WASHINGTON — President Trump has signed the bipartisan 21st Century ROAD to Housing Act into law, capping congressional approval of what supporters describe as the most significant federal housing legislation in decades.
The measure is intended to boost the nation’s housing supply and improve affordability by reducing regulatory barriers to construction, modernizing federal housing programs and expanding financing tools for affordable housing development.
The bill includes the Credit Union Board Modernization Act, which had strong CU support, and which reduces the frequency with which boards must meet at federal credit unions. The ROAD to Housing Act had strong credit union support.
Earlier Signing Cancelled
As the CU Daily reported earlier, the White House had initially scheduled a signing ceremony earlier in the week but abruptly canceled it after Trump became frustrated that House Republican leaders had not yet advanced separate election-related legislation he was demanding, according to Reuters, Politico and other published reports. Trump delayed action on the housing bill as he pressed GOP lawmakers to move forward on the election measure, despite broad bipartisan support for the housing package. After House leaders made progress on the president’s legislative priorities, Trump proceeded with signing the housing measure into law.
What’s Included in Legislation
The legislation also includes provisions to streamline environmental reviews for certain housing projects, expand support for manufactured housing, establish a pilot program for small-dollar mortgages aimed at first-time homebuyers, and limit the number of single-family homes that large institutional investors may own. It combines dozens of housing proposals that previously advanced separately through Congress.
Congress approved the measure with overwhelming bipartisan margins after months of negotiations. The Senate passed the bill 85-5, followed by House approval on a 358-32 vote.
The bill’s enactment follows several days of uncertainty after Trump canceled a planned signing ceremony while pressing Congress to act on separate election legislation. News reports said the president ultimately allowed the housing measure to become law, ending questions about the fate of legislation viewed as a rare bipartisan achievement.
