Housing Affordability Bill Becomes Law Without Trump's Signature

The first major U.S. housing affordability legislation in three decades has officially become law, concluding months of bipartisan negotiations and an unusual legislative process after President Donald Trump declined to sign the measure, Claire Boston reported for Yahoo Finance.

The new U.S. housing affordability law aims to expand housing supply and improve affordability.

The 21st Century ROAD to Housing Act seeks to address the nation's housing affordability crisis by encouraging new home construction and expanding financing opportunities for prospective homeowners.

Among its key provisions are grants for local governments that ease zoning restrictions to increase housing supply, streamlined environmental review procedures, measures to reduce manufactured housing construction costs, and restrictions on large institutional investors purchasing single-family homes.

The legislation passed both the House of Representatives and the Senate with broad bipartisan support in late June.

However, the measure stalled when Trump canceled the planned bill-signing ceremony, saying congressional Republicans should instead prioritize passage of the SAVE America Act, a voter identification proposal.

Trump later described the housing bill as "a yawn" and "unimportant."

Because the president neither signed nor vetoed the legislation while Congress remained in session, the bill automatically became law after the 10-day constitutional review period, as provided under Article I, Section 7 of the U.S. Constitution.