American Homeownership Act

This bill would stop certain investment funds, and owners with a majority interest in single-family rental homes totaling 50 or more units, from deducting mortgage interest and depreciation on residential rental property for federal taxes. Exceptions apply to newly built housing, rehabilitation of uninhabitable homes, federally assisted and low-income tax credit housing, and the year a home is sold to an individual for use as a main home or to a qualifying affordable-housing nonprofit. The bill would bar federal housing agencies, Fannie Mae, and others from selling mortgage loans or homes to these investors or backing their mortgages, with exceptions for affordable housing. It would direct the estimated tax savings to the HOME affordable housing program and to down payment grants for first-time, first-generation homebuyers. It would also require antitrust reporting of residential property purchases and presume that acquisitions giving a buyer more than 30 percent of a market violate antitrust laws.

Full text and official record on Congress.gov

Sponsors

• Elizabeth Warren Democrat sponsor
• 20 cosponsors