Press Releases

Bill to Help Non-Profit Organizations Goes to President Trump’s Desk to be Signed

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Washington, December 31, 2020 | comments
Rep. Barry Loudermilk (R-Ga) issued the following statement after the Senate and House of Representatives passed his bill, the Building Up Independent Lives and Dreams (BUILD) Act:
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Rep. Barry Loudermilk (R-Ga) issued the following statement after the Senate and House of Representatives passed his bill, the Building Up Independent Lives and Dreams (BUILD) Act:

“It’s great to see the BUILD Act on its way to the president’s desk to be signed into law. The bipartisan support for this bill was overwhelming; and it’s clear that many of my colleagues agree we should make it easier for charitable organizations to help those in need.

“This bill is a major help for non-profits, like Habitat for Humanity, which provide low-cost housing for needy families. The BUILD Act cuts government red-tape by reducing some of the overly burdensome regulations placed on charities through the Dodd-Frank Act. The difficulty and cost of compliance has been too much for some non-profits, causing them to spend more time doing regulatory paperwork and less time fulfilling their missions. 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 the BUILD Act (S. 371):

• Allows Habitat for Humanity affiliates, and 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 by HERE.
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