Washington — President Trump is set to sign a bill aimed at bringing down housing costs on Wednesday at the Capitol, where lawmakers on both sides of the aisle are claiming credit for the most comprehensive housing legislation in decades.

The measure, known as the 21st Century ROAD to Housing Act, aims to increase housing supply and bring down costs, including by limiting institutional investors from purchasing certain single-family homes.

The House approved the bill Tuesday evening by a wide bipartisan margin after the Senate passed the measure a day earlier.

Mr. Trump is set to sign the bill in the Capitol's Statuary Hall in a bill-signing ceremony at 12 p.m., where he'll be joined by House Speaker Mike Johnson and Senate Majority Leader John Thune. He is also set to meet with Republican senators while on the Hill to discuss the SAVE America Act, an elections bill he has pushed for months. 

In a post on Truth Social in the morning, the president downplayed the significance of the housing bill in comparison to the SAVE America Act. 

"The Elizabeth 'Pocahontas' Warren centric housing bill, which is of minor importance compared to lower interest rates, and even FISA, pales in comparison to passing THE SAVE AMERICA ACT," he wrote, referring to the Massachusetts Democratic senator who has been one of the main proponents of the bill.

Its passage through both chambers came after months of back-and-forth across the two chambers. Then last week, key committees announced a bicameral agreement on the long-sought legislation.

Among its more than 45 provisions, the bill includes provisions aimed at increasing development of affordable housing by removing regulatory barriers and streamlining environmental reviews. It also updates requirements for manufactured housing, creates an innovation fund for communities increasing housing supply and supports housing opportunities for veterans. And in a key provision that the White House pushed, it limits the purchases of single-family homes by institutional investors, which supporters say will cut competition and benefit homebuyers.

The legislation's passage represents a rare moment of bipartisan achievement in a Congress that has been marked by obstruction and a series of stalemates. Lawmakers have feuded over some of their most basic responsibilities, like funding the government, while party-line legislation has been the focus of the previous 18 months in narrow GOP majorities. 

The bipartisan achievement is even more striking in an election year, when divisions are generally more pronounced.

"The fact that Democrats and Republicans were able to come together on the ROAD to Housing, at a time of such division, shows just how dire America's housing crisis is today," Senate Minority Leader Chuck Schumer said as the bill advanced in recent days. "The ROAD to Housing is a crucial first step toward ending the affordability crisis."