[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4582 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 4582

     To require Federal agencies and certain government-sponsored 
 enterprises to reserve residential real estate owned for purchase by 
owner-occupants and other buyers using public funds for a period of at 
                             least 15 days.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            February 3, 2010

   Mr. Baca introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
     To require Federal agencies and certain government-sponsored 
 enterprises to reserve residential real estate owned for purchase by 
owner-occupants and other buyers using public funds for a period of at 
                             least 15 days.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``First Look for Primary Residence Act 
of 2010''.

SEC. 2. FIRST-LOOK PERIOD FOR PREFERRED PURCHASERS OF REAL ESTATE 
              OWNED.

    Each covered entity--
            (1) shall, before making any real estate owned that is 
        single-family housing available for purchase by any purchaser 
        that is not a preferred purchaser, or for any other use, make 
        such properties available for purchase, for a period not 
        shorter than 15 days, only by preferred purchasers; and
            (2) may not, during such period, solicit, receive, 
        consider, negotiate, or accept any offer to purchase any such 
        property except from a preferred purchaser.

SEC. 3. NOTICE OF FIRST-LOOK PROPERTIES.

    (a) Requirement; Timing.--A covered entity shall, before making any 
real estate owned that is single-family housing available for purchase 
in accordance with section 2, provide written notice to real estate 
brokers and other interested parties appropriate to inform them of such 
availability.
    (b) Contents.--Notice required under subsection (a) shall include 
basic information about each property to be made available for purchase 
in accordance with section 2, including the location, condition, and 
listing price of the property.

SEC. 4. DEFINITIONS.

    For purposes of this Act, the following definitions shall apply:
            (1) Covered entity.--The term ``covered entity'' means--
                    (A) the Department of Housing and Urban 
                Development, the Department of Veterans Affairs, and 
                the Department of Agriculture;
                    (B) the Federal National Mortgage Association; and
                    (C) the Federal Home Loan Mortgage Corporation.
            (2) Preferred purchaser.--The term ``preferred purchaser'' 
        means, with respect to any property that is real estate owned, 
        any--
                    (A) individual or family who indicates, to the 
                satisfaction of the covered entity that holds the real 
                estate owned, that upon purchase such individual or 
                family will occupy the property as the principal 
                residence of such individual or family for a period of 
                not less than 90 days; or
                    (B) State or local governmental agency or other 
                entity that purchases the property using, in whole or 
                in part, funds made available through--
                            (i) the neighborhood stabilization program 
                        under title III of division B of the Housing 
                        and Economic Recovery Act of 2008 (42 U.S.C. 
                        5301 note);
                            (ii) the community development block grant 
                        program under title I of the Housing and 
                        Community Development Act of 1974 (42 U.S.C. 
                        5301 et seq.);
                            (iii) the HOME investment partnerships 
                        program under title II of the Cranston-Gonzalez 
                        National Affordable Housing Act (42 U.S.C. 
                        12721 et seq.);
                            (iv) any locally established housing trust 
                        fund;
                            (v) any charitable foundation or charitable 
                        entity; or
                            (vi) any other public funds, as provided by 
                        regulations pursuant to section 5.
            (3) Real estate owned.--The term ``real estate owned'' 
        means, with respect to a covered entity, any real property to 
        which the covered entity holds title pursuant to foreclosure, a 
        deed in lieu of foreclosure, assignment, conveyance, or any 
        other action in connection with a mortgage made, held, insured, 
        guaranteed, or securitized by the covered entity.
            (4) Single-family housing.--The term ``single-family 
        housing'' means residential real property that is designed 
        primarily for the occupancy of from one to four families.

SEC. 5. REGULATIONS.

    Each covered entity described in section (4)(1)(A) and the Director 
of the Federal Housing Finance Agency, in the case of the covered 
entities specified in subparagraphs (B) and (C) of section 4(1), may 
issue any regulations necessary for such covered entity to carry out 
this Act.
                                 <all>