The House gave final approval to a broad bipartisan bill aimed at lowering the cost of housing, with lawmakers in both parties eager to show progress on affordability issues ahead of this year’s midterm elections. The legislation would reduce federal regulations, streamline environmental reviews, speed up the construction process, and curb the influence of corporate landlords by limiting their ability to purchase single-family homes.

Key Provisions

The bill represents one of the most sweeping efforts in decades to increase the supply of housing and bring down prices, as voter frustration runs high about the cost of living. It will help build more homes to meet the growing demand and keep the American dream within reach. The legislation on its way to President Donald Trump would expand financing, encourage the development of innovative housing like modular homes, require new renter protections, and enhance programs that aim to end homelessness.

The bill will also offer funding to local governments that build more housing, including Community Development Block Grant money to places exceeding the median rate of homebuilding. It would provide new dollars for communities to turn abandoned infrastructure into housing and offer a framework for communities that want to reform outdated zoning regulations, which often limit larger housing developments.

Bipartisan Support

The legislation drew widespread support in the housing community, both from organizations representing landlords and large property owners as well as groups that advocate for tenants and low-income renters. It also brought together Republicans and Democrats, many of whom noted the unusual level of bipartisanship ahead of the vote.

Original reporting: NBC6 Miami — read the source article.