Today, U.S. Congressman William Timmons (SC-04) released the following statement after the House of Representatives passed the bipartisan Housing for the 21st Century Act by a vote of 390–9. The legislation reflects a year-long bipartisan effort led by members of the House Committee on Financial Services to address rising housing costs, cut unnecessary regulations, and increase America’s housing supply. 

“The Housing for the 21st Century Act returns the dream of homeownership to millions of Americans,” said Congressman Timmons. “America’s housing shortage and years of inflation have pushed costs out of reach for too many families. This bipartisan package cuts red tape, modernizes outdated HUD programs, and empowers community lenders so we can build more homes and lower costs. I’m proud to work with Chairman Hill and Chairman Flood to help get this legislation across the finish line.”

The Housing for the 21st Century Act includes two bills championed by Congressman Timmons. His SMART Act provides targeted regulatory relief for well-managed community banks by streamlining examinations and reducing compliance burdens, allowing them to focus more resources on lending in their communities. Full text HERE. 

His Helping More Families Save Act establishes a pilot program to help families in federal housing build savings through interest-bearing escrow accounts as their incomes rise, creating a pathway to long-term financial stability. Full text HERE. 

More information on the Housing for the 21st Century Act, including the full text of the legislation, is available HERE.

Congressman Timmons serves on the House Committee on Financial Services.

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