The U.S. House of Representatives approved the Housing for the 21st Century Act, a bipartisan housing package that addresses the housing shortage.
To address the housing crisis and expand housing supply, the bill looks to remove unnecessary regulatory barriers, modernize HUD programs, and modernize outdated banking regulations to expand local lending. To update regulations and expand lending, the bill will focus on:
- Cutting red tape and streamlining bank exams and outdated thresholds so well-run banks can focus on lending, not paperwork.
- Expanding community and rural banks’ access to stable deposits so they can lend locally and support small businesses, farmers, and households.
- Supporting rural banks, encouraging new banks, and providing regulators flexibility to handle failures without hurting local access to banking.
“Owning a home has been the cornerstone achievement many Americans have equated with attaining the American Dream. Our Committee has been laser-focused on creating solutions and today, we delivered for the American people. The passage of the Housing for the 21st Century Act includes real, bipartisan solutions to expanding supply, lowering costs, and providing families with more options. I commend Ranking Member Waters, Subcommittee Chair Flood, and Subcommittee Ranking Member Cleaver on collaborating on this legislation and I look forward to ultimately bringing a bicameral product to the President’s desk,” Finance Committee Chairman Rep. French Hill (R-AR), one of the bill’s sponsors, said.
Cosponsors include Committee Ranking Member Rep. Maxine Waters (D-CA), Subcommittee on Housing and Insurance Chair Rep. Mike Flood (R-NE), and Subcommittee on Housing and Insurance Ranking Member Rep. Emanuel Cleaver (D-MO).
“Housing costs have soared beyond the reach of millions of American families thanks to Bidenflation, while outdated and burdensome red tape has constrained our nation’s affordable housing supply and limited our ability to expand it. Today’s House passage of the Housing for the 21st Century Act is a critical step toward addressing this shortage by reducing unnecessary regulatory barriers, modernizing HUD programs, and giving banks flexibility to deploy capital to increase our housing supply,” House Speaker Rep. Mike Johnson (R-LA) said.
The vote passed by a vote of 390-9.
“For far too many families across the country, the American Dream is slipping further out of reach as the number of safe and affordable places to call home dwindles and costs continue to soar. That struggle is not abstract. Working families, young children, seniors, teachers, veterans – these are the faces of the affordable housing and homelessness crisis throughout our nation. The passage of H.R. 6644, the Housing for the 21st Century Act, is a historic first step toward confronting a housing crisis that is squeezing families and communities nationwide. While more must be done, including real federal investments to meet the scale of this housing crisis, H.R. 6644 provides a strong foundation to build on,” Waters said.