U.S. Rep. Tom Barrett introduced another package of bills aimed at tackling the growing issue of housing affordability in the United States by preventing large investment corporations from buying up homes and pricing families out, lowering costs for home buyers, and getting more homes on the market.
As part of this package, Barrett said in a release that he is helping lead the American Family Housing Act (H.R. 7186), which would prohibit large-scale investment companies from purchasing single-family homes. According to MetLife Investment Management, corporate investors will own as many as 7.6 million homes, or more than 40% of all single-family rentals, by 2030 unless corrective action is taken by Congress.
“Corporate monopolies and foreign investors who have never been to our state are keeping mid-Michigan families from buying a home and putting down roots,” said Barrett. “That’s why I’m going head on against these practices. The bills I’m announcing today will prevent large corporations from buying up houses and pricing families out, place more homes on the market, and empower buyers to save for their new home. These common-sense proposals will help more Americans in my district find a home to start a family and raise their kids while making the American Dream a reality.”
Barrett introduced the following four original bills:
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First-Time Homebuyer Savings Account Act (H.R. 7756) to create tax-free homebuyer savings accounts similar to individual retirement accounts. Funds in the account could be used buying, building, or repairing a first home.
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First Look for First-Time Homebuyers Act (H.R. 7753) to give first-time buyers an exclusive 15-day window to have a “first look” for purchasing homes foreclosed by federal housing and lending agencies.
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Take Your Rate Act (H.R. 7754) to conduct a thorough study of the possibility of portable mortgage rates, which would allow homeowners to maintain their current low interest rate when buying a new home. This would empower more families to upsize, downsize, or relocate, putting more homes on the market for first-time buyers.
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Housing for Our Hometown Heroes Act (H.R. 7755) to conduct a thorough study of the possibility of launching a federal program to support loans with zero down payment required for teachers, law enforcement officers, and first responders buying their first home. The potential program would be similar to the VA home loan program.
Barrett co-sponsored the following bills:
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American Family Housing Act (H.R. 7186) to prohibit large-scale investment companies from buying up single-family homes.
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More Homes on the Market Act (H.R. 1340) to double the exemption from capital gains tax for the sale of a principal residence. Despite inflation, the exemption has not changed since 1997. The bill would encourage owners to put their homes on the market by increasing the exemption to $500,000 for an individual or $1,000,000 for a couple, and the rate would annually adjust for inflation going forward.
These new proposals build on seven additional pieces of legislation Barrett introduced last month to Revive the American Dream by making homeownership more affordable. To review all the bills in Barrett’s plan to Revive the American Dream, click here.
About Barrett’s Blueprint for a Better America
Reviving the American Dream is the second of five pillars of Barrett’s Blueprint for a Better America. The congressman will continue to unveil additional proposals in the coming weeks to address the five key policy areas this agenda is built on:
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Restoring Trust in Government: Making Government Serve the People, Not Special Interests
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Reviving the American Dream: Helping Families Afford Homes in Mid-Michigan
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Making Health Care Affordable Again: Lowering Costs for Working Families
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Recalibrating American Foreign Policy: Ending Endless Wars and Promoting Peace Through Strength
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Reforming Campaign Finance: Putting Governing Before Campaigning
Click here or visit barrett.house.gov/reform to learn more.
