House Passes 21st Century ROAD to Housing Act!
Following last night’s overwhelming 85-5 vote on the 21st Century ROAD to Housing Act, the House passed it tonight by a similarly strong vote of 358-32. Last week, the Senate unveiled a bipartisan, bicameral compromise version of the legislation, which the House and Senate have been negotiating for almost a year. It represents the most significant standalone housing legislation Congress has passed in a generation. ACTION’s top priority in the package, increasing the Public Welfare Investment (PWI) cap from 15 percent of banks’ capital and surplus to 20 percent, remains in the bill. This will allow banks that are approaching their cap to increase their investments in the Housing Credit.
The 21st Century ROAD to Housing Act now heads to the President’s desk for his signature. ACTION is deeply grateful to the House and Senate champions who have worked tirelessly to advance this legislation, especially House Financial Services Committee Chairman French Hill (R-AR-02) and Ranking Member Maxine Waters (D-CA-43); House Financial Services Housing Subcommittee Chairman Mike Flood (R-NE-01) and Ranking Member Emanuel Cleaver (D-MO-05); Senate Banking, Housing, and Urban Affairs Committee Chairman Tim Scott (R-SC) and Ranking Member Elizabeth Warren (D-MA); and all their staff members. ACTION also thanks all the advocates across the country who have worked tirelessly to get this bill across the finish line.
