I 

111TH CONGRESS 

2D SESSION H. R. 4582 

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. 

IN THE HOUSE OF REPRESENTATIVES 

FEBRUARY 3, 2010 

Mr. BACA introduced the following bill; which was referred to the Committee 

on Financial Services 

A BILL 

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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘First Look for Primary 

5 Residence Act of 2010’’. 

6 SEC. 2. FIRST-LOOK PERIOD FOR PREFERRED PUR7 CHASERS OF REAL ESTATE OWNED. 

8 Each covered entity— 


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1 (1) shall, before making any real estate owned 

2 that is single-family housing available for purchase 

3 by any purchaser that is not a preferred purchaser, 

4 or for any other use, make such properties available 

5 for purchase, for a period not shorter than 15 days, 

6 only by preferred purchasers; and 

7 (2) may not, during such period, solicit, receive, 

8 consider, negotiate, or accept any offer to purchase 

9 any such property except from a preferred pur10 chaser. 

11 SEC. 3. NOTICE OF FIRST-LOOK PROPERTIES. 

12 (a) REQUIREMENT; TIMING.—A covered entity shall, 

13 before making any real estate owned that is single-family 

14 housing available for purchase in accordance with section 

15 2, provide written notice to real estate brokers and other 

16 interested parties appropriate to inform them of such 

17 availability. 

18 (b) CONTENTS.—Notice required under subsection 

19 (a) shall include basic information about each property to 

20 be made available for purchase in accordance with section 

21 2, including the location, condition, and listing price of 

22 the property. 

23 SEC. 4. DEFINITIONS. 

24 For purposes of this Act, the following definitions 

25 shall apply: 


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1 (1) COVERED ENTITY.—The term ‘‘covered en2 tity’’ means— 

3 (A) the Department of Housing and Urban 

4 Development, the Department of Veterans Af5 fairs, and the Department of Agriculture; 

6 (B) the Federal National Mortgage Asso7 ciation; and 

8 (C) the Federal Home Loan Mortgage 

9 Corporation. 

10 (2) PREFERRED PURCHASER.—The term ‘‘pre11 ferred purchaser’’ means, with respect to any prop12 erty that is real estate owned, any— 

13 (A) individual or family who indicates, to 

14 the satisfaction of the covered entity that holds 

15 the real estate owned, that upon purchase such 

16 individual or family will occupy the property as 

17 the principal residence of such individual or 

18 family for a period of not less than 90 days; or 

19 (B) State or local governmental agency or 

20 other entity that purchases the property using, 

21 in whole or in part, funds made available 

22 through— 

23 (i) the neighborhood stabilization pro24 gram under title III of division B of the 


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1 Housing and Economic Recovery Act of 

2 2008 (42 U.S.C. 5301 note); 

3 (ii) the community development block 

4 grant program under title I of the Housing 

5 and Community Development Act of 1974 

6 (42 U.S.C. 5301 et seq.); 

7 (iii) the HOME investment partner8 ships program under title II of the Cran9 ston-Gonzalez National Affordable Housing 

10 Act (42 U.S.C. 12721 et seq.); 

11 (iv) any locally established housing 

12 trust fund; 

13 (v) any charitable foundation or chari14 table entity; or 

15 (vi) any other public funds, as pro16 vided by regulations pursuant to section 5. 

17 (3) REAL ESTATE OWNED.—The term ‘‘real es18 tate owned’’ means, with respect to a covered entity, 

19 any real property to which the covered entity holds 

20 title pursuant to foreclosure, a deed in lieu of fore21 closure, assignment, conveyance, or any other action 

22 in connection with a mortgage made, held, insured, 

23 guaranteed, or securitized by the covered entity. 

24 (4) SINGLE-FAMILY HOUSING.—The term ‘‘sin25 gle-family housing’’ means residential real property 


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1 that is designed primarily for the occupancy of from 

2 one to four families. 

3 SEC. 5. REGULATIONS. 

4 Each covered entity described in section (4)(1)(A) 

5 and the Director of the Federal Housing Finance Agency, 

6 in the case of the covered entities specified in subpara7 graphs (B) and (C) of section 4(1), may issue any regula8 tions necessary for such covered entity to carry out this 

9 Act. 

Æ 


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