US Senate Passes Housing Affordability Bill

The Senate overwhelmingly passed a major housing bill on Monday aimed at increasing the supply of homes and making housing more affordable, marking a rare bipartisan agreement on the issue.

Lawmakers approved the 21st Century ROAD to Housing Act in an 85-5 vote, sending the legislation to the House for consideration. The bill includes measures intended to boost home construction, reduce regulatory barriers, and limit institutional investors from purchasing certain single-family homes.

The legislation is considered the most significant federal housing proposal in decades. Sen. Tim Scott, chairman of the Senate Banking Committee, said the bill was the product of "years of work to lower costs, expand housing supply, cut red tape, protect taxpayers, and help more Americans achieve the dream of homeownership."