Trump-backed housing overhaul targeting Wall Street investors clears Senate

The Senate advanced a massive, Trump-backed housing package that proponents say will prevent the U.S. from becoming a "nation of renters." 

The upper chamber sent the 21st Century Road to Housing Act to the House on Monday after months of delay. After the heads of the House Financial Services Committee and Senate Banking Committee reached a deal last week, the package is on a glide path to President Donald Trump’s desk. 

It’s the first major push by Congress to address housing regulations in decades, and one Trump has been calling on lawmakers to complete as the midterm elections near. 

Loaded with nearly 60 different provisions, the package broadly tackles rolling back some permitting regulations, launches several pilot grant programs to build, repair and push affordable housing construction, and blocks investors from buying up housing stock — a key provision pushed by Trump.

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