But the passage came after some contentious interchamber disputes. The Senate originally passed the bill overwhelmingly in March, though House negotiators, including Financial Services Committee Chairman French Hill (R-AR) and ranking member Maxine Waters (D-CA), later added a number of amendments to the legislation.

Those amendments, the result of House priorities and feedback from outside stakeholders, faced some resistance from the Senate, specifically Banking Committee Chairman Tim Scott (R-SC) and ranking member Elizabeth Warren (D-MA), who were pushing for the House to pass the Senate’s version as-is.

A major update to the revised legislation on Tuesday amended the section that bans institutional investors, such as Blackstone, from purchasing single-family homes.

In its amended version last week, the House left the institutional investor ban in place but removed a provision that would’ve required investors in build-to-rent homes to sell those houses within seven years. In addition, the House’s amended version contained exceptions that would have allowed institutional investors to purchase more homes than they would have, all else equal, under the Senate’s version.

Then the Tuesday update left in place the requirement to sell build-to-rent homes after seven years but removed the other exceptions added last week, which will likely help its support in the Senate. Still, there could be more discussion on that section in the coming weeks.

In addition to the section on institutional investors, the Tuesday update also makes changes to organized labor provisions in the legislation. One point of likely negotiation on the Senate side is the number of community banking provisions that were a priority of Hill.

There were some concerns in the Senate that the House’s changes went too far and could jeopardize the vote math in the upper chamber, but the House bill was later updated on Tuesday to address the concerns from the Senate side.

But now that the House has passed the legislation, the question remains: What is next?

Crucially, both the Senate and House this week recessed until June, meaning that June would be the absolute earliest that the Senate could take up the legislation.

Scott and Warren have signaled that there might be even more revisions they want to make to the latest House bill once they get back — a process that could further drag out the timeline.

The two are discussing the updated House bill with Republican and Democratic senators to get their views, according to aides on the Senate side.

“We worked closely with the White House and our colleagues in both chambers on a bill that puts families first and addresses the housing crisis,” they said in a joint statement. “There’s still work to be done and we are committed to continuing to work with the White House and our colleagues in the House on a housing bill that can pass the Senate and get to the president’s desk.”

But it’s unclear what exactly the process of “continuing to work” on the housing legislation will look like.

Plus, once Congress gets back, there are several other priorities it needs to contend with. The Senate left early this week after pausing deliberations over reconciliation legislation until after the break.

“Negotiations continue. No sense of a timeline yet,” one GOP aide told the Washington Examiner on Friday. “June is going to be rough. Reconciliation, FISA, crypto, and housing all need to be considered. Eight legislative weeks left until summer recess.”

The White House has indicated that it supports the House’s latest version of the legislation, but in a statement, it also said it is open to further negotiations between the chambers — provided they are done quickly.

“The Administration strongly supports passage of this bill and urges the Senate to take up and pass this legislation,” the statement said. “The Administration requests both chambers resolve any remaining differences expeditiously.”

Dennis Shea, executive vice president and chairman of the Bipartisan Policy Center’s housing policy center, told the Washington Examiner that he thinks there will be informal negotiations among the “four corners” — Scott, Warren, Hill, and Waters — to work out any of the remaining differences they have on the legislation.

“And if they have an agreement, I think it’ll sail through the Senate and the House, and it’s obviously a priority for the president,” Shea said.

In an exclusive interview with the Washington Examiner, Trump this week expressed optimism about housing legislation making its way to his desk.

“I think they’re going to get together and come out with something,” Trump said during a phone call.

Ken Wingert, chief advocacy officer at the National Association of Home Builders, said he thinks reconciliation will be taken up in the first week the Senate returns in June. He pointed out the several other matters Congress is dealing with and indicated that it could be weeks before the housing bill becomes law.

“There’s multiple things that are hanging out there, and so you know our hope is still that they can get this done, maybe by the Fourth of July, and get it to the president’s desk,” Wingert told the Washington Examiner.

He also said timing might depend on how much pressure the White House applies on Congress to prioritize the housing legislation.

There are also politics at play, given that the midterm elections are approaching, and any win that lawmakers can point to on affordability would be politically expedient — particularly for Republicans.

The rising cost of housing has played a major role in the broader inflation that has sent consumer sentiment to record lows. Higher costs have also driven up disapproval of Trump’s handling of the economy 16 months into his term.

HILL REPUBLICANS SEE URGENCY IN PASSING HOUSING BILL AHEAD OF MIDTERM ELECTIONS

Regardless, the housing industry and housing advocates will be watching closely when Congress returns.

“There’s likely to be an informal negotiation between the four members, and the stars are beginning to align, I think, and hopefully they’ll be able to reach an agreement and pass something potentially when they return in June,” Shea said.