On July 11, the deadline for President Donald Trump to sign or veto the 21st Century ROAD to Housing Act elapsed without a signature, resulting in the bill becoming a law. The landmark bipartisan law reflects years of work to tackle the housing shortage, remove barriers to homebuilding, protect taxpayers, preserve local control and help more families achieve homeownership.
The bill was championed by House Financial Services Committee Chairman Rep. French Hill (R-Ariz.).
“Homeownership should be within reach for more Americans, and this law moves us closer to that goal,” Hill said in a release. “This bill reduces unnecessary barriers to building, strengthens community banks, and ensures families — not institutional investors — have a fair shot at buying a home. The final product reflects years of bipartisan, bicameral collaboration and proves that when Congress stays focused on results, we can deliver meaningful reforms.”
“Today, the American Dream is a little more within reach for families across this country,” Senate Banking Committee Chairman Sen. Tim Scott (R-S.C.) said. “The 21st Century ROAD to Housing Act will help more Americans plant roots, build stability and pass opportunity to the next generation. President Trump and Republicans understand that families need results, not more excuses, and we are leading on the priorities that matter most: making life more affordable, strengthening our communities and keeping the American Dream alive.”
Shannon McGahn, executive vice president and chief advocacy officer of the National Association of Realtors (NAR), issued the following statement after the bill was enacted into law.
“On behalf of more than 1.4 million Realtors, we thank the members of Congress and the administration who came together to advance legislation that will benefit families and communities in every congressional district and ZIP code across the country,” she said. “The 21st Century ROAD to Housing Act reflects years of bipartisan work and a shared commitment to addressing one of America’s most pressing challenges. Over the last 21 months, Realtors from every state partnered with NAR’s advocacy team to make housing a national priority.
“Today’s achievement is the result of years of persistence, trust and collaboration. NAR leaders testified before Congress, worked with lawmakers on both sides of the aisle, provided technical expertise as the legislation evolved, and mobilized thousands of Realtors to advocate directly with their elected officials,” she said.
“This law combines nearly 50 carefully negotiated measures to increase housing supply, improve affordability, expand access to homeownership, strengthen housing finance and support veterans. For Realtors, this law is more than a legislative victory. It shows what sustained advocacy and bipartisan leadership can accomplish to expand housing opportunities and strengthen communities nationwide.”
Following the bill becoming law, the American Land Title Association (ALTA) applauded congressional leaders in both chambers, President Trump and the Trump administration for their focus on addressing the need for more attainable, sustainable homeownership opportunities.
“ALTA congratulates Chairman Sen. Tim Scott, Ranking Member Sen. Elizabeth Warren, Chairman Rep. French Hill, Ranking Member Rep. Maxine Waters and congressional leaders for advancing this historic legislation,” ALTA CEO Chris Morton said in a release. “This is a big win for the American people. Homeownership is one of the most important ways families build stability, security and generational wealth, and the 21st Century ROAD to Housing Act is an important step toward helping more Americans achieve that dream.”
The process of becoming law
The bill contained several contentious portions that needed to be ironed out regarding tenant protections and investor mandates. The Senate’s version featured broader language limiting institutional investors and had fewer exceptions. It also included a requirement that single-family homes built by “mega-landlords” — corporate entities, private equity firms or Real Estate Investment Trusts that own thousands of residential properties as long-term rentals — be sold to individual homebuyers within seven years. The House version prohibited institutional investors with 350 or more single-family homes from purchasing additional properties.
The House Financial Services Committee noted in a release that the bill includes provisions designed to reduce unnecessary regulatory barriers to new home construction, modernize Department of Housing and Urban Development programs, addresses concerns about large investors unfairly competing with individual homebuyers and enables community banks to more freely deploy funding.
On June 22, the Senate voted 85-5 to approve the House-amended version of the bill, sending it back to the House. The following day, the House voted 358-32, passing the bill along to the president’s desk. On June 24, President Donald Trump announced that he would not sign the legislation until Congress passed a voter eligibility bill.
Without the president’s signature, the bill became law after 10 days. If the president vetoed the bill, the Congress would have had the chance to overrule the veto.
For more details on the law, see RESPA News’ previous coverage, including a section-by-section analysis of its content.
For more stories on housing policy, visit our sister publicationThe Title Report's Housing Inventory & Attainability Watch library.