Eleven kinds of purchase are carved out of the prohibition
What the document says“(B) pursuant to a build-to-rent program where the large institutional investor purchases, constructs, or constructs and retains a newly constructed single-family homes to be managed as a rental property”
The section carves out eleven kinds of purchase: newly built, renovated, or converted homes for sale; build-to-rent programs; renovate-to-rent programs that substantially rehabilitate homes failing local codes and spend at least 15 percent of the purchase price on improvements; homeownership programs meeting four tests including rent reporting the renter opts into and meaningful financial support; programs to boost homeownership with rent reporting, a right of first refusal and a 30-day first look; satisfaction of debts previously contracted in good faith; acquisitions by a servicer or lender solely through foreclosure or similar means for loss mitigation; purchases from another large investor that owned the home at enactment or bought it in compliance; purchases from an investor not covered by the section within two years of the effective date; newly built or converted homes for communities for households with a member aged 55 or older that meet visitability standards; and any combination of those.
What the document actually says“(B) pursuant to a build-to-rent program where the large institutional investor purchases, constructs, or constructs and retains a newly constructed single-family homes to be managed as a rental property”
One carve-out covers building homes to rent out. The investor may buy, build, or build and keep a new home. It must manage it as a rental.
Eleven carve-outs are named in all. Some cover building or fixing up homes. Some cover programs meant to help renters buy.
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