WASHINGTON — The Senate has approved the bipartisan 21st Century ROAD to Housing Act, a sweeping housing package aimed at increasing housing supply, reducing regulatory barriers and expanding access to affordable homeownership, sending the measure to the House for consideration.
The bill includes the Credit Union Board Modernization Act, which reduces the amount of times boards at federal credit unions must meet annually.
The legislation passed the Senate by an 85-5 vote Monday and combines dozens of housing-related measures that lawmakers say are intended to address persistent affordability challenges and a nationwide shortage of homes. Among its provisions are efforts to streamline permitting and environmental reviews, expand financing options for homebuyers, support manufactured housing and limit large institutional investors’ ownership of single-family homes.
The bill was developed through a bipartisan effort led by Senate Banking Committee Chairman Tim Scott (R-SC) and Ranking Member Elizabeth Warren (D-MA) and incorporates provisions from housing legislation previously approved by both the Senate and House.
Support from America’s Credit Unions
America’s Credit Unions welcomed the Senate vote, highlighting inclusion of the Credit Union Board Modernization Act within the broader housing package.
“America’s Credit Unions, leagues, and credit unions have worked hard to get the Credit Union Board Modernization Act enacted,” America’s Credit Unions President and CEO Scott Simpson said in a statement. “Because of our close relationships with congressional champions and relentless, unified advocacy, we generated strong bipartisan support that kept this bill moving. Now, we’ve secured Senate passage and are looking forward to House passage and enactment into law.
“Thank you to Chairman Scott and Ranking Member Warren for their leadership on this housing package. Important issues such as these are not solved overnight, and we appreciate lawmakers’ ongoing dialogue to find common-sense solutions,” Simpson added.
