Imposes an excise tax on hedge funds owning excess single-family residences and establishes a housing down payment trust fund.

The bill imposes an excise tax on hedge funds that own excess single-family residences and fail to dispose of them. It establishes the housing down payment trust fund to provide funds to state housing finance agencies for down payment assistance programs. The tax applies to hedge funds managing funds pooled from investors and owning more than the maximum permissible units of single-family residences. The tax is equal to fifty percent of the fair market value of the newly acquired single-family residence.

Imposes an excise tax on hedge funds owning excess single-family residences and establishes a housing down payment trust fund.

The bill imposes an excise tax on hedge funds that own excess single-family residences and fail to dispose of them. It establishes the housing down payment trust fund to provide funds to state housing finance agencies for down payment assistance programs. The tax applies to hedge funds managing funds pooled from investors and owning more than the maximum permissible units of single-family residences. The tax is equal to fifty percent of the fair market value of the newly acquired single-family residence.