House Passes Beatty’s Bipartisan Affordable Housing Bill

WASHINGTON, D.C.—The U.S. House of Representatives yesterday passed U.S. Congresswoman Joyce Beatty's (OH-03) signature, bipartisan, affordable housing bill, the Housing Financial Literacy Act, H.R. 1395. If enacted, the piece of legislation would give first-time homebuyers who complete a U.S. Department of Housing and Urban Development (HUD)-certified counseling course a discount on their Federal Housing Administration (FHA) mortgage insurance premium of 25 basis points (or 0.25 percent). This translates into a cost savings for first-time homebuyers of $250 for every $100,000 financed through a FHA mortgage loan. Following the vote, Beatty said:

"Whether you are managing your credit, creating a budget, saving for retirement, or purchasing a home, understanding the basic principles of planning, saving, and investing for the future are vitally important. Studies show that pre-purchase housing counseling empowers first-time homebuyers to make more informed financial decisions that ultimately benefit their family's financial future, the neighborhood, and entire economy. I call on Democratic and Republican Senators to back this common-sense, bipartisan bill to help more of our constituents realize the dream of homeownership in a financially responsible way."

The Housing Financial Literacy Act is awaiting further consideration by the U.S. Senate.

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