I 
119TH CONGRESS 
2D SESSION 
H. R. 6962 
To strengthen and standardize ‘‘first look’’ protections for covered properties 
to ensure families and communities have priority access to foreclosed 
homes, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JANUARY 7, 2026 
Mr. HARRIGAN (for himself and Mr. RILEY of New York) introduced the 
following bill; which was referred to the Committee on Financial Services 
A BILL 
To strengthen and standardize ‘‘first look’’ protections for 
covered properties to ensure families and communities 
have priority access to foreclosed homes, and for other 
purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Families First Housing 
Act of 2026’’. 
SEC. 2. FIRST LOOK PROTECTIONS. 
(a) IN GENERAL.—Each covered entity shall ensure, 
when selling an eligible property, that the eligible property 
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is only available for purchase by qualified first look buyers 
during the 180 day period beginning on the date that the 
eligible property is listed for sale. 
(b) PRICING OF ELIGIBLE PROPERTIES.— 
(1) IN GENERAL.—During the 180 day period 
beginning on the date that the eligible property is 
listed for sale during which an eligible property is 
only available for purchase by qualified first look 
buyers the eligible property shall be offered by the 
covered entity at a price that is the fair market 
value of the property as determined by an inde-
pendent third-party appraisal or broker price opinion 
not more than 60 days before the date on which the 
property was listed for sale. 
(2) EXCEPTION.—If the covered entity selling 
the eligible property determines that the fair market 
value of the property can not be determined by an 
independent third-party appraisal or broker price 
opinion not more than 60 days before the date on 
which the property was listed for sale the covered 
entity may offer the covered property at a price 
based on a standardized valuation model used by the 
covered entity if the covered entity publically dis-
closes the methodology used by such standardized 
valuation model. 
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(c) LISTING ON PUBLIC WEBSITE.—During the 180- 
day period beginning on the date that the eligible property 
is listed for sale during which an eligible property is only 
available for purchase by qualified first look buyers the 
eligible property shall be listed on a publically accessible 
website by the covered entity in a manner that identifies 
the eligible property as only available for purchase by 
qualified first look buyers and indicates how many days 
remain in the 180-day period during which the eligible 
property is only available for purchase by qualified first 
look buyers. 
(d) PROHIBITION ON BUNDLING.—An eligible entity 
may not bundle eligible properties during the 180 day pe-
riod beginning on the date that the eligible property is 
listed for sale by the eligible entity. 
(e) PUBLICATION OF INFORMATION.—Each covered 
entity shall, each quarter, publish on a website of the cov-
ered entity, information about— 
(1) the number of covered properties sold dur-
ing the prior quarter; 
(2) the number of covered properties sold to 
qualified first look buyers during the prior quarter; 
(3) the number of covered properties sold to in-
stitutional investors during the prior quarter; 
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(4) the pricing methodology used by the covered 
entity when selling covered properties; and 
(5) for each covered property sold during the 
prior quarter, the ratio of the sale price to the fair 
market value of the covered property as determined 
by an independent third-party appraisal, broker 
price opinion, or standardized valuation model. 
(f) ANNUAL REPORT.— 
(1) IN GENERAL.—The Inspectors General of 
each covered entity shall, each year, review all sales 
of covered properties by the covered entity in the 
prior year and determine whether any provisions of 
this section were violated during such sale. 
(2) REPORT.—The Inspectors General of each 
covered entity shall submit a report to the Congress 
each year that includes the results of the review con-
ducted under paragraph (1). 
(3) PUBLIC
PUBLICATION.—The Inspectors 
General of each covered entity shall publish the re-
port submitted under paragraph (2) on a publically 
accessible website of the covered entity. 
(g) VIOLATIONS.—If the Secretary of Housing and 
Urban Development determines that a covered entity has 
violated this section, the Secretary of Housing and Urban 
Development may— 
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(1) require the covered entity to publically dis-
close the violation; 
(2) impose a civil penalty of the greater of 
$100,000 or 1⁄3 of the price for which the covered 
property was sold on each employee of the covered 
entity involved in the violating transaction; and 
(3) require the covered entity, if practicable 
without breaching contracts, to reverse or unwind 
the transaction associated with the violation. 
(h) RULEMAKING.—Each covered entity shall, not 
later than 180 days after the date of the enactment of 
this section, issue such rules are necessary to carry out 
this section and such rules shall include a process to verify 
the eligibility of qualified first look buyers. 
(i) EFFECTIVE DATE.—This section shall take effect 
180 days after the date of the enactment of this Act. 
(j) DEFINITIONS.—In this section: 
(1) COVERED PROPERTY.—The term ‘‘covered 
property’’ means any single-family residential prop-
erty made up of 1 to 4 units, owned, foreclosed 
upon, or under disposition by a covered entity. 
(2) COVERED ENTITY.—The term ‘‘covered en-
tity’’ means— 
(A) the Federal Housing Administration; 
(B) the Federal Housing Finance Agency; 
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(C) the Federal National Mortgage Asso-
ciation; 
(D) the Federal Home Loan Mortgage 
Corporation; and 
(E) the Department of Agriculture. 
(3) INSTITUTIONAL INVESTOR.—The term ‘‘in-
stitutional investor’’ means any entity that pur-
chases properties for rental, resale, or investment 
purposes, including trusts, corporations, real estate 
investment trusts, limited liability companies, and 
partnerships. 
(4) QUALIFIED FIRST LOOK BUYER.—The term 
‘‘qualified first look buyer’’ means— 
(A) a natural person intending to occupy 
the property as their primary residence; 
(B) a nonprofit housing organization which 
is 
an 
organization 
described 
in 
section 
501(c)(3) of the Internal Revenue Code of 1986 
and is exempt from taxation under section 
501(a) of such Code; 
(C) a unit of local government; or 
(D) a community land trust. 
Æ 
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