Sponsors
Introduced March 3, 2026 by Tom Barrett · Last progress March 3, 2026
The bill prioritizes giving first‑time buyers an exclusive, transparent opportunity to buy federally owned single‑family homes (with valuation and oversight safeguards), at the cost of potential delays, higher administrative and valuation expenses, and reduced flexibility for some buyers.
First-time homebuyers (including low-income individuals and middle-class families): receive an exclusive 15‑day first look period to bid on single‑family properties owned or foreclosed by federal housing entities, increasing their chance to purchase homes before broader market competition.
First-time homebuyers: properties must be offered at fair market value supported by an appraisal or broker price opinion within 60 days, helping ensure purchase prices reflect independent valuations and reducing risk of overpayment.
Homebuyers and taxpayers: covered entities must publicly list eligible properties for the first‑look period with countdowns and report sale metrics to Congress biannually, increasing market transparency about how properties are offered and sold.
Taxpayers and federal property holders: restricting initial offers to first‑time buyers for 15 days may delay sales, reduce bidding competition, and lower proceeds or increase carrying costs for federal entities disposing of properties.
Taxpayers and sellers: requiring independent appraisals or broker price opinions within 60 days can raise transaction costs and slow the listing process when valuations are hard to obtain, potentially prolonging vacancies and carrying expenses.
Federal employees and agencies: mandated biannual reporting and increased IG review create additional administrative burdens that may divert staff time and resources from property disposition and related tasks.
Based on analysis of 4 sections of legislative text.
Requires federal housing entities to give verified first-time homebuyers an exclusive 15-day first-look period with valuation, listing, and reporting rules before selling covered single-family properties.
Requires specified federal housing entities to give verified first-time homebuyers an exclusive 15-day “first look” period (extendable when it helps a sale) before selling covered single-family (1–4 unit) properties they own or foreclosed on. During that period properties must be offered at fair market value based on a recent independent appraisal or broker price opinion (or a disclosed standardized valuation model if those aren’t available), listed on a public website marked as available only to first-time buyers with a countdown timer, and may not be bundled for sale. Agencies must adopt rules (including an eligibility-verification process) within one year, begin the program 30 days after final rulemaking, and provide recurring reports to Congress; Inspectors General must annually review compliance and publish a report.