As you may recall, the Affordable Homeownership Access Act (HR 3464) 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.
We have been encouraging our members to reach out to their Congressmen to ask for their support on this important piece of legislation. As partner in the SFC, National REIA looks forward to continuing our work with them in helping to move this bipartisan bill forward in both the House and the Senate.
The following is an update from the Seller Finance Coalition (SFC) by Jeff Watson.
I want to share with you an update from the Seller Finance Coalition regarding the progress made last year relative to H.R. 3464, the Affordable Homeownership Access Act. Over the past year, our team has sought to advance H.R. 3464 by:
- Organizing & managing two Congressional fly-ins for Seller Finance Coalition leadership, resulting in meetings with 45 Congressional offices.
- Holding virtual meetings with over 15 Congressional offices to socialize the bill.
- Working with Rep. Andy Barr (R-KY) to re-introduce H.R. 3464 in the 118th Congress.
- Securing new co-sponsors for H.R. 3464, including, but not limited to, the following Members:
- Rep. Brendan Boyle (D-PA)
- Rep. Bill Posey (R-FL)
- Rep. Byron Donalds (R-FL)
- Rep. Pete Sessions (R-TX)
- Rep. Erin Houchin (R-IN)
- Engaging with Sen. JD Vance (R-OH) and Sen. Katie Britt (R-AL) on the introduction of a Senate companion to H.R. 3464.
2024 Legislative Priorities
To build on the momentum we developed last year, our team will prioritize the advancement of the following key workflows:
- Work with Sen. JD Vance (R-OH) to introduce a Senate companion to H.R. 3464 in the 118th Congress.
Sen. Vance’s team has indicated that they would like the support of at least one additional Senate Banking Committee member.
Our team plans to reach out to each Member of the committee to determine who may be willing to join Sen. Vance in this effort.
- Continue to pressure Rep. Andy Barr (R-KY) to hold a swift markup of H.R. 3464 in the House Financial Services Committee.
Based on our latest discussions with Rep. Barr, he is aiming to hold the markup by the end of the first quarter of 2024.
- Organize an SFC Coalition-wide fly-in in the first quarter of 2024 to engage with House Financial Services Committee & Senate Banking Committee Members to support H.R. 3464.
Here’s how you can help SFC in our efforts on behalf of real estate investors across the country: