The

White
House
has
scheduled
a
signing
ceremony
for
9
a.m.
ET
Friday,
which
meets
the
July
4
deadline
that
Trump
imposed
on

Congress
to
get
the
bill
to
his
desk.

The
vote
came
after
House
minority
leader
Hakeem
Jeffries
(D-N.Y.)
broke
the
record
for
longest
House
speech
in
history
at
8
hours
and
44
minutes,
as
he
charged
the
legislation
with
disproportionately
benefiting
the
wealthy
and
adding
trillions
to
the
federal
deficit.

The
bill
is
sprawling
in
scope
and
dramatic
in
scale.
It
includes
an
extension
of
the
tax
cuts
in
the
2017

Tax
Cuts
and
Jobs
Act,
with
many
additional
ones
as
well.
It
makes
deep
cuts
to
Medicaid
to
the
tune
of
almost
$1
trillion
over
10
years,
and
it
cuts
funding
for
the

Consumer
Financial
Protection
Bureau
(CFPB)

roughly
in
half.

The

Congressional
Budget
Office
(CBO)

projects
the
bill
will
add
$3.3
trillion
to
the
deficit. 

The
real
estate
industry
has
been
mostly
positive
on
the
bill
and
cheered
when
it
advanced
out
of
the
Senate.
The


National
Association
of
Realtors
(NAR)
released
a
statement
that
highlighted
what
it
believes
are
benefits
to
housing.

These
include
lower
tax
rates
on
individuals,
“enhanced”
income
deduction,
hefty
increases
to

state
and
local
tax
(SALT)
deductions,
and
an
extension
of
the
mortgage
interest
deduction.
Real
estate
advocates
also
support
the
additional
provisions
to
the

Low-Income
Housing
Tax
Credit
(LIHTC)
program,
the
increase
in
the
child
tax
credit,
and
raised
thresholds
for
estate
and
gift
taxes.

Bob
Broeksmit,
president
and
CEO
of
the

Mortgage
Bankers
Association
(MBA),
released
a
statement
praising
the
passage
of
the
bill.

“MBA
is
pleased
that
the
final
tax
package
preserves
or
strengthens
—
and
makes
permanent
—
numerous
pro-housing
and
pro-economic
growth
tax
provisions
that
were
identified
by
our
Board-level
Tax
Task
Force.
…
We
believe
these
provisions
will
benefit
homeowners
and
renters,
increase
housing
production,
and
improve
the
financial
outcomes
of
our
single-family
and
commercial/multifamily
members’
businesses,”
Broeksmit
said.

The

American
Land
Title
Association
(ALTA)
also
released
a
statement
of
support
from
its
president,

Chris
Morton.

“Federal
policy
should
reflect
continued
support
for
policies
that
promote
housing
growth,
property
investment
and
economic
mobility,”
Morton
said.
“We
are
encouraged
to
see
lawmakers
preserve
and
enhance
provisions
vital
to
a
strong
real
estate
market,
including
the
Qualified
Business
Income
(QBI)
deduction,
the
retention
of

Section
1031
like-kind
exchanges,
expanded
Opportunity
Zones
and
Low-Income
Housing
Tax
Credit
programs.”

The
bill
is
not
without
its
detractors,
many
of
whom
are
in

Trump’s
own
party.
Three
Republican
senators
—
Susan
Collins,
Thom
Tillis
and
Rand
Paul
—
voted
against
the
bill
on
Tuesday.
Many
Republican
House
members
were
also
vocal
in
their
opposition
before
caving
into
the
vote
on
Thursday.

Elon
Musk
is
the
most
high-profile
opponents.
His
explosive
divorce
from
Trump
was
triggered
by
social
media
posts
criticizing
the
bill,
a
feud
that
resumed
over
the
past
few
days
as
Congress
debated
the
legislation.

But
maybe
the
most
important
critic
is
the
American
public.
Polls
have
consistently

shown
that
the
bill
is
unpopular.

David
Dworkin,
president
and
CEO
of
the

National
Housing
Conference
(NHC)
said
in
a
statement
shortly
after
the
vote
that
his
organization
is
largely
pleased
with
the
budget
bill
as
passed.
But
he
also
expressed
some
misgivings.

“The
housing
provisions
included
in
this
bill
are
the
most
consequential
and
positive
housing
legislation
in
decades,”
Dworkin
said.
“Key
provisions
include
an
expansion
of
the
Low-Income
Housing
Tax
Credit
(LIHTC),
permanent
preservation
of
the
existing
mortgage
interest
deduction,
reinstatement
of
the
mortgage
insurance
premium
deduction,
an
expanded
and
permanent
Opportunity
Zones
incentive,
and
permanent
extension
of
the
New
Markets
Tax
Credit.

“…
We
also
remain
deeply
concerned
about
the
President’s
FY
2026
discretionary
budget
request
that
would
drive
up

homelessness
and
force
apartment
owners
and
operators
out
of
business.
The

budget
proposal
cuts
nearly
44%
from
the

Department
of
Housing
and
Urban
Development
— gutting
critical
housing
and
homelessness
programs
and
eliminating
highly
successful
and
bipartisan
programs
like
HOME
and
Family
Self-Sufficiency.”

Editor’s
note:
This
story
has
been
updated
with
comments
from
the
Mortgage
Bankers
Association,
American
Land
Title
Association
and
National
Housing
Conference.