Affordable Housing and Homeownership Protection Act of 2024
Summary
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.
