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-spon-
sored 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. 
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 ‘‘First Look for Primary 
Residence Act of 2010’’. 
SEC. 
2. 
FIRST-LOOK 
PERIOD 
FOR 
PREFERRED 
PUR-
CHASERS OF REAL ESTATE OWNED. 
Each covered entity— 
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(1) shall, before making any real estate owned 
that is single-family housing available for purchase 
by any purchaser that is not a preferred purchaser, 
or for any other use, make such properties available 
for purchase, for a period not shorter than 15 days, 
only by preferred purchasers; and 
(2) may not, during such period, solicit, receive, 
consider, negotiate, or accept any offer to purchase 
any such property except from a preferred pur-
chaser. 
SEC. 3. NOTICE OF FIRST-LOOK PROPERTIES. 
(a) REQUIREMENT; TIMING.—A covered entity shall, 
before making any real estate owned that is single-family 
housing available for purchase in accordance with section 
2, provide written notice to real estate brokers and other 
interested parties appropriate to inform them of such 
availability. 
(b) CONTENTS.—Notice required under subsection 
(a) shall include basic information about each property to 
be made available for purchase in accordance with section 
2, including the location, condition, and listing price of 
the property. 
SEC. 4. DEFINITIONS. 
For purposes of this Act, the following definitions 
shall apply: 
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(1) COVERED ENTITY.—The term ‘‘covered en-
tity’’ means— 
(A) the Department of Housing and Urban 
Development, the Department of Veterans Af-
fairs, and the Department of Agriculture; 
(B) the Federal National Mortgage Asso-
ciation; and 
(C) the Federal Home Loan Mortgage 
Corporation. 
(2) PREFERRED PURCHASER.—The term ‘‘pre-
ferred purchaser’’ means, with respect to any prop-
erty that is real estate owned, any— 
(A) individual or family who indicates, to 
the satisfaction of the covered entity that holds 
the real estate owned, that upon purchase such 
individual or family will occupy the property as 
the principal residence of such individual or 
family for a period of not less than 90 days; or 
(B) State or local governmental agency or 
other entity that purchases the property using, 
in whole or in part, funds made available 
through— 
(i) the neighborhood stabilization pro-
gram under title III of division B of the 
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Housing and Economic Recovery Act of 
2008 (42 U.S.C. 5301 note); 
(ii) the community development block 
grant program under title I of the Housing 
and Community Development Act of 1974 
(42 U.S.C. 5301 et seq.); 
(iii) the HOME investment partner-
ships program under title II of the Cran-
ston-Gonzalez National Affordable Housing 
Act (42 U.S.C. 12721 et seq.); 
(iv) any locally established housing 
trust fund; 
(v) any charitable foundation or chari-
table entity; or 
(vi) any other public funds, as pro-
vided by regulations pursuant to section 5. 
(3) REAL ESTATE OWNED.—The term ‘‘real es-
tate owned’’ means, with respect to a covered entity, 
any real property to which the covered entity holds 
title pursuant to foreclosure, a deed in lieu of fore-
closure, assignment, conveyance, or any other action 
in connection with a mortgage made, held, insured, 
guaranteed, or securitized by the covered entity. 
(4) SINGLE-FAMILY HOUSING.—The term ‘‘sin-
gle-family housing’’ means residential real property 
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that is designed primarily for the occupancy of from 
one to four families. 
SEC. 5. REGULATIONS. 
Each covered entity described in section (4)(1)(A) 
and the Director of the Federal Housing Finance Agency, 
in the case of the covered entities specified in subpara-
graphs (B) and (C) of section 4(1), may issue any regula-
tions necessary for such covered entity to carry out this 
Act. 
Æ 
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