Senate Passes Bipartisan Housing Bill 89-10

The Senate passed sweeping housing legislation Thursday by an overwhelming 89-10 margin, marking a rare bipartisan effort to address the nation's affordability crisis through increased supply and restrictions on large investors.

The 21st Century ROAD to Housing Act, sponsored by Senate Banking, Housing and Urban Affairs Committee leaders Tim Scott, a Republican from South Carolina, and Elizabeth Warren, a Democrat from Massachusetts, aims to cut regulatory barriers and modernize federal programs. Key provisions include streamlining environmental reviews under the National Environmental Policy Act to speed up construction, deregulating manufactured housing by removing the permanent chassis requirement and establishing uniform national safety standards, and expanding access to financing for both manufactured and multifamily developments. The bill also updates mortgage lending rules, allows Community Development Block Grant funds to support new housing construction with performance-based incentives for localities, and preserves existing affordable housing stock.

A central component limits institutional investors' role in the single-family market, aligning with President Donald...