US HB7221

Prohibits covered funds from purchasing single family homes beginning 90 days after enactment

Requires covered funds currently holding single family homes to fully divest within 10 years, with at least 10% sold annually

Defines "covered fund" as registered investment companies, REITs, or private funds with more than $500 million in assets under management

Also covers funds that owned 100+ single-family homes or purchased more than 5 single-family homes in a 30-day period during the year before enactment

Amends the Investment Company Act of 1940 by adding new Section 12A