Legislation1w ago
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To authorize implementation grants to community-based nonprofits to operate one-stop reentry centers.
HR8548Rep. Kamlager-Dove, Sydney [D-CA-37] (D-CA)
introduced
S3904119th CongressWALLET
American Homeownership Act
Sponsored By: Senator Sen. Warren, Elizabeth [D-MA]
Introduced
Summary
Limit large-scale investor ownership of residential housing. This bill would curb tax breaks and federally backed financing for big investors and large owners, channel savings to HUD programs, and add antitrust rules to discourage concentrated ownership of homes.
Show full summary
- Families and homebuyers: Creates a HUD grant fund for "qualified homebuyers" with income limits at or below 120% of area median income or 140% in high-cost areas. Grants may be up to the greater of $20,000 or 10% of the purchase price and can pay down payments, closing costs, or interest-rate buydowns.
- Large owners and institutional investors: Would disallow interest and depreciation deductions for applicable residential property owned by institutional investment entities and for single-family portfolios where a "large owner" holds a majority interest in aggregated holdings of at least 50 dwelling units. It would also bar federally backed sales, transfers, or financing of foreclosed or real-estate-owned properties to those entities except for rehab or affordability-preserving financing.
- HUD funding and market controls: Directs 80% of estimated tax-savings from the tax limits to the HOME program with 60% of that for new construction and at least half of new-construction funds for extremely low-income households. The remaining 20% funds the homebuyer grant program. The bill also creates antitrust reporting rules and a presumption that acquisitions raising market share above 30% are unlawful under federal antitrust law.
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Bill Overview
Analyzed Economic Effects
4 provisions identified: 2 benefits, 1 costs, 1 mixed.
Homebuyer grants and HOME funding
If enacted, starting in fiscal year 2026 HUD would get annual amounts equal to estimated tax savings from the bill's landlord deduction limits. Eighty percent of those amounts would go to the HOME program for acquisition, rehabilitation, or preservation of affordable housing; 60% of that 80% must fund new construction and at least half of new-construction money must help extremely low-income households. Twenty percent would fund a homebuyer grant program for qualified buyers to use for down payments, closing costs, or interest-rate buydowns. Each grant would be the greater of $20,000 or 10% of the purchase price, and eligible households would have incomes at or below 120% of area median income (140% in high-cost areas); first-time and first-generation status may be self-attested and heir-property ownership would not count as prior ownership.
Limits on landlord tax deductions
If enacted, the bill would disallow interest and depreciation deductions for certain residential rental property when an institutional investment entity or a defined "large owner" holds a majority interest. The rule would apply to applicable residential property and single-family rentals, with exceptions for sales to an individual for use as a principal residence or to certain nonprofit purchasers, federally assisted housing, and some housing-credit properties. New-construction placed in service after December 31, 2023 would generally get a five-taxable-year safe harbor, and debt for major rehabilitation would get a five-taxable-year exception starting when the debt is incurred. The Secretary of the Treasury would write anti-avoidance and implementation rules and the changes would apply to taxable years beginning after enactment.
Ban on federal sales to big landlords
If enacted, covered federal entities like HUD, FHA, VA, USDA, Fannie Mae, Freddie Mac, and Ginnie Mae would be prohibited from selling, transferring, or financing federally backed mortgage loans or covered residential properties to large owners or institutional investment entities. The ban would cover nonperforming and re-performing loans, foreclosed homes, and REO, but would allow financing tied to construction or rehabilitation that keeps affordability use limits, and would not apply to loans or securitizations done before enactment. Federally assisted housing and many tax-credit properties would be excluded from the covered-property definition.
New antitrust reporting and limits
If enacted, the bill would treat all residential-property purchases by a person during a calendar year as one acquisition for Hart-Scott-Rodino filing purposes, so yearly totals could trigger notification requirements. The FTC, with DOJ concurrence, would remove prior residential exemptions and add documentary and form rules to detect possible antitrust risks. DOJ and FTC would also apply a rebuttable presumption that acquisitions raising a buyer's relevant market share above 30% are unlawful under antitrust law and an unfair method of competition under the FTC Act. These changes would increase reporting and make large-scale aggregation of homes harder to do without review.
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Sponsors & CoSponsors
Sponsor
Sen. Warren, Elizabeth [D-MA]
MA • D
Cosponsors
Sen. Merkley, Jeff [D-OR]
OR • D
Sponsored 2/24/2026
Amy Klobuchar
MN • D
Sponsored 2/24/2026
Sen. Smith, Tina [D-MN]
MN • D
Sponsored 2/24/2026
Richard Blumenthal
CT • D
Sponsored 2/24/2026
Tammy Duckworth
IL • D
Sponsored 2/24/2026
Sen. Durbin, Richard J. [D-IL]
IL • D
Sponsored 2/24/2026
Sen. Heinrich, Martin [D-NM]
NM • D
Sponsored 2/24/2026
Sen. Hirono, Mazie K. [D-HI]
HI • D
Sponsored 2/24/2026
Sen. Kaine, Tim [D-VA]
VA • D
Sponsored 2/24/2026
Andy Kim
NJ • D
Sponsored 2/24/2026
Sen. Markey, Edward J. [D-MA]
MA • D
Sponsored 2/24/2026
Sen. Murphy, Christopher [D-CT]
CT • D
Sponsored 2/24/2026
Sen. Schatz, Brian [D-HI]
HI • D
Sponsored 2/24/2026
Sen. Sanders, Bernard [I-VT]
VT • I
Sponsored 2/24/2026
Sen. Schiff, Adam B. [D-CA]
CA • D
Sponsored 2/24/2026
Chris Van Hollen
MD • D
Sponsored 2/24/2026
Peter Welch
VT • D
Sponsored 2/24/2026
Sen. Booker, Cory A. [D-NJ]
NJ • D
Sponsored 2/24/2026
Sen. Coons, Christopher A. [D-DE]
DE • D
Sponsored 2/26/2026
John Hickenlooper
CO • D
Sponsored 2/26/2026
Roll Call Votes
No roll call votes available for this bill.
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