The Senate voted overwhelmingly Monday to pass a bipartisan housing affordability bill, which now sends the legislation to the House for approval before going to President Donald Trump's desk for his signature.

The House passed similar bipartisan legislation in May but will still need to give final approval to the Senate version. The Senate bill passed in a massively bipartisan 85-5 split.

The legislation, known as the 21st Century ROAD to Housing Act, aims to increase housing supply and bring down costs as Americans prepare for the November midterms. 

The bill includes an effort to bar institutional investors from purchasing certain single-family homes, which is expected to help bring down the costs.

"[This bill is the result of] years of work to lower costs, expand housing supply, cut red tape, protect taxpayers, and help more Americans achieve the dream of homeownership," South Carolina GOP Sen. Tim Scott told CBS News in a statement. "Now it is time to move forward, get this bill across the finish line, and deliver real relief for the American people."

Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.