,i  #aai? ,,congress  #b;d ,session  ,h4
 ,r4 #hijc  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,may #ai1 #bjbf,ms4   
,pressley introduc$ ! foll[+ bill2 :i* 0
 ref]r$ to ! ,committee on ,f9ancial    
,s]vices  ,a ,,bill  ,to require !      
,secret>y ( ,h\s+ & ,urban ,developm5t  
to e/abli% a r5t] outrea* res\rce1 & =  
o!r purposes4  #a4 ,%ort title  ,?is    
,act may be cit$ z ! ,r5t] ,res\rce     
,c5t] ,act4  #b4 ,r5t] outrea* res\rce  
e/abli%$  7a7 ,9 g5]al ,! ,secret>y (   
,h\s+ & ,urban ,developm5t %all1 n lat] 
?an #ahj days aft] ! date ( ! enactm5t (
 ?is ,act1 e/abli% a r5t] outrea*       
res\rce t consi/s ( a toll-free         
telephone numb] & a public website      
design$ to assi/ r5t]s ( resid5tial     
prop]ties own$ by a cov]$ l>ge          
in/itutional inve/or 9-- 7#a7 notify+   
,f$]al ag5cies ab\t disputes relat+ to !
 r5tal ( su* prop]ties1 includ+--  7,a7 
disputes ab\t pot5tial violations (     
,f$]al law2  7,b7 disputes ab\t pot5tial
 violations ( ,/ate law2 &  7,c7 o!r    

disput$ r5t] matt]s2  7#b7 %>+ in=mation
 ab\t su* disputes ) o!r ,f$]al ag5cies1
 includ+ o!r ,f$]al ag5cies t manage    
simil> disputes2  7#c7 monitor+ su*     
disputes2 &  7#d7 resolv+ su* disputes1 
to ! ext5t practicable4  7b7 ,response  
to outrea*  7#a7 ,9 g5]al ,! ,secret>y  
%all e/abli% reasonable proc$ures to--  
7,a7 promptly respond1 9 writ+ :]e      
appropriate1 to a r5t] :o provides      
in=mation to ! ,secret>y ab\t a dispute 
us+ ! r5t] outrea* res\rce e/abli%$ "u  
subsection 7a72 &  7,b7 docum5t su*     
responses4  7#b7 ,cont5ts ,responses    
provid$ "u p>agraph 7#a7 %all include1  
:]e appropriate1 in=mation ab\t--  7,a7 
/eps t h be5 tak5 by ! ,secret>y or     
ano!r ,f$]al ag5cy 9 response to !      
in=mation ab\t ! dispute provid$ by !   
r5t]1 includ+ det]m9+ ! appropriate     
cov]$ l>ge in/itutional inve/or involv$ 
z describ$ 9 subsection 7c72  7,b7 any  
responses receiv$ by ! ,secret>y or     
ano!r ,f$]al ag5cy f ! cov]$ l>ge       
in/itutional inve/or relat$ to su*      

dispute2 &  7,c7 any outcome ( !        
dispute1 to ! ext5t practicable4  7c7   
,inve/igation ( pot5tial violations (   
,f$]al law  7#a7 ,9 g5]al ,! ,secret>y  
%all promptly process & inve/igate any  
in=mation relat+ to a dispute receiv$   
?r\gh ! r5t] outrea* res\rce e/abli%$ "u
 subsection 7a7 ab\t a pot5tial         
violation ( ,f$]al law t is receiv$ f a 
r5t] ( a resid5tial prop]ty own$ by a   
cov]$ l>ge in/itutional inve/or ?r\gh ! 
r5t] outrea* res\rce e/abli%$ "u        
subsection 7a71 includ+ by %>+ in=mation
 ab\t su* pot5tial violation ( ,f$]al   
law ) any relevant ,f$]al ag5cies1 z !  
,secret>y may det]m9e appropriate1 & by 
det]m9+ ! appropriate cov]$ l>ge        
in/itutional inve/or involv$ z ne$$4    
7#b7 ,responses to reque/s = in=mation  
,a cov]$ l>ge in/itutional inve/or may  
respond to any reque/ = in=mation made  
pursuant to p>agraph 7#a7 & may include 
9 su* response :e!r su* cov]$ l>ge      
in/itutional inve/or owns ! prop]ty     
describ$ 9 su* reque/ = in=mation4  7d7 

