A bill to amend the Internal Revenue Code of 1954 to permit foreign pension plans to invest in the United States on a non-taxable basis for residential housing financing and investment purposes.

Amends the Internal Revenue Code to exempt from gross income any income, gains, or other amounts derived by an eligible foreign pension plan from qualified investments in residential real property within the United States.

Defines "eligible foreign pension plan" as a plan: (1) maintained primarily to provide retirement or similar benefits to employees who are primarily nonresident alien individuals; (2) whose assets are segregated from the assets of the employer maintaining the plan; and (3) that is tax exempt in the country in which the plan is maintained.