H.R. 1360
I was so honored and pleased to be part of the The Seller Finance Coalition first annual fly-in event July 18th and 19th in our Nation’s Capital. What an impact we made! There was close to 40 attendees from all over the country on Capitol Hill for a day and a half telling the story of how seller financing can impact consumer’s ability to become homeowners as well as its effect on stabilizing neighborhoods.
The theme of affordable housing and providing access to private capital in underserved markets such as inner cities and rural communities was well received from members of Congress on both sides of the aisle.
The group had an experience to remember as we heard from four Congressmen and one U.S. Senator on their latest on where they stand on regulatory relief and their support of The Seller Finance Enhancement Act known as H.R. 1360.
L to R – Troy Fullwood, Bob Zachmeyer, Congresswoman McSally, Dave Franecki
The event also included panel discussions as well as meeting with over 70 Congressional and Senate offices including meeting with another of our original bill sponsors Henry Cuellar (D-TX) and Chairman of the Financial Services Committee, Jeb Hensarling.
One of my visits was with
Congresswoman Martha McSally (R-AZ-2).
She was genuinely very warm & friendly. She was the first American woman to fly in combat following the 1991 lifting of the prohibition of women in combat.
In addition to meeting with Congresswoman McSally, I met with
- Alyssa Marois, the Legislative Director for Congresswoman Kyrsten Sinema(D-AZ-9)
- Bobby J. Cornett, the Deputy Chief of Staff for Congressman Trent Franks(R-AZ-8)
- Xenia Ruiz, the Legislative Director for Congressman Tom O’Halleran(D-AZ-1)
- Joshua Ronk, the Legislative Director for Congressman Paul Gosar, DDS(R-AZ-6)
All of the meetings went well, with no push back on our message.
My message was very simple–
H.R. 1360 –The Seller Finance Enhancement Act is a one page Amendment to the Dodd-Frank Act keeping all the provisions of the bill but one–it changes the number of seller financed transactions a seller can have from 3 per year to 2 per month.
Passage of the one page bill will benefit several groups:
- Tenant/property buyers – current renters who are currently not financeable via traditional financing can experience home ownership and it’s many benefits.
- Interest tax deduction.
- Stay in the home they have been in for years.
- Lower monthly payments as compared to rent
- Landlords – those who own more than 3 properties
- Get out of the landlord business –the ability to sell their portfolio with being hampered by