# 119-s-3753: Preserving Homes and Communities Act of 2026

119-s-3753, Preserving Homes and Communities Act of 2026, is a 119th Congress bill sponsored by Sen. Reed, Jack [D-RI] (D-RI); status introduced; PRIA reads it as touching household money (as of 2026-04-21).

- Canonical: https://policyrisk.com/legislation/119-s-3753
- As of: 2026-04-21
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-s-3753
- Congress: 119
- Title: Preserving Homes and Communities Act of 2026
- Status: introduced
- Introduced: 2026-01-30
- Sponsor: Sen. Reed, Jack [D-RI] (D-RI)
- Cosponsors: 4
- Policy area: Finance and Financial Sector
- Touches household money: yes
- Last recorded action: 2026-04-21

## Summary

**Prioritizes keeping homes in communities.** This bill would set strict rules for selling distressed single-family mortgages across FHA and the housing enterprises to favor owner-occupants, nonprofits, and government buyers and to protect borrowers and tenants. - Homeowners and borrowers gain stronger safeguards. Sales are barred while a loan is in forbearance or within 90 days after it ends. Servicers must exhaust loss mitigation before a sale and provide certified written notice. - Renters face minimum affordability rules for converted properties. Rental outcomes must include at least 10-year leases and rents capped at 30 percent of household income. - Nonprofits, local governments, and community buyers are prioritized and monitored. Purchasers must meet a 75 percent disposition standard favoring owner-occupants, nonprofits, or local governments, provide quarterly loan-level data for four years, and face penalties for noncompliance.

## Cosponsors (4)

- Sen. Smith, Tina [D-MN] (D-MN), 2026-01-30T00:00:00.000Z
- Sen. Wyden, Ron [D-OR] (D-OR), 2026-01-30T00:00:00.000Z
- Sen. Schumer, Charles E. [D-NY] (D-NY), 2026-01-30T00:00:00.000Z
- Sen. Merkley, Jeff [D-OR] (D-OR), 2026-01-30T00:00:00.000Z

## Provisions PRIA read

- Limits on large mortgage bulk sales: benefit, high. If enacted, Fannie Mae and Freddie Mac would be barred from running bulk auctions or group sales of single-family non-performing or re-performing loans unless they meet strict rules. Enterprises would have to exhaust loss mitigation first, not sell loans in forbearance or for 90 days after, give 90…
- Foreclosed home reuse and rent rules: benefit, medium. If enacted, when a purchaser gets a home by foreclosure and home-retention help was not possible, at least 75% of those homes would have to be: sold to owner-occupants at current fair market value; sold or donated to nonprofits or local governments for owner sale or long-term affordable rental; or…
- Priority buys for owner-occupants and nonprofits: benefit, medium. If enacted, HUD would keep an exclusive "first-look" window so eligible buyers can inspect and buy certain post-foreclosure homes at or below fair market value. Owner-occupant buyers would be limited to households with income at or below 120% of AMI. Rental uses would have to start with tenants at…
- Stronger HUD sale and borrower protections: benefit, medium. If enacted, HUD would only be able to sell FHA-insured single-family non-performing loans after required FHA loss mitigation is exhausted and only when sale is needed to restore the insurance fund. HUD would not be allowed to sell loans while they are in a forbearance plan or for 90 days after a fo…

## Related bills

- 119-s-2823: FAMILY Act
- 119-s-2763: Keep Billionaires Out of Social Security Act
- 119-s-3869: Healthy Families Act
- 119-s-51: Washington, D.C. Admission Act
- 119-s-5108: Right to IVF Act of 2026
- 119-s-1503: Equality Act

## Sources
- [119-s-3753 on Congress.gov](https://www.congress.gov/bill/119th-congress/senate-bill/3753)

## Related
- [119-s-2823: FAMILY Act](https://policyrisk.com/legislation/119-s-2823)
- [119-s-2763: Keep Billionaires Out of Social Security Act](https://policyrisk.com/legislation/119-s-2763)
- [119-s-3869: Healthy Families Act](https://policyrisk.com/legislation/119-s-3869)
- [119-s-51: Washington, D.C. Admission Act](https://policyrisk.com/legislation/119-s-51)
- [119-s-5108: Right to IVF Act of 2026](https://policyrisk.com/legislation/119-s-5108)
- [119-s-1503: Equality Act](https://policyrisk.com/legislation/119-s-1503)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-s-3753 (as of 2026-04-21).