Restrictions on purchasing single family homes

The Investment Company Act of 1940 (15 U.S.C. 80a–1 et seq.) is amended by inserting after section 12 the following: 12A. Restrictions on purchasing single family homes (a) In general Beginning on the date that is 90 days after the date of the enactment of this section, a covered fund may not purchase a single family home. (b) Divestment required (1) In general Not later than 10 years after the date of the enactment of this section, a covered fund may not hold (including through a subsidiary or parent company) any single family homes. (2) Phased divestment In the case of a covered fund that holds single family homes on the date of the enactment of this section, such fund shall, annually for the 10-year period following such date of enactment, divest of at least 10 percent of such single family homes. (c) Definitions In this section: (1) Covered fund The term covered fund means a registered investment company, real estate investment trust, or private fund— (A) with more than $500,000,000 in assets under management; or (B) that, during the 1-year period before the date of the enactment of this section— (i) owned 100 or more single-family homes in the United States; or (ii) purchased more than 5 single-family homes in the United States in a 30-day period. (2) Private fund The term private fund means an issuer that would be an investment company, but for paragraph (1) or (7) of section 3(c). (3) Single family home The term single family home means a residential structure or mobile home which contains one family housing unit..