US HB6962

Establishes a mandatory 180-day "first look" period during which foreclosed single-family properties (1-4 units) held by federal housing agencies must be offered exclusively to owner-occupants, nonprofit housing organizations, local governments, and community land trusts before institutional investors can purchase

Requires covered entities (FHA, FHFA, Fannie Mae, Freddie Mac, USDA) to price properties at fair market value based on independent appraisals or broker price opinions obtained within 60 days of listing, and prohibits bundling properties during the first look period

Mandates quarterly public reporting on property sales, including number sold to first look buyers versus institutional investors, pricing methodology, and sale-to-value ratios

Authorizes HUD to impose civil penalties of the greater of $100,000 or one-third of the sale price on employees involved in violations, require public disclosure of violations, and potentially reverse non-compliant transactions

Takes effect 180 days after enactment, with covered entities required to issue implementing rules including buyer eligibility verification processes within that timeframe