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Congresswoman Joyce Beatty

Representing the 3rd District of Ohio

House Passes Beatty’s Bipartisan Affordable Housing Bill

Apr 21, 2021
Press Release

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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