A large institutional investor is one controlling at least 350 single-family homes
What the document says“(II) alone or in concert with 1 or more other entities, beginning after the date of enactment of this Act, directly or indirectly has investment control of not less than 350 single-family homes in the aggregate,”
The section defines a large institutional investor as a for profit entity of any legal form that is engaged in whole or in part in investing in, owning, renting, managing, or holding single-family homes and that, alone or with others, has direct or indirect investment control of at least 350 such homes, not counting homes bought in an excepted purchase after enactment. It excludes any local, State, Tribal, or federal government body. Investment control turns on ownership, primary authority over investment or management decisions, control of the general partner or managing member, control of the investment manager, ownership of more than 25 percent of a class of equity unless a passive investor, or other control.
What the document actually says“(II) alone or in concert with 1 or more other entities, beginning after the date of enactment of this Act, directly or indirectly has investment control of not less than 350 single-family homes in the aggregate,”
The firm must control at least 350 single-family homes. It may do so alone or with others. It may do so straight out or through another body.
Investment control does not mean only holding the deed. It can mean running the firm that holds it. Government bodies are left out of this definition.
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