,in=mation = appropriate ,/ate au?ority 
,:5 ! ,secret>y receives in=mation ab\t 
a pot5tial violation ( ,/ate law or ab\t
 a dispute receiv$ ?r\gh ! r5t] outrea* 
res\rce1 f a r5t] ( a resid5tial prop]ty
 own$ by a cov]$ l>ge in/itutional      
inve/or ?r\gh ! r5t] outrea* res\rce    
e/abli%$ "u subsection 7a71 ! ,secret>y 
%all1 at a m9imum1 provide ! r5t] )     
contact in=mation = ! appropriate1      
,/ate-specific1 ,/ate au?ority au?oriz$ 
to process & inve/igate su* in=mation4  
7e7 ,notice ab\t r5t] outrea* res\rce   
,ea* cov]$ l>ge in/itutional inve/or    
%all-- 7#a7 provide to ea* r5t] ( a     
resid5tial prop]ty own$ by su* inve/or  
at ! "t su* r5t] fir/ occupies su* home 
& annually !reaft]--  7,a7 writt5 notice
 ab\t ! r5t] outrea* res\rce e/abli%$ "u
 subsection 7a72 &  7,b7 ! "n1 phone    
numb]1 & email address ( ! p]son or     
entity responsible = receiv+ & address+ 
r5t] disputes = ! cov]$ l>ge            
in/itutional inve/or1 & update ! "n1    
phone numb]1 & email address )9 #cj days

 if su* in=mation *anges prior to !     
subsequ5t "t at :i* su* notice is       
requir$ to be provid$2 &  7#b7 prom95tly
 feature in=mation ab\t ! r5t] outrea*  
res\rce e/abli%$ "u subsection 7a7 on a 
public website ( su* inve/or t is       
accessible by su* r5t]4  7f7 ,annual    
report to ! ,congress  7#a7 ,9 g5]al ,! 
,secret>y %all1 n lat] ?an ,m>* #ca (   
ea* ye>1 submit to ! ,congress a public 
report :i* analyzes & aggregates !      
in=mation receiv$ or obta9$ pursuant to 
?is ,act dur+ ! prior ye> t includes--  
7,a7 in=mation ab\t ! types & ! numb] ( 
disputes receiv$ ab\t pot5tial          
violations ( ,f$]al law2  7,b7 in=mation
 ab\t ! types & ! numb] ( disputes      
receiv$ ab\t pot5tial violations ( ,/ate
 law2  7,c7 in=mation ab\t ! types & !  
numb] ( disputes receiv$ ab\t o!r       
disput$ r5t] matt]s2  7,d7 :]e          
practicable1 in=mation ab\t ! resolution
 ( su* disputes2 &  7,e7 in=mation      
provid$ to ! ,secret>y ( ,h\s+ & ,urban 
,developm5t "u subsection 7h74  7#b7    

,anonymization ( data ,any data includ$ 
9 a report t is submitt$ "u ?is p>agraph
 %all be aggregat$ or anonymiz$ s z to  
protect any individual dispute or       
p]sonally id5tifiable in=mation receiv$ 
?r\gh ! r5t] outrea* res\rce4  7g7      
,protection ( p]sonal in=mation ,9      
comply+ ) ! requirem5ts ( ?is ,act1 !   
,secret>y %all take su* measures z !    
,secret>y det]m9es are necess>y to      
provide = ! protection ( p]sonally      
id5tifiable in=mation receiv$ ?r\gh !   
r5t] outrea* res\rce 9 a mann] t con=ms 
) exi/+ /&>ds = protection ( !          
confid5tiality ( p]sonally id5tifiable  
in=mation4  7h7 ,annual notification ,an
 own] ( a resid5tial prop]ty own$ by a  
cov]$ l>ge in/itutional inve/or1 z su*  
t]m is def9$ 9 subsection 7i7 %all1     
beg9n+ 9 cal5d> ye> #bjbf--  7#a7 notify
 ! ,secret>y ea* ye>1 be=e ,decemb] #ca/
 :e!r su* own] rema9s a cov]$ l>ge      
in/itutional inve/or z def9$ 9          
subsection 7i72 &  7#b7 9 su*           
notification1 id5tify h[ _m cov]$       

