American Homeownership Act — S. 3904

TL;DR (AI)

• The bill disallows deductions for interest paid on residential rental property held by large institutional investors or owners, with exceptions for sales to individuals or qualified nonprofits and for new or rehabilitated housing.
• The bill disallows depreciation deductions for applicable and single-family residential property held by institutional investors or large owners, mirroring the interest deduction disallowance rules.
• The bill prohibits federal agencies and entities like Fannie Mae from selling or providing federally backed mortgages or properties to large owners or institutional investors, except for affordable housing projects.
• The bill defines 'qualified homebuyers' and 'first-generation homebuyers' and allocates savings from the deduction limits to the HOME Investment Partnerships program for affordable housing and to a fund providing grants for down payments and closing costs.
• The bill requires reporting of residential property acquisitions to the Federal Trade Commission and the Department of Justice, and establishes a presumption that acquisitions exceeding a 30% market share violate antitrust laws.