US Congress passes landmark housing affordability bill

WASHINGTON: The US House of Representatives passed a sweeping housing affordability bill on Tuesday, sending President Donald Trump one of Congress’s rare cross-party achievements as lawmakers face mounting pressure over the cost of living.

The measure, known as the 21st Century ROAD to Housing Act, is aimed at boosting housing supply, easing construction rules and expanding access to home ownership as high rents, elevated mortgage costs and a shortage of homes have become major political concerns.

The House vote came a day after the Senate approved the package 85-5, reflecting broad support from both Republicans and Democrats for legislation addressing one of the most visible strains on household budgets ahead of the midterm elections.

Trump has signalled support for the legislation and is expected to sign it into law.

The package would streamline the regulatory process, provide support for local governments seeking to build more homes and expand the use of manufactured and modular housing.

It would also restrict large corporate investors from buying single-family homes if they already own at least 350 properties, a provision lawmakers have highlighted as a first-of-its-kind attempt to limit Wall Street’s role in the housing market.

Other provisions would help communities convert underused buildings into housing, modernise zoning rules and provide grants and loans for rebuilding ageing homes.

Senators Tim Scott, the Republican chairman of the Banking Committee, and Elizabeth Warren, the panel’s top Democrat, said after the bill passed in the upper chamber that it reflected years of work across the White House, Senate and House.

“Today’s bipartisan vote is an important step toward addressing America’s housing affordability crisis and giving families across this country a fair shot at the American Dream,” they said in a joint statement.

Democratic Senator Amy Klobuchar said the legislation would help communities remove barriers to building.

“Democrats and Republicans came together to make it easier to afford a home,” she said.