WASHINGTON — Congress has given final approval to a sweeping bipartisan bill designed to tackle the nation’s ongoing affordable housing shortage, with the measure now on its way to President Donald Trump to be signed into law.
The U.S. House of Representatives voted 358-32 in favor of the legislation on Tuesday, one day after the Senate approved it by an overwhelming 85-5 margin.
House Financial Services Committee Chairman French Hill of Arkansas, a Republican, spoke in favor of the bill during floor debate, stating that “America is facing a housing supply shortage that’s been years in the making.”
Hill added that the bill would “cut unnecessary barriers to new home construction” and update what he described as outdated banking regulations, making it easier for lower-income Americans to qualify for home loans.
Democratic Representative Jim Himes of Connecticut praised the rare show of cooperation across party lines, calling the bill’s passage “a remarkable thing” given how seldom major legislation clears the deeply divided Congress.
A new survey released Tuesday found that, for the first time since 2023, a majority of American consumers said they would rather purchase a home than rent or move in with family members — a sign of the pent-up demand facing the housing market.
Housing industry groups estimate there is a shortage of millions of affordable homes nationwide. That crunch has been driven by a combination of elevated mortgage rates, climbing home prices, and supply chain disruptions that have persisted over recent years.
The bill has gone through multiple rounds of revisions by House and Senate negotiators over the past year. Its passage gives both Republicans and Democrats a legislative win to highlight as they head into November congressional elections.
Concerns about the high cost of living rank among the top issues for voters in public opinion polls, with inflation rising noticeably during Trump’s second term in office.
Beyond easing construction barriers, the bill includes provisions to waive or accelerate environmental reviews for new home building projects. It would also place a limit on how many existing single-family homes large Wall Street investment firms are permitted to own.
