,,ii  #aaith ,,congress  #ast ,session  
,s4 #begc  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,july #ca1     
#bjbe,mrs4 ,blackburn introduced the    
following bill2 which was read twice and
 referred to the ,committee on ,banking1
 ,housing1 and ,urban ,affairs  ,a      
,,bill  ,to require the ,comptroller    
,general of the ,united ,states to      
conduct a study on the purchase of      
residential real estate in the ,united  
,states by foreign individuals1         
entities1 and governments1 and for other
 purposes4  #a4 ,short title ,this ,act 
may be cited as the ,foreign ,property  
,ownership ,transparency ,act4  #b4     
,findings ,congress finds the following3
 7#a7 ,there has been a marked increase 
in foreign purchases of residential real
 estate in the ,united ,states in recent
 years4  7#b7 ,some foreign purchases of
 residential real estate are made       
through shell companies or trusts1      
raising concerns about transparency and 
beneficial ownership4  7#c7 ,foreign    

ownership of residential real estate may
 impact housing affordability1          
particularly in high-demand urban and   
coastal markets4  7#d7 ,the ,federal    
,government currently lacks a           
comprehensive1 coordinated understanding
 of the extent and impact of foreign    
residential property ownership4  #c4    
,study on foreign residential real      
estate purchases  7a7 ,in general ,the  
,comptroller ,general of the ,united    
,states shall conduct a study on the    
purchase of residential real estate in  
the ,united ,states by foreign          
individuals1 entities1 and governments4 
7b7 ,scope ,the study conducted under   
subsection 7a7 shall include-- 7#a7 an  
analysis of the volume and geographic   
concentration of foreign residential    
real estate purchases in the ,united    
,states since ,january #a1 #bjae2  7#b7 
an assessment of the ownership          
structures used in the purchases        
described in paragraph 7#a71 including  
shell companies and trusts2  7#c7 an    

evaluation of the implications of the   
purchases described in paragraph 7#a7 on
 housing affordability and availability 
for residents of the ,united ,states2   
7#d7 a review of ,federal1 ,state1 and  
local data collection efforts on foreign
 property ownership and any gaps in that
 data2 and  7#e7 a review of relevant   
national security concerns relating to  
the purchases described in paragraph    
7#a71 including proximity of properties 
to sensitive sites4  7c7 ,report ,not   
later than #a year after the date of    
enactment of this ,act1 the ,comptroller
 ,general of the ,united ,states shall  
submit to the ,committee on ,finance of 
the ,senate a report of the study       
conducted under subsection 7a74  #d4    
,,hud assessment and recommendations    
7a7 ,in general ,the ,secretary of      
,housing and ,urban ,development1 in    
coordination with the ,comptroller      
,general of the ,united ,states1 shall--
 7#a7 review the findings of the study  
required under section #c7;a72  7#b7    

evaluate the impact of foreign real     
estate investment on housing markets and
 affordability in the ,united ,states2  
and  7#c7 consult with ,state and local 
housing authorities on trends in the    
foreign purchase of residential real    
estate4  7b7 ,policy ,recommendations   
,not later than #ahj days after the date
 of submission of the report under      
section #c7;c71 the ,secretary of       
,housing and ,urban ,development shall  
submit to ,congress a report that       
includes-- 7#a7 recommendations for     
improving the transparency of foreign   
ownership in residential property       
transactions in the ,united ,states2    
7#b7 recommendations for protecting     
access to residential real estate       
transactions for residents of the       
,united ,states2 and  7#c7 any          
legislative or regulatory actions       
determined necessary to carry out the   
recommendations described in paragraph  
7#a7 and 7#b74