House Bill 1777, sponsored by Leatherwood, amends various sections of the Tennessee Code Annotated to establish reporting requirements for real estate investment trusts (REITs) that purchase single-family homes. The bill defines a REIT as a business entity that qualifies under federal law and acquires ten or more single-family homes in Tennessee during the calendar year 2025. It mandates that by December 31, 2026, the comptroller of the treasury must submit a report to key state officials, including the governor and legislative leaders, summarizing de-identified data on REITs' transactions involving single-family homes.

The report will include the number of homes purchased by each REIT, their appraised values, and details on how many of these homes were acquired through foreclosure, sold, or used as rental properties during the same year. This legislation aims to provide transparency and oversight regarding the activities of REITs in the state's housing market. The act will take effect upon becoming law, emphasizing the importance of public welfare in its implementation.