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Congressional leaders finalized an agreement Tuesday on a bipartisan bill to increase housing supply and address affordability. The measure includes eased federal rules, incentives for local construction, and limits on institutional investors buying single-family homes.
Washington ExaminerThe House and Senate reached an agreement Tuesday on legislation intended to increase housing supply and improve affordability after months of negotiations between the chambers and the two parties. The final text incorporates revisions to earlier versions that had passed each chamber.
It adds the BUILD NOW Act directing federal grants toward localities that allow more construction and includes grants for manufactured housing under the Preservation and Reinvestment Initiative for Community Enhancement Act.
Key provisions The bill eases some federal regulations and encourages states and localities to change land-use rules. It also contains a provision limiting large investors from purchasing single-family homes, though language requiring build-to-rent investors to sell within seven years was removed.
Additional sections ease regulations on community banks and add a three-year sunset on the CDBG-DR program.
Path forward The Senate is scheduled to vote later Tuesday on a procedural step to advance the measure. The House returns from recess next Tuesday, after which the bill could move to the president for signature. Senate Banking, Housing, and Urban Affairs Committee Chairman Tim Scott said the bill resulted from years of work to lower costs and expand supply.
House Financial Services Committee Chairman French Hill said the agreement shows that bipartisan, bicameral legislating can produce results. Banking committee ranking member Elizabeth Warren described the legislation as the biggest housing bill in more than 30 years.
kfor.comVoters chose Republican nominees Tuesday for an open U.S. Senate seat and the governor’s office. The contests follow departures that left both positions vacant.
TimeU.S. President Donald Trump and Indian Prime Minister Narendra Modi are scheduled to meet Wednesday at the G7 Summit in France. The meeting follows recent disputes including tariff threats and the deaths of three Indian sailors in the Strait of Hormuz.
Nbc NewsVoters in Alabama and Georgia decide Senate and gubernatorial nominees in Republican primary runoffs. Endorsements from President Donald Trump and Georgia Gov. Brian Kemp are factors in the contests.