U.S. Senate Poised to Pass First Major Housing Bill in Over a Decade

WASHINGTON, DC - Today the U.S. Senate voted 90-8 for a procedural motion to advance the 21st Century Renewing Opportunity in the American Dream (ROAD) to Housing Act. And now the U.S. Senate is on the cusp of approving a major housing affordability bill for the first time in over a decade.

This bipartisan bill, backed by U.S. Senator Jack Reed (D-RI) seeks to expand and preserve the supply of houses and apartments, reduce barriers to homeownership, and improve affordability and access. Notably, it includes measures to ban large investors from buying hundreds of homes and cuts red tape that makes housing costly and expensive to build. It will help create new federal grants to repair the nation's aging supply of houses for new generations of home owners.

It would also help streamline regulations and enable more Americans living in federally-assisted housing to increase their savings and achieve greater economic independence. And it would also help lower the cost of housing programs and improve their oversight.

"This bipartisan housing bill would cut red tape, boost the production of new housing, and help more renters and homebuyers at different income levels afford a place to live, put down roots, and strengthen communities," said Reed. "I will continue working to advance additional housing policies that build on the positive momentum work of this bill."

Senator Reed, whose bipartisan bill provisions included the Property Improvement and Manufactured Housing Loan Modernization Act (S. 964), with Sen. Cynthia Lummis and the Helping More Families Save Act (S. 970), with Sen. Katie Britt.

The U.S. Senate could vote on final passage in the weeks ahead, depending on when Senate Republican leaders decide to bring it to the floor for a final vote.

Senator Reed helped secure over $500 million in federal American Rescue Plan Act (ARPA) funding that Rhode Island utilized for housing stability initiatives across the state.

• Print
• Email
• Share
• Tweet