American Dream and Affordability Bill

At a Glance

  • Caps institutional investors at 20 single-family homes with anti-shell-company rules
  • Prohibits foreign buyers from purchasing U.S. residential property
  • 4 years interest-free for first-time buyers, 6 years for veterans
  • Regulates short-term rentals and incentivizes housing-friendly zoning
  • 2 years interest-free builder loans with 2-year completion incentive
American Dream and Affordability Bill

The American Dream has long been anchored in the promise that hard work leads to stability and the opportunity to own a home. Today, that promise is breaking. The national median existing home price has risen from approximately $224,000 in 2015 to over $407,000 in 2024[1]—an increase of more than 80% that has far outpaced wage growth. In many metropolitan areas, a family now needs an income exceeding $100,000 annually to afford a median-priced home[2].

The current crisis stands in stark contrast to the housing market that built the American middle class after World War II. In 1950, the median home price was $7,354 while median household income was about $3,300 per year[3]—meaning the typical home cost roughly 2.2 times annual income. Housing was affordable everywhere, with mortgage payments consuming only 11 to 16 percent of median incomes in most markets[4]. A single wage-earner could support a family and purchase a home. Today, that price-to-income ratio exceeds 9.0 in Hawaii and in major California metro areas[5], and in expensive coastal markets families pay six to ten times their annual income for a median-priced home.

This postwar affordability resulted from deliberate policy choices. The GI Bill authorized low-interest loans to returning veterans[6], granting millions access to homeownership. The average family income doubled during this period, growing as much in the 10 years after the war as it had in the previous 50 years combined[7]. Mortgage rates averaged 4.5% to 5%[8], and FHA and VA loans reduced barriers to entry[9]. The homeownership rate rose from 44% in 1940 to 62% by 1960[10]. Home ownership became the foundation upon which millions built financial security.

The current crisis represents a fundamental break from this model. Over the past decade, institutional investors and foreign buyers have altered the American housing market. Private equity firms, hedge funds, and foreign corporations have acquired hundreds of thousands of single-family homes, converting owner-occupied neighborhoods into rental portfolios. Between 2021 and 2023, investors purchased approximately one in four single-family homes sold in some markets[11].

The homeownership rate, which peaked at nearly 70% in 2004, has declined as rising prices have locked out working families[10]. The price-to-income ratio that once made ownership the expected outcome of steady work has more than tripled. This is not natural market evolution—it is the consequence of policy choices favoring capital over families.

This legislation addresses the crisis through multiple reinforcing mechanisms: requiring divestiture of institutionally and foreign-owned residential properties to restore inventory to family buyers; creating loan programs with initial interest-free periods for first-time buyers (four years) and veterans (six years); incentivizing new construction—including manufactured and alternative housing—through builder loans that reward on-time completion; providing refinancing assistance for existing homeowners trapped in high-rate mortgages; regulating the conversion of residential housing to short-term rentals; and conditioning federal housing benefits on local adoption of housing-friendly zoning practices. Funding is provided through a dedicated American Dream Housing Trust Fund capitalized by penalty revenues, divestiture surcharges, and direct appropriations. The goal is to restore the basic bargain that made the American middle class possible: that a family willing to work should be able to own a home.

Problems the Bill Aims to Solve

Institutional Investors Have Distorted the Housing Market. Private equity firms, hedge funds, and REITs have acquired vast portfolios of single-family homes. When institutional buyers with unlimited capital compete against young families, families cannot win—institutions pay cash, waive inspections, and close in days. This has priced working families out of entire market segments, particularly affordable starter homes.

Foreign Investment Reduces Housing Available to American Families. Foreign corporations and investors purchase American homes as investment vehicles, often leaving them vacant or converting them to short-term rentals. This removes housing stock without adding residents who participate in community life. American residential real estate should serve American families first.

First-Time Buyers Face Insurmountable Entry Barriers. High prices, elevated interest rates, and stagnant wages prevent creditworthy families from purchasing homes. Down payment requirements of 10-20% mean families must save $35,000-$70,000 while paying rent that consumes their income. Without intervention, an entire generation risks permanent exclusion from ownership.

