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

The House approved a sweeping bipartisan housing bill 358-32 on Tuesday, sending it to President Trump for his expected signature. The legislation reduces federal regulations, streamlines construction reviews and restricts corporate landlords from buying single-family homes to address affordability concerns ahead of midterm elections.

The Senate passed the measure 85-5 on Monday. Combining dozens of bills after months of negotiation, the package expands financing for innovative housing, requires renter protections, provides grants to communities exceeding homebuilding rates and offers funding to convert abandoned infrastructure into housing. It also establishes a framework for communities to reform restrictive zoning regulations limiting larger developments.

House Financial Services Chairman French Hill and ranking Democrat Maxine Waters led negotiations on the rare bipartisan effort. Waters noted the median first-time homebuyer age is now 40 and rents have surged 47 percent since the pandemic, highlighting the urgency of the affordability crisis driving congressional action.