The 12 Titles / Title X
Title X: Home-Ownership for Main Street America
Title X consists of a single section, 'Homes are for people, not corporations,' which bars large institutional investors -- for-profit entities with investment control over 350 or more single-family homes -- from buying additional single-family homes, subject to a detailed list of excepted purchase types. It backs the ban with civil penalties of up to $1,000,000 or three times the purchase price per violation, creates a HUD-run renter outreach hotline and website, and requires large investors to report their holdings annually. The prohibition takes effect 180 days after enactment and automatically sunsets 15 years after that effective date.
§ 1001-a The core ban: large institutional investors may not buy single-family homes Notable
Once effective, no large institutional investor may purchase, or contract to directly or indirectly purchase, any single-family home, unless the purchase falls into an excepted category or is part of a restructuring or reorganization of homes the investor already owned or purchased on or before enactment. 'Purchase' is defined broadly to include any transfer or acquisition -- including through mergers, acquisitions, construction, foreclosures, or bulk purchases, whether or not cash changes hands. The law is explicitly not retroactive: it does not force any investor to divest or sell homes bought before enactment, and it does not affect bankruptcy filings or proceedings.
Affects: Large institutional investors, Home sellers and homebuilders, Prospective individual homebuyers, Renters of investor-owned homes
- N/A (self-executing statutory prohibition): Prohibition on purchases by large institutional investors takes effect — 180 days after enactment (≈ January 7, 2027)
§ 1001-b Who counts as a 'large institutional investor' -- the 350-home threshold Notable
A 'large institutional investor' is a for-profit legal entity (investment fund, corporation, partnership, LLC, joint venture, association, or similar) that is in the business, in whole or in part, of investing in, owning, renting, managing, or holding single-family homes, and that -- alone or in concert with other entities -- directly or indirectly has investment control of at least 350 single-family homes in the aggregate, counted beginning after the date of enactment. Homes acquired through excepted purchases made after enactment do not count toward the 350. Government entities (local, State, Tribal, or Federal) are excluded. 'Investment control' is defined broadly: it covers owning a home or having primary authority over investment or management decisions for it; controlling the general partner or managing member of the owning entity; being or controlling its investment manager, management company, or investment advisor; owning or controlling more than 25 percent of any class of its equity (unless a passive investor); or otherwise controlling the owning entity. A 'single-family home' is a structure with 2 or fewer dwelling units, each for a single household, and excludes manufactured homes.
Affects: Investment funds, Corporations, partnerships, and LLCs in the single-family rental business, Fund managers and investment advisors, Government housing entities (excluded)
§ 1001-c Excepted purchases: what large investors can still buy Notable
The ban does not apply to 'excepted purchases,' a list of eleven categories: (A) homes that the investor newly constructed, renovated, or converted from rental in order to sell (not to rent while awaiting sale); (B) build-to-rent programs where the investor builds new single-family homes to manage as rentals, in all-rental or mixed communities; (C) renovate-to-rent programs that substantially rehabilitate homes failing local building codes' structural or core-system requirements, with improvements totaling at least 15 percent of the purchase price; (D) rent-to-own homeownership programs meeting consumer-protection conditions -- rents and fees no higher than the investor's comparable homes, a contract treated as a consumer credit transaction secured by the dwelling, opt-in positive rent reporting to credit bureaus, and meaningful financial support (such as price concessions) toward the renter's purchase; (E) homeownership-boosting programs with opt-in positive rent reporting, a right of first refusal, and a 30-day 'first look' period for renters; (F) acquisitions to satisfy debts previously contracted in good faith where the investor holds repossession rights; (G) acquisitions by mortgage servicers, lenders, or similar entities for loss mitigation or servicing compliance resulting solely from foreclosure, deed-in-lieu, security-interest enforcement, or operation of law after default -- not as a long-term investment strategy; (H) purchases from another large institutional investor that owned the home at enactment or bought it in compliance with the law; (I) purchases from investors not covered by the section, but only within 2 years after the effective date; (J) new construction, renovations, or rental conversions in age-55-plus communities that meet HUD visitability standards; and (K) any single purchase or combination or series of purchases fitting categories (A) through (J).
Affects: Large institutional investors, Homebuilders and build-to-rent developers, Mortgage servicers and lenders, Renters in rent-to-own programs, 55-plus community developers
- N/A: Window closes for excepted purchases from investors not covered by the section (exception I) — 2 years after the effective date (i.e., 2 years after the date 180 days post-enactment) (≈ July 11, 2028)
§ 1001-d Implementation rules: Treasury may issue regulations, with strict limits
The Secretary of the Treasury, in consultation with HUD, the Federal Housing Finance Agency, and the SEC, may issue notice-and-comment regulations to carry out the section, including rules to minimize market disruptions when there is a risk of material negative impact on the housing market (such as impaired ability to sell homes in an orderly way) and to mitigate negative impacts on consumers and communities. However, no regulation may amend the statutory definitions: regulators cannot narrow or alter the excepted-purchase categories in ways that would undermine the goal of expanding homes available to individual households, cannot add new eligible classes of large institutional investors, and cannot change the 350-home quantitative threshold.
