,i  #aai? ,,congress  #b;d ,session  ,h4
 ,r4 #ggec  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,m>* #c1 #bjbf,mr4    
,b>rett 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 fir/-"t homebuy]s h 
priority access to =eclos$ homes1 & =   
o!r purposes4  #a4 ,%ort title ,?is ,act
 may be cit$ z ! ,fir/ ,look = ,fir/-"t 
,homebuy]s ,act ( #bjbf4  #b4 ,fir/ look
 protections = fir/-"t homebuy]s  7a7 ,9
 g5]al  7#a7 #ae-;day fir/ look p]iod   
,except z provid$ 9 p>agraph 7#b71 ea*  
cov]$ entity %all ensure1 :5 sell+ an   
cov]$ prop]ty1 t ! cov]$ prop]ty is only
 available = pur*ase by fir/-"t         
homebuy]s dur+ ! #ae-;day p]iod beg9n+  
on ! date t ! cov]$ prop]ty is li/$ =   
sale4  7#b7 ,ext5sion ( p]iod ,a cov]$  
entity may ext5d ! p]iod describ$ 9     
p>agraph 7#a7 if su* ext5sion w\ld      
increase ! *ance ( a fir/-"t homebuy]   
pur*as+ a cov]$ prop]ty4  7b7 ,pric+ (  

cov]$ prop]ties  7#a7 ,9 g5]al ,dur+ !  
#ae-;day p]iod beg9n+ on ! date t !     
cov]$ prop]ty is li/$ = sale dur+ :i* an
 cov]$ prop]ty is only available =      
pur*ase by fir/-"t homebuy]s ! cov]$    
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+ !   
cov]$ 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+ !     
#ae-;day p]iod beg9n+ on ! date t !     
cov]$ prop]ty is li/$ = sale dur+ :i* an

 cov]$ prop]ty is only available =      
pur*ase by fir/-"t homebuy]s ! cov]$    
prop]ty %all be li/$ on a publically    
accessible website by ! cov]$ entity 9 a
 mann] t id5tifies ! cov]$ prop]ty z    
only available = pur*ase by fir/-"t     
homebuy]s & indicates h[ _m days rema9 9
 ! #ae-;day p]iod dur+ :i* ! cov]$      
prop]ty is only available = pur*ase by  
fir/-"t homebuy]s4  7d7 ,prohibition on 
bundl+ ,a cov]$ entity may n bundle     
cov]$ prop]ties dur+ ! #ae-;day p]iod   
beg9n+ on ! date t ! cov]$ prop]ty is   
li/$ = sale by ! eligible entity4  7e7  
,report to congress ,n lat] ?an #f mon?s
 aft] ! date describ$ 9 subsection 7h71 
& e #f mon?s !reaft]1 ea* cov]$ entity  
%all submit to ! ,congress a report t   
describes-- 7#a7 ! numb] ( (f]s made by 
fir/-"t homebuy]s = cov]$ prop]ties dur+
 ! #ae-;day w9d[2  7#b7 ! numb] ( cov]$ 
prop]ties sold to fir/-"t home buy]s    
dur+ ! #ae-;day w9d[2  7#c7 ! pric+     
me?odology us$2 &  7#d7 ! ratio ( ! sale
 price to ! fair m>ket value z det]m9$  

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 ,rulemak+ ,ea* cov]$ entity
 %all1 n lat] ?an #a ye> aft] ! date ( !
 enactm5t ( ?is section1 issue su* rules
 z are necess>y to c>ry out ?is section 
& su* rules %all include a process to   
v]ify ! eligibility ( fir/-"t homebuy]s4
  7h7 ,effective date ,?is section %all 
take effect #cj days aft] ! date ( !    
f9al rulemak+ describ$ 9 subsection 7g74

  7i7 ,def9itions ,9 ?is section3 7#a7  
,cov]$ prop]ty  7,a7 ,9 g5]al ,except z 
provid$ 9 subp>agraph 7,b71 ! t]m cov]$ 
prop]ty means any s+le-family resid5tial
 prop]ty made up ( #a to #d units t is  
own$ or =eclos$ ^u by a cov]$ entity4   
7,b7 ,good ,neighbor ,next ,door        
,program ,= ! purposes ( ?is ,act1 a    
cov]$ prop]ty %all n include any prop]ty
 "u ! program kn[n z ! ,good ,neighbor  
,next ,door ,program4  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 ,fir/-"t homebuy] ,!
 t]m fir/-"t homebuy] means any         
individual if su* individual1 or su*    
individual's sp\se1 has n _h a pres5t   
own]%ip int]e/ 9 a pr9cipal resid5ce at 
any "t prior to ! date ( sale to :i* ?is
 ,act applies4