"Protection of Homeownership and Limiting Institutional Investor Acquisition Act"; imposes limitations and establishes certain incentives and disincentives concerning acquisition of single-family residences.
What changed between versions
The period during which institutional investors are prohibited from contacting owners, bidding on, or purchasing single-family homes was reduced from 90 days to 45 days after a home is listed on the market. This appears in both the contact prohibition and the purchase/bid prohibition in section 4(a) and the reference in section 4(b).
A new paragraph (5) was added to section 14(e) requiring enforcing agencies to notify owners in writing within 24 hours of receiving an inspection request, and no later than 24 hours before the start of a four-hour time window during which the inspection will be conducted. Owners may file complaints against local enforcing agencies for violations of this requirement on the department's website.
Section 14(f) was updated to require enforcing agencies to ensure inspections are performed within both the three-business-day timeframe and the four-hour time window, or that proper notice is provided if they cannot meet either deadline.
New definitions for 'Condominium' (referencing the Condominium Act, P.L.1969, c.257) and 'Cooperative' (a housing corporation or association entitling a share holder to possess and occupy a dwelling) were added to the definitions section.
The definition of 'single-family home' was expanded to explicitly include 'condominium unit, or cooperative unit' in addition to townhomes and townhouses. This broadens the scope of properties subject to the institutional investor restrictions and related tax provisions.
The annual appropriations act reference for the loan program was changed from State fiscal year 2024 to State fiscal year 2027, pushing back the start of guaranteed annual funding of not less than $25 million from the General Fund to the Community Investment Fund.
A cross-reference was updated from P.L.2022, c.139, s.2 to P.L.2025, c.173, s.1, and a reference to 'paragraph i.' was corrected to 'subsection i.' in section 14(e)(3).
