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Rep. Loudermilk Re-Introduces Bill to Provide Regulatory Relief to Charities and Non-Profits

Rep. Barry Loudermilk (R-GA) today issued the following statement after he re-introduced the Building Up Independent Lives and Dreams (BUILD) Act, H.R. 1060:

“The BUILD Act cuts government red-tape by giving charitable organizations relief from burdensome regulations that inhibit their ability to carry out their mission. This legislation will allow non-profits that make zero percent interest mortgage loans, such as Habitat for Humanity, to be exempt from some complex mortgage disclosure requirements, and replace them with a more simplified system that still gives homebuyers the information they need. This bipartisan bill will help get those volunteers out of the office and back to rebuilding lives, communities, and dreams.”

“The BUILD Act gives bona fide non-profits who make zero interest loans, like Habitat for Humanity, additional flexibility in deciding which disclosure forms they use. This common-sense piece of legislation will ensure non-profits can focus on working in their communities to build homes, rather than sitting in an office.”

-Rep. Brad Sherman (D-CA)
-Original Cosponsor of H.R. 1060

“Every family deserves a roof over their heads. Because of misguided policies in the past, non-profits like Habitat for Humanity have been forced to use complicated mortgage loan forms that make it difficult to build homes for people who need them. Our bipartisan solution would allow for less complex forms, ensuring these organizations can continue to lend a hand to the less fortunate.”

-Senator Deb Fischer (R-NE)
-Sponsor of the BUILD Act in the Senate

“Habitat for Humanity and others groups provide a vital service to families who would otherwise be unable to purchase a home. The BUILD Act will streamline the process so that Habitat for Humanity can achieve their important mission and will allow them to help even more people in Maryland and across the country reach the dream of home ownership.”

-Senator Chris Van Hollen (D-MD)
-Original cosponsor of the BUILD Act in the Senate

Summary of H.R. 1060:

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

• During the 115th Congress, the BUILD Act passed the House Financial Services Committee and the full House unanimously.

You can view the text of this legislation HERE.