Veterans Deserve Enhanced Pathways to Ownership. Service members sacrifice years of earning potential and face unique challenges building savings due to relocations and deployments. While VA loans provide benefits, veterans still bear market-rate interest adding hundreds of thousands to lifetime costs. The nation owes those who served more than standard market terms.

Housing Supply Has Failed to Keep Pace with Demand. The U.S. faces a structural shortage of 3-7 million units[12]. High construction loan interest rates—8-10%—are passed directly to buyers. Stimulating new construction of homes meeting FHA guidelines is essential to resolving the crisis through increased supply.

The Wealth Gap Widens as Ownership Declines. Home equity is the primary wealth-building vehicle for most families. As ownership concentrates among older and wealthier Americans while working families rent permanently, the wealth gap widens. When large segments see no pathway to ownership regardless of effort, faith in the system erodes.

Institutional Ownership Harms Renters and Destabilizes Communities. Institutional landlords use algorithmic pricing to coordinate rent increases and replace local management with distant call centers, harming the tenants who live in their properties. At the neighborhood level, the conversion of owner-occupied homes to corporate rentals produces higher turnover, reduced property investment, and declining civic participation—homeowners maintain properties and engage in community life at higher rates than renters, and when institutions replace them, the fabric of the community frays.

Market Conditions Create a Self-Reinforcing Cycle. High prices reduce ownership, increasing rental demand, allowing institutional profits, encouraging further acquisitions, reducing supply, and raising prices further. This cycle will not self-correct—institutional investors with patient capital can sustain portfolios indefinitely.

Short-Term Rentals Remove Housing from Communities. The rapid growth of short-term rental platforms has converted tens of thousands of residential properties into de facto hotels, removing them from the housing market available to families. In popular tourist and urban markets, entire apartment buildings and neighborhoods have been converted to short-term rentals, reducing available inventory, driving up rents and purchase prices, and hollowing out the permanent communities that give neighborhoods their character.

Restrictive Local Zoning Limits Housing Supply. Local zoning ordinances in many communities prohibit multi-family housing, mandate large minimum lot sizes, restrict accessory dwelling units, and impose other barriers that artificially constrain supply. These restrictions—often adopted decades ago—are among the most significant drivers of housing unaffordability, yet because zoning is a local function, federal policy has historically been unable to address it directly.

Existing Homeowners Are Trapped by High Interest Rates. Millions of homeowners who purchased or refinanced during periods of high interest rates are locked into mortgages with payments far exceeding what current market conditions would justify. These families cannot build equity at a reasonable pace, and the burden of high monthly payments reduces their ability to invest in their homes and communities. While first-time buyers face barriers to entry, existing owners face barriers to stability.

No Dedicated Funding Mechanism for Housing Programs. Federal housing assistance programs compete for general appropriations without a dedicated funding source, leaving them vulnerable to annual budget politics and inconsistent funding. A sustainable, self-reinforcing funding mechanism is needed to ensure that housing programs can operate at the scale required to address the crisis. When working families cannot afford homes regardless of effort, the American Dream becomes a slogan—Congress must decide whether America remains a nation where citizens achieve ownership through work, or one where housing is controlled by institutional capital.

American Dream and Affordability Act

120th Congress, 2nd Session

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

Sec. 1. SHORT TITLE.

This Act may be cited as the "American Dream and Affordability Act."

Sec. 2. DEFINITIONS.

