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bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
  • The house has not voted
      house Committees
      House Committee on Financial Services
    IntroducedFebruary 3rd, 2010

Bill Details

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Title

First Look for Primary Residence Act of 2010

Official Title

To require Federal agencies and certain government-sponsored enterprises to reserve residential real estate owned for purchase by owner-occupants and other buyers using public funds for a period of at least 15 days.

Summary

First Look for Primary Residence Act of 2010 - Requires the Department of Housing and Urban Development (HUD), the Department of Veterans Affairs (VA), the Department of Agriculture (USDA), the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac) (covered entities) to make certain single-family housing properties they own available for purchase, for a period of at least 15 days, only by a preferred purchaser. Defines preferred purchaser as: (1) an individual or family who indicates that upon purchase it will occupy the property as the principal residence for at least 90 days; or (2) a state or local governmental agency or other entity that purchases the property using funds made available through one or more specified housing programs. Prohibits the covered entities, during such period, from soliciting, receiving, considering, negotiating, or accepting any offer to purchase any such property except from a preferred purchaser. Requires the covered entities to notify real estate brokers and other interested parties in writing of such purchase availability.