The purpose of this legislation, known as the "HOPE for Homeownership Act," is to impose new taxes and restrictions on hedge funds that acquire single-family homes. The goal is to address concerns that hedge funds are driving up housing prices and making homeownership less accessible for average families. One of the key provisions of this law is the introduction of a 15 percent excise tax on the purchase price of any newly acquired single-family residence by hedge fund taxpayers. A single-family residence is defined as a property with one to four dwelling units.