IB 

Union Calendar No. 625 

115TH CONGRESS 

2D SESSION H. R. 5953 

[Report No. 115–806] 

To provide regulatory relief to charitable organizations that provide housing 

assistance, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

MAY 24, 2018 

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

bill; which was referred to the Committee on Financial Services 

JULY 10, 2018 

Additional sponsors: Ms. TENNEY, Ms. VELA ́ZQUEZ, and Mr. BUDD

JULY 10, 2018 

Committed to the Committee of the Whole House on the State of the Union 

and ordered to be printed 


lotter on DSKBCFDHB2PROD with BILLS
2 

•HR 5953 RH

A BILL 

To provide regulatory relief to charitable organizations that 

provide housing assistance, and for other purposes. 


lotter on DSKBCFDHB2PROD with BILLS
3 

•HR 5953 RH

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 (a) SHORT TITLE.—This Act may be cited as the 

5 ‘‘Building Up Independent Lives and Dreams Act’’ or the 

6 ‘‘BUILD Act’’. 

7 SEC. 2. MORTGAGE LOAN TRANSACTION DISCLOSURE RE8 QUIREMENTS. 

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

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

11 after subsection (d) the following: 

12 ‘‘(e) DISCLOSURE FOR CHARITABLE MORTGAGE

13 LOAN TRANSACTIONS.—With respect to a mortgage loan 

14 transaction involving a residential mortgage loan offered 

15 at zero percent interest primarily for charitable purposes 

16 by an organization having tax-exempt status under section 

17 501(c)(3) of the Internal Revenue Code of 1986, forms 

18 HUD–1 and GFE (as defined under section 1024.2(b) of 

19 title 12, Code of Federal Regulations), together with a dis20 closure substantially in the form of the Loan Model Form 

21 H–2 (as defined under Appendix H to section 1026 of title 

22 12, Code of Federal Regulations) shall, collectively, be an 

23 appropriate model form for purposes of subsection (b).’’. 


lotter on DSKBCFDHB2PROD with BILLS
4 

•HR 5953 RH

1 (b) RESPA AMENDMENT.—Section 4 of the Real Es2 tate Settlement Procedures Act of 1974 (12 U.S.C. 2603) 

3 is amended by adding at the end the following: 

4 ‘‘(d) With respect to a mortgage loan transaction in5 volving a residential mortgage loan offered at zero percent 

6 interest primarily for charitable purposes, an organization 

7 having tax-exempt status under section 501(c)(3) of the 

8 Internal Revenue Code of 1986 may use forms HUD–1 

9 and GFE (as defined under section 1024.2(b) of title 12, 

10 Code of Federal Regulations) together with a disclosure 

11 substantially in the form of the Loan Model Form H–2 

12 (as defined under Appendix H to section 1026 of title 12, 

13 Code of Federal Regulations), collectively, in lieu of the 

14 disclosure published under subsection (a).’’. 

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

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

17 Bureau of Consumer Financial Protection shall issue such 

18 regulations as may be necessary to implement the amend19 ments made by subsections (a) and (b). 

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

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

22 the enactment of this Act. 


lotter on DSKBCFDHB2PROD with BILLS

lotter on DSKBCFDHB2PROD with BILLS
Union Calendar No. 625 

115TH CONGRESS 

2D SESSION H. R. 5953 

[Report No. 115–806] 

A BILL 

To provide regulatory relief to charitable organizaother purposes. tions that provide housing assistance, and for 

JULY 10, 2018 

Committed to the Committee of the Whole House on the 

State of the Union and ordered to be printed 


lotter on DSKBCFDHB2PROD with BILLS