Sec. 5. Report on owner financing
225 words·~1 min read·
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The Secretary of Housing and Urban Development and the Secretary of the Treasury shall jointly carry out a study on— the number of residential properties purchased for less than $150,000 or 60 percent of the median home value in a given census tract in the United States, whichever is lower, using owner financing; the number of homes described under paragraph
(1)financed by licensed mortgage brokers; the potential number of homes described under paragraph
(1)which could be sold but have not been sold because owner financiers are unwilling, or from a practical standpoint unable, to comply with mortgage broker rules; and the potential benefit to home values and wealth creation if more homes were to be sold using owner finance. Not later than the end of the 1-year period beginning on the date of the enactment of this Act, the Secretary of Housing and Urban Development and the Secretary of the Treasury shall jointly issue a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate containing— all findings and determinations made in carrying out the study required under subsection (a); and data on the number of transactions utilizing owner financing 20 years, 15 years, 10 years, and 5 years prior to the date of the enactment of this Act.