Washington - The Senate approved legislation designed to reduce housing expenses on Monday following a significant compromise and uncommon cross-party agreement. This occurs as housing affordability stays a key concern for voters ahead of upcoming midterm elections.

In an 85-5 vote, the Senate backed the measure with strong support from both parties. The proposal now moves to the House for consideration.

Known as the 21st Century ROAD to Housing Act, the measure seeks to boost housing availability and lower prices, in part by restricting institutional investors from buying select single-family residences.

The Senate had backed an initial package in March, while the House passed its version in May. Last week, the Senate Banking and House Financial Services committees reached a bicameral deal on the long-awaited bill.

This represents the broadest housing legislation in decades. Sen. Tim Scott of South Carolina, chairman of the Senate Banking Committee, stated that it resulted from years of effort to cut costs, grow supply, reduce bureaucracy, safeguard taxpayers, and assist more Americans in attaining homeownership.

Now it is time to advance, pass this bill, and provide genuine relief for the American people, Scott said.

From the Senate floor last week, Sen. Elizabeth Warren of Massachusetts, the top Democrat on the Banking Committee, highlighted over 45 housing provisions. The bill would ease some regulatory hurdles and speed environmental reviews to spur affordable housing development; revise chassis rules for manufactured homes; establish an innovation fund for areas expanding supply; and aid housing options for veterans, among other steps.

There is so much in this bill, Warren said. Each element directs us toward growing housing supply, lowering costs, and ensuring housing serves American families rather than serving solely as a Wall Street asset.

The White House has advocated for the limit on single-family home purchases by institutional investors, arguing it would help buyers by reducing competition.

The legislation now proceeds to the House, which returns from recess this week and plans swift action.

GOP Rep. French Hill of Arkansas, chairman of the House Financial Services Committee, praised the inclusion of key House priorities in the final bill last week, citing nine community banking measures and the investor restriction language.

This bill marks a meaningful step toward expanding housing supply, enhancing affordability, and aiding more Americans in achieving homeownership, Hill said. I look forward to President Trump signing it into law.

Rep. Maxine Waters of California, the top Democrat on the House Financial Services Committee, also welcomed the agreement. She observed that while no compromise is perfect, this legislation shows meaningful progress.

This is an important step forward, not the final destination, Waters said. I look forward to continuing my work to lower housing costs, address homelessness, expand affordable housing, and ensure every family has access to a safe and stable place to call home.

The bill's advancement marks a major and uncommon bipartisan success in an election year, arriving as Congress has faced gridlock and delays in recent months. Yet with affordability remaining important to Americans, lawmakers are advancing together as midterms near.

When the Senate moved the bill last week, Senate Majority Leader John Thune called it a significant bill to make life more affordable for hardworking Americans, while noting it is just the latest item on Republicans' agenda to address the cost of living.

I look forward to getting this bill through Congress in short order, sending it to the president's desk and delivering another major win for the American people, the South Dakota Republican said.

Senate Minority Leader Chuck Schumer said the bipartisan bill shows Americans how we should govern, while noting that the fact that Democrats and Republicans were able to come together on the ROAD to Housing, at a time of such division, shows just how dire America's housing crisis is today.

I'm pleased we've seized this opportunity to come up with a reasonable, bipartisan solution to help the American people - opportunities that have become few and far between thanks to the chaos coming out of the White House, the New York Democrat added. This is how Americans want Congress to govern.