s+le-family homes su* cov]$ l>ge        
in/itutional inve/or has direct or      
indirect inve/m5t control ( z ( ! date (
 ! submission ( su* notice1 & ! city &  
,/ate :]e ea* su* cov]$ s+le-family home
 is locat$1 unless su* cov]$ l>ge       
in/itutional inve/or owns #aj or few]   
cov]$ s+le-family homes 9 su* city4  7i7
 ,def9itions ,9 ?is section3 7#b7 ,cov]$
 l>ge in/itutional inve/or  7,a7 ,9     
g5]al ,! t]m cov]$ l>ge in/itutional    
inve/or--  7i7 means an inve/m5t fund1  
corporation1 g5]al or limit$ p>tn]%ip1  
limit$ liability company1 jo9t v5ture1  
association1 or o!r =-pr(it entity t is 
a legal entity /ructur$ 9 a mann] t is n
 a=em5tion$ t--  7,i7 is engag$1 9 :ole 
or 9 "p1 9 ! bus9ess ( inve/+ 91 own+1  
r5t+1 or hold+ cov]$ s+le-family homes2 
&  7,,ii7 alone or 9 conc]t ) #a or m   
o!r entities1 beg9n+ aft] ! date (      
enactm5t ( ?is ,act1 has direct or      
indirect inve/m5t control ( n less ?an  
#cej cov]$ s+le-family homes 9 !        
aggregate1 n includ+ any cov]$          

s+le-family home pur*as$ 9 an except$   
pur*ase made aft] ! date ( enactm5t (   
?is ,act2 &  7ii7 does n include-- 7,i7 
any local1 ,/ate1 ,tribal1 or ,f$]al    
,gov]nm5t entity or in/rum5tality !re(2 
7,,ii7 a nonpr(it organization describ$ 
9 section #eja7;c77#c7 ( ! ,int]nal     
,rev5ue ,code ( #aihf t is exempt f     
taxation "u section #eja7;a7 ( !        
,int]nal ,rev5ue ,code2 or  7,,iii7 a   
community l& tru/ z su* t]m is def9$ 9  
section #ajd ( ! ,cran/on-,gonzalez     
,national ,af=dable ,h\s+ ,act 7#db     
,u4,s4,c4 #abgjd71 z am5d$ by ?is ,act4 
7,b7 ,inve/m5t control  7i7 ,9 g5]al ,= 
purposes ( ?is p>agraph1 an entity has  
direct or indirect inve/m5t control ov] 
a cov]$ s+le-family home if ! entity--  
7,i7 owns1 or has prim>y au?ority or    
fiduci>y responsibility to make mat]ial 
inve/m5t or managem5t decisions relat+  
to ! cov]$ s+le-family home2  7,,ii7 is 
or directly or indirectly controls1 !   
g5]al p>tn] or manag+ memb] ( ! entity t
 owns ! cov]$ s+le-family home2  7,,iii7

 is or controls ! inve/m5t manag]1      
managem5t company1 or inve/m5t advisor (
 ! entity t owns ! cov]$ s+le-family    
home2  7,,iv7 owns or controls m ?an #be
 p]c5t ( any class ( equity int]e/s ( ! 
entity t owns ! cov]$ s+le-family home1 
unless su* entity is a passive inve/or2 
or  7,v7 o!rwise controls ! entity t    
owns ! cov]$ s+le-family home4  7ii7    
,passive inve/m5t ,= purposes ( ?is     
p>agraph1 an entity %all be consid]$ a  
passive inve/or if su* entity does n    
satisfy subclauses 7,i71 7,,ii71 &      
7,,iii7 ( clause 7i74  7,c7 ,rule (     
con/ruction  7i7 ,9 g5]al ,no?+ 9 ?is   
,act %all be con/ru$ to e/abli% t an    
entity has direct or indirect inve/m5t  
control ov] a cov]$ s+le-family home    
solely by virtue (--  7,i7 su* entity's 
entry into1 or p]=mance "u1 a ?ird-p>ty 
contract = ! prop]ty managem5t ( a cov]$
 s+le-family home1 includ+ tasks relat$ 
to ma9t5ance ( ! home & ! selection (   
t5ants1 provid$ t su* entity does n h   
direct or indirect inve/m5t control ov] 

