A bipartisan housing package aimed at boosting supply and improving affordability moved forward this week, as the House Financial Services Committee advanced the Housing for the 21st Century Actpdf during a markup. With committee approval secured, the legislation could move toward consideration by the full House.
The legislation, which passed in the markup by a vote of 50–1, was unveiled following a recent housing hearing by House Financial Services Committee Chairman French Hill (R-Ark.), Ranking Member Maxine Waters (D-Calif.), Housing and Insurance Subcommittee Chair Mike Flood (R-Neb.) and Subcommittee Ranking Member Emanuel Cleaver (D-Mo.).
The National Association of REALTORS® is supporting the bill, which focuses on modernizing outdated housing programs, reducing regulatory barriers and increasing flexibility for local communities.
Addressing the Housing Supply Shortage
The bill targets one of the most persistent challenges facing the housing market: a nationwide shortage of homes. NAR members across the country continue to report tight inventory, rising construction costs, and regulatory hurdles that delay or discourage new housing development.
Provisions in the Housing for the 21st Century Act, similar to the ROAD to Housing Act that passed in the Senate, are designed to update legacy federal housing and community development programs that have not kept pace with current market conditions. By removing duplicative or outdated requirements, the legislation aims to reduce the time and cost of building new homes while maintaining consumer protections and fair housing standards.
During the markup, members of the Financial Services Committee from both sides of the aisle stressed that housing affordability has become a broad economic issue affecting families, employers and local economies.
NAR Priorities and Next Steps
NAR has long supported policies that expand housing supply, protect property rights, and improve affordability for buyers and renters. Real estate professionals see firsthand how limited inventory and regulatory complexity can price families out of homeownership and strain local housing markets.
"The National Association of REALTORS® strongly supports the bipartisan Housing for the 21st Century Act. This legislation reflects many of the reforms NAR has long advocated for to address America’s housing supply and affordability crisis—modernizing outdated federal housing programs, reducing unnecessary regulatory and permitting barriers, encouraging innovation in construction methods and housing types such as manufactured and modular homes, and expanding flexible financing options to help communities build more homes faster,” says Shannon McGahn, NAR executive vice president and chief advocacy officer.
“By updating federal policy to reflect how housing is built and financed today, this bill takes a commonsense, market-driven approach to expanding supply and improving affordability nationwide,” McGahn says. “We thank Chairman Hill, Ranking Member Waters, Representative Flood, and Representative Cleaver for their leadership on this critical issue and urge the Committee to support swift passage of this legislation.”
NAR will continue to work with lawmakers to advance the legislation and ensure it delivers practical solutions that help communities build more housing and expand access to homeownership in the 21st century.
