Text of Senate Amendment 4343

Text of Senate Amendment 4343

Congressional Record, Volume 172 Issue 42 (Thursday, March 5, 2026) [Congressional Record Volume 172, Number 42 (Thursday, March 5, 2026)] [Senate] [Pages S888-S890] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] SA 4343. Mr. WARNOCK submitted an amendment intended to be proposed by him to the bill H.R. 6644, a bill to increase the supply of housing in America, and for other purposes; which was ordered to lie on the table; as follows: At the appropriate place, insert the following: [[Page S889]] SEC. __. HOMES ARE FOR PEOPLE, NOT CORPORATIONS. (a) Definitions.--In this section: (1) Consumer reporting agency.--The term ``consumer reporting agency'' has the meaning given the term in section 603 of the Fair Credit Reporting Act (15 U.S.C. 1681a)). (2) Excepted purchase.--The term ``excepted purchase'' means any purchase of a single-family home that is-- (A) newly constructed, renovated, or a rental conversion for sale by a large institutional investor and not as a residence rented pending sale; (B) pursuant to a build-to-rent program where the large institutional investor purchases newly constructed single- family homes to be managed as rental properties, whether as communities exclusively of renter-occupied single-family homes or as communities of single-family homes that are both owner- and renter-occupied; (C) pursuant to a renovate-to-rent program that-- (i) substantially rehabilitates single-family homes that do not meet structural or core system elements of local building codes; and (ii) makes improvements in an aggregate dollar amount of not less than 15 percent of the purchase price of the single- family home; (D) pursuant to a homeownership program that-- (i) requires rental payments and any other fees that are not greater than those collected by the large institutional investor on other similarly situated single-family homes not covered by the eligible homeownership program; (ii) is subject to a contract between the large institutional investor and renter that shall be considered a consumer credit transaction secured by a dwelling or real property; (iii) provides for positive reporting of rental payments to consumer reporting agencies for any renter, who shall be informed of and opts into such reporting; and (iv) requires contribution of meaningful financial support from the large institutional investor, including price concessions, for the purchase of the single-family home by the renter; (E) pursuant to a program to boost homeownership that-- (i) provides for positive reporting of rental payments to consumer reporting agencies for any renter who is informed of and opts into such reporting; (ii) provides for the right of first refusal and a 30-day ``first look'' period; and (iii) may entail the meaningful financial support from the large institutional investor, including price concessions, for the purchase of a single-family home by the renter (whether it is the home the renter occupies or another home); (F) in connection with the satisfaction of debts previously contracted in good faith and where the large institutional investor has the right to repossess the single-family home under such contract; (G) undertaken by a mortgage servicer, lender, or other entity that has a legal right to a single-family home, for the purpose of loss mitigation or compliance with servicing or investor obligations, and not as a long-term investment strategy, and is solely as a result of-- (i) a foreclosure; (ii) a deed-in-lieu of foreclosure; (iii) enforcement of a mortgage, deed of trust, or other security interest; or (iv) operation of law following borrower default; (H) purchased from another large institutional investor that either owned the single-family home on the date of enactment of this Act or purchased the single-family home in compliance with this section; (I) purchased from an investor not covered under this section, so long as the purchase occurred not more than 2 years after the effective date under subsection (f); (J) newly constructed, renovated, or a rental conversion that is intended and operated for occupancy as part of a community for households with 1 or more members aged 55 years or older, and satisfies visitability standards established by the Secretary of Housing and Urban Development; or (K) purchased through a single purchase or combination or series of purchases described in subparagraphs (A) through (J). (3) Single-family home.--The term ``single-family home''-- (A) means a structure that contains 2 or fewer dwelling units that are each intended for residential occupancy by a single household; and (B) does not include a manufactured home, as defined in section 603 of the National Manufactured Housing Construction and Safety Standards Act of 1974 (42 U.S.C. 5403). (4) Large institutional investor.-- (A) In general.