su* a cov]$ s+le-family home2 or  7,,ii7
 own+ a fractional int]e/ ( a cov]$ l>ge
 in/itutional inve/or4  7#c7 ,cov]$     
s+le-family home ,! t]m cov]$           
s+le-family home--  7,a7 means a prop]ty
 t conta9s #b or few] dwell+ units t are
 ea* int5d$ = resid5tial occupancy by a 
s+le h\sehold2 &  7,b7 does n include-- 
7i7 a manufactur$ home1 z def9$ 9       
section #fjc ( ! ,national ,manufactur$ 
,h\s+ ,con/ruction & ,safety ,/&>ds ,act
 ( #aigd 7#db ,u4,s4,c4 #edjb72  7ii7 a 
prop]ty t1 :5 occupi$1 has always be5   
occupi$ by a r5t]2  7iii7 a prop]ty t1  
:5 occupi$1 is r5t$ to a memb] ( a      
regul> compon5t ( ! ,arm$ ,=ces or a    
memb] ( ! ,national ,gu>d on full-"t    
,national ,gu>d duty1 active ,gu>d &    
,res]ve duty1 or inactive-duty tra9+ 7z 
^? t]ms are def9$ 9 section #aja ( title
 #aj1 ,unit$ ,/ates ,code7 :o has       
receiv$--  7,i7 tempor>y duty ord]s to  
deploy ) a milit>y unit or milit>y ord]s
 to deploy z an individual act+ 9       
support ( a milit>y op]ation = a p]iod (

 n less ?an #ij days2 or  7,,ii7 ord]s =
 a p]man5t *ange ( /ation2  7iv7 a      
prop]ty own$ by its own] = less ?an #cfe
 days1 o!r ?an a cov]$ s+le-family home 
pur*as$ pursuant to p>agraph 7#d77;,f72 
7v7 a prop]ty t is made up ( multiple   
r5tal homes or units con/ruct$ on a s+le
 p>cel ( prop]ty t _c legally be sold z 
individual homes or units )\t fur!r     
subdivid+ ! prop]ty2  7vi7 a prop]ty t  
is actively "u a fir/-look p]iod =      
own]-occupants or ,,hud-approv$ af=dable
 h\s+ nonpr(its = a p]iod ( n less ?an  
#cj days2 or  7vii7 a prop]ty t is      
design$ & int5d$ to be occupi$ or leas$ 
by ! b$room or 9 :i* individual b$rooms 
are int5d$ = occupancy by sep>ate1      
unrelat$ p]sons "u sep>ate lease or     
occupancy agreem5ts4  7#d7 ,except$     
pur*ase ,! t]m except$ pur*ase means any
 pur*ase ( a cov]$ s+le-family home t   
is--  7,a7 or w be newly con/ruct$1     
r5ovat$ = sale1 or a r5tal conv]sion =  
sale by an own] & n z a resid5ce r5t$   
p5d+ sale2  7,b7 pursuant to a          

build-to-r5t program :]e an own]        
pur*ases1 con/ructs1 or con/ructs &     
reta9s a newly con/ruct$ cov]$          
s+le-family home to be manag$ z a r5tal 
prop]ty1 :e!r z "p ( a community made up
 exclusively ( r5t]-occupi$ s+le-family 
homes or z "p ( a community made up (   
s+le-family homes t are bo? own]- &     
r5t]-occupi$2  7,c7 pursuant to a       
r5ovate-to-r5t program t sub/antially   
rehabilitates a cov]$ s+le-family home t
 does n meet-- 7i7 /ructural or core    
sy/em elem5ts ( local build+ codes2 or  
7ii7 m9imum prop]ty /&>ds requir$ =     
conv5tional mortgage f9anc+2  7,d7      
pursuant to a home-own]%ip program t--  
7i7 requires r5tal paym5ts & any o!r    
fees t are n great] ?an ^? collect$ by !
 cov]$ l>ge in/itutional inve/or on o!r 
simil>ly situat$ cov]$ s+le-family homes
 n cov]$ by ! eligible home-own]%ip     
program2  7ii7 provides = positive      
report+ ( r5tal paym5ts to consum]      
report+ ag5cies = any r5t]1 :o %all be  
in=m$ ( & opts into su* report+2  7iii7 

provides = a "r ( fir/ refusal & a      
#fj-;day fir/-look p]iod = ! curr5t r5t]
 9 in/ances :]e ! cov]$ s+le-family home
 is (f]$ = sale to ano!r own]2 &  7iv7  
requires contribution ( mean+ful        
f9ancial support f ! cov]$ l>ge         
in/itutional inve/or1 includ+ price     
concessions1 = ! pur*ase ( a cov]$      
s+le-family home by ! r5t]1 :e!r = !    
home ! r5t] is occupy+ or ano!r home2   
7,e7 9 connection ) ! satisfaction (    
debts previ\sly contract$ 9 good fai? & 
:]e ! own] has ! "r to repossess ! cov]$
 s+le-family home "u su* contract2  7,f7
 und]tak5 by a mortgage s]vic]1 l5d]1 or
 o!r entity t has a legal "r to pur*ase 
or o!rwise acquire a cov]$ s+le-family  
home1 = ! purpose ( loss mitigation or  
compliance ) s]vic+ or inve/or          
obligations1 & n z a long-t]m inve/m5t  
/rategy1 & is solely z a result (--  7i7
 a =eclosure2  7ii7 a de$ 9 lieu (      
=eclosure2  7iii7 en=cem5t ( a mortgage1
 de$ ( tru/1 or o!r security int]e/2 or 
7iv7 op]ation ( law foll[+ borr[]       

