Approved: Trott Legistlation Aiding Habitat for Humanity Passes in the House
January 30, 2018
WASHINGTON - U.S. Representative Dave Trott (MI-11) issued the following statement after the Housing Opportunities Made Easier (HOME) Act, legislation he introduced to ensure Habitat for Humanity affiliates and other similar organizations can continue to receive donated appraisals on the homes they build, recently passed in the House:
"Habitat for Humanity of Michigan supports over 80 affiliates statewide where over 200,000 dedicated volunteers come together to help Michigan families in need. The HOME Act is vital to ensuring that Habitat can receive the donated resources it needs to continue helping families in Southeast Michigan and nationwide. Early last year, I met with Habitat leaders from Michigan, and I heard about their struggle to keep their homes affordable under the regulations imposed by Dodd-Frank.I applaud my colleagues on both sides of the aisle for supporting this important legislation, allowing Habitat for Humanity and similar housing charities to uphold their mission of providing homes for our neighbors in need."
In fulfilling its mission to provide affordable housing, Habitat for Humanity typically provides no or low-interest loans to families, allowing them to keep homeownership affordable. As is the case with any mortgage loan, the home must be appraised before being sold. Many times, these appraisals were services donated by professional appraisers in the community. However, Dodd-Frank regulations, in requiring that fee appraisers receive "customary and reasonable" compensation for their services, has undermined Habitat's ability to receive these service donations. The HOME Act exempts Habitat for Humanity and similar organizations from this requirement, allowing them to continue to accept donated appraisals and keep their home prices affordable for Michigan families.