U.S. Senate Passes Chairman Scott’s Historic Housing Affordability Legislation

U.S. Senate Passes Chairman Scott's Historic Housing Affordability Legislation

Washington, D.C. - Today, the U.S. Senate passed the 21st Century ROAD to Housing Act by a vote of 89-10. Senator Tim Scott (R-S.C.), Chairman of the Senate Banking, Housing, and Urban Affairs Committee, spoke on the Senate floor about how his legislation will lower housing costs by expanding supply, cutting red tape, and empowering local communities to build more homes. For Chairman Scott, housing affordability is deeply personal, and his story is what motivated him to spearhead this bipartisan, bicameral legislation with Ranking Member Elizabeth Warren and make the American dream of homeownership a reality for more Americans. By passing this legislation, Congress is delivering on President Trump's agenda and ensuring that 2026 is truly the year of affordability.

Click here or on the image above to watch Chairman Scott's remarks.

Chairman Scott's remarks as delivered:

Mr. President, the issue of housing is not a Republican issue or a Democrat issue, it's an issue about helping moms like the ones that raised me, the amazing woman that she was, become a homeowner.

I grew up in a rental property. My first home that I remember was the one that my grandparents were renting, a little 700-square foot place, where me, my mother, and my brother shared a bedroom and a bed.

Our experience was one that was filled with tragedy and challenges and a lack of resources. But the one resource we had a lot of was love, and hope.

The legislative process today gives us an opportunity to restore hope for so many people who want to just experience their version of the American Dream, which is so consistently homeownership.

I am so thankful that back in those days when I was growing up there was a group of legislators, back in the late 70s and early 80s, who created a program at the USDA that allowed my mom to become a first-time homebuyer at 38 years old.

But today - today the average age of a first-time homebuyer is 40. Forty years old before you ever experience the American Dream.

That age is too old, and we as a legislative body can do now what a legislative body did then: create opportunities, restore hope, and let young people experience, for the first-time, the American Dream.

The dream of homeownership.

I am so thankful, that so far so good, but we must finish the task today. We can do what so many folks failed to do in this legislative body for the last few decades.

Not few years, but few decades.

That is pass consequential legislation that makes it easier to become a homeowner for those that are ready for that part of their journey.

I urge this body to vote yes on this bill, and let's create more homeowners at an earlier age.

The age of affordability is now, and the solution to affordability is in fact us.

I urge my colleagues to vote yes on this bill and let's get the ball moving.

Thank you, Mr. President.

BACKGROUND:

The 21st Century ROAD to Housing Act is built around four core pillars:

• Cutting red tape
• Unlocking housing supply
• Lowering costs for families
• Including no new mandatory federal spending

The bill streamlines environmental reviews, modernizes manufactured housing rules, unlocks private investment, updates multifamily financing tools, streamlines construction activities across programs, and limits certain large institutional investors from crowding out families in residential markets.

Last week, Senate Banking Committee Republicans released a series of fact sheets and a Myth vs. Fact document explaining how the legislation increases supply, reduces regulatory barriers, and improves oversight of housing programs.

To read the Fact Sheets, click here.

For the full Myth vs. Fact document, click here.

Chairman Scott also recently highlighted strong support from housing advocates, industry leaders, lenders, and community organizations across the country for the bipartisan 21st Century ROAD to Housing Act.

To read the extensive list of industry supporters, click here.

The legislation represents the most significant bipartisan housing reform effort in decades, focused on expanding housing supply, cutting red tape, and lowering housing costs for American families seeking to achieve the dream of homeownership.

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