Congress moved its first major housing legislation in 36 years past the House on a lopsided 396-13 vote, a rare bipartisan move on affordability in an election year. The bill had stalled for months over Republican divisions, particularly around provisions targeting institutional investors. A closed-door White House deal limiting those investors' role in the housing market eventually secured President Trump's support.

The institutional investor restriction, one of Trump's priorities from an earlier executive order, forced the House to restore much of the Senate's original language after conservatives and liberals alike pushed back. Home prices have climbed 50 percent since the pandemic's start while the 30-year mortgage rate sits near 6.5 percent, making housing relief politically irresistible for both parties heading into November.

The bill still faces the Senate, which passed a different version in March that stripped out disaster assistance funding, manufactured housing upgrades, and veteran loan transparency rules. House leaders added community banking rules in their version. Senators Tim Scott and Elizabeth Warren warned the two chambers need to resolve remaining differences before a final package reaches the president's desk.