WASHINGTON, DC-One of the last bills the House ofRepresentatives passed before it convened for August recess was theReal Estate Jobs and Investment Act of 2010--a wide sweeping namefor a bill that is very narrowly defined. Its targeted approach maywell have been the reason why it passed the usually fractious Housewith an overwhelming 401 to 11 vote. However, when the campaignbill is introduced in the Senate, industry advocates are hoping tosee its reach broadened.

Even as is, however, the bill is a pleasing accomplishment forthe real estate industry. It advances the long-held goal ofincreasing foreign investors’ allowable ownership interest in aREIT. The bill doubles that level to 10%. Anything over that amountis then subject to the Foreign Investment in Real Property TaxAct.

Getting this expansion was one of the Real Estate Roundtable’slegislative goals for the year. Still, though, chairman Jeff DeBoertells GlobeSt.com that the bill is also valuable because it willgive the industry another legislative vehicle on which to attachadditional reforms as it moves into the Senate and then onwardthrough the rule-making process. "The bill itself is good but it istargeted and narrow,” he says. “I think it will really pay off ifmore meaningful measures are attached.”