Stivers and Beatty Legislation to Boost Housing Market Included in Highway Funding Bill

WASHINGTON – December 07, 2015 – (RealEstateRama) — The House passed a long-term highway funding bill, which included H.R. 299 – the Capital Access for Small Community Financial Institutions Act of 2015 – introduced in January by Representative Steve Stivers (R – OH) and Representative Joyce Beatty (D – OH). H.R. 299 provides regulatory relief for small, community-based enterprises in an effort to boost the housing market.

“Not only have we provided long-term funding for our nation’s roads and bridges, but we have also included a provision which will help more families achieve the American Dream of homeownership,” Stivers said.

The Federal Home Loan Bank (FHLB) System has been an important source of credit and liquidity for mortgage lending over the past 80 years, particularly for main street institutions. Although thousands of large and small institutions are members of the FHLB, there are still a small number of privately-insured credit unions, representing firefighters, teachers, churches, and small business which have been blocked from membership for over 20 years, due to a legislative oversight.

This legislation corrects this oversight and provides these institutions the ability to apply for membership in the Home Loan Bank System, thereby increasing opportunities for mortgage lending and the ability of credit unions to contribute to the stagnant housing market.