LAS VEGAS (KTNV) — The House of Representatives passed the "21st Century Road to Housing Act," a bipartisan housing bill aimed at making homes more affordable.
The Senate previously passed the bill by an 85-5 margin, with both Nevada senators voting yes.
The legislation streamlines regulations, provides grants for new home construction, helps veterans get home funding and bans corporations from buying single-family homes.
Steven Horsford, a Democrat serving as the U.S. representative for Nevada's 4th congressional district, has been working on housing affordability and spoke with Channel 13 about the bill's broad impact.
"This bill benefits every corner of Nevada, every corner of the Fourth Congressional District, from rural to urban to suburban communities, for working families, for veterans, for first-time homebuyers, for students who are trying to afford their rent," Horsford said. "This is the road to housing affordability."
Horsford said nearly a quarter of the homes throughout Southern Nevada have been owned by "out-of-state hedge funds."
"That has driven up the costs, it's priced homeowners out of owning a piece of the American dream, it's driven up cost of rent," Horsford said. "And now, finally, we are taking action."
Horsford also said it allows them to be able to address the need to build more housing.
The House was not expected to make changes to the bill, which means it will head next to President Donald Trump for a signature.
