Housing law seeks to alleviate national affordability crisis
By: Maddle McGay
NorthJersey.com
USA Today Network - New Jersey
..... The 21st Century ROAD to Housing Act, a landmark bipartisan effort aimed at addressing the national housing affordability crisis, has officially become law. The legislation automatically advanced on July 11 [2026] without President Donald Trump's signature.
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Because Trump did nit sign or veto the bill when it was sent to his desk on June 29, [2026] the 10-day constitutional deadline expired and its passage was finalized. Trump was originally due to sign the bipartisan package on June 24, [2026] just a day after it passed in Congress.
..... But he canceled the signing shortly before it was expected to take place.
..... "I will not sign the Housing Bill, which has been fully approved by Congress and sent to the White House, in PROTEST, over the fact that the United States Senate is not capable of passing THE SAVE AMERCIA ACT,'" Trump posted on Truth Social.
..... The new law combines more than 40 measures aimed at encouraging home construction, expanding access to home financing and restricting purchases by large institutional investors.
..... It was described by White House Press Secretary Karoline Leavitt as "one of the most significant pieces of housing affordability legislation in American history." Because the law requires new and expanded federal programs, regulatory changes and more, it likely won't be fully implemented for several years, according to the Bipartisan Policy Center.
..... It outlines statutory deadlines for when federal agencies must complete specific actions, as well as termination dates for some of the programs cerated or authorized in law.
What's in the new housing law?
..... One of the law's most prominent provisions, which had been promoted by Trump, is a cap on how many single-family homes big investors can buy. corporate landlords who own at least 350 houses will be restricted from buying any more, with the goal of making the housing market more competitive for individual buyers.
..... Other privations include allowing developers to skip in environmental review on a property if it is being built between two buildings that were already reviewed; and the creation of a grant program that allows communities to develop "pattern books" with a collection of preserved housing designs that would need fewer approvals before construction.
..... The law also removes a requirement from manufactured homes. they no longer need to have a permanent chassis - a steel frame that makes these homes movable - which will make these homes cheaper and easier to build.
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Grants to convert vacant commercial buildings into affordable housing; expanded access to FHA loans for lower-value mortgages and improvements to the Section 8 housing voucher program are also part of the new law.