Senate Majority Leader John Thune is planning to put an updated version of a bipartisan housing affordability bill on the Senate floor for a vote this week, according to two people familiar with the bill dynamics and two Senate Democratic aides granted anonymity to discuss ongoing plans.
The version of the 21st Century ROAD to Housing Act that the Senate will vote on will include most of the House-passed language, including a provision restricting large institutional investors from buying single-family homes. The legislation would also add back Senate bills that were dropped from the House package that passed last month, the two people and the two aides said.
The Senate legislation comes after talks between Thune, Senate Banking Chair Tim Scott (R-S.C.) and ranking member Elizabeth Warren (D-Mass.). The updated Senate package was also discussed with the House and the White House, the aides said.
Still, it’s unclear if House leadership and the White House have signed off on the legislation.
The Senate and House have gone back and forth for months on language for a housing affordability bill as lawmakers on both sides look for a win to tout during a midterm election season dominated by cost-of-living issues.
Both chambers overwhelmingly passed their own versions of the housing bill — the Senate 89-10 in March, and the House 396-13 in May. The White House supported the Senate-passed bill and then backed the House-passed bill after it retained most of the Senate’s language on reining in private equity and other large Wall Street investors in the housing market — a top priority for President Donald Trump.
The Senate’s updated legislation would remove two of the House’s community banking deregulation bills due to budget scoring concerns, said two of the people familiar: two bills that would modify the Federal Deposit Insurance Act around failed insured depository institutions. The Senate bill also added back a provision to authorize the Community Development Block Grant Disaster Recovery program for seven years, as opposed to a permanent reauthorization in the Senate’s March legislation.
The Senate additionally re-inserted several upper-chamber priorities, including the BUILD NOW Act, which would incentivize communities to build more housing through the Community Development Block Grant program; the Rental Assistance Demonstration bill, which would raise the cap on housing authorities to convert voucher-based assistance; the Moving to Work bill, which would aim to add a new cohort of MTW public housing agencies; and the VALID Act, which would require Federal Housing Administration mortgage disclosures to include cost comparison information for veterans.
The package retains core wins for the leaders of both the Senate Banking and House Financial Services committees and their members and reflects input from all four leaders of those panels, one of the people familiar said.
Read the full article here