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S 3673 118th Congress Senate Taxation Government trust funds Low- and moderate-income housing Real estate business Sales and excise taxes

Affordable Housing and Homeownership Protection Act of 2024

Introduced: January 25, 2024 Introduced by: Reed, Jack Democratic · Rhode Island See on congress.gov
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This bill died when the 118th Congress ended
It never became law before the 118th Congress (2023–2024) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 12, 2024
Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 118-548.
Jan 25, 2024
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S270)
Jan 25, 2024
Introduced in Senate
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 Plain-English summary Congressional Research Service

Affordable Housing and Homeownership Protection Act of 2024

This bill imposes an excise tax on a percentage of the price paid by certain investors for the purchase of single-family homes in a taxable year. The amount of the percentage, either 1%, 3%, or 5%, is based on the number of homes owned by an investor. The tax does not apply to new construction, unless such construction replaces an existing single-family home on the same site. 

The bill requires the Department of the Treasury to allocate or transfer tax revenue generated by this bill to provide additional funding for the Housing Trust Fund and the Capital Magnet Fund. 

The bill increases from $3 milltion to $7 million the minimum allocation of Housing Trust Funds amounts to states for low-income rental housing or home ownership. 

What's happening now March 12, 2024

Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 118-548.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
 Cosponsors 7
All 7 Democratic 7
D
Whitehouse, Sheldon
Rhode Island · Aug 1, 2024
 D
Baldwin, Tammy
Wisconsin · Jan 25, 2024
 D
Blumenthal, Richard
Connecticut · Jan 25, 2024
 D
Fetterman, John
Pennsylvania · Jan 25, 2024
 D
Gillibrand, Kirsten E.
New York · Jan 25, 2024
 D
Klobuchar, Amy
Minnesota · Jan 25, 2024
 D
Smith, Tina
Minnesota · Jan 25, 2024
Cite this page click to expand
APA
U.S. Congress. (2026). S. 3673: Affordable Housing and Homeownership Protection Act of 2024. 118th Congress. Open America. https://openamerica.io/bill/118-S-3673/
MLA
"S. 3673: Affordable Housing and Homeownership Protection Act of 2024." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-S-3673/.
Bluebook (legal)
S. 3673, 118th Cong. (2026), https://openamerica.io/bill/118-S-3673/.
Markdown link
[S. 3673: Affordable Housing and Homeownership Protection Act of 2024](https://openamerica.io/bill/118-S-3673/)
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