House gives final approval to bipartisan housing bill aimed at lowering costs

The House financial services committee chairman, French Hill, and the ranking member, Maxine Waters, took the lead in passing the housing legislation. Photograph: Kylie Cooper/Reuters View image in fullscreen The House financial services committee chairman, French Hill, and the ranking member, Maxine Waters, took the lead in passing the housing legislation. Photograph: Kylie Cooper/Reuters House gives final approval to bipartisan housing bill aimed at lowering costs Donald Trump has indicated he will sign rare bipartisan initiative to tackle affordability after 358-32 vote in House The House gave final approval on Tuesday to a broad bipartisan bill aimed at lowering the cost of housing, with lawmakers in both parties eager to show progress on affordability issues ahead of this year’s midterm elections. The 358-32 vote sends the bill to Donald Trump, who is expected to sign it into law on Wednesday at the Capitol. The Senate passed the legislation 85-5 on Monday. The measure would reduce federal regulations, streamline environmental reviews, speed up the construction process and curb the influence of corporate landlords by limiting their ability to purchase single-family homes. It represents one of the most sweeping efforts in decades to increase the supply of housing and bring down prices, as voter frustration runs high about the cost of living. Maxine Waters, a California Democrat who helped negotiate the bill, said the median age of a first-time homebuyer was now 40 and rents had soared about 47% since the Covid-19 pandemic. “Our country must do better and today we will,” she said. US Senate passes bipartisan bill to lower housing costs Read more Dozens of bills were combined to create the final package after months of negotiations, creating a rare moment of bipartisanship in a congressional session that has been plagued by bitter standoffs. The House financial services chairman, French Hill, an Arkansas Republican who worked with Waters and the Senate on the bill, said it was the first time in years that Congress had come together to make “measurable, accountable changes” to the nation’s housing laws. The bill would “help build more homes to meet that growing demand and keep the American dream within reach”, he said. The legislation on its way to Trump would expand financing, encourage the development of “innovative housing” like modular homes, require new renter protections and enhance programs that aim to end homelessness. It would also offer funding to local governments that build more housing, including Community Development Block Grant money to places exceeding the median rate of homebuilding. It would provide new dollars for communities to turn abandoned infrastructure into housing, and it offers a framework for communities that want to reform outdated zoning regulations, which often limit larger housing developments. ln addition, the bill would raise limits on the number of public housing units that can receive financing for renovations