House Republican leaders plan to bring the bill to an expedited vote when the chamber returns from recess on June 23, according to two people familiar with the legislative plans.
The deal was brokered by Senate Banking Committee Chair Tim Scott (R-SC), Ranking Member Warren, House Financial Services Committee Chair French Hill (R-AR), and Ranking Member Maxine Waters (D-CA).
“This bill is the result of years of work to lower costs, expand housing supply, cut red tape, protect taxpayers, and help more Americans achieve the dream of homeownership,” Scott said in a statement.
A deal struck on contested terms
To earn House support, the Senate accepted a three-year sunset on the Community Development Block Grant – Disaster Recovery (CDBG-DR) program, scaled back from its proposed seven years, and added nine community banking bills to the package.
Hill said the changes brought him on board: “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.”
