‘‘(E) for which financing is provided by a 
qualified bond (within the meaning of section 
141). 
‘‘(d) EXCEPTIONS.— 
‘‘(1) PRINCIPAL RESIDENCE.—In the case of a 
specified large investor who is an individual, sub-
section (a) shall not apply to any single-family home 
if such home is used as the principal residence of 
such investor. 
‘‘(2) ORIGINAL
CONSTRUCTION
OR
SUBSTAN-
TIAL
REHABILITATION.—Subsection (a) shall not 
apply with respect to a single-family home originally 
constructed or substantially rehabilitated (as defined 
in section 47(c)) by the taxpayer.’’. 
(b) CLERICAL AMENDMENT.—The table of sections 
for part IX of subchapter B of chapter 1 of such Code 
is amended by inserting after the item relating to section 
280H the following new item: 
‘‘Sec. 280I. Certain expenses related to single-family homes held by specified 
large investors.’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to amounts paid or incurred and 
depreciation that occurs after the date that is 18 months 
after the date of the enactment of this Act. 
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SEC. 3. EXCISE TAX ON TRANSFERS OF SINGLE-FAMILY 
HOMES BY SPECIFIED LARGE INVESTORS. 
(a) IN GENERAL.—Subchapter C of chapter 36 of 
subtitle D of the Internal Revenue Code of 1986 is amend-
ed to read as follows: 
‘‘Subchapter C—Tax on Transfers of Single- 
Family Homes by Specified Large Investors 
‘‘Sec. 4471. Tax on transfers of single-family homes by specified large inves-
tors. 
‘‘SEC. 4471. TAX ON TRANSFERS OF SINGLE-FAMILY HOMES 
BY SPECIFIED LARGE INVESTORS. 
‘‘(a) IN GENERAL.—There is hereby imposed a tax 
on the sale or transfer of a single-family home by a speci-
fied large investor in an amount equal to the sale price 
of the single-family home. 
‘‘(b) SPECIFIED LARGE INVESTOR; SINGLE-FAMILY 
HOME.—For purposes of this section, the terms ‘specified 
large investor’ and ‘single-family home’ shall have the re-
spective meanings given such terms in section 280I. 
‘‘(c) SPECIAL RULES.—Rules similar to the rules of 
subsections (b)(2), (d)(1), and (d)(2) of 280I shall apply 
for purposes of this section.’’. 
(b) CLERICAL AMENDMENT.—The table of sub-
chapters for chapter 36 of subtitle D of such Code is 
amended by adding after the item relating to subchapter 
B the following new item: 
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‘‘SUBCHAPTER C. Tax on transfers of single family homes by 
specified large investors.’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to sales and transfers occurring 
after the date that is 18 months after the date of the en-
actment of this Act. 
SEC. 4. LOW-INCOME HOUSING ASSISTANCE. 
(a) DEPOSIT OF FUNDS.—There are hereby trans-
ferred to the Housing Trust Fund established under sec-
tion 1338 of the Federal Housing Enterprises Financial 
Safety and Soundness Act of 1992 (12 U.S.C. 4568) 
amounts equivalent to the taxes received in the Treasury 
under section 4471 of the Internal Revenue Code of 1986. 
(b) USE OF FUNDS.—To the extent provided for in 
advance in appropriations Acts, the amounts deposited in 
the Fund pursuant to subsection (a) shall be used to in-
crease and preserve the supply of rental housing afford-
able to extremely low- and very low-income families, in-
cluding homeless families, in accordance with such section 
1338. 
SEC. 5. PROHIBITIONS ON FEDERAL MORTGAGE ASSIST-
ANCE. 
(a) FANNIE MAE AND FREDDIE MAC.—Subpart A of 
part 2 of subtitle A of title XIII of the Housing and Com-
munity Development Act of 1992 (12 U.S.C. 4541 et seq.) 
is amended by adding at the end the following new section: 
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‘‘SEC. 1329. PROHIBITION RELATING TO SPECIFIED LARGE 
INVESTORS. 
‘‘The Director shall, by regulation, prohibit the enter-
prises from newly purchasing any mortgage on a single- 
family housing or any portion thereof (or any interest in 
such a mortgage), and from newly lending on the security 
of or securitizing any such mortgage under which the 
mortgagee is a specified large investor (as such term is 
defined in section 280I of the Internal Revenue Code of 
1986).’’. 
(b) GINNIE MAE.—Section 302(c) of the National 
Housing Act (12 U.S.C. 1717(c)) is amended by adding 
at the end the following new paragraph: 
‘‘(6) The Association may not newly guarantee 
the payment of principal of or interest on any trust 
certificate or other security based or backed by a 
trust or pool that contains, or purchase or acquire, 
any mortgage under which the mortgagee is a speci-
fied large investor (as such term is defined in section 
280I of the Internal Revenue Code of 1986).’’. 
Æ 
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