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16h ago

Senate Committee Unanimously Advances Bipartisan Housing Bill

It now moves to full Senate and House consideration, leaving funding levels undecided, offsets unresolved.

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, Housing and Urban Affairs Committee approved the Renewing Opportunity in the American Dream to Housing Act of 2025 by a 24-0 vote, marking its first bipartisan housing markup in over a decade.
  • Led by Sen. Tim Scott and Sen. Elizabeth Warren, the legislation combines parts of at least 27 prior bills to tackle America’s housing shortage through supply-boosting policies.
  • Key provisions direct HUD to issue new zoning and land-use guidelines, streamline environmental reviews and launch pilot grant and loan programs for underserved homeowners and landlords.
  • The act authorizes a $1 billion innovation fund over five years to award competitive grants to communities that adopt pro-housing policies and expedite construction.
  • With final funding amounts and budget offsets still unresolved, the package heads to full Senate and House votes as industry groups largely back it and the Mortgage Bankers Association objects to its appraisal overhaul.