H.R.1745

The HOPE for Homeownership Act imposes taxes on hedge funds owning excess single-family residences and disallows mortgage interest deductions for.

The HOPE for Homeownership Act amends the Internal Revenue Code to impose an excise tax on hedge funds owning excess single-family residences. The tax is equal to the greater of 15 percent of the purchase price or $10,000 for each newly acquired single-family residence. Additionally, the Act disallows mortgage interest deductions for single-family residences owned by taxpayers liable for the excise tax. The Act defines "applicable taxpayer" as any entity managing funds pooled from investors and includes partnerships, corporations, and real estate investment trusts.