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| Senate advances 21st Century ROAD to Housing Act |
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The Senate cleared the 21st Century Renewing Opportunity in the American Dream (ROAD) to Housing Act with an 89-10 vote late last week. The House passed its own version of a housing bill in February, but the new language in the Senate requires the House to clear the Senate-passed version or request a conference on the two bills in order to resolve differences and advance a housing package to the president’s desk.
The bill revises federal housing programs by expanding available financing for affordable housing and providing grants for planning and community development. The most significant addition to the Senate version is a ban on “large institutional investors” that own more than 350 single-family homes in aggregate from purchasing additional single-family homes.
America’s Credit Unions successfully prevented Sen. Roger Marshall, R-Kan., from attaching his interchange mandate legislation as an amendment. The organization also called for inclusion of amendments to provide Community Development Financial Institutions Fund transparency and increase flexibility for accessing NCUA’s Central Liquidity Facility, which were ultimately not adopted.
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