Bill > HR6962

This bill, known as the "Families First Housing Act of 2026," aims to give families and communities priority access to foreclosed homes by strengthening and standardizing "first look" protections. Specifically, it mandates that "covered entities" – which include the Federal Housing Administration, Federal Housing Finance Agency, Fannie Mae, Freddie Mac, and the Department of Agriculture – must make eligible properties, defined as single-family homes with one to four units that are owned or foreclosed upon by these entities, available only to "qualified first look buyers" for 180 days after they are listed for sale. Qualified first look buyers include individuals intending to live in the home, non-profit housing organizations, local governments, and community land trusts. During this initial period, these properties must be offered at fair market value, determined by an independent appraisal or broker price opinion, or, if that's not feasible, by a disclosed standardized valuation model. The bill also requires these properties to be listed on a public website during this priority period, prohibits bundling of eligible properties, and mandates quarterly publication of sales data, including the number of sales to qualified buyers versus institutional investors (entities buying for rental, resale, or investment). Furthermore, Inspectors General of covered entities will annually review sales for compliance and report to Congress, with reports also being publicly published. Violations can result in public disclosure, civil penalties of up to $100,000 or one-third of the sale price per employee involved, and potentially unwinding the sale, as determined by the Secretary of Housing and Urban Development.

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https://www.congress.gov/bill/119th-congress/house-bill/6962/all-info