[Congressional Record Volume 165, Number 24 (Thursday, February 7, 2019)]
[Senate]
[Page S1135]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mrs. FISCHER (for herself and Mr. Van Hollen):
  S. 371. A bill to provide regulatory relief to charitable 
organizations that provide housing assistance, and for other purposes; 
to the Committee on Banking, Housing, and Urban Affairs.
  Mrs. FISCHER. Mr. President, I rise today to announce the 
reintroduction of the bipartisan, bicameral Building Up Independent 
Lives and Dreams Act, more commonly known as the BUILD Act.
  After the passage of the Dodd-Frank Act in 2010, the Consumer 
Financial Protection Bureau was tasked with creating a single set of 
integrated disclosure forms for mortgage loans. This set of forms, 
created by the TRID rule, was designed to provide a more consumer-
friendly approach to traditional mortgage lenders. Its aim was to 
streamline disclosure requirements in the Truth in Lending Act and the 
Real Estate Settlements Procedures Act into a single set of forms.
  The measure works for most traditional mortgage lenders; however, it 
buried not-for-profit, charitable organizations in mountains of 
paperwork. The weight of the nearly 2,000-page TRID rule is not only 
burdensome but confusing--especially for small lenders and housing 
charities that do not have the funding to hire financial experts.
  The forms present a variety of unnecessary obstacles, including the 
requirement for expensive software with a cost calculator. These costly 
and complex forms are expected of large banks and institutions, and 
they can better afford to hire experts who are well versed on the TRID 
rule, but smaller community-based organizations, like Habitat for 
Humanity, they simply cannot. The overwhelming majority of the more 
than 1,200 Habitat for Humanity organizations across our country are 
faced with limited resources.

  Historically, Habitat for Humanity has built homes for struggling 
families and provided a low- or no-interest loan. The loan amounts are 
typically lower due to the free labor of thousands of volunteers in 
Habitat projects around the world. These loans give Habitat homeowners 
a chance to establish themselves as creditworthy and a fresh start for 
their future.
  There are currently 15 Habitat for Humanity affiliates in Nebraska. 
The chapters in Omaha, Lincoln, Fremont, Grand Island, and Columbus, as 
well as the Sarpy County and Scotts Bluff County chapters have voiced 
their full support for the BUILD Act. I thank them for that.
  These organizations are a constant source of hope for our communities 
across the State, and they make significant contributions to provide a 
hand up for struggling families. The executive director of Habitat's 
Lincoln chapter recently sent my office the story of a local couple who 
became a Habitat homeowner.
  Abdelkarim and Sailwa worked hard to provide for their five sons. 
With help from Habitat for Humanity, the couple was approved for a 30-
year, zero-interest mortgage on their new home. Payments are capped at 
30 percent of their combined monthly income. Now Sailwa can work part 
time, and Abdelkarim pursues his degree from Southeast Community 
College. He is helping to secure his family's future. Their children 
are comfortable in their neighborhood, where they have made new friends 
and attend a local school.
  The executive director of the Lincoln chapter continued, saying: 
``With the ability to focus on our mission, instead of burdensome 
regulatory requirements and expenses, we can help more families build 
strength, stability, and self-reliance through homeownership.
  The BUILD Act will do exactly that. This bill will allow nonprofits 
to use the simpler Truth in Lending, good-faith estimate and HUD-1 
forms, instead of that overbearing, nearly 2,000-page TRID rule. These 
forms were previously used for years.
  Habitat for Humanity's volunteers with financial expertise were once 
able to sit down with the borrower and review each section of the forms 
together. This gave the volunteer an opportunity to teach the new 
homeowner about personal finance and the critical steps he or she could 
take to grow as a financially responsible citizen. With the passage of 
the BUILD Act, volunteers will be able to provide this prudent advice 
once again.
  My office has also been informed that some Habitat chapters lack the 
staffing capacity to comply with the TRID rule. What is more, these 
chapters do not possess the adequate funding needed to purchase the 
required software.
  In Habitat for Humanity chapters in Lincoln, Grand Island, and 
Fremont, they are going to benefit from the passage of the BUILD Act, 
and I think all of us in this body can agree that charitable 
organizations like Habitat for Humanity are a constant source of hope 
for families in need. They should not be hurt because of a preventable 
oversight.
  By working together and finding commonsense solutions, we can fix 
this. The BUILD Act gained momentum last year and passed the House 
unanimously, but we can push this legislation over the finish line 
during the 116th Congress.
  I thank the junior Senator from Maryland for partnering with me and 
helping to reintroduce this bipartisan legislation. I thank our lead 
sponsors in the House who spearheaded this effort last Congress.
  The BUILD Act would provide that commonsense reform to ensure all 
housing charities are able to provide much needed stability to 
communities without being harmed by overly burdensome regulations.
  The President highlighted a variety of different ways we can work 
together during his State of the Union speech this week, and I believe 
the passage of a bipartisan, bicameral BUILD Act would be an 
encouraging start.
                                 ______