Foreign Property Ownership Transparency Act

Foreign Property Ownership Transparency Act would require the U.S. government to study foreign involvement in U.S. residential real estate and to examine how property is owned through entities like shell companies or trusts. The study, led by the Comptroller General (GAO), would look at how much foreign buying has occurred since 2015, where it is concentrated, how purchases are structured, and any data gaps or national security concerns related to these purchases. The GAO must report its findings to the Senate Finance Committee within one year of enactment. In parallel, the Department of Housing and Urban Development (HUD), working with the GAO, would review the study’s findings and assess effects on housing markets and affordability. HUD would then propose policy recommendations to improve transparency of foreign ownership in residential transactions, protect access for U.S. residents, and identify any legislative or regulatory actions needed. HUD’s recommendations would be due to Congress within 180 days after the GAO’s report.