RELEASE: REP. HILL’S LANDMARK HOUSING BILL BECOMES LAW

MAUMELLE, AR - Today, Rep. French Hill (AR-02), Chairman of the House Financial Services Committee, held a press conference to celebrate his bill, the 21st Century ROAD to Housing Act, becoming law. The bipartisan, bicameral bill is the first major housing legislation in decades. It cuts red tape, increases housing supply, and makes homeownership more attainable for families across Arkansas and the nation. The bill passed the Senate 85-14 and the House 358-32.

Rep Hill said, "When I first ran for Congress, I set out to author and pass legislation that improves the lives of central Arkansans and prove that Washington could still work for the American people. Having this historic housing bill become law today is the realization of those goals, that by working together, debating in good faith, and putting the interests of Americans ahead of politics, good policy can become law.

"This legislation strengthens community banks, modernizes building codes, and cuts red tape. More houses will be built, more families will enter the market, and homes across the country will be more affordable. The bill also delivers on one of the President's goals by restricting institutional investors from outcompeting American families for homes. After years of work and months of negotiations with the Senate, this bicameral, bipartisan bill is a win for families from Arkansas to every corner of this country, and I am pleased to have successfully collaborated on this priority with the Financial Services Ranking Member Maxine Waters (D-CA)."

Working in partnership with Chairman Tim Scott (R-SC), the 21st Century ROAD to Housing Act includes more than 45 provisions to reduce unnecessary regulatory barriers to new home construction and modernize HUD programs, nine community banking bills to expand local lending for housing construction and mortgages, and measures to prevent large institutional investors from unfairly competing with individual homebuyers for homes.

Community banks are the backbone of Arkansas's economy, and the bill provides targeted relief to strengthen their ability to lend in local housing markets. The legislation also modernizes building codes, makes local zoning rules more competitive, and increases congressional oversight of HUD. This gives Arkansas communities greater flexibility to address their own housing needs.

Click here to watch the press conference.
Click here for the text of the bill.
Click here for a one-pager.
Click here for a section-by-section.

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