default1 provid$ t = f$]ally back$      
mortgage loans z def9$ 9 section        
#djbb7;a7 ( ! ,,c>es ,act 7#ae ,u4,s4,c4
 #ijef7;a771 includ+ su* loans t are    
sold to a ?ird p>ty1 :5 ! =eclos$       
prop]ty pur*as$ "u ?is provision is (f]$
 = sale1 ! mortgage s]vic]1 l5d]1 or o!r
 entity provides a #cj-;day fir/-look   
p]iod to an own]-occupant or to an      
af=dable h\s+ nonpr(it approv$ by !     
relevant ,f$]al ag5cy2  7,g7 pur*as$ f a
 cov]$ l>ge in/itutional inve/or t ei!r 
own$ ! cov]$ s+le-family home on ! date 
( enactm5t ( ?is ,act or pur*as$ ! cov]$
 s+le-family home ?r\gh an exempt$      
pur*ase2  7,h7 int5d$ & op]at$ =        
occupancy z "p ( a community = h\seholds
 ) #a or m memb]s ag$ #ee ye>s or old]1 
& to ! ext5t requir$ by law1 satisfies  
visitability /&>ds e/abli%$ by !        
,secret>y ( ,h\s+ & ,urban ,developm5t2 
7,i7 int5d$ to & w be aft] ! pur*ase    
op]at$ z a facility--  7i7 us$ to       
provide resid5tial c>e to individuals ) 
disabilities 7z su* t]m is def9$ 9      

section #c ( ! ,am]icans ) ,disabilities
 ,act ( #aiij 7#db ,u4,s4,c4 #abajb77 or
 developm5tal disabilities 7z su* t]m is
 def9$ 9 section #ajb ( ! ,developm5tal 
,disabilities ,assi/ance & ,bill (      
,rights ,act ( #bjjj 7#db ,u4,s4,c4     
#aejjb772 &  7ii7 t connects su*        
individuals ) community-bas$ s]vices t  
are approv$ by ,m$icaid or ,m$ic>e2     
7,j7 acquir$ z a "p ( a community ( #e  
or m contigu\s r5tal units2  7,k7       
plann$1 p]mitt$1 f9anc$1 & con/ruct$ z a
 "p ( a s+le unifi$ r5tal community on a
 s+le platt$ p>cel1 :]e a own] or an    
affiliate !re( owns or controls ! l& &  
manages ! community z a s+le r5tal      
facility1 & ! individual /ructures )9 ! 
community are n (f]$ or int5d$ =        
individual sale to sep>ate pur*as]s2    
7,l7 pur*as$ ) support f any program    
describ$ 9 section #db ( ! ,int]nal     
,rev5ue ,code ( #aihf1 or any o!r       
af=dable h\s+ program 9 :i* ! r5t (     
support$ units is re/rict$2 or  7,m7    
execut$ ?r\gh a comb9ation or s]ies (   

pur*ases describ$ 9 subp>agraphs 7,a7   
?r\gh 7,l74  7#e7 ,fir/-look p]iod ,!   
t]m fir/-look p]iod means ! specifi$    
p]iod ( "t comm5c+ on ! fir/ day on :i* 
a prop]ty is made available = sale dur+ 
:i* x is exclusively made available =   
pur*ase only to ! entities specifi$4    
7#f7 ,pur*ase ,! t]m pur*ase includes   
any pur*ase1 transf]1 or o!r acquisition
 ( a cov]$ s+le-family home1 includ+    
?r\gh m]g]s1 acquisitions1 =eclosures1  
or bulk pur*ases1 :e!r or n = ca%       
consid]ation4  7#g7 ,secret>y ,! t]m    
,secret>y means ! ,secret>y ( ,h\s+ &   
,urban ,developm5t4  7#h7 ,/ate ,! t]m  
,/ate means ea* ( ! #ej sev]al ,/ates ( 
! ,unit$ ,/ates1 ! ,di/rict ( ,columbia1
 or ! ,commonweal? ( ,pu]to ,rico4