The 21st Century Road to Housing Act includes many provisions, targeting both rural and urban areas to reduce housing costs. It plans to loosen federal building regulations, ease lending rules, reward communities that build housing, and provide disaster aid. One controversial policy, supported by Mr. Trump, limits the role of institutional investors in the housing market.

“It is the most important and most comprehensive housing bill of this century,” said Shaun Donovan, president of Enterprise Community Partners and the former Secretary of the Department of Housing and Urban Development during the Obama administration. He highlighted that the bill directly addresses the critical challenge of housing supply.