Ahead of the revised legislation, the White House and President Donald Trump urged the House to pass the Senate version as is, but the House Financial Services Committee forged ahead and released a new version last week, which was later updated on Tuesday to appease some of the concerns from the Senate side.

The bipartisan bill needed widespread support in the House, given that it was passed under suspension, which requires a two-thirds majority vote and sidesteps certain procedural hurdles.

House lawmakers had argued the revisions were necessary, given the numbers game of getting to that two-thirds majority, as well as pushback from stakeholders.

“The Senate bill has a math problem in the House,” one senior House GOP aide told the Washington Examiner this week. “The House’s amendment reflects a good-faith effort to find consensus and move a bicameral bill to President Trump’s desk.”

Still, the Senate was hoping that the House would pass its version of the 21st Century ROAD to Housing Act as is. And Senate Banking, Housing, and Urban Affairs Committee Chairman Tim Scott (R-SC) and ranking member Elizabeth Warren (D-MA) were signaling ahead of the Wednesday House vote that there are still moving parts.

“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,” the duo said in a 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.”

Scott and Warren will be discussing the revised House bill with colleagues in both parties to get their views on the updated legislation, according to Senate aides.

A major update to the revised legislation on Tuesday likely helps it warrant a bit more Senate support — particularly on 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 but removed a provision that would require investors in build-to-rent homes to sell those houses within seven years. In addition, the House’s amended version contained a number of exceptions that would have allowed institutional investors to purchase more homes than they would have, all else equal, under the Senate’s version.

The latest update, which came through on Tuesday afternoon, still cuts the requirement to sell build-to-rent homes after seven years but removes the other exceptions added last week. Essentially, the institutional investor section is the Senate’s version, but with just the seven-year build-to-rent provision removed.

Prior to the Tuesday afternoon update, some opponents in the Senate had argued that the combined changes would allow private equity firms to outcompete families in the market more than the Senate’s version.

Housing experts argued that the seven-year build-to-rent provision would decrease the housing stock, and industry groups have come out hard against the proposal. The provision was heavily criticized by influential groups such as the National Association of Home Builders and the National Multifamily Housing Council.

In addition to the section on institutional investors, the Tuesday update also makes changes to organized labor provisions in the legislation.

The House’s revised version also includes community banking provisions that were not in the Senate version, but were a priority of House Financial Services Committee Chairman French Hill (R-AR).

The housing bill also includes language, aimed at appeasing conservatives, that applies a temporary ban on central bank digital currencies.

A CBDC is a form of digital currency issued by a central bank. In the United States, that would be the Federal Reserve. Consumers would be able to use digital money issued directly by the Fed in addition to cash. Proponents of a CBDC argue that a centralized dollar would help prevent bank bailouts and increase efficiency.

But opponents, many of whom are Republicans, contend that it could give the Fed too much power or could raise Fourth Amendment concerns, depending on how much control the government would have over individual accounts.

Some in the House were upset the ban was not made permanent, and, notably, even the House’s revised version retains the sunset provision through 2030.

TRUMP BULLISH THAT HOUSING BILL WILL MAKE IT TO HIS DESK

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.