Congresswoman Beatty Introduces Bipartisan Housing Financial Literacy Act of 2014
Beatty Introduces Bipartisan Housing Financial Literacy Act of 2014
Legislation aims to improve housing affordability, financial literacy, and fight foreclosures
Washington, D.C. – Congresswoman Joyce Beatty (OH-03) released the following statement on her recently introduced legislation, the Housing Financial Literacy Act of 2014, H.R. 4462, that would incentivize first-time homebuyers to improve their financial acumen.
On April 10, 2014 Congresswoman Joyce Beatty introduced bipartisan legislation that would discount the Federal Housing Administration’s up-front mortgage insurance premium by 25 basis points for first-time homebuyers who can demonstrate completion of a Department of Housing and Urban Development (HUD)-certified housing counseling program.
Congresswoman Beatty spoke of her ongoing work on financial literacy, “I am thrilled to continue my commitment to financial literacy by introducing the Housing Financial Literacy Act of 2014. This legislation would further incentivize first-time homeowners to take advantage of beneficial programs that are available through HUD.”
During this Financial Literacy Month, Americans are encouraged to improve their financial management skills. The Housing Financial Literacy Act of 2014 would support this goal by encouraging individuals to take advantage of counseling resources to improve their financial literacy skills, while providing assistance that would ease the process of first-time homeownership. Studies have shown that homebuyers who receive pre-purchase housing counseling are nearly one-third less likely to fall behind on their mortgage.
“By incentivizing financial literacy, we can bring the dream of successful, affordable homeownership to individuals throughout our communities,” said Congresswoman Beatty. “I am pleased to have support from my colleagues who signed on as original co-sponsors in this effort, including both Congressman Hinojosa (TX-15), and Congressman Stivers (OH-15), the respective Democratic and Republican Co-Chairs of the Financial Literacy Caucus."
Throughout this District Work Period, Congresswoman Beatty will advocate for H.R. 4462 and financial literacy with members of the financial services sector and consumer groups, teach a financial literacy class to fourth and fifth graders from a local area school, and host a financial literacy roundtable discussion on increasing financial education.
Galen Alexander I Rep. Joyce Beatty (OH-03) I Communications Director I 202.225.4324