STATEHOUSE-Rep. Heath VanNatter's (R-Kokomo) zero-interest mortgage bill for non-profit entities was signed into law today by Governor Daniels.
House Enrolled Act 1180 proposes zero interest mortgages for non-profit entities. The bill outlines the specifications that organizations must meet in order to qualify for the zero-interest mortgage.
The bill will help organizations such as Habitat for Humanity help people qualify for zero interest home loans. Habitat for Humanity has been restricted through the regulations of The First Lien Mortgage Lending Act, which was a federal act designed to regulate predatory lenders. Habitat for Humanity is not a predatory lender, but has been restricted under some of their regulations.
Habitat for Humanity is a nonprofit, ecumenical Christian housing ministry that seeks to eliminate poverty housing and homelessness. It was established in 1976 and has since then, built more than 400,000 affordable houses and served more than 2 million people around the world.
"I am proud to be an author on this significant piece of legislation. This bill will help many working families all across central Indiana," said VanNatter. "This bill will allow families to receive a mortgage that might not qualify under normal circumstances."
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Rep. VanNatter serves in District 38 which includes all of Clinton, and parts of Howard, Boone, and Hamilton counties. District 38 also includes parts of Kokomo and Sheridan. For the 2011 legislative session, Rep. VanNatter currently serves as the vice-chair of the Utilities and Energy Committee, and as a member of the Local Government Committee, the Environmental Committee, and the Courts and Criminal Code Committee. |
