The Senate this week voted overwhelmingly, 84-4, to advance the amended 21st Century ROAD to Housing Act, moving the bipartisan housing package closer to final passage after Senate Banking Committee and House Financial Services Committee leaders reached an agreement on updated bill text aimed at expanding housing supply, improving affordability, and modernizing federal housing programs. (Senate Banking Committee, June 16 | Multifamily Dive, June 17 | POLITICO, June 16)

State of Play

• The Senate voted Tuesday and today on a procedural motion to advance the 21st Century ROAD to Housing Act, clearing an initial hurdle for the House-amended package. (Bill text | Section-by-Section, June 16)

• A final Senate vote is expected next week. If approved, the bill would return to the House for final approval before it can be sent to President Trump for signature. (POLITICO, June 16)

• The updated text was released by Senate Banking Committee Chairman Tim Scott (R-SC), Ranking Member Elizabeth Warren (D-MA), House Financial Services Committee Chairman French Hill (R-AR), and Ranking Member Maxine Waters (D-CA), who said the package reflects years of bipartisan, bicameral work and incorporates priorities from the Senate, House, and White House. (Bill text | Section-by-Section, June 16). (Bill text | Section-by-Section, June 16)

• Chairman Scott said the bill “is the result of years of work to lower costs, expand housing supply, cut red tape, protect taxpayers, and help more Americans achieve the dream of homeownership.” Ranking Member Warren called the package “the biggest housing bill in more than 30 years.” (Senate Banking Committee, June 16)

• The Senate version preserves most of the House-passed housing provisions, restores community banking measures, updates the Rental Assistance Demonstration program, authorizes the Community Development Block Grant–Disaster Recovery program for three years, and adds back the BUILD NOW Act. (POLITICO, June 16| Multifamily Dive, June 17)

• Chairman French Hill (R-AR) said the bill is “a meaningful step toward increasing housing supply, improving affordability, and helping more Americans achieve homeownership,” adding, “I look forward to President Trump signing it into law.”  (Bisnow, June 16)

Why It Matters

• The bill is the most consequential housing package in a generation, with reforms aimed at increasing housing supply, boosting homeownership, and improving affordability.

• The package advances major reforms to modernize federal housing programs, streamline environmental reviews, reduce barriers to construction, support manufactured housing, build more homes in Opportunity Zones, encourage transit-oriented development, and promote local zoning and land-use reforms. (Roundtable Weekly, May 22)

• For CRE, the most significant change remains the removal of the unconstitutional seven-year forced-sale mandate for build-to-rent housing, which would have required certain owners to sell newly built single-family rental homes after seven years. (RER Fact Sheet, June 8)

• The Real Estate Roundtable (RER) and other housing stakeholders warned that the mandate would be counterproductive—discouraging new construction and undermining efforts to increase housing supply.

RER Advocacy

• RER commended congressional leaders for their work to advance the amended 21st Century ROAD to Housing Act in a statement today from RER President and CEO Jeffrey D. DeBoer. (RER Statement, June 18)

• “This landmark, bicameral legislation incorporates a comprehensive package of reforms to help build more homes, improve affordability, protect private property rights, and preserve the capital needed to finance housing nationwide,” DeBoer said.

• DeBoer noted that the amended bill includes major reforms to modernize federal housing programs, streamline environmental reviews, reduce barriers to new construction, support manufactured housing, build more homes in Opportunity Zones, restore critical community banking provisions, encourage transit-oriented development, and promote much-needed land-use and zoning reforms. (RER Fact Sheet, June 8)

• RER previously supported the House-passed amendment to the 21st Century ROAD to Housing Act, which was backed by more than 250 organizations. (Roundtable Weekly, May 22)

• “These reforms are significant, but they will take time to fully filter into the housing marketplace and begin correcting the supply imbalance caused by years of underbuilding, regulatory barriers, and constrained supply.” DeBoer said. (RER Statement, June 18)

What’s Next

The House is expected to take up the Senate-approved bill when lawmakers return from recess on June 23. RER is urging swift passage so the package can be sent to President Trump to be signed into law.