For purposes of this Act—

  1. (1) INSTITUTIONAL INVESTOR.—The term "institutional investor" means any entity that is not a natural person, including any corporation, limited liability company, partnership, real estate investment trust, hedge fund, private equity fund, or any affiliate or subsidiary thereof, that acquires or holds title to single-family residential property.
  2. (2) SINGLE-FAMILY RESIDENTIAL PROPERTY.—The term "single-family residential property" means any residential dwelling designed for occupancy by one to four families, including detached houses, townhomes, and condominiums, but excluding multi-family apartment buildings containing five or more units.
  3. (3) FOREIGN PERSON.—The term "foreign person" means—
    1. (a) any individual who is not a citizen or lawful permanent resident of the United States;
    2. (b) any entity organized under the laws of a foreign country; or
    3. (c) any entity in which a foreign government, foreign entity, or foreign individual described in subparagraph (a) holds a twenty-five percent or greater ownership interest.
  4. (4) FIRST-TIME HOMEBUYER.—The term "first-time homebuyer" means an individual who has not held an ownership interest in a principal residence during the three-year period ending on the date of purchase.
  5. (5) QUALIFYING VETERAN.—The term "qualifying veteran" means any individual who served in the active military, naval, air, or space service and who was discharged or released therefrom under conditions other than dishonorable.
  6. (6) SECRETARY.—The term "Secretary" means the Secretary of Housing and Urban Development, unless otherwise specified.
  7. (7) SHORT-TERM RENTAL.—The term "short-term rental" means the rental of a residential dwelling unit, or any portion thereof, for a period of fewer than thirty consecutive days through a transactional platform or direct advertisement.
  8. (8) TRANSACTIONAL PLATFORM.—The term "transactional platform" means any online marketplace, application, or service that facilitates the listing, booking, or payment of short-term rental transactions, including but not limited to vacation rental websites and home-sharing platforms.
  9. (9) HOUSING-FRIENDLY ZONING PRACTICE.—The term "housing-friendly zoning practice" means a local land use regulation or policy that increases the supply of housing available to families, including but not limited to permitting accessory dwelling units by right in residential zones, allowing multi-family housing of not fewer than four units within one-half mile of public transit stations, reducing minimum lot size requirements to not more than five thousand square feet for single-family residential zones, eliminating mandatory parking minimums for residential development within one-half mile of public transit, and permitting manufactured housing on any lot zoned for single-family residential use.
  10. (10) MANUFACTURED HOUSING.—The term "manufactured housing" means a dwelling unit constructed in a manufacturing facility in accordance with the National Manufactured Housing Construction and Safety Standards Act of 1974 (42 U.S.C. 5401 et seq.), and includes modular homes constructed to State or local building codes in an off-site facility.
  11. (11) BENEFICIAL OWNER.—The term "beneficial owner" means any natural person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise, exercises substantial control over an entity or owns or controls not less than a ten percent equity interest in an entity, as determined in accordance with the Corporate Transparency Act (31 U.S.C. 5336).

Sec. 3. MANDATORY DIVESTITURE OF INSTITUTIONAL HOLDINGS.

