The House of Representatives approved a revised version of the Senate-passed 21st Century ROAD to Housing Act, enacting a major change that could prevent its speedy final approval when the bill is returned to the Senate.
The Hill reports the revised legislation passed in a bipartisan vote of 396-13. Only Republican representatives voted against the measure.
The revised bill dropped the Senate bill’s requirement that large institutional investors of build-to-rent single-family homes sell those properties within seven years of their construction. Rep. Maxine Waters (D-CA), ranking member of the House Financial Services Committee, approved of this change.
“This revised House package of needed housing reforms preserves more than 90% of the Senate’s bill, while strengthening it by adding numerous, critical House-passed, Democrat-led housing and community banking provisions,” she said. “As a result, we will be providing more relief and support to millions of families and communities all across the nation.”
The revised bill will need to be approved by the Senate before it could go to President Trump for final approval. Whether the senators will accept the House’s change is unclear. On Monday, Politico reported Senate Minority Leader Chuck Schumer (D-NY) was not supportive of the House’s changes.
“Leader Schumer supports the Senate-passed housing bill and wants to get a good housing bill done that meaningfully takes on the housing affordability crisis facing American families,” said a Schumer spokesperson.
President Trump has signaled he had no problems with the changes made in the House to the bill.
Shannon McGahn, executive vice president and chief advocacy officer at the National Association of Realtors (NAR), voiced the organization’s support for the House passage.
“We encourage the Senate to advance this legislation and send it to the President’s desk,” she said. “NAR looks forward to continuing our work with leaders in the House, Senate, and the administration to move these housing solutions across the finish line for communities nationwide.”
Mortgage Bankers Association (MBA) President and CEO Bob Broeksmit shared the sentiment, stating, “The House revisions addressed many key concerns raised by MBA and other stakeholders, strengthening the legislation while preserving important measures in the Senate’s bill to boost housing supply and expand access to affordable mortgage credit. The Senate’s quick passage of this bill and President Trump’s signature will help advance meaningful housing affordability solutions for our nation’s homeowners and renters.”
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