The House Financial Services Committee overwhelmingly passed the Housing for the 21st Century Act on Wednesday, advancing a comprehensive bipartisan package designed to modernize federal housing programs and address the nation’s deepening affordability crisis.
Sponsored by committee chairman French Hill, R-Ark., and ranking member Maxine Waters, D-Calif., the legislation aims to increase the housing supply and lower costs by reducing regulatory barriers and updating outdated housing frameworks.
“This bill is long overdue and it’s the first step to expand affordable housing, modernize key programs and help more families achieve the dream of homeownership,” Waters said during the Wednesday markup session.
The bill has drawn strong backing from industry heavyweights — including the Mortgage Bankers Association (MBA), the National Housing Conference (NHC) and the National Association of Mortgage Brokers (NAMB), among others — who view it as a critical legislative step for addressing challenges in the current housing market.
On Wednesday, the House Financial Services Committee voted 50-1 to move the legislation forward. The sole dissenting vote came from Rep. Ralph Norman, R-S.C., according to reporting from the Washington Examiner.
The legislative push comes as affordability metrics paint a dim picture. According to data highlighted by the NHC in a statement supporting the bill, middle-class Americans face a housing affordability crisis that was once thought to only impact low-income households, with the median household income in the U.S. now only sufficient to purchase a home in 128 metropolitan areas, down from 287 in 2019.
“Without significant policy action to expand supply and stabilize costs, affordability pressures will continue to deepen, displacing workers and constraining economic opportunity,” said David Dworkin, president and CEO of the NHC, in a statement.
The bill addresses these challenges by increasing flexibility for local communities and emphasizing transparency and accountability. Industry groups have rallied behind the legislation, though they emphasize different problems and solutions it addresses.
NAMB President Kimber White applauded the proposed legislation in a statement provided to Scotsman Guide on Monday, prior to the markup session. He noted that while increasing production is essential, the financing side of the equation cannot be ignored.
“A builder may construct a home, but without access to reliable, competitive financing, that home remains unaffordable to most American families,” White stated.
Meanwhile, the MBA highlighted specific technical updates within the bill, such as revisions to Federal Housing Administration multifamily loan limits and improvements to rural housing programs. MBA President Bob Broeksmit noted that these priorities align closely with proposals in the Senate — known as the ROAD to Housing Act — underscoring a “shared, bipartisan commitment” across both chambers.
The committee also unanimously advanced the NFIP Extension Act of 2026, which would extend the National Flood Insurance Program through Sept. 30, 2026.
The MBA has urged swift consideration of both measures by the full House and Senate.
As the Housing for the 21st Century Act moves to the House floor, industry advocates are preparing to engage with congressional leaders to refine specific policy changes.
“Passing bipartisan housing legislation is a must, and a top MBA priority in 2026,” Broeksmit said.
