Bill Would Remove Construction Lending Barriers
Washington, DC, March 21, 2013 -- Bipartisan legislation has been introduced to help home builders gain access to construction loans.
Reps. Gary Miller (R-Calif.) and Carolyn McCarthy (D-N.Y.) sponsored a bill that would address specific regulatory obstacles to the credit needs of the nation's home builders.
In many housing markets where demand is increasing and the supply of new homes remains near record-lows, builders still cannot obtain construction loans because credit remains very tight in the aftermath of the housing downturn.
The bill would remove barriers to lending while preserving the regulators' ability to assure the safety and soundness of the financial institutions they oversee, according to the National Association of Home Builders.