H.R. 6962 — Families First Housing Act of 2026

This section establishes first look protections requiring covered entities (i.e., Federal Housing Administration, Federal Housing Finance Agency, Fannie Mae, Freddie Mac, and Department of Agriculture) to offer eligible properties—single-family residential properties of 1 to 4 units that are owned, foreclosed upon, or under disposition—exclusively to qualified first look buyers (i.e., individuals intending to occupy as primary residence, 501(c)(3) nonprofit housing organizations, local government units, or community land trusts) for 180 days beginning on the listing date. The section further requires covered entities (1) to price such properties at fair market value determined by an independent third-party appraisal or broker price opinion completed no more than 60 days before listing (or, if unavailable, a publicly disclosed standardized valuation model); (2) to list properties on a public website identifying the first look status and remaining days; (3) to prohibit bundling of eligible properties during the 180-day period; and (4) to publish quarterly on their websites data on covered property sales (total, to qualified first look buyers, and to institutional investors), pricing methodologies, and sale price-to-fair market value ratios. Additionally, the section directs Inspectors General of covered entities to annually review sales for compliance, report results to Congress, and publish reports online; authorizes the Secretary of Housing and Urban Development to address violations through public disclosure, civil penalties of the greater of $100,000 or one-third of the sale price per involved employee, or transaction unwinding if practicable without breaching contracts; requires covered entities to issue implementing rules (including buyer eligibility verification) within 180 days of enactment; and sets an effective date of 180 days after enactment.