The Senate is back in session this week before a two week July Fourth recess and today is expected to vote on passage of a bipartisan affordable housing bill (TEXT; SECTION by SECTION) that would limit the number of single-family homes major investors can purchase, after months of debate spanning both chambers of Congress. The vote comes after lawmakers reached a deal last week on the bill, which is aimed at increasing the supply of homes while limiting private equity’s influence on the housing market. The House is expected to vote on the bill later this week. There are more than 45 different provisions in the bill, including new programs to help communities find more places to build housing. The bill also would provide grants and loans for people to rebuild aging homes, and it would encourage the development of vacant or abandoned buildings into housing. It would also expand the definition of manufactured housing so communities can build more of those homes and a significant provision in the bill would create federal incentives for local governments to build more housing by tying federal grants to housing construction. Another would streamline the process for environmental reviews, which can delay affordable housing construction. The Trump Administration released a statement of administration policy shortly after 21st Century ROAD to Housing Act was unveiled, expressing support for the updated bill.
The House will reconvene on Tuesday at 12:00 P.M. for Morning Hour and 2:00 P.M. for legislative business, with votes postponed until 6:30 P.M. and will take up ten bills under suspension of the Rules from the Small Business Committee.
