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HARLINGEN — U.S. Rep. Vicente Gonzalez, whose district includes Cameron, Kenedy, Kleberg, and Willacy counties and eastern Hidalgo County, and U.S. Rep. Andy Barr of Kentucky have introduced H.R. 3464, the Affordable Homeownership Access Act.
The bipartisan bill seeks to provide working families with another access point to the home buying process by providing relief to individuals and small businesses so that they can sell their homes directly to a buyer without the fees associated with being a mortgage originator.
According to a press release from Gonzalez, the United States is facing a homelessness crisis, with the lack of affordable housing as a major contributor to the problem, while home loans below $200,000 are scarce and significantly more so at the $100,000 price point.
“Homeownership is a vital pillar to building strong communities and generational wealth,” Gonzalez stated in the release. “I am proud to join Congressman Barr to re-introduce the bipartisan Affordable Homeownership Act, which will increase opportunities for South Texans to achieve the American dream. This bill offers another path to homeownership through seller financing, a flexible option that can meet the needs of working-class families without forfeiting critical consumer protections.”
“The Affordable Homeownership Access Act is a critical step towards providing a pathway to homeownership for hardworking Americans. By reducing barriers and streamlining processes, we empower individuals and families to achieve their dreams of owning a home,” Barr stated. “This legislation not only addresses the housing and credit challenges faced by many, but also ensures that vital consumer protections are upheld. I am proud to champion this initiative, as it promotes economic mobility and strengthens our communities.”
“The Seller Finance Coalition is excited that the Affordable Homeownership Access Act is being introduced by Congressman Andy Barr as a bipartisan solution to the ongoing homeownership and affordability crisis,” Bob Repass and Jeff Watson, co-founders of the Seller Finance Coalition, stated. “Homeownership is a vital aspect of families building wealth. Seller financing provides greater access to capital and affordable homeownership opportunities to underserved consumers as well as underserved communities across the nation. This bill will provide the opportunity for an eight-fold increase in the capital available to underserved yet worthy aspiring homeowners. For generations, seller financing has been a vital mechanism for working class and minority family’s purchasing homes and has allowed thousands of families who would not otherwise be able to own their own home the opportunity to achieve the American dream of home ownership. The private capital provided by seller financiers can help solve the affordable homeownership crisis without any cost or risk to the taxpayers.”
The bill would allow real estate owners to engage in seller financing, expanding lending options for homebuyers within their affordable price range, while preserving important consumer safeguards. Seller financing facilitates transactions that abide by the real estate and consumer protection laws of each state, as well as state and federal fair housing and equal opportunity laws. The initiative aims to enhance accessibility for both sellers and buyers while upholding necessary regulatory frameworks.
