财政部公布拟议规则：限制大型机构投资者购买独栋住宅，2027年1月7日起施行
美国财政部（U.S. Department of the Treasury）10月22日在华盛顿公布一项拟议规则制定通知（NPRM），落实《21世纪通往住房之路法》（21st Century ROAD to Housing Act）第1001条，限制大型机构投资者购买独栋住宅（single-family homes）。财政部称，该拟议规则同时把特朗普总统第14376号行政令《阻止华尔街与普通家庭抢房》（Stopping Wall Street from Competing with Main Street Homebuyers）的核心要求写入法规。
财政部长 Scott Bessent 在财政部声明中说：「在特朗普总统领导下，本届政府持续为数百万年轻家庭与工薪家庭恢复通往可负担自有住房之路。财政部正努力确保美国家庭与劳动者在本社区购房时有公平的机会，办法是增加住房供应、限制大型机构投资者在市场中的角色，同时支持强劲、稳定的住房市场，避免不必要的扰动。」
按拟议规则，自2027年1月7日起，大型机构投资者一般不得购买、也不得签约购买一套独栋住宅，除非该笔交易属于该法规定的「例外购买」（excepted purchase）。该法对大型机构投资者的界定包括：以投资、持有、出租、管理或持有独栋住宅为业，并对至少350套此类住宅有直接或间接投资控制权的实体。例外购买类别包括依「建造出租」（build-to-rent）计划、「翻新出租」（renovate-to-rent）计划、自有住房计划以及其他旨在促进自有住房的计划进行的购买。
拟议规则提出的框架包括：为建造出租计划制定标准，以促进对新住房的持续投资；为翻新出租计划提供安全港，使被闲置的住宅经修缮恢复合规后重新进入住房供应；明确自有住房计划的要求，包括为向租客购房提供实质性资金支持的大型机构投资者设置安全港；明确「以……为业」的认定，即以取得收入或财务收益为目的、而非附带于其他业务；界定被动投资者，即与持有住宅的另一实体不共用董事或高管、且对相关住宅没有财产控制权的实体；明确涉及既有债务、损失缓释以及大型机构投资者之间转让的交易处理；并明确一笔违规购买涉及多个大型机构投资者时民事罚款上限的计算。拟议规则还为若干法定要求提供非排他性安全港，包括如何认定一套住宅已在翻新出租计划下得到实质性修复、租客是否获得实质性资金支持，以及租客是否获得优先购买权与30天优先看房期。
财政部表示，拟议方案考虑到住房市场参与者采用多种持有、投资、建造、服务与物业管理结构，旨在提供清晰规则，同时避免对住房供应、住宅建造、修缮活动与资本形成造成不必要的扰动。公众可在该拟议规则在《联邦公报》刊登后30天内提交意见。
关联：住房与城市发展部放宽「建后出租」融资：FHA两项按揭保险计划即日起同等对待出租型社区
Treasury Proposes Rule to Limit Single-Family Home Purchases by Large Institutional Investors
The U.S. Department of the Treasury on Oct. 22 in Washington issued a notice of proposed rulemaking (NPRM) to implement Section 1001 of the 21st Century ROAD to Housing Act, which restricts large institutional investors from purchasing single-family homes. Treasury said the proposed regulations codify key requirements of President Trump's Executive Order 14376, Stopping Wall Street from Competing with Main Street Homebuyers.
"Under President Trump, this Administration continues to restore the path to affordable homeownership for millions of young and working families," Treasury Secretary Scott Bessent said in the department's statement. "Treasury is working to ensure American families and workers have a fair shot at purchasing homes in their communities by increasing housing supply and limiting large institutional investors' role in the market, while supporting a strong, stable housing market and avoiding unnecessary disruption."
Under the proposal, beginning Jan. 7, 2027, a large institutional investor generally may not purchase, or enter into a contract to purchase, a single-family home unless the purchase qualifies as an "excepted purchase" under the act. The act defines a large institutional investor by reference to, among other things, whether an entity is engaged in the business of investing in, owning, renting, managing, or holding single-family homes and has direct or indirect investment control over at least 350 such homes. Excepted purchases include those made under build-to-rent programs, renovate-to-rent programs, homeownership programs, and other programs to boost homeownership.
The proposed framework would establish standards for build-to-rent purchases; provide a safe harbor for renovate-to-rent purchases that bring neglected homes back into the housing supply and up to code; clarify requirements for homeownership programs, including safe harbors for investors that provide meaningful financial support toward their renters' purchase of a home; clarify when an entity is engaged "in the business of" holding single-family homes, namely when it does so for income or financial gain and not incidentally to a different business; define when an entity may qualify as a passive investor because it does not share directors or officers with the entity that owns a home and has no property control right over the underlying homes; clarify certain purchases involving debts previously contracted, loss mitigation, and transfers between large institutional investors; and clarify how the maximum civil penalty is calculated where a single prohibited purchase involves more than one large institutional investor. The proposal also provides non-exclusive safe harbors, including standards for whether a home has been substantially rehabilitated, whether a renter has received meaningful financial support, and whether a renter has received a right of first refusal and a 30-day first-look period.
Treasury said its proposed approach recognizes that housing-market participants use a variety of ownership, investment, construction, servicing, and property-management structures and seeks to provide clarity without unnecessary disruption to housing supply, homebuilding, rehabilitation activity, or capital formation. Members of the public may submit comments on the NPRM within 30 days after its publication in the Federal Register.
发布：GSM·美国（发布链接）
图片来源：图：位于华盛顿的美国财政部大楼（2026年10月12日航拍）。G. Edward Johnson 摄，经维基共享资源，CC BY 4.0。Photo: The U.S. Department of the Treasury building in Washington, D.C., in an aerial view taken Oct. 12, 2026. Credit: G. Edward Johnson via Wikimedia Commons (CC BY 4.0).
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