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

This act aims to reduce excessive appreciation of U.S. residential real estate caused by foreign purchases. It introduces new reporting requirements for foreign persons involved in real estate transactions and increases the tax withholding rate on property sales by them. Additionally, the act boosts funding for low-income housing, potentially increasing housing availability for citizens.
Key points
Foreign persons purchasing residential properties in the 15 largest U.S. metropolitan areas will be required to report these transactions to the government, including buyer details, amount, and source of funds.
The tax withholding rate on the sale of U.S. residential real estate by foreign persons will increase from 15% to 30% of the transaction value.
Increased funds will be made available to states for low-income housing programs, including for single-family homes in specific areas, aiming to improve housing affordability.
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Expired
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Additional Information
Print number: 118_HR_3533
Sponsor: Rep. Salazar, Maria Elvira [R-FL-27]
Process start date: 2023-05-18
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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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 118_HR_3533.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-05-18.

What are the main provisions?

Key points include:

  • Foreign persons purchasing residential properties in the 15 largest U.S. metropolitan areas will be required to report these transactions to the government, including buyer details, amount, and source of funds.
  • The tax withholding rate on the sale of U.S. residential real estate by foreign persons will increase from 15% to 30% of the transaction value.
  • Increased funds will be made available to states for low-income housing programs, including for single-family homes in specific areas, aiming to improve housing affordability.
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 Rep. Salazar, Maria Elvira [R-FL-27].

What is the latest detailed status?

The latest detailed status is: Introduced in House

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Real Estate Taxes Economy