,i  #aai? ,,congress  #b;d ,session  ,h4
 ,r4 #fifb  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,janu>y #g1 #bjbf,mr4 
,h>rigan 7= himself & ,mr4 ,riley ( ,new
 ,york7 introduc$ ! foll[+ bill2 :i* 0  
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,a ,,bill  ,to /r5g!n &       
/&>dize fir/ look protections = cov]$   
prop]ties to ensure families &          
communities h priority access to =eclos$
 homes1 & = o!r purposes4  #a4 ,%ort    
title ,?is ,act may be cit$ z !         
,families ,fir/ ,h\s+ ,act ( #bjbf4  #b4
 ,fir/ look protections  7a7 ,9 g5]al   
,ea* cov]$ entity %all ensure1 :5 sell+ 
an eligible prop]ty1 t ! eligible       
prop]ty is only available = pur*ase by  
qualifi$ fir/ look buy]s dur+ ! #ahj day
 p]iod beg9n+ on ! date t ! eligible    
prop]ty is li/$ = sale4  7b7 ,pric+ (   
eligible prop]ties  7#a7 ,9 g5]al ,dur+ 
! #ahj day p]iod beg9n+ on ! date t !   
eligible prop]ty is li/$ = sale dur+ :i*
 an eligible prop]ty is only available =
 pur*ase by qualifi$ fir/ look buy]s !  

eligible prop]ty %all be (f]$ by ! cov]$
 entity at a price t is ! fair m>ket    
value ( ! prop]ty z det]m9$ by an       
indep5d5t ?ird-p>ty appraisal or brok]  
price op9ion n m ?an #fj days be=e !    
date on :i* ! prop]ty 0 li/$ = sale4    
7#b7 ,exception ,if ! cov]$ entity sell+
 ! eligible prop]ty det]m9es t ! fair   
m>ket value ( ! prop]ty c n be det]m9$  
by an indep5d5t ?ird-p>ty appraisal or  
brok] price op9ion n m ?an #fj days be=e
 ! date on :i* ! prop]ty 0 li/$ = sale !
 cov]$ entity may (f] ! cov]$ prop]ty at
 a price bas$ on a /&>diz$ valuation    
model us$ by ! cov]$ entity if ! cov]$  
entity publically discloses ! me?odology
 us$ by su* /&>diz$ valuation model4    
7c7 ,li/+ on public website ,dur+ !     
#ahj-;day p]iod beg9n+ on ! date t !    
eligible prop]ty is li/$ = sale dur+ :i*
 an eligible prop]ty is only available =
 pur*ase by qualifi$ fir/ look buy]s !  
eligible prop]ty %all be li/$ on a      
publically accessible website by ! cov]$
 entity 9 a mann] t id5tifies ! eligible

 prop]ty z only available = pur*ase by  
qualifi$ fir/ look buy]s & indicates h[ 
_m days rema9 9 ! #ahj-;day p]iod dur+  
:i* ! eligible prop]ty is only available
 = pur*ase by qualifi$ fir/ look buy]s4 
7d7 ,prohibition on bundl+ ,an eligible 
entity may n bundle eligible prop]ties  
dur+ ! #ahj day p]iod beg9n+ on ! date t
 ! eligible prop]ty is li/$ = sale by ! 
eligible entity4  7e7 ,publication (    
in=mation ,ea* cov]$ entity %all1 ea*   
qu>t]1 publi% on a website ( ! cov]$    
entity1 in=mation ab\t-- 7#a7 ! numb] ( 
cov]$ prop]ties sold dur+ ! prior qu>t]2
  7#b7 ! numb] ( cov]$ prop]ties sold to
 qualifi$ fir/ look buy]s dur+ ! prior  
qu>t]2  7#c7 ! numb] ( cov]$ prop]ties  
sold to in/itutional inve/ors dur+ !    
prior qu>t]2  7#d7 ! pric+ me?odology   
us$ by ! cov]$ entity :5 sell+ cov]$    
prop]ties2 &  7#e7 = ea* cov]$ prop]ty  
sold dur+ ! prior qu>t]1 ! ratio ( !    
sale price to ! fair m>ket value ( !    
cov]$ prop]ty z det]m9$ by an indep5d5t 
?ird-p>ty appraisal1 brok] price op9ion1

