NAAHL Applauds Passage of 21st Century ROAD to Housing Act, Sending Landmark Housing Package to the President’s Desk
WASHINGTON, D.C.—The U.S. House of Representatives today passed the 21st Century ROAD to Housing Act (H.R. 6644) by a vote of 358-32, completing congressional action on the most significant bipartisan housing legislation in a generation. The U.S. Senate passed the legislation by a vote of 85-5 on June 22. The bill now heads to the President’s desk for signature.
The National Association of Affordable Housing Lenders (NAAHL) applauds this historic bipartisan achievement, which is the product of years of work across both chambers and both parties to address the nation’s affordable housing shortage.
“Today’s passage is a historic milestone for housing affordability in this country,” said Sarah Brundage, President and CEO of NAAHL. “This is the result of years of painstaking, bipartisan work—and today, Congress has delivered real solutions for the American people. We are grateful to the leaders in both chambers and both parties who got this done, and we look forward to the President signing this important legislation into law. The 21st Century ROAD to Housing Act will help more Americans find a place they can afford to call home, and NAAHL looks forward to working with the Administration to put these tools to work for families nationwide. This is what Washington looks like when it works.”
The 21st Century ROAD to Housing Act includes a number of provisions aimed at increasing the nation’s affordable housing supply, modernizing federal housing finance programs, and expanding access to affordable homeownership and rental housing. It includes one of NAAHL’s top policy priorities: increasing banks’ public welfare investment cap, opening up the opportunity for billions of dollars in additional investment in affordable housing and helping the recently enacted expansion and enhancements to the Low-Income Housing Tax Credit meet its full potential.
The legislation reflects sustained, bipartisan, bicameral negotiation between the House and Senate, led by Senate Banking Committee Chairman Tim Scott (R-SC) and Ranking Member Elizabeth Warren (D-MA), and House Financial Services Committee Chairman French Hill (R-AR) and Ranking Member Maxine Waters (D-CA).
NAAHL’s member network—comprised of the nation’s leading banks, CDFIs, and public, private, and nonprofit lenders—has long advocated for passage of comprehensive bipartisan housing legislation. NAAHL looks forward to the President’s signature and to continuing to work with policymakers, members, and partners to implement these solutions and expand economic opportunity for families nationwide.