Sen. Jon Husted (R-Ohio) voted on March 12 to pass the bipartisan 21st Century ROAD to Housing Act, which is described as the largest housing bill to move through Congress in at least a decade and includes two bills backed by Husted: the Housing Supply Expansion Act and the Community Investment and Prosperity Act.
The passage of this legislation is significant because it aims to address rising housing costs and expand access to affordable homes without increasing government spending. The Senate approved the package in a bipartisan vote of 89-10.
Husted said, “Homeownership is a cornerstone of the American Dream, but today, skyrocketing housing prices have made this harder to achieve. These bills would cut outdated red tape that drives up housing costs and unlock more private investment to expand supply—all without spending a single taxpayer dollar. I’m proud the Senate passed them as part of the 21st Century ROAD to Housing Act, and I’ll keep fighting to get this package across the finish line so more Americans can afford to buy a home.”
The act seeks to reduce regulations that increase building costs and encourage private investment in new housing projects. According to information provided with the bill, outdated regulations account for about 25 percent of costs for single-family homes and 40 percent for multi-family homes. The Community Investment and Prosperity Act raises the cap on how much banks can invest in community development projects from 15 percent to 20 percent of their capital and surplus, aiming to provide more funding for affordable housing, small businesses, financial education, and other economic needs.
The Housing Supply Expansion Act updates federal definitions so modular and prefabricated homes not built on permanent steel frames are included as manufactured housing. Other provisions add disclosures about veterans’ home loan benefits on government-backed applications; direct agencies like HUD, USDA, and VA to coordinate better on project reviews; and allow HUD grant applicants in Opportunity Zones extra consideration.
Husted’s support for this legislation follows his previous efforts related to Opportunity Zones through earlier tax legislation. Earlier this year, he hosted HUD Secretary Scott Turner in Columbus for discussions with local stakeholders about innovative housing developments.
