S 3673
Affordable Housing and Homeownership Protection Act of 2024
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Bill overview
This bill, the Affordable Housing and Homeownership Protection Act of 2024, aims to address housing affordability by imposing a tax on the purchase of single-family homes by large investors. The tax rate varies based on the investor’s size – 1%, 3%, or 5% – depending on the number of homes they own. Revenue generated from this tax will be directed to increase funding for the Housing Trust Fund and the Capital Magnet Fund, supporting low-income housing and community development initiatives. New construction is generally exempt from the tax unless it replaces an existing home.
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