arrow_back Back to App

Home Advantage for American Families Act: Curbing Foreign Real Estate Purchases

This act aims to reduce the impact of foreign purchases on residential real estate prices in the U.S. It introduces new reporting rules for non-U.S. persons involved in property transactions and increases the tax on residential property sales by foreigners. Additionally, the act boosts funding for low-income housing, potentially increasing housing availability for citizens.
Key points
New reporting requirements for foreign persons purchasing residential properties in the 15 largest U.S. metropolitan areas, aiming to increase transaction transparency.
Increased tax rate from 15% to 30% on the sale of residential real estate by non-U.S. persons, potentially discouraging speculative purchases.
Increased available funds for low-income housing construction, which could improve housing access for citizens.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_S_703
Sponsor: Sen. Rubio, Marco [R-FL]
Process start date: 2021-03-11
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Home Advantage for American Families Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_703.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-03-11.

What are the main provisions?

Key points include:

  • New reporting requirements for foreign persons purchasing residential properties in the 15 largest U.S. metropolitan areas, aiming to increase transaction transparency.
  • Increased tax rate from 15% to 30% on the sale of residential real estate by non-U.S. persons, potentially discouraging speculative purchases.
  • Increased available funds for low-income housing construction, which could improve housing access for citizens.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Rubio, Marco [R-FL].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Real Estate Taxes