Landmark housing bill stumbles on way to becoming law 

The past 24 hours have been a roller coaster for the 21st Century ROAD to Housing Act and its supporters as the bill — which industry leaders have described as the biggest legislative effort on housing in decades — hit an unexpected roadblock after finally passing in both chambers of Congress.

The bill passes …: After months of delays and revisions, a bicameral agreement was reached last week to move the housing package forward.

Though some lawmakers estimated it could take a couple of weeks before each chamber held its final vote, Congress moved faster than anticipated, with the Senate passing the legislation in an 85-5 vote on June 22 and the House passing it 358-32 a day later.

Republican Sen. Tim Scott of South Carolina and Democratic Sen. Elizabeth Warren of Massachusetts, who collaborated on the bipartisan bill, both celebrated its passage, with Scott calling it "a major win for families working toward the American Dream" and Warren dubbing it "an important step toward addressing America's housing affordability crisis."

Leaders within the real estate industry, who have urged action on the legislation since last year, similarly applauded this week's progress.

… but Trump refuses to sign it: President Donald Trump was initially slated to hold a signing ceremony on June 24. However, he abruptly announced in a post on social media that the ceremony was canceled "until such time as we pass the desperately needed SAVE AMERICA ACT, which I consider to be a National Emergency."

Trump also criticized the housing bill, though he has supported it in the past. He said it is "of minor importance" compared to lowering interest rates and passing the controversial voter ID bill, which congressional Republicans have said they cannot advance due to a lack of support.

Lawmakers on both sides of the aisle expressed confusion and frustration at Wednesday's turn of events, with some suggesting the president may still sign the bill in the coming days and others worrying that he may veto it.

What happens next: After a bill passes in the House and Senate, it is typically sent to the president's desk, where he has 10 days — excluding Sundays — to sign or veto it. If the president takes no action, it automatically becomes law after those 10 days, excluding some circumstances when Congress is not in session.

However, that 10-day countdown doesn't begin until the bill is officially sent to the White House, which hasn't happened yet, according to Politico. This makes it unclear when — if at all — the bill will become law.

Some advocates remain optimistic: Several industry organizations — including the National Association of Realtors, the National Association of Home Builders (NAHB) and the American Land Title Association, among others — released celebratory statements this week in support of the legislation after it passed both chambers.

But after the signing ceremony's cancellation, some consumer advocates voiced frustration. "Americans, particularly young people, have all but given up on this foundation block of the American Dream — home ownership," Consumer Choice Center Public Relations Specialist Stephen Kent said. "It's a real betrayal to hold up this legislation, and we can only hope that a veto is not what comes next."

Other supporters, however, are hopeful that the bill will still become law.

"Voters are demanding action on housing supply and affordability, and Congress has delivered a historic bill to address their concerns," NAHB Chairman Bill Owens said. "Although there was no bill signing today, we are confident the 21st Century Road to Housing Act will eventually become law."