I 

116TH CONGRESS 

1ST SESSION H. R. 1060 

To provide regulatory relief to charitable organizations that provide housing 

assistance, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

FEBRUARY 7, 2019 

Mr. LOUDERMILK (for himself and Mr. SHERMAN) introduced the following 

bill; which was referred to the Committee on Financial Services 

A BILL 

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, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Building Up Inde5 pendent Lives and Dreams Act’’ or the ‘‘BUILD Act’’. 

6 SEC. 2. MORTGAGE LOAN TRANSACTION DISCLOSURE RE7 QUIREMENTS. 

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

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

10 after subsection (d) the following: 


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1 ‘‘(e) 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 by 

5 an organization described in section 501(c)(3) of the In6 ternal Revenue Code of 1986 and exempt from taxation 

7 under section 501(a) of such Code, 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) shall, collectively, be an appro13 priate model form for purposes of subsection (b) of this 

14 section.’’. 

15 (b) RESPA AMENDMENT.—Section 4 of the Real Es16 tate Settlement Procedures Act of 1974 (12 U.S.C. 2603) 

17 is amended by adding at the end the following: 

18 ‘‘(d) DISCLOSURE FOR CHARITABLE MORTGAGE

19 LOAN TRANSACTIONS.—With respect to a mortgage loan 

20 transaction involving a residential mortgage loan offered 

21 at 0 percent interest primarily for charitable purposes, an 

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

23 Revenue Code of 1986 and exempt from taxation under 

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

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


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1 of Federal Regulations) together with a disclosure sub2 stantially in the form of the Loan Model Form H–2 (as 

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

4 of Federal Regulations), collectively, in lieu of the disclo5 sure published under subsection (a) of this section.’’. 

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

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

8 Bureau of Consumer Financial Protection shall issue such 

9 regulations as may be necessary to implement the amend10 ments made by subsections (a) and (b). 

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

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

13 the enactment of this Act. 

Æ 


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