--The term ``large institutional investor''-- (i) means an investment fund, corporation, general or limited partnership, limited liability company, joint venture, association, or other for-profit entity that is a legal entity structured in a manner that is not aforementioned that-- (I) is engaged, in whole or in part, in the business of investing in, owning, renting, managing, or holding single- family homes; and (II) alone or in concert with 1 or more other entities, beginning after the date of enactment of this Act, directly or indirectly has investment control of not less than 350 single-family homes in the aggregate, not including any single-family home purchased in an excepted purchase made after the date of enactment of this Act; and (ii) does not include any local, State, Tribal, or Federal government entity or instrumentality thereof. (B) Rule of construction.--For purposes of this paragraph, an entity has direct or indirect investment control over a single-family home if the entity-- (i) owns, or has primary authority or fiduciary responsibility to make material investment or management decisions relating to, the single-family home; (ii) is, or directly or indirectly controls, the general partner or managing member of the entity that owns the single-family home; (iii) is or controls the investment manager, management company, or investment advisor of the entity that owns the single-family home; (iv) owns or controls more than 25 percent of any class of equity interests of the entity that owns the single-family home, unless such entity is a passive investor; or (v) otherwise controls the entity that owns the single- family home. (5) Purchase.--The term ``purchase'' includes any purchase, transfer, or other acquisition of a single family home, including through mergers, acquisitions, construction, foreclosures, or bulk purchases, whether or not for cash consideration. (b) Prohibition on Purchases by Large Institutional Investors.-- (1) In general.--No large institutional investor may purchase, or enter into a contract to directly or indirectly purchase, any single-family home. (2) Exceptions.--The prohibition under paragraph (1) shall not apply to-- (A) any excepted purchase; or (B) any purchase of a single-family home in connection with a restructuring or other reorganization of ownership of single-family homes that were owned or purchased on or before the date of enactment of this Act. (3) Rule of construction.--Nothing in this section may be construed to-- (A) require any large institutional investor to divest or otherwise sell any single-family home purchased before the date of enactment of this Act; or (B) prevent the filing of a petition, or otherwise affect any bankruptcy proceeding, under title 11, United States Code. (4) Implementation.-- (A) In general.--In consultation with the Secretary of Housing and Urban Development, the Director of Federal Housing Finance Agency, and the Chair of the Securities and Exchange Commission, the Secretary of the Treasury may issue regulations in accordance with the notice and comment rulemaking procedures under section 553 of title 5, United States Code, to carry out the purposes of this section, including regulations to-- (i) minimize market disruptions upon identifying a risk of material negative impact on the housing market, including an impact on the ability of market participants to dispose of single-family homes in an orderly fashion; (ii) mitigate, to the extent possible, negative impacts on consumers and communities; and (iii) further clarify the application of the terms ``large institutional investor'', ``single-family home'', and ``excepted purchase'', if the Secretary of the Treasury determines that such regulations will advance the availability of single-family homes for purchase by individual households. (B) Rule of construction.--For the avoidance of doubt, no regulation issued under subparagraph (A) may amend the definitions of the terms defined under subsection (a), including to-- (i) alter the scope of excepted purchases in a manner that would undermine the goal of expanding the number of single- family homes available to individual households for purchase; (ii) alter any type of excepted purchase in a manner that would undermine the goal of expanding the number of single- family homes available to individual households for purchase; (iii) add any category of large institutional investor as an eligible class if not determined by this section; or (iv) alter the quantitative threshold in the definition of ``large institutional investor''. (c) Disposal of Homes Under Excepted Purchases.-- (1) Requirement to dispose.-- (A) In general.--With respect to the purchase by a large institutional investor of a single-family home described in subparagraph (A), (B), or (C) of subsection (a)(2), or with respect to the purchase by a large institutional investor of a single-family home described in subparagraph (J) of subsection (a)(2) that ceases to meet the requirements of such subparagraph, the large institutional investor shall dispose of the single-family home to an individual homeb