WASHINGTON, DC – The U.S. has an estimated shortage of nearly 5 million homes, according to the Brookings Institution, and construction costs -- which are impacted by tariffs -- continue to skyrocket and raise the price of housing.

In an effort to increasing the supply of housing nationwide, expand economic opportunity, and strengthen communities, the U.S. Senate today voted 89-10 to pass a bipartisan package of housing initiatives known as the 21st Century Renewing Opportunity in the American Dream (ROAD) to Housing Act.

This bipartisan bill, backed by U.S. Senator Jack Reed (D-RI), seeks to expand and preserve the supply of houses and apartments, reduce barriers to homeownership, and improve affordability and access. Notably, it includes measures to ban large investors from buying hundreds or thousands of homes and enable homeowners to more easily and more affordably revamp aging houses. It would also streamline costly and time-consuming regulations, make housing production programs more impactful, and help localities streamline zoning and permitting requirements to lower housing costs.

“This bipartisan housing bill will cut red tape, boost the production of new housing, and help more renters and homebuyers at different income levels afford a place to live, put down roots, and strengthen communities,” said Reed. “It’s the first big step in tackling America’s housing shortage. But there is a lot more work to be done. We need bipartisan solutions to help build more homes and apartments to ensure all Americans can afford a decent place to live.”

Senator Reed’s bipartisan provisions include the Property Improvement and Manufactured Housing Loan Modernization Act (S.964) with Sen. Cynthia Lummis and the Helping More Families Save Act (S.970) with Sen. Katie Britt, as well as other key initiatives he championed as a member of the Senate Banking Committee.

“I am pleased the Senate was able to advance bipartisan solutions to incentivize responsible development, boost housing production, and include commonsense reforms to lower costs for consumers. It would have been even more impactful if the Senate included my proposal to take $66 billion of taxpayer dollars President Trump is using to build immigrant detention centers and Minneapolis style immigration raids and instead put those billions to work building housing for Americans,” said Reed.

The current median sale price of a house in Rhode Island is $499,000, according to the Rhode Island Association of Realtors.

A few of the key provisions in the 21st Century Road to Housing Act would:

  • Provide technical assistance and competitive grants to help communities streamline zoning and permitting and build more housing.
  • Lower borrowing costs for the construction of accessory dwelling units and increase borrowing limits for home property improvement, manufactured housing, and multifamily loans.
  • Help more HUD-assisted families save for their financial future.
  • Provide technical assistance and competitive grants to help communities streamline zoning and permitting and build more housing.
  • Permanently authorize the CDBG-DR program, which provides funding after disasters to cover emergency housing and economic development needs.
  • Boost investment in cost-effective housing options, such as factory-built homes.
  • Reduce appraisal shortages, improve consumer engagement, and enhance appraisal quality.
  • Promote housing opportunities for veterans.
  • Address neighborhood blight.
  • Strengthen oversight of housing regulators and streamline housing program coordination.

Senator Reed praised the bipartisan leadership of Banking Committee Chairman Tim Scott (R-SC) and Ranking Member Elizabeth Warren (D-MA) and stressed that the housing package doesn’t take a ‘one-size fits all’ approach. Rather, the legislation is tailored to ensure that different communities can benefit from different housing tools and solutions in the bill that best meet their needs.

The bipartisan measure has strong backing from a diverse coalition of stakeholder organizations across the country, including the U.S. Conference of Mayors; the National Association of Realtors; the National Low Income Housing Coalition; the National Association Alliance to End Homelessness; the National NeighborWorks Association; and Local Initiatives Support Corporation (LISC).

The Trump Administration has announced it backs the bipartisan bill. However, it is unclear whether House Republicans will take up and pass the legislation in their chamber. If approved by the House and signed into law, it would be Congress’ first major housing supply bill in more than a decade to be enacted.