House and Senate lawmakers on Tuesday announced a deal on housing affordability legislation with new language to extend the life of a critical federal disaster recovery program.
An early iteration of the “21st Century ROAD to Housing Act” included a long-term extension of the Community Development Block Grant-Disaster Recovery program. But the latest House-passed version didn’t have that language, with members on both sides of the aisle concerned about the program’s effectiveness.
On Tuesday, the House Financial Services Committee and the Senate Banking Committee finalized a compromise housing package with a shorter authorization. An initial procedural roll call in the Senate secured a bipartisan 87-8 vote.
“I appreciate the Senate including a three-year sunset on the CDBG-DR program and adopting key House priorities including nine community banking bills and the House’s language limiting institutional investors from outcompeting American families in the housing market,” said House Financial Services Chair French Hill (R-Ark.) in a statement.
