WASHINGTON — The U.S. Senate on Monday passed a bipartisan housing affordability bill aimed at boosting supply and addressing rising costs, sending the measure back to the House of Representatives.
The 21st Century ROAD to Housing Act passed by a wide margin, reflecting rare bipartisan agreement on legislation to cut regulatory barriers to construction, modernize federal housing programs and impose limits on large institutional investors' purchases of single-family homes.
Senate Banking, Housing, and Urban Affairs Committee Chairman Tim Scott, a South Carolina Republican, and Ranking Member Elizabeth Warren, a Massachusetts Democrat, led the effort. The bill combines elements from earlier House and Senate versions, including provisions to streamline permitting, expand affordable housing options and provide relief to community banks.
"This bill is the result of years of work to lower costs, expand housing supply, cut red tape, protect taxpayers, and help more Americans achieve the dream of homeownership," Scott said in a statement.
The legislation builds on prior actions, including House passage of its version earlier in 2026 and Senate advancement of related measures. It addresses constraints on housing supply through reforms to programs like HOME Investment Partnerships, updates to loan limits and measures targeting investors owning large portfolios of single-family homes.
Supporters from both parties have described it as the most significant housing legislation in decades. House Financial Services Committee Chairman French Hill and Ranking Member Maxine Waters issued statements applauding the Senate action, noting progress on supply, community banking provisions and protections against excessive investor activity.
Critics and analysts have noted that institutional investors represent a small share of the overall housing market, with broader affordability challenges tied to local zoning, construction costs and demand pressures. Details on the precise impact of the bill's provisions remain subject to further review as it advances.
The bill now returns to the House for consideration of the updated version. Lawmakers from both chambers have indicated hopes for swift action to send it to President Donald Trump.
Housing costs have remained a prominent economic concern, with median home prices elevated amid supply constraints. The legislation does not include new large-scale spending authorizations but focuses on regulatory adjustments and program modernizations.
Passage came after weeks of negotiations among the four corners of the relevant committees. The measure incorporates dozens of provisions from prior bipartisan proposals.
Further details on implementation timelines and specific regulatory changes will depend on final passage and agency guidance.
