WASHINGTON, D.C. — Donald Trump canceled a scheduled signing ceremony and press conference for the 21st Century ROAD to Housing Act, stating that he wanted Congress to pass the SAVE America Act first. Both the House and Senate had passed the housing legislation.

Trump described the 21st Century ROAD to Housing Act as "the most comprehensive and consequential housing legislation in the history of our country." The act bans institutional investors from buying more than 350 single-family homes. It also includes measures to streamline federal environmental reviews, ease design restrictions on modular homes, and increase federal financial support for localities and housing associations that build affordable units.

Senators Elizabeth Warren and Tim Scott issued a joint statement saying the legislation reflected "years of work and priorities from the White House, Senate, and House." Scott is the head of the Senate Banking Committee.

The SAVE America Act would introduce new requirements for voter identification and limit mail-in ballots. Passing this act would require sixty votes in the Senate. Republicans hold fifty-three votes in the Senate.

Speaker of the House Mike Johnson said he would formally send the housing bill to the White House on Monday. Once the bill is sent, the President has a ten-day deadline to sign it or issue a veto.

In late January, Trump signed an executive order instructing government agencies, including Fannie Mae and Freddie Mac, not to approve or facilitate deals where institutional investors purchased single-family homes. The executive order stated, "People live in homes, not corporations." A recent analysis indicated that most investor-owned single-family homes belong to small investors, such as real-estate partnerships, that own fewer than ten properties. Trump also issued an official proclamation declaring June to be "National Homeownership Month." Warren referred to Trump's actions as a "tantrum."

Why It Matters

Donald Trump postponed the signing of housing legislation. This action ties the housing bill to the passage of a separate piece of legislation related to election procedures, which faces challenges in the Senate due to its vote requirements. The 21st Century ROAD to Housing Act includes provisions aimed at regulating institutional investment in single-family homes, streamlining development, and increasing financial support for affordable housing.