Bill > HR6608

This bill, the End Hedge Fund Control of American Homes Act, aims to address the issue of hedge funds acquiring and holding an excessive number of single-family residences. The key provisions of the bill are: 1. It imposes a 50% excise tax on the acquisition of any newly acquired single-family residence by an "applicable taxpayer," which is defined as an entity that manages funds pooled from investors and acts as a fiduciary for those investors. 2. It imposes a $50,000 tax per excess single-family residence owned by an applicable taxpayer if the number of such residences exceeds certain thresholds, which decline over time from 90% of the taxpayer's holdings on the "applicable date" to 50% after 9 years. 3. It establishes a Housing Downpayment Trust Fund, funded by the revenues from the excise taxes, to provide grants to state housing finance agencies for down payment assistance programs that prioritize the purchase of single-family residences sold by applicable taxpayers. The bill is intended to discourage hedge funds and similar entities from acquiring and holding an excessive number of single-family homes, which can reduce the availability and affordability of such homes for individual homebuyers.

Budget and Finance

https://www.congress.gov/bill/118th-congress/house-bill/6608/all-info