This legislation, titled the "Foreign Property Ownership Transparency Act," requires the Comptroller General of the United States to undertake a detailed study concerning the acquisition of residential real estate within the U.S. by foreign individuals, entities, and governments. The study will analyze the volume and geographic concentration of these purchases since 2015, assess ownership structures including shell companies, and evaluate their implications for housing affordability and availability for U.S. residents. It will also review existing data collection efforts and relevant national security concerns, with a report due to the Senate Committee on Finance within one year. Subsequently, the Secretary of Housing and Urban Development (HUD) , in coordination with the Comptroller General, must review the study's findings, evaluate the impact of foreign real estate investment on housing markets, and consult with State and local housing authorities. Within 180 days of the Comptroller General's report, HUD is mandated to submit its own report to Congress. This report will include recommendations for enhancing transparency in foreign residential property transactions, protecting access to residential real estate for U.S. residents, and proposing any necessary legislative or regulatory actions to achieve these goals.