 or /&>diz$ valuation model4  7f7       
,annual report  7#a7 ,9 g5]al ,!        
,inspectors ,g5]al ( ea* cov]$ entity   
%all1 ea* ye>1 review all sales ( cov]$ 
prop]ties by ! cov]$ entity 9 ! prior   
ye> & det]m9e :e!r any provisions ( ?is 
section 7 violat$ dur+ su* sale4  7#b7  
,report ,! ,inspectors ,g5]al ( ea*     
cov]$ entity %all submit a report to !  
,congress ea* ye> t includes ! results (
 ! review conduct$ "u p>agraph 7#a74    
7#c7 ,public publication ,! ,inspectors 
,g5]al ( ea* cov]$ entity %all publi% ! 
report submitt$ "u p>agraph 7#b7 on a   
publically accessible website ( ! cov]$ 
entity4  7g7 ,violations ,if ! ,secret>y
 ( ,h\s+ & ,urban ,developm5t det]m9es t
 a cov]$ entity has violat$ ?is section1
 ! ,secret>y ( ,h\s+ & ,urban           
,developm5t may--  7#a7 require ! cov]$ 
entity to publically disclose !         
violation2  7#b7 impose a civil p5alty (
 ! great] ( #ajj1jjj or #a_/c ( ! price 
= :i* ! cov]$ prop]ty 0 sold on ea*     
employee ( ! cov]$ entity involv$ 9 !   

violat+ transaction2 &  7#c7 require !  
cov]$ entity1 if practicable )\t brea*+ 
contracts1 to rev]se or unw9d !         
transaction associat$ ) ! violation4    
7h7 ,rulemak+ ,ea* cov]$ entity %all1 n 
lat] ?an #ahj days aft] ! date ( !      
enactm5t ( ?is section1 issue su* rules 
are necess>y to c>ry out ?is section &  
su* rules %all include a process to     
v]ify ! eligibility ( qualifi$ fir/ look
 buy]s4  7i7 ,effective date ,?is       
section %all take effect #ahj days aft] 
! date ( ! enactm5t ( ?is ,act4  7j7    
,def9itions ,9 ?is section3  7#a7 ,cov]$
 prop]ty ,! t]m cov]$ prop]ty means any 
s+le-family resid5tial prop]ty made up (
 #a to #d units1 own$1 =eclos$ ^u1 or "u
 disposition by a cov]$ entity4  7#b7   
,cov]$ entity ,! t]m cov]$ entity       
means--  7,a7 ! ,f$]al ,h\s+            
,adm9i/ration2  7,b7 ! ,f$]al ,h\s+     
,f9ance ,ag5cy2  7,c7 ! ,f$]al ,national
 ,mortgage ,association2  7,d7 ! ,f$]al 
,home ,loan ,mortgage ,corporation2 &   
7,e7 ! ,dep>tm5t ( ,agriculture4  7#c7  

,in/itutional ,inve/or ,! t]m           
in/itutional inve/or means any entity t 
pur*ases prop]ties = r5tal1 resale1 or  
inve/m5t purposes1 includ+ tru/s1       
corporations1 real e/ate inve/m5t tru/s1
 limit$ liability companies1 &          
p>tn]%ips4  7#d7 ,qualifi$ ,fir/ ,look  
,buy] ,! t]m qualifi$ fir/ look buy]    
means-- 7,a7 a natural p]son int5d+ to  
occupy ! prop]ty z _! prim>y resid5ce2  
7,b7 a nonpr(it h\s+ organization :i* is
 an organization describ$ 9 section     
#eja7;c77#c7 ( ! ,int]nal ,rev5ue ,code 
( #aihf & is exempt f taxation "u       
section #eja7;a7 ( su* ,code2  7,c7 a   
unit ( local gov]nm5t2 or  7,d7 a       
community l& tru/4