US Representative Sue Myrick (NC-09) has joined the entire North Carolina Congressional delegation in supporting an affordable housing bill that will allow nonprofit organizations to promote responsible homeownership for low-income and disabled individuals and families.
The Nonprofit Mortgage Licensing Clarification Act, H.R. 4400, was introduced by Rep. Heath Shuler (NC-11), and amends the Secure and Fair Enforcement (S.A.F.E.) for Mortgage Licensing Act to exempt nonprofit groups – such as Habitat for Humanity – from certain regulations and federal licensing requirements.
“Even before I was elected Mayor of Charlotte, I was involved with Habitat for Humanity,” Rep. Myrick said. “I’ve long admired their work, and continue to support their goals. It is so important not only to provide people with affordable housing, but to also help people understand the importance of responsible homeownership decisions. Helping those in need isn’t a partisan issue, and I’m proud that all of my colleagues from North Carolina have signed onto this bill.”
In order to quality for these exemptions, the organization must provide loans in order to promote homeownership for low-income or disabled persons, and offer loans at rates lower than the bank prime loan rate, or that are low-to-no interest loans.