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Rep. Loudermilk’s BUILD Act to Help Non-Profits

Rep. Loudermilk (R-GA) issued the following statement after his bill, the Building Up Independent Lives and Dreams (BUILD) Act, passed the House of Representatives:

“The BUILD Act is on the move. In just two short months, BUILD has gone from an idea, to passing out of the Financial Services Committee with a vote of 53-0, and now passing the House of Representatives unanimously.

“This bill is a major help for non-profit organizations, like Habitat for Humanity, which provide low cost housing for those in need. The BUILD Act cuts government red-tape by reducing some of the overly burdensome regulations placed on charities by the Dodd-Frank Act. The difficulty and cost of compliance has been too much for some non-profits, causing them to spend less time fulfilling their mission of building homes for needy families, and more time sitting in an office doing regulatory paperwork. The BUILD Act recognizes that these non-profit organizations operate under different business models than traditional financial institutions, and provides a simpler method for providing mortgage disclosures.”

Summary of H.R. 5953:

• Allows Habitat for Humanity affiliates, and other similar organizations, to choose whether to use the TRID loan estimate and closing disclosure form or use the less complex GFE, HUD-1, and TILA forms.

You can view the text of this legislation HERE.