A bipartisan housing bill waiting to be signed by President Donald Trump preserves one of Arizona’s biggest housing industries, according to a land-use attorney.
This week, Congress passed the 21st Century ROAD to Housing Act, which limits institutional investors' ability to buy certain homes, streamlines aspects of the regulatory process, modernizes federal housing programs, expands housing financing options and supports the expansion of manufactured housing.
The bill was sponsored by U.S. Sens. Tim Scott, R-South Carolina, and Elizabeth Warren, D-Massachusetts, in the Senate and U.S. Reps. French Hill, R-Arkansas, and Maxine Waters, D-California, in the House.
“This bicameral product reflects meaningful House equities – including community banking provisions, protections against institutional investors crowding families out of the housing market,” Hill said.
According to Waters, “housing is the gateway to opportunity, stability and economic prosperity.”
“If we want to build a stronger nation where working families can succeed, it starts with taking our housing crisis head-on by expanding affordability, increasing access, boosting supply and creating pathways to homeownership,” she said.
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