Affects: Department of the Treasury, Department of Housing and Urban Development, Federal Housing Finance Agency, Securities and Exchange Commission, Large institutional investors
§ 1001-e Renter outreach resource: a federal hotline and website for tenants of large investors
Within 180 days of enactment, HUD must establish a 'renter outreach resource' -- a toll-free phone number and public website -- to help renters of properties owned by large institutional investors notify federal agencies about rental disputes (including potential violations of federal law), share and monitor dispute information across agencies, and resolve disputes where practicable. HUD must promptly respond to renters (in writing where appropriate), document responses, and promptly investigate potential federal-law violations, including requesting information from the investor, who must be given a chance to respond. For potential state-law violations, HUD must at minimum give the renter contact information for the appropriate state authority. Each large investor must give every renter written notice of the resource -- plus the name, phone number, and email of the person handling renter disputes -- at move-in and annually, update that contact information within 30 days if it changes, and feature the resource prominently on a public website. HUD must submit an annual public report to Congress by March 31 analyzing dispute types, numbers, and resolutions, with data aggregated or anonymized to protect personal information.
Affects: Renters of investor-owned single-family homes, Department of Housing and Urban Development, Large institutional investors, State housing authorities, Congress
- Department of Housing and Urban Development: Establish the renter outreach resource (toll-free number and public website) — 180 days after enactment (≈ January 7, 2027)
- N/A (obligation on large institutional investors): Large investors update renter-dispute contact information after any change — Within 30 days of the change
- Department of Housing and Urban Development: Annual public report to Congress on renter disputes — March 31 of each year
§ 1001-f Annual self-reporting: large investors must disclose their holdings Notable
Within 180 days of enactment, and by December 31 of each year thereafter, every person or entity meeting the definition of a large institutional investor must notify HUD whether it is a large institutional investor and disclose how many single-family homes it has direct or indirect investment control of as of the notice date, including the city and state of each home -- except that a city need not be itemized if the investor owns 10 or fewer homes there. This information feeds into HUD's annual report to Congress.
Affects: Large institutional investors, Department of Housing and Urban Development
- N/A (obligation on large institutional investors, filed with HUD): First annual notification of large-investor status and home inventory to HUD — 180 days after enactment (≈ January 7, 2027)
- N/A (obligation on large institutional investors, filed with HUD): Recurring annual notification of status and inventory — December 31 of each year thereafter
§ 1001-g Enforcement: penalties up to $1 million or triple the purchase price, funding homeownership programs Notable
The Secretary of the Treasury -- or the Attorney General at Treasury's request -- may sue a large institutional investor that violates the purchase ban for a civil penalty of up to $1,000,000 per violation or three times the purchase price of the property involved, whichever is greater. Starting in fiscal year 2027, to the extent provided in appropriations acts, collected penalties are transferred to HUD to add funding to the HOME Investment Partnerships program, allocated by that program's existing formula, for new construction, acquisition, and rehabilitation of single-family homes and for first-time homebuyer assistance grants, which may cover down payments, closing costs, and interest-rate buydowns.
Affects: Large institutional investors, Department of the Treasury, Department of Justice, Department of Housing and Urban Development, First-time homebuyers
- Department of the Treasury / Department of Housing and Urban Development: Civil penalty proceeds begin transferring to HUD for the HOME program and first-time homebuyer grants — Fiscal year 2027 and each fiscal year thereafter (subject to appropriations)
§ 1001-h Studies and congressional intent: GAO and HUD reports at 2 and 10 years
The Comptroller General (GAO) must report to the Senate Banking and House Financial Services Committees within 2 years after the prohibition takes effect, and again within 10 years, on how large-investor ownership affects housing availability and affordability and how effective the section is at reducing investor demand and expanding homeownership. On the same 2-year and 10-year schedule, HUD -- consulting Treasury, the Rural Housing Service, the VA Loan Guaranty Service, the SEC, and FHFA -- must report on whether the 'large institutional investor' definition should be adjusted, the section's financial impact on investors, renters, and homebuyers, and any legislative recommendations. A sense-of-Congress provision states the section is intended to preserve and expand the supply of single-family homes available for individuals to purchase, and directs that future studies consider that intent.
Affects: Government Accountability Office, Department of Housing and Urban Development, Congress, Large institutional investors, Renters and homebuyers
- Government Accountability Office: First GAO report on investor ownership impacts and the section's effectiveness — 2 years after the prohibition takes effect
- Government Accountability Office: Second GAO report — 10 years after the prohibition takes effect
- Department of Housing and Urban Development: First HUD report on the investor definition, financial impacts, and legislative recommendations — 2 years after the prohibition takes effect
- Department of Housing and Urban Development: Second HUD report — 10 years after the prohibition takes effect
§ 1001-i Effective date and 15-year sunset Notable
The purchase prohibition (subsection (b)) and the enforcement provisions (subsection (d)) take effect 180 days after the date of enactment. Both are automatically repealed 15 years after that effective date, making the ban a temporary, roughly 15-year measure unless Congress acts to extend it.
Affects: Large institutional investors, Department of the Treasury, Congress
- N/A: Purchase prohibition and enforcement provisions take effect — 180 days after enactment (≈ January 7, 2027)
- N/A: Purchase prohibition and enforcement provisions are repealed (sunset) — 15 years after the effective date
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