New Law Suspends HUD Investor Approval Process
The Senate last week approved H.R. 1675, the Preservation Approval Process Improvement Act of 2007. The measure, which passed the House last month and is expected to be signed into law shortly by the President, is designed to make it easier to invest in affordable housing by easing overly burdensome filing requirements to participate in U.S. Department of Housing and Urban Development programs.
To ensure that they are reputable and will honor their legal, financial and contractual obligations, participants in HUD programs, including FHA mortgage insurance, are required to submit information through an electronic reporting system on their previous business with the department.
H.R. 1675 will suspend this mandatory process until HUD makes changes to a draft of the regulations it has proposed for the filing requirements.
HUD’s proposal contains onerous filing requirements for passive investor participants and establishes additional conditions under which participants can be prevented from taking part in its programs.
To read the bill, click here and enter H.R. 1675 in the box at the center of the page.
For more information, e-mail Claudia Kedda or Scott Meyer at NAHB, or call them at 800-368-5242 x8352 and x8144.
BuilderLink Connects Builders With Members of Congress
BuilderLink, an updated national grassroots program that will provide opportunities for NAHB members to connect more frequently with their members of Congress, is set to be launched on Wednesday, June 6 at the 2007 Legislative Conference in Washington, D.C.
By developing local grassroots activities that bring NAHB members and their members of Congress together throughout the year, BuilderLink will build on the momentum generated by the annual NAHB conference, which is expected to draw more than 1,000 builders to Capitol Hill to share their concerns on housing-related issues with their representatives and senators.
BuilderLink will pinpoint members of Congress who have the most influence over priority housing issues and link them to the NAHB members living in the areas they represent. As constituents, NAHB members are in a unique position to directly communicate with their federal lawmakers on the impact of their decisions on housing.
Whether conducting a local visit, writing a letter or making a phone call to a member of Congress, BuilderLink will provide the resources NAHB members need to advocate a pro-housing message.
For more information on BuilderLink, click here, or e-mail Molly Murray at NAHB, or call her at 800-368-5242 x8470.