H.R. 7753

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7753 Introduced in House (IH)]

<DOC>

119th CONGRESS
2d Session
H. R. 7753

To strengthen and standardize ``first look'' protections for covered 
properties to ensure first-time homebuyers have priority access to 
foreclosed homes, and for other purposes.

_______________________________________________________________________

IN THE HOUSE OF REPRESENTATIVES

March 3, 2026

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

_______________________________________________________________________

A BILL

To strengthen and standardize ``first look'' protections for covered 
properties to ensure first-time homebuyers have priority access to 
foreclosed homes, and for other purposes.

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 First-time Homebuyers 
Act of 2026''.

SEC. 2. FIRST LOOK PROTECTIONS FOR FIRST-TIME HOMEBUYERS.

(a) In General.--
(1) 15-day first look period.--Except as provided in 
paragraph (2), each covered entity shall ensure, when selling 
an covered property, that the covered property is only 
available for purchase by first-time homebuyers during the 15-
day period beginning on the date that the covered property is 
listed for sale.
(2) Extension of period.--A covered entity may extend the 
period described in paragraph (1) if such extension would 
increase the chance of a first-time homebuyer purchasing a 
covered property.
(b) Pricing of Covered Properties.--
(1) In general.--During the 15-day period beginning on the 
date that the covered property is listed for sale during which 
an covered property is only available for purchase by first-
time homebuyers the covered property shall be offered by the 
covered entity at a price that is the fair market value of the 
property as determined by an independent third-party appraisal 
or broker price opinion not more than 60 days before the date 
on which the property was listed for sale.
(2) Exception.--If the covered entity selling the covered 
property determines that the fair market value of the property 
can not be determined by an independent third-party appraisal 
or broker price opinion not more than 60 days before the date 
on which the property was listed for sale the covered entity 
may offer the covered property at a price based on a 
standardized valuation model used by the covered entity if the 
covered entity publically discloses the methodology used by 
such standardized valuation model.
(c) Listing on Public Website.--During the 15-day period beginning 
on the date that the covered property is listed for sale during which 
an covered property is only available for purchase by first-time 
homebuyers the covered property shall be listed on a publically 
accessible website by the covered entity in a manner that identifies 
the covered property as only available for purchase by first-time 
homebuyers and indicates how many days remain in the 15-day period 
during which the covered property is only available for purchase by 
first-time homebuyers.
(d) Prohibition on Bundling.--A covered entity may not bundle 
covered properties during the 15-day period beginning on the date that 
the covered property is listed for sale by the eligible entity.
(e) Report to Congress.--Not later than 6 months after the date 
described in subsection (h), and every 6 months thereafter, each 
covered entity shall submit to the Congress a report that describes--
(1) the number of offers made by first-time homebuyers for 
covered properties during the 15-day window;
(2) the number of covered properties sold to first-time 
home buyers during the 15-day window;
(3) the pricing methodology used; and
(4) the ratio of the sale price to the fair market value as 
determined by an independent third party appraisal, broker 
price opinion, or standardized valuation model.
(f) Annual Report.--
(1) In general.--The Inspectors General of each covered 
entity shall, each year, review all sales of covered properties 
by the covered entity in the prior year and determine whether 
any provisions of this section were violated during such sale.
(2) Report.--The Inspectors General of each covered entity 
shall submit a report to the Congress each year that includes 
the results of the review conducted under paragraph (1).
(3) Public publication.--The Inspectors General of each 
covered entity shall publish the report submitted under 
paragraph (2) on a publically accessible website of the covered 
entity.
(g) Rulemaking.--Each covered entity shall, not later than 1 year 
after the date of the enactment of this section, issue such rules as 
are necessary to carry out this section and such rules shall include a 
process to verify the eligibility of first-time homebuyers.
(h) Effective Date.--This section shall take effect 30 days after 
the date of the final rulemaking described in subsection (g).
(i) Definitions.--In this section:
(1) Covered property.--
(A) In general.--Except as provided in subparagraph 
(B), the term ``covered property'' means any single-
family residential property made up of 1 to 4 units 
that is owned or foreclosed upon by a covered entity.
(B) Good neighbor next door program.--For the 
purposes of this Act, a covered property shall not 
include any property under the program known as the 
``Good Neighbor Next Door Program''.
(2) Covered entity.--The term ``covered entity'' means--
(A) the Federal Housing Administration;
(B) the Federal Housing Finance Agency;
(C) the Federal National Mortgage Association;
(D) the Federal Home Loan Mortgage Corporation; and
(E) the Department of Agriculture.
(3) First-time homebuyer.--The term ``first-time 
homebuyer'' means any individual if such individual, or such 
individual's spouse, has not had a present ownership interest 
in a principal residence at any time prior to the date of sale 
to which this Act applies.
<all>