Press Releases

Rep. Loudermilk Leads on Regulatory Relief for Non-Profits; Bill Passes U.S. House

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Washington, May 14, 2019 | comments
Rep. Barry Loudermilk (R-GA) issued the following statement after the House passed the Building Up Independent Lives and Dreams (BUILD) Act, H.R. 1060:

“Government red-tape and overly burdensome regulations are not only a challenge for American businesses, but they also affect non-profits like Habitat for Humanity. New regulations on disclosures for mortgage lenders have placed significant burdens on charitable organizations, requiring them to spend more time filling out regulatory paperwork, and less time building homes for those who need them. This is why I first introduced the BUILD Act, which exempts these non-profits from the overly-burdensome regulations, allowing them to use disclosure forms that are simpler and more appropriate for their operations. The BUILD Act first passed the House last year, but stalled in the Senate. I urge my Senate colleagues to bring this unanimously-supported legislation to the floor for a vote, so charities and non-profits can get back to rebuilding lives, communities, and dreams.”

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 the less complicated GFE, HUD-1, and TILA forms when making mortgage loans with zero percent interest.

• The TRID is nearly 2,000 pages, and has been difficult for these organizations to comply with. The alternative forms will still ensure homebuyers receive adequate disclosure of the terms of their home loan.

• A companion bill in the Senate, S. 371, is led by Sen. Deb Fischer (R-NE) and Sen. Chris Van Hollen (D-MD).

You can view the text of this legislation HERE.
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