CoAMP Government Affairs committee plays a part in the American Dream Down Payment Act 2020

21 Sep 2020 3:37 PM | Anonymous

September 15, 2020

For Immediate Release:

CoAMP Government Affairs committee plays a part in the American Dream Down Payment Act 2020

In late July Senator Cory Gardner’s office reached out to me to ask for CoAMP’s opinion of the potential American Dream Down Payment Act of 2020. The Act will allow states to set up accounts for homebuyers so they can save for the down payment on a home, with little to no tax. It also allows for greater variance on who can contribute to the account thereby opening up the resources for potential homeowners to accumulate down payment. After reviewing the text of the Act, we responded back and encouraged Senator Gardner to co-sponsor the Bill. He did just that and on August 4, 2020; Senator Doug Jones (D-AL) introduced the Senate Bill S 4414, sponsored by Sen. Gardner (R-CO) to the Committee on Finance. CoAMP and the senators recognize that saving for down payment can be a challenge for homebuyers, and we feel strongly that this Act will support their efforts and open an avenue to give assistance to that process. The bill text and status is available here S. 4414 or here https://www.congress.gov/bill/116th-congress/senate-bill/4414?s=1&r=1.

Since these type of accounts are already in use, it should not overburden any state to administrator these accounts. We see this as a win for all involved. Especially with the limited restrictions on who can contribute to the account, opening it up beyond just Family gifts.

I want to Thank Ashley Higgins and all of the staff in Cory’s office for their consideration and outreach to CoAMP as a trusted voice to support the Mortgage industry. We look forward to helping advance this Bill into law.

Douglas L Braden

Colorado Licensed Loan Originator

Colorado Association of Mortgage Professionals

Government Affairs Committee Chairman

dbraden@commercemtg.com


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