The bipartisan 21st Century ROAD to Housing Act passed into law at 12:01 a.m. ET July 11, marking one of the most significant federal housing packages in decades. As he vowed on July 10, President Donald Trump did not sign off on the bill, withholding his signature in protest over the Senate’s failure to pass the controversial election security legislation known as the SAVE America Act.
Trump did not say he would veto the bill, which will hopefully lower costs for homebuyers and slow institutional investors, and ended up not doing so. The U.S. Constitution states that if the president does not veto a bill within 10 days of receiving it, excepting Sundays, the bill “shall be a Law,” as if he had signed it. The bill was approved by a vote of 358-32 in the House of Representatives, and by a vote of 85-5 in the Senate.
“Homeownership remains a goal for millions of Americans, but there have been too few homes available,” said Chris Lim, REMAX president and chief growth officer. “This legislation recognizes that increasing housing supply is a critical part of the solution. While there is still work ahead, giving communities more tools to encourage development is a meaningful first step toward a more balanced market that will help buyers compete and support long-term homeownership growth.”
