Home Advantage for American Families Act of 2023

The Home Advantage for American Families Act of 2023 requires foreign buyers of residential property in the 15 largest U.S. metropolitan areas to report transaction details to the Treasury and pay a 30% withholding tax (up from 15%) on sales. It also increases the low-income housing tax credit ceiling for states, mandating that a portion of these credits be allocated to single-family housing projects in qualified census tracts. The bill directly affects foreign real estate purchasers in major cities and state housing authorities managing tax credit programs. These provisions aim to combat money laundering risks and expand affordable housing options through concrete tax and reporting changes.