Congress approved a sweeping housing package that lawmakers and industry leaders say could reshape how the United States approaches affordability, supply shortages and access to homeownership. The legislation, known as the 21st Century ROAD to Housing Act, passed June 23 with strong bipartisan support and is being described as one of the most significant federal housing measures in decades.
The bill focuses on increasing housing supply, easing development barriers, expanding financing options and supporting a wider range of housing needs across the country. Lawmakers behind the measure argue that boosting supply is essential to addressing rising home prices and rents that have made it harder for many Americans to buy or keep a home.
The National Association of REALTORS® played a major role in supporting the legislation over nearly two years, meeting with lawmakers in both parties, holding meetings with members of Congress and their staff, and providing expertise on housing policy solutions, among others. NAR has said that the country faces a housing shortfall of approximately 4.7 million homes, a gap that has contributed to increased prices, limited options for buyers and made homeownership difficult for many Americans.
NAR also reports that roughly 310,000 homes priced at $261,000 or less are missing from the market.
Real estate leaders in Illinois said the impact of the legislation will take time but could eventually help ease pressure in tight housing markets.
Jeff Baker, CEO of Illinois REALTORS®, said the bill gives communities new tools to address housing shortages and modernize regulations that have slowed development. He noted that Illinois faces a housing shortage of roughly 142,000 homes and said increasing supply could provide buyers with more choices while easing upward pressure on prices over time.
Baker also said Realtors will play an important role in helping communities implement zoning, permitting and development reforms, as well as helping consumers, builders and local leaders understand changing market conditions and identity opportunities.
“Illinois REALTORS® is already engaged on local planning and housing discussions and will communicate and include our members so they can be best positioned to serve their clients,” Baker said.
Baker said the 21st Century ROAD to Housing Act represents one of the broadest bipartisan efforts in years to address housing affordability by increasing supply.
“Importantly, it also reflects a growing bipartisan recognition that housing affordability is affecting families, employers and local economies regardless of income level, ZIP code or political party,” Baker added. “While the legislation isn’t a silver bullet, it establishes a strong federal framework that states like Illinois will build on to address our local housing challenges.”
Local real estate leaders echoed those sentiments.
Jeff Lasky, CEO of the North-Shore Barrington Association of REALTORS®, said he is pleased to see the efforts made to pass the bipartisan legislation in “overwhelming fashion.”
“We have been looking for legislation that addresses housing production and affordability. We have chronic problems that have badly needed attention, so in that regard it is certainly one of, if not the most, significant pieces of housing legislation in a very long time,” Lasky said.
Kinga Korpacz, president of Mainstreet REALTORS®, said the housing shortage has been building for years and has created significant challenges for buyers, especially those trying to enter the market for the first time.
“We’re facing one of the most significant housing affordability and inventory challenges in decades,” Korpacz said.
Baker and Korpacz both emphasize that the legislation addresses multiple issues at once, including housing supply, development incentives, financing access and barriers, that have kept many families out of the market.
For Illinois families, she said potential benefits could include expanded access to financing and more available homes, particularly for first-time buyers, working families and veterans.
Korpacz also pointed to the broader impact on the housing industry, saying stronger inventory levels help create a healthier market overall. While she noted that the full impact of the legislation will take time to develop and there is more work to be done, Korpacz said the bill represents meaningful progress and an important step in the right direction.
“There is no single solution to our housing challenges, but this legislation represents a meaningful step forward,” she said. “The strong bipartisan support behind it also sends an important message: Housing affordability is not a partisan issue — it’s an issue that affects communities across the country.”
Lutalo McGee, president of the Chicago Association of REALTORS®, said more housing construction and additional inventory could help both sides of the transaction, though the results will depend on how effectively the legislation is implemented.
While he praised the bipartisan effort behind the bill, he said its success will ultimately be measured by whether it leads to more homes being built and improves affordability for those seeking homeownership, depending on how effectively it is implemented across federal, state and local governments.
“If transactional activity increases, many real estate professionals who have felt the impact of inventory challenges will benefit both directly or indirectly,” McGee said.