Building Up Independent Lives and Dreams Act

Floor Speech

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Mr. SHERMAN. Mr. Speaker, I thank the gentlewoman for yielding.

I would like to thank my colleague from Georgia (Mr. Loudermilk) for working with me on this bill, titled the Building Up Independent Lives and Dreams, or BUILD Act. This has been a collaborative process, and I am pleased to serve as the chief Democratic sponsor.

We have heard from a variety of chapters of Habitat for Humanity. They are having difficulty dealing with the new TILA-RESPA Integrated Disclosure form, chiefly because they don't have the software to deal with that form. The new form is a good form. The old forms were pretty good as well, but what is really good for the consumer in this case is that they are getting a zero percent loan.

So what this bill says is that, if you are a bona fide nonprofit organization providing the new homeowner with a zero percent loan, you have the flexibility to either use the new form or to use the old forms.

The new form is good. The old forms were pretty good, too. A zero percent loan is very good for the consumer.

This bill is supported by Habitat for Humanity International and the National Housing Conference. It passed the Financial Services Committee 53-0, and I urge everyone to vote ``yes.''

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