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Curbing Foreign Real Estate Purchases and Boosting Affordable Housing Credits.

This bill aims to slow down the appreciation of residential property prices by making it more difficult for foreign investors to purchase homes in the largest US metropolitan areas. It introduces mandatory transaction reporting for foreign persons and significantly increases the withholding tax on their property sales. Crucially, it also expands tax credits available for developing small, affordable housing units in low-income neighborhoods.
Key points
The withholding tax rate on residential property sales by foreign persons in the 15 largest metro areas increases from 15% to 30%.
Foreign persons involved in these transactions must report details to the Treasury Department to combat money laundering.
The Low-Income Housing Tax Credit (LIHTC) is expanded specifically to support the construction of small (1-4 unit) affordable housing projects in qualified low-income areas.
article Official text account_balance Process page
Expired
Citizen Poll
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Additional Information
Print number: 118_S_551
Sponsor: Sen. Rubio, Marco [R-FL]
Process start date: 2023-02-28
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Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Home Advantage for American Families Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_551.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-02-28.

What are the main provisions?

Key points include:

  • The withholding tax rate on residential property sales by foreign persons in the 15 largest metro areas increases from 15% to 30%.
  • Foreign persons involved in these transactions must report details to the Treasury Department to combat money laundering.
  • The Low-Income Housing Tax Credit (LIHTC) is expanded specifically to support the construction of small (1-4 unit) affordable housing projects in qualified low-income areas.
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 2025-12-26.

CATEGORIES

Taxes Real Estate Economy