H.R. 7586 — American Families First Act

This section directs the Secretaries of Agriculture, Housing and Urban Development, and Veterans Affairs, the Administrator of General Services, and the Director of the Federal Housing Finance Agency to issue guidance within 180 days of enactment to agencies and government-sponsored enterprises that, to the maximum extent permitted by law—(1) establishes an agency-specific definition of a “large institutional investor”; (2) prevents providing for, approving, insuring, guaranteeing, securitizing, or facilitating the acquisition by such an investor of a single-family home that could otherwise be purchased by an individual owner-occupant; (3) restricts the disposal of federal assets in a manner that transfers a single-family home to such an investor; and (4) promotes sales of real estate-owned properties to individual owner-occupants, including through anti-circumvention provisions, first-look policies, and disclosure requirements. The guidance must include narrowly tailored exceptions for build-to-rent properties planned, permitted, financed, and constructed as rental communities, and other appropriate exceptions to further the goal of supporting individual owner-occupants through government programs and financing.