In mid-May Congressmen Andy Barr (R-KY) and Vicente Gonzalez (D-TX) introduced the Affordable Homeownership Access Act. The bill seeks to provide working families with another access point to the home buying process by providing relief to individuals and small businesses so that they can sell their homes directly to a buyer without the fees associated with being a mortgage originator.
In a release, Congressman Barr said “The United States is facing a homelessness crisis and the lack of affordable housing is a major contributor to that problem. Home loans below $200,000 are scarce and significantly more so at the $100,000 price point.”
“National REIA would like to thank congressmen Barr and Gonzalez for their leadership in introducing the Affordable Homeownership Access Act. This bill is essential to develop and transition long-term non-banked rental property into first-time homeownership!”
“We look forward to continuing our partnership with the Seller Finance Coalition and moving this bipartisan bill in both the House and the Senate.” Said Charles Tassell, COO of National REIA.
UPDATE: The bill has been assigned a number, H.R. 3464. Click here to read the bill.
For more information about the Seller Finance issue, please visit the Seller Finance Coalition.
Click here to read Congressman Barr’s full release.