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21h ago

Senate Banking Committee Unanimously Advances Bipartisan Housing Bill

It paves the way for full Senate consideration via targeted grants backed by regulatory reforms designed to ease housing shortages.

Committee Chairman Sen. Tim Scott (R-SC) chats with ranking member Sen. Elizabeth Warren (D-MA) as Fed Chair Jerome Powell testifies before the Senate Committee on Banking, Housing, and Urban Affairs during a hearing to "examine the Semiannual Monetary Policy Report to the Congress" on Capitol Hill on June 25, 2025, in Washington, D.C.
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Illustration: Aïda Amer/Axios
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Overview

  • The Senate Banking Committee voted 24-0 on July 29 to advance the Renewing Opportunity in the American Dream to Housing Act of 2025 to the full Senate.
  • The bipartisan measure sponsored by Senators Tim Scott and Elizabeth Warren merges more than two dozen existing bills aimed at boosting housing construction and affordability.
  • Key provisions include a $1 billion innovation fund for local infrastructure grants, streamlined environmental reviews and zoning reforms to cut development barriers.
  • The act expands Federal Housing Administration financing for manufactured housing and promotes preapproved building plans to reduce costs and project delays.
  • The legislation now awaits floor debate in the Senate and subsequent House review without a finalized cost estimate or identified funding offsets.