Rep. Loudermilk's BUILD Act to Help Non-Profits Signed into Law by President Trump

Press Release

Rep. Barry Loudermilk (R-Ga) issued the following statement after President Donald J. Trump signed his bill into law, the Building Up Independent Lives and Dreams (BUILD) Act:

"Non-profits make such an incredible, positive impact on Americans' lives in so many different ways, it's hard to overstate their importance to our country. That is why I'm happy to report that President Trump has signed the BUILD Act into law, which will make non-profits' ability to carry out their mission a little easier.

"Some non-profits, like Habitat for Humanity, provide low-cost housing for needy families with zero percent interest mortgage loans. 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 non-profit organizations that make zero percent interest mortgage loans, to choose whether to use the CFPB's TRID loan estimate and closing disclosure form, which comes with nearly 2,000 pages of regulations, or use the less complex GFE, HUD-1, and TILA forms.

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