Code 1986. (2) Failure to report (A) In general Any person who fails to report information required under paragraph (1) or who fails to include correct information in such report shall pay a penalty of $50,000. (B) Reasonable cause waiver No penalty shall be imposed under this paragraph with respect to any failure if it is shown that such failure is due to reasonable cause and not to willful neglect. (C) Treatment of penalty The penalty under this paragraph shall be paid upon notice and demand by the Secretary, and shall be assessed and collected in the same manner as an assessable penalty under subchapter B of chapter 68. . (b) Clerical amendment The table of chapters for subtitle D of the Internal Revenue Code of 1986 is amended by adding at the end the following new item: Chapter 50B—Excess single-Family residences . (c) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2023. 3. Use of tax revenues for down payment assistance grants (a) Establishment of housing trust fund (1) In general Subchapter A of chapter 98 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: 9512. Housing Trust Fund (a) Creation of trust fund There is established in the Treasury of the United States a trust fund to be known as the Housing Trust Fund (hereinafter in this section referred to as the Trust Fund ), consisting of such amounts as may be appropriated or credited to such Trust Fund as provided in this section and section 9602(b). (b) Transfers to Trust Fund There are hereby appropriated to the Housing Trust Fund amounts equivalent to revenues received in the Treasury from the tax imposed by section 5000E. (c) Expenditures from Trust Fund Amounts in the Housing Trust Fund shall be available, as provided in appropriations Acts, only for grants under section 3(b) of the American Neighborhoods Protection Act of 2023. . (2) Clerical amendment The table of sections for subchapter A of chapter 98 of the Internal Revenue Code of 1986