  1. (1) DIVESTITURE REQUIREMENT.—Not later than three years after the date of enactment of this Act, each institutional investor shall divest all single-family residential properties held in excess of the ownership cap established under paragraph (2).
  2. (2) OWNERSHIP CAP.—No institutional investor may own, directly or indirectly through any affiliate, subsidiary, or shell entity, more than twenty single-family residential properties within the United States.
  3. (3) DIVESTITURE SCHEDULE.—The Secretary shall promulgate regulations requiring—
    1. (a) divestiture of not less than one-third of excess holdings within twelve months of enactment;
    2. (b) divestiture of not less than two-thirds of excess holdings within twenty-four months of enactment; and
    3. (c) complete divestiture of all excess holdings within thirty-six months of enactment.
  4. (4) RIGHT OF FIRST REFUSAL.—Properties subject to divestiture shall be offered first to—
    1. (a) existing tenants occupying the property, at fair market value;
    2. (b) first-time homebuyers, as defined in Section 2; and
    3. (c) the general public.
  5. (5) ANTI-EVASION.—
    1. (a) No institutional investor may circumvent the requirements of this section through the use of shell companies, nominee arrangements, land trusts, or any other device designed to obscure beneficial ownership.
    2. (b) AGGREGATION RULE.—For purposes of the ownership cap under paragraph (2), all single-family residential properties held by entities that share any common beneficial owner shall be aggregated and treated as held by a single institutional investor. Two or more entities shall be deemed to share a common beneficial owner if any natural person holds a ten percent or greater equity interest in, or exercises substantial control over, each such entity.
    3. (c) BENEFICIAL OWNERSHIP REPORTING.—Any entity that acquires or holds title to single-family residential property shall file with the Secretary a beneficial ownership disclosure identifying all natural persons who are beneficial owners of the entity, within thirty days of acquisition and annually thereafter. Failure to file shall create a rebuttable presumption that the entity is an institutional investor subject to the ownership cap.
    4. (d) PENALTY FOR EVASION.—Any person who knowingly structures or assists in structuring a transaction or series of transactions to evade the ownership cap shall be subject to a civil penalty of not less than one hundred thousand dollars per property involved, plus disgorgement of any profits derived from the properties, and the properties shall be subject to mandatory divestiture within one hundred eighty days.
  6. (6) TEMPORARY BUSINESS USE EXEMPTION.—
    1. (a) IN GENERAL.—An institutional investor may hold title to single-family residential property in excess of the ownership cap for a period not to exceed twenty-four months if the property is held exclusively for a documented business use as defined in subparagraph (b). Upon expiration of the twenty-four-month period, the property shall be sold or transferred to a natural person.
    2. (b) DOCUMENTED BUSINESS USE.—For purposes of this paragraph, "documented business use" means one of the following, supported by written documentation filed with the Secretary at the time of acquisition—
      1. (i) EMPLOYEE RELOCATION.—Temporary housing provided to an employee of the entity who is relocating to a new work assignment, provided that the employee occupies the property as a principal residence and the entity certifies that the property will be sold or transferred within twenty-four months of acquisition;
      2. (ii) BUILDER INVENTORY.—A property constructed or substantially rehabilitated by the entity for sale to individual buyers, provided that the entity is actively marketing the property for sale and the property has not been rented or leased;
      3. (iii) ESTATE SETTLEMENT.—A property acquired through foreclosure, inheritance, or settlement of a legal obligation, provided that the entity files a disposition plan with the Secretary within ninety days of acquisition; or
      4. (iv) EMPLOYER-PROVIDED HOUSING.—Housing provided by an employer in a location where adequate rental housing is not commercially available, as certified by the Secretary, including but not limited to agricultural operations, remote work sites, and healthcare facilities in rural areas.
    3. (c) EXTENSION.—The Secretary may grant a single extension of not more than twelve months upon a showing of good cause. No more than one extension may be granted per property.
    4. (d) FAILURE TO DIVEST.—An entity that fails to sell or transfer a property within the applicable period under this paragraph shall be subject to a civil penalty of ten thousand dollars per month per property until divestiture is completed, and the property shall be treated as subject to the ownership cap under paragraph (2).

Sec. 4. RESTRICTION ON FOREIGN ACQUISITION OF RESIDENTIAL PROPERTY.

  1. (1) PROHIBITION.—No foreign person may acquire title to single-family residential property in the United States on or after the date of enactment of this Act, except as provided in paragraph (2).
  2. (2) EXCEPTIONS.—The prohibition shall not apply to—
    1. (a) a lawful permanent resident of the United States;
    2. (b) a foreign individual who maintains a valid nonimmigrant visa authorizing employment and who uses the property as a principal residence; or
    3. (c) a purchase approved by the Secretary upon a finding that the acquisition serves a compelling national interest.
  3. (3) EXISTING HOLDINGS.—Any foreign person holding single-family residential property as of the date of enactment who does not qualify for an exception under paragraph (2) shall divest such property within three years.

Sec. 5. FIRST-TIME HOMEBUYER LOAN PROGRAM.

