News

Housing Bill in Limbo After Congress Passes and President Declines to Sign

June 30, 2026

As we covered last week, the revised 21st Century ROAD to Housing Act (H.R. 6644) passed the Senate by a vote of 85-5 and the House 358-32. 

  • However, President Trump abruptly canceled a June 24 signing ceremony and said he would not sign the bill until the Senate passed the SAVE America Act.
  • Click here for our previous coverage on the legislation.

Why it matters: Trump was expected to sign the bill, but he posted on social media several times that the bill was written by Democrats and then declined to sign as a pressure tactic on the Senate to pass the election-related legislation. 

  • Constitutionally, Trump has 10 days (excluding Sundays) to sign or veto the bill, otherwise it will become law on July 9. The House “presented” the bill to the President on Monday, which started the 10-day clock. 
  • President Trump has not threatened to veto the bill. If he did, 2/3 of each chamber would have to vote to override the bill to enact it. 
  • While H.R. 6644 passed each chamber above the 2/3 threshold, a veto override would not be guaranteed. Many Republicans would likely balk at overriding the President on this issue. 

What they’re saying: House Republicans, including Speaker Mike Johnson (R-LA), have expressed optimism that Trump will sign the bill. Senate Banking Committee Ranking Member Elizabeth Warren (D-MA), a key drafter in the bipartisan bill, criticized Trump for not signing the bill: 

"If he cared about the American people, he'd have already signed the damn thing.” -Sen. Elizabeth Warren.

Go deeper: The bill still contains a section that seeks to ban large institutional investors from owning more than 350 single-family homes.

  • Click here for a more detailed analysis of the SFR provision.
  • The latest version of the SFR section is unchanged from what the House passed in May. Build-to-rent is intended to be exempt from the ban and it does not include a seven-year divestment mandate.
  • While the ban includes several exemptions and is not intended to require large institutional investors to sell their current holdings, industry questions remain about the operational aspects of the law.
What’s next: Assuming the bill becomes law, CREFC will continue to work with members on the provisions impacting the industry. 

 

Contact David McCarthy (dmccarthy@crefc.org) with questions.

 

Contact 

David McCarthy
Managing Director,
Chief Lobbyist, Head of Legislative Affairs
202.448.0855
dmccarthy@crefc.org
The 21st Century ROAD to Housing Act is in limbo as President Trump declined to sign the bill.
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2026 CRE Finance Council. All rights reserved.

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