Text: H.R.4582 — 111th Congress (2009-2010)All Information (Except Text)

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Introduced in House (02/03/2010)


111th CONGRESS
2d Session
H. R. 4582


To require Federal agencies and certain government-sponsored enterprises to reserve residential real estate owned for purchase by owner-occupants and other buyers using public funds for a period of at least 15 days.


IN THE HOUSE OF REPRESENTATIVES

February 3, 2010

Mr. Baca introduced the following bill; which was referred to the Committee on Financial Services


A BILL

To require Federal agencies and certain government-sponsored enterprises to reserve residential real estate owned for purchase by owner-occupants and other buyers using public funds for a period of at least 15 days.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “First Look for Primary Residence Act of 2010”.

SEC. 2. First-look period for preferred purchasers of real estate owned.

Each covered entity—

(1) shall, before making any real estate owned that is single-family housing available for purchase by any purchaser that is not a preferred purchaser, or for any other use, make such properties available for purchase, for a period not shorter than 15 days, only by preferred purchasers; and

(2) may not, during such period, solicit, receive, consider, negotiate, or accept any offer to purchase any such property except from a preferred purchaser.

SEC. 3. Notice of first-look properties.

(a) Requirement; timing.—A covered entity shall, before making any real estate owned that is single-family housing available for purchase in accordance with section 2, provide written notice to real estate brokers and other interested parties appropriate to inform them of such availability.

(b) Contents.—Notice required under subsection (a) shall include basic information about each property to be made available for purchase in accordance with section 2, including the location, condition, and listing price of the property.

SEC. 4. Definitions.

For purposes of this Act, the following definitions shall apply:

(1) COVERED ENTITY.—The term “covered entity” means—

(A) the Department of Housing and Urban Development, the Department of Veterans Affairs, and the Department of Agriculture;

(B) the Federal National Mortgage Association; and

(C) the Federal Home Loan Mortgage Corporation.

(2) PREFERRED PURCHASER.—The term “preferred purchaser” means, with respect to any property that is real estate owned, any—

(A) individual or family who indicates, to the satisfaction of the covered entity that holds the real estate owned, that upon purchase such individual or family will occupy the property as the principal residence of such individual or family for a period of not less than 90 days; or

(B) State or local governmental agency or other entity that purchases the property using, in whole or in part, funds made available through—

(i) the neighborhood stabilization program under title III of division B of the Housing and Economic Recovery Act of 2008 (42 U.S.C. 5301 note);

(ii) the community development block grant program under title I of the Housing and Community Development Act of 1974 (42 U.S.C. 5301 et seq.);

(iii) the HOME investment partnerships program under title II of the Cranston-Gonzalez National Affordable Housing Act (42 U.S.C. 12721 et seq.);

(iv) any locally established housing trust fund;

(v) any charitable foundation or charitable entity; or

(vi) any other public funds, as provided by regulations pursuant to section 5.

(3) REAL ESTATE OWNED.—The term “real estate owned” means, with respect to a covered entity, any real property to which the covered entity holds title pursuant to foreclosure, a deed in lieu of foreclosure, assignment, conveyance, or any other action in connection with a mortgage made, held, insured, guaranteed, or securitized by the covered entity.

(4) SINGLE-FAMILY HOUSING.—The term “single-family housing” means residential real property that is designed primarily for the occupancy of from one to four families.

SEC. 5. Regulations.

Each covered entity described in section (4)(1)(A) and the Director of the Federal Housing Finance Agency, in the case of the covered entities specified in subparagraphs (B) and (C) of section 4(1), may issue any regulations necessary for such covered entity to carry out this Act.