IIB 

116TH CONGRESS 

1ST SESSION H. R. 1060 

IN THE SENATE OF THE UNITED STATES 

MAY 15, 2019 

Received; read twice and referred to the Committee on Banking, Housing, and 

Urban Affairs 

AN ACT 

To provide regulatory relief to charitable organizations that 

provide housing assistance, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 


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HR 1060 RFS

1 SECTION 1. SHORT TITLE. 

2 This Act may be cited as the ‘‘Building Up Inde3 pendent Lives and Dreams Act’’ or the ‘‘BUILD Act’’. 

4 SEC. 2. MORTGAGE LOAN TRANSACTION DISCLOSURE RE5 QUIREMENTS. 

6 (a) TILA AMENDMENT.—Section 105 of the Truth 

7 in Lending Act (15 U.S.C. 1604) is amended by inserting 

8 after subsection (d) the following: 

9 ‘‘(e) DISCLOSURE FOR CHARITABLE MORTGAGE

10 LOAN TRANSACTIONS.—With respect to a mortgage loan 

11 transaction involving a residential mortgage loan offered 

12 at 0 percent interest primarily for charitable purposes by 

13 an organization described in section 501(c)(3) of the In14 ternal Revenue Code of 1986 and exempt from taxation 

15 under section 501(a) of such Code, forms HUD–1 and 

16 GFE (as defined under section 1024.2(b) of title 12, Code 

17 of Federal Regulations) together with a disclosure sub18 stantially in the form of the Loan Model Form H–2 (as 

19 depicted in Appendix H to part 1026 of title 12, Code 

20 of Federal Regulations) shall, collectively, be an appro21 priate model form for purposes of subsection (b) of this 

22 section.’’. 

23 (b) RESPA AMENDMENT.—Section 4 of the Real Es24 tate Settlement Procedures Act of 1974 (12 U.S.C. 2603) 

25 is amended by adding at the end the following: 


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HR 1060 RFS

1 ‘‘(d) DISCLOSURE FOR CHARITABLE MORTGAGE

2 LOAN TRANSACTIONS.—With respect to a mortgage loan 

3 transaction involving a residential mortgage loan offered 

4 at 0 percent interest primarily for charitable purposes, an 

5 organization described in section 501(c)(3) of the Internal 

6 Revenue Code of 1986 and exempt from taxation under 

7 section 501(a) of such Code may use forms HUD–1 and 

8 GFE (as defined under section 1024.2(b) of title 12, Code 

9 of Federal Regulations) together with a disclosure sub10 stantially in the form of the Loan Model Form H–2 (as 

11 depicted in Appendix H to part 1026 of title 12, Code 

12 of Federal Regulations), collectively, in lieu of the disclo13 sure published under subsection (a) of this section.’’. 

14 (c) REGULATIONS.—Not later than 180 days after 

15 the date of the enactment of this Act, the Director of the 

16 Bureau of Consumer Financial Protection shall issue such 

17 regulations as may be necessary to implement the amend18 ments made by subsections (a) and (b). 

19 (d) EFFECTIVE DATE.—The amendments made by 

20 subsections (a) and (b) shall take effect on the date of 

21 the enactment of this Act. 

22 SEC. 3. DETERMINATION OF BUDGETARY EFFECTS. 

23 The budgetary effects of this Act, for the purpose of 

24 complying with the Statutory Pay-As-You-Go Act of 2010, 

25 shall be determined by reference to the latest statement 


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HR 1060 RFS

1 titled ‘‘Budgetary Effects of PAYGO Legislation’’ for this 

2 Act, submitted for printing in the Congressional Record 

3 by the Chairman of the House Budget Committee, pro4 vided that such statement has been submitted prior to the 

5 vote on passage. 

Passed the House of Representatives May 14, 2019. 

Attest: CHERYL L. JOHNSON, 

Clerk. 


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