  1. (1) ESTABLISHMENT.—The Secretary shall establish the American Dream Homebuyer Loan Program under which loans with an initial interest-free period shall be made available to first-time homebuyers for the purchase of a principal residence.
  2. (2) GENERAL TERMS.—Loans issued under this section shall carry—
    1. (a) an interest rate of zero percent for the first four years following the date of origination;
    2. (b) upon expiration of the interest-free period, an interest rate equal to the prevailing market rate as determined by the Secretary, fixed for the remaining term of the loan;
    3. (c) a repayment term of thirty years;
    4. (d) a maximum loan amount equal to the conforming loan limit for the county in which the property is located; and
    5. (e) a minimum down payment of three percent of the purchase price.
  3. (3) ENHANCED VETERAN TERMS.—A qualifying veteran shall receive—
    1. (a) an interest rate of zero percent for the first six years following the date of origination, after which the rate shall convert to the prevailing market rate as described in paragraph (2)(b);
    2. (b) a zero-percent down payment requirement;
    3. (c) a maximum loan amount equal to one hundred fifteen percent of the applicable conforming loan limit; and
    4. (d) priority processing of the loan application.
  4. (4) ELIGIBILITY.—The applicant shall—
    1. (a) be a first-time homebuyer as defined in Section 2;
    2. (b) intend to occupy the property as a principal residence for not fewer than five years;
    3. (c) meet creditworthiness standards no more restrictive than FHA standards; and
    4. (d) complete a homebuyer education course approved by the Secretary.

Sec. 6. CONSTRUCTION LOAN INCENTIVE PROGRAM.

  1. (1) ESTABLISHMENT.—The Secretary shall establish the American Dream Builder Loan Program to provide construction loans to qualifying builders for new residential housing, including site-built single-family homes, manufactured housing, and modular housing.
  2. (2) ELIGIBILITY.—The builder or manufacturer shall—
    1. (a) construct dwellings that meet or exceed FHA minimum property standards or, in the case of manufactured housing, the standards established under the National Manufactured Housing Construction and Safety Standards Act of 1974;
    2. (b) offer completed units at prices not exceeding one hundred ten percent of the applicable FHA mortgage limit;
    3. (c) demonstrate adequate financial capacity and construction or manufacturing experience; and
    4. (d) commit to completing construction within twenty-four months of loan disbursement.
  3. (3) LOAN TERMS.—Construction loans shall—
    1. (a) bear an interest rate of zero percent for the first twenty-four months following the date of disbursement;
    2. (b) upon expiration of the interest-free period, bear interest at the prevailing market rate as determined by the Secretary, with such interest applied retroactively to the original principal amount from the date of disbursement; and
    3. (c) not exceed five million dollars per project.
  4. (4) COMPLETION INCENTIVE.—If construction is completed and a certificate of occupancy is issued within twenty-four months of loan disbursement, the retroactive interest described in paragraph (3)(b) shall be waived in full. The purpose of this provision is to incentivize timely completion of new housing.
  5. (5) MANUFACTURED HOUSING INCENTIVE.—Projects in which not less than fifty percent of units are manufactured or modular housing shall receive priority processing and an increased loan limit of seven million five hundred thousand dollars per project.

Sec. 7. SHORT-TERM RENTAL REGULATION.

  1. (1) REGISTRATION REQUIREMENT.—Any owner of residential property who offers or lists a dwelling unit as a short-term rental shall register such unit with the Secretary within ninety days of the effective date of this Act, or prior to the first rental, whichever is later. The Secretary shall charge an annual registration fee of not more than two hundred fifty dollars per unit, which shall be deposited into the American Dream Housing Trust Fund established under Section 10.
  2. (2) PRIMARY RESIDENCE LIMITATION.—No person may operate a short-term rental of a dwelling unit that is not the owner's primary residence for more than sixty days per calendar year, unless the locality in which the property is located has adopted a local short-term rental ordinance permitting a greater number of days.
  3. (3) PLATFORM OBLIGATIONS.—A transactional platform shall—
    1. (a) require hosts to provide a valid registration number before listing a property;
    2. (b) remove any listing that does not display a valid registration number within thirty days of notice from the Secretary;
    3. (c) report to the Secretary annually the address, number of nights rented, and gross revenue for each listing; and
    4. (d) collect and remit applicable lodging taxes to the relevant State and local tax authority.
  4. (4) PENALTY.—Any person who operates a short-term rental in violation of this section shall be subject to a civil penalty of not more than ten thousand dollars per violation. A transactional platform that fails to comply with paragraph (3) shall be subject to a civil penalty of not more than fifty thousand dollars per listing per violation.

