Van Hollen, Fischer, Sherman, & Loudermilk Reintroduce BUILD Act
Today, U.S. Senators Chris Van Hollen (D-Md.) and Deb Fischer (R-Neb.) along with Representatives Brad Sherman (D-Cali.) and Barry Loudermilk (R-Ga.) reintroduced the Building up Independent Lives and Dreams (BUILD) Act. This bipartisan, bicameral legislation would allow nonprofits to once again use forms that are less complex when they are issuing 0% interest loans. This will help ensure the organizations can continue to make these loans to borrowers.
“Habitat for Humanity and others groups provide a vital service to families who would otherwise be unable to purchase a home,” said Senator Van Hollen. “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.”
“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,” said Senator Fischer.
“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,” said Representative Sherman.
“The BUILD Act will allow nonprofits, like Habitat for Humanity, an exemption from complex regulations that are difficult to comply with. The cost of compliance has been significant for some nonprofits, causing them to spend less time fulfilling their mission and more time sitting in an office,” said Congressman Barry Loudermilk (R-GA). “Last Congress, the BUILD Act passed out of the House Financial Services Committee and the full House unanimously, and I would hope for a similar outcome in the House and Senate this Congress.”
“Driven by a vision that everyone needs a decent place to live, Habitat for Humanity works alongside families and individuals across all 50 states to build affordable homes. We do this work by offering a hand up, not a hand out. Sen. Fischer’s legislation offers a much needed and much appreciated hand-up to Habitat. By reducing paperwork and regulatory burdens, our local Habitat organizations can build more houses and help more people build strength, stability and self-reliance through homeownership,” said Chris Vincent, vice president of government relations for Habitat for Humanity International.
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