Housing affordability is a top concern for many Americans, and both chambers of Congress have been advancing legislation to help prospective homeowners—though it may take years for those benefits to actually materialize. 

This past week, the House of Representatives passed a bipartisan bill called the Housing for the 21st Century Act, which aims to increase the supply of affordable housing. That sets the stage for some political wrangling ahead. The Senate previously passed its own bipartisan legislation in October as part of a broader package, before it was stripped from the final bill, and it is now considering the stand-alone bill, the ROAD to Housing Act. Ultimately, the two chambers must agree on a final version of a housing bill that will also get support from President Donald Trump.

The legislation targets a top concern for Americans. More than 6 in 10 adults (62%) say they are “very” concerned about the cost of housing—trailing only behind the cost of healthcare (71%) and the price of food and consumer goods (66%), according to the results of a survey of more than 8,500 people conducted by the Pew Research Center in late January.

The House’s legislation marks an important step forward, even if it won’t magically fix a crisis that has developed over time and will be similarly resolved in time, according to David M. Dworkin, president and CEO of the National Housing Conference, a nonprofit that’s focused on affordable housing. 

Subscribe to the Daily newsletter.Fast Company's trending stories delivered to you every day

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

SIGN UP

Privacy PolicyFast Company Newsletters

“We got into this crisis one unit at a time, and we will get out of it the same way—one unit at a time—through a range of coordinated strategies that expand supply, reduce costs, and improve access to affordable homes,” Dworkin said in a statement celebrating the passage of the legislation.

Even though it could take time to benefit prospective homeowners, here is how the House bill addresses housing affordability.

MODERNIZES FEDERAL HOUSING AND DEVELOPMENT PROGRAMS

One of the primary goals of the House’s legislation is to streamline the federal and local housing process so that more housing can be built more quickly. And among the densest sections of the 202-page legislation is the section focused on modernizing local development and rural housing programs.

© Fast Company