Sec. 8. EXISTING HOMEOWNER REFINANCING PROGRAM.

  1. (1) ESTABLISHMENT.—The Secretary, in coordination with the Federal Housing Finance Agency, shall establish the American Dream Refinancing Program under which existing homeowners may refinance an existing mortgage on a principal residence to a reduced interest rate.
  2. (2) ELIGIBILITY.—An applicant shall—
    1. (a) be a natural person who occupies the property as a principal residence;
    2. (b) hold an existing mortgage with an interest rate exceeding the applicable Federal Home Loan Bank consolidated obligation rate by more than two percentage points;
    3. (c) be current on mortgage payments or no more than sixty days delinquent at the time of application; and
    4. (d) have a household income not exceeding three hundred percent of the area median income.
  3. (3) TERMS.—A refinanced loan under this section shall carry an interest rate equal to the applicable Federal Home Loan Bank consolidated obligation rate plus one percentage point, for the remaining term of the original mortgage or thirty years, whichever the borrower elects.
  4. (4) LIMITATION.—The refinanced loan amount shall not exceed the outstanding principal balance of the existing mortgage plus reasonable closing costs as determined by the Secretary.

Sec. 9. HOUSING-FRIENDLY ZONING INCENTIVES.

  1. (1) INCENTIVE REQUIREMENT.—Beginning three years after the date of enactment, a locality shall not be eligible to participate in the programs established under Sections 5 and 6—and properties within such locality shall not be eligible for loans under those sections—unless the locality has adopted not fewer than three of the five housing-friendly zoning practices defined in Section 2(9).
  2. (2) CERTIFICATION.—A locality seeking eligibility shall submit to the Secretary a certification, with supporting documentation, that it has adopted the required zoning practices. The Secretary shall maintain a public registry of certified localities.
  3. (3) GRACE PERIOD.—For the first three years after enactment, all localities shall be eligible for programs under Sections 5 and 6 without regard to zoning practices, to allow time for adoption.
  4. (4) TECHNICAL ASSISTANCE.—The Secretary shall provide technical assistance to localities seeking to adopt housing-friendly zoning practices, including model ordinances, implementation guidance, and best practices.
  5. (5) ANNUAL REVIEW.—The Secretary shall review certifications annually and may revoke eligibility if a locality repeals or materially weakens a previously adopted housing-friendly zoning practice.

Sec. 10. AMERICAN DREAM HOUSING TRUST FUND.

  1. (1) ESTABLISHMENT.—There is established within the Treasury the American Dream Housing Trust Fund, to be administered by the Secretary, for the purpose of financing the programs established under this Act.
  2. (2) DEPOSITS.—The following amounts shall be deposited into the Fund—
    1. (a) all civil penalties collected under this Act;
    2. (b) a surcharge equal to two percent of the gross sale price of each property divested under Sections 3 and 4, to be paid by the seller at closing;
    3. (c) all registration fees collected under Section 7;
    4. (d) loan repayments, including principal, received under Sections 5 and 6; and
    5. (e) such sums as may be appropriated by Congress.
  3. (3) AUTHORIZATION OF APPROPRIATIONS.—There are authorized to be appropriated to the Fund $50,000,000,000 for fiscal years 2026 through 2035, to be available until expended.
  4. (4) USE OF FUNDS.—Amounts in the Fund shall be available to the Secretary, without further appropriation, for—
    1. (a) the interest-free homebuyer loan program under Section 5;
    2. (b) the interest-free construction loan program under Section 6;
    3. (c) the existing homeowner refinancing program under Section 8;
    4. (d) administration, enforcement, and reporting under this Act; and
    5. (e) technical assistance to localities under Section 9.
  5. (5) ANNUAL REPORT.—The Secretary shall submit to Congress an annual report on Fund receipts, disbursements, outstanding loan balances, and projected solvency.

