The U.S. Department of the Treasury and President Donald Trump both announced new measures Thursday aimed at bringing down housing costs.

The Treasury released the rules stemming from the regulation passed by Congress this summer, the 21st Century Road to Housing Act, which bans investors that own more than 350 houses from buying individual single-family houses and goes into effect on Jan. 7, Bloomberg reported.

The department noted that the compressed timeline for its implementation in the 96-page rulemaking document it released Thursday would give little time for investors to adjust. As such, the Treasury intends to phase in the rules because of the short timeline between the guidance’s release and the bill’s implementation date, the agency said in a statement.

Although Trump refused to sign the bill without Congress passing a separate piece of legislation regarding voter ID laws, he had been pushing to ban large investors from the single-family market since the start of the year. 

“I am immediately taking steps to ban large institutional investors from buying more single-family homes,” he said on Truth Social in early January. “People live in homes, not corporations.”

But the bill and Treasury’s guidance are both complicated, National Housing Conference President and CEO David Dworkin told Bloomberg.

“The bottom line is going to be whether the market continues to build desperately needed rental housing or not,” he said. “If on the other hand the market stops investing in rental housing, then what we’ve done is simply exacerbated the affordable housing crisis.”

Trump also issued an executive order Thursday with multiple directives aimed at making homeownership more affordable for Americans.

The order instructed Federal Housing Finance Agency Director Bill Pulte to run a pilot program proactively canceling mortgage insurance required by Fannie Mae and Freddie Mac once buyers have built enough equity relative to the property’s value.

It also directs Pulte to consider expanding a pilot program that allows lenders to sell specific low-risk refinancing loans without requiring a lender’s title insurance policy.

Those measures would reduce the costs of buying, financing and refinancing a home for borrowers, but the order comes with a caveat: Pulte is only required to take those steps “if he determines that it is in the best interests” of the public and federal entities, including the FHFA. The order doesn't lay out a timeline for any of the actions or decisions.

Additionally, the order contains a measure intended to speed up housing production, directing the FHFA and Secretary of Housing and Urban Development Scott Turner to head up a task force establishing guidelines for manufactured housing. 

Turner praised Trump’s order in a statement issued Thursday.

“For decades, home building has been crippled by regulatory red tape,” he said. “The Task Force on Manufactured Housing Innovation can usher in the next generation of housing by modernizing standards and speeding up approvals across government.”

The measures come as Trump is attempting to win over voters in the midterm elections who are increasingly concerned about affordability amid stubborn inflation. Higher costs and interest rates have helped push new housing permits to a three-and-a-half-year low, according to the latest U.S. Census Bureau data.