Major housing bill clears House as Senate and Trump grapple with affordability woes
Are they actually going to vote on something real?
The House voted to pass a bipartisan housing bill that would enact new policies designed to boost housing supply and ease the affordability crisis that has plagued the nation.
The highly anticipated housing legislation, the Housing for the 21st Century Act, passed the House in an overwhelming 390-9 vote on Monday. The bill would ease some federal regulations that pertain to housing in the hopes of boosting supply, and would also nudge state and local governments to loosen land-use rules that make it difficult to build housing.
The legislative package could prove to be one of the most significant economic measures passed this Congress. But it faces a complicated path in the Senate. Furthermore, President Donald Trump in recent days has appeared skeptical of efforts to bring down housing prices.
WARSHACH TEST: TRUMP’S FED CHAIRMAN PICK KEEPS MONETARY ANALYSTS GUESSING
“This bill represents that consensus of both Democrat and Republican members in the House who want at the federal level to take some steps that we believe will lower the marginal cost of constructing housing, making [Department of Housing and Urban Development] programs more efficient, more effective, more accountable to taxpayers,” House Financial Services Committee Chairman Rep. French Hill (R-AR) told a group of reporters on Monday ahead of the vote.
Housing costs have been a major component of the affordability problems facing consumers. Home prices and mortgage rates have soared over the past several years, pushing home ownership out of reach for many Americans. The median age of a first-time homebuyer has risen 40, by one account.
Rep. Marlin Stutzman (R-IN), another member of the committee, told the Washington Examiner that the bill is “our best hope of getting housing legislation passed this Congress for Americans in need of a home” and called on the Senate to take up the legislation.
But the Monday passage tees up questions about next steps and whether the Senate — which has previously passed its version, the Road to Housing Act — will take up the House legislation, or perhaps whether there will be a conference and the various provisions that differ in the two pieces of legislation will be discussed and a final bill crafted between the two chambers.
The Housing for the 21st Century Act is designed to help modernize local development and rural housing programs, further expand manufactured and affordable housing finance opportunities, and protect borrowers and assisted families. …
Are they actually going to vote on something real?
The House voted to pass a bipartisan housing bill that would enact new policies designed to boost housing supply and ease the affordability crisis that has plagued the nation.
The highly anticipated housing legislation, the Housing for the 21st Century Act, passed the House in an overwhelming 390-9 vote on Monday. The bill would ease some federal regulations that pertain to housing in the hopes of boosting supply, and would also nudge state and local governments to loosen land-use rules that make it difficult to build housing.
The legislative package could prove to be one of the most significant economic measures passed this Congress. But it faces a complicated path in the Senate. Furthermore, President Donald Trump in recent days has appeared skeptical of efforts to bring down housing prices.
WARSHACH TEST: TRUMP’S FED CHAIRMAN PICK KEEPS MONETARY ANALYSTS GUESSING
“This bill represents that consensus of both Democrat and Republican members in the House who want at the federal level to take some steps that we believe will lower the marginal cost of constructing housing, making [Department of Housing and Urban Development] programs more efficient, more effective, more accountable to taxpayers,” House Financial Services Committee Chairman Rep. French Hill (R-AR) told a group of reporters on Monday ahead of the vote.
Housing costs have been a major component of the affordability problems facing consumers. Home prices and mortgage rates have soared over the past several years, pushing home ownership out of reach for many Americans. The median age of a first-time homebuyer has risen 40, by one account.
Rep. Marlin Stutzman (R-IN), another member of the committee, told the Washington Examiner that the bill is “our best hope of getting housing legislation passed this Congress for Americans in need of a home” and called on the Senate to take up the legislation.
But the Monday passage tees up questions about next steps and whether the Senate — which has previously passed its version, the Road to Housing Act — will take up the House legislation, or perhaps whether there will be a conference and the various provisions that differ in the two pieces of legislation will be discussed and a final bill crafted between the two chambers.
The Housing for the 21st Century Act is designed to help modernize local development and rural housing programs, further expand manufactured and affordable housing finance opportunities, and protect borrowers and assisted families. …
Major housing bill clears House as Senate and Trump grapple with affordability woes
Are they actually going to vote on something real?
The House voted to pass a bipartisan housing bill that would enact new policies designed to boost housing supply and ease the affordability crisis that has plagued the nation.
The highly anticipated housing legislation, the Housing for the 21st Century Act, passed the House in an overwhelming 390-9 vote on Monday. The bill would ease some federal regulations that pertain to housing in the hopes of boosting supply, and would also nudge state and local governments to loosen land-use rules that make it difficult to build housing.
The legislative package could prove to be one of the most significant economic measures passed this Congress. But it faces a complicated path in the Senate. Furthermore, President Donald Trump in recent days has appeared skeptical of efforts to bring down housing prices.
WARSHACH TEST: TRUMP’S FED CHAIRMAN PICK KEEPS MONETARY ANALYSTS GUESSING
“This bill represents that consensus of both Democrat and Republican members in the House who want at the federal level to take some steps that we believe will lower the marginal cost of constructing housing, making [Department of Housing and Urban Development] programs more efficient, more effective, more accountable to taxpayers,” House Financial Services Committee Chairman Rep. French Hill (R-AR) told a group of reporters on Monday ahead of the vote.
Housing costs have been a major component of the affordability problems facing consumers. Home prices and mortgage rates have soared over the past several years, pushing home ownership out of reach for many Americans. The median age of a first-time homebuyer has risen 40, by one account.
Rep. Marlin Stutzman (R-IN), another member of the committee, told the Washington Examiner that the bill is “our best hope of getting housing legislation passed this Congress for Americans in need of a home” and called on the Senate to take up the legislation.
But the Monday passage tees up questions about next steps and whether the Senate — which has previously passed its version, the Road to Housing Act — will take up the House legislation, or perhaps whether there will be a conference and the various provisions that differ in the two pieces of legislation will be discussed and a final bill crafted between the two chambers.
The Housing for the 21st Century Act is designed to help modernize local development and rural housing programs, further expand manufactured and affordable housing finance opportunities, and protect borrowers and assisted families. …