Sec. 11. PENALTIES FOR NON-COMPLIANCE.

  1. (1) CIVIL PENALTIES.—Any institutional investor that fails to comply with the divestiture requirements shall be subject to a civil penalty of not less than fifty thousand dollars per property per month of non-compliance.
  2. (2) FOREIGN ACQUISITION VIOLATIONS.—Any foreign person who acquires property in violation of Section 4 shall be subject to a civil penalty equal to the greater of two hundred fifty thousand dollars or the fair market value of the property, and mandatory divestiture within one hundred eighty days.
  3. (3) SHORT-TERM RENTAL VIOLATIONS.—Penalties for violations of Section 7 shall be as provided therein.
  4. (4) BENEFICIAL OWNERSHIP VIOLATIONS.—Penalties for evasion of the ownership cap shall be as provided in Section 3(5)(d).

Sec. 12. ADMINISTRATION AND REPORTING.

  1. (1) The Secretary shall administer this Act in coordination with the Secretary of the Treasury, the Federal Housing Finance Agency, and the Federal Trade Commission.
  2. (2) Beginning one year after enactment, the Secretary shall submit to Congress an annual report on loans made, divestiture progress, enforcement actions, short-term rental registrations, zoning certifications, refinancing activity, Fund status, and effects on homeownership rates and home prices.

Sec. 13. EFFECTIVE DATE.

  1. (1) This Act shall take effect on the date that is ninety days after the date of enactment.
  2. (2) The short-term rental provisions under Section 7 shall take effect one hundred eighty days after enactment.
  3. (3) The zoning incentive requirements under Section 9 shall take effect three years after enactment.
  4. (4) The existing homeowner refinancing program under Section 8 shall begin accepting applications not later than one year after enactment.

Sources

  1. National Association of Realtors, "Existing Home Sales" historical data. https://fred.stlouisfed.org/series/HOSMEDUSM052N
  2. National Association of Realtors, "Housing Affordability Index." https://www.nar.realtor/research-and-statistics/housing-statistics/housing-affordability-index
  3. U.S. Census Bureau, Historical Census of Housing Tables — Home Values; Census P60-09, "Income of Families and Persons: 1950." https://www.census.gov/data/tables/time-series/dec/coh-values.html
  4. Federal Reserve FEDS Notes, "Homeownership and Housing Equity in the Mid-Twentieth Century," September 2025. https://www.federalreserve.gov/econres/notes/feds-notes/homeownership-and-housing-equity-in-the-mid-twentieth-century-20250924.html
  5. Joint Center for Housing Studies, Harvard University, "Home Price-to-Income Ratio Reaches Record High." https://www.jchs.harvard.edu/blog/home-price-income-ratio-reaches-record-high-0
  6. U.S. Department of Veterans Affairs, "VA Home Loans — History." https://benefits.va.gov/homeloans/history/
  7. U.S. Census Bureau, Historical Income Tables — Families. https://www.census.gov/data/tables/time-series/demo/income-poverty/historical-income-families.html
  8. National Bureau of Economic Research, "The Postwar Pattern of Mortgage Interest Rates." https://www.nber.org/system/files/chapters/c2341/c2341.pdf
  9. U.S. Department of Housing and Urban Development, "The Federal Housing Administration (FHA)." https://www.hud.gov/aboutus/fhahistory
  10. U.S. Census Bureau, Historical Census of Housing Tables — Homeownership. https://www.census.gov/data/tables/time-series/dec/coh-owner.html
  11. U.S. Government Accountability Office, GAO-24-106643, "Rental Housing: Institutional Investment in Single-Family Homes," 2024. https://www.gao.gov/products/gao-24-106643
  12. Freddie Mac, "Housing Supply: Still Undersupplied by Millions of Units." https://www.freddiemac.com/research/insight/housing-supply-still-undersupplied