Two Republicans in the Florida delegation on Capitol Hill are championing a proposal “ to shield American real estate markets from excessive foreign demand and increase affordable housing opportunities. Lowering housing prices for local buyers will ensure that illicit money cannot permeate the Miami housing market.”
U.S. Sen. Marco Rubio, R-Fla., and U.S. Rep. Maria Elvira Salazar, R-Fla., are championing the “Home Advantage for American Families Act.”
The bill “invests heavily in low-income and affordable housing initiatives to address the housing crisis in Miami,” Salazar’s office noted.
“Miami’s housing prices are out of control, and something needs to be done to address rising prices and expand access to affordable housing,” said Salazar. “This bill alleviates our housing crisis by ensuring that Miami residents come first in the marketplace.”
“As billions of foreign dollars pour into Florida real estate, families in our communities are struggling to find affordable housing. To have a strong nation, we need strong communities. And to have strong communities, we must have strong families. Combating illicit finance in foreign real estate investment and increasing affordable housing investment in South Florida are key to tackling this problem confronting so many Floridians. This bill would do exactly that,” said Rubio.
“The ‘Home Advantage for American Families Act’ authorizes the Treasury Department to issue reports for residential real estate transactions within the top fifteen Metropolitan Statistical Areas (MSAs) to identify the natural identities of foreign buyers. It also increases the Foreign Investment in Real Property Act (FIRPTA) of 1980 withholding tax on residential real estate to 30 percent for both foreign corporations and foreign individuals,” Salazar’s office noted. “To expand opportunities for low-income buyers in Florida’s District 27, the bill provides an additional 10 percent of base-funding set-aside of the Low-Income Housing Tax Credit (LITHC) for single family home construction within Qualified Census Tracts (QCTs) to help states create more affordable housing opportunities that can accommodate a family.”
Salazar’s bill was sent to the U.S. House Ways and Means and the Financial Services Committees. So far, there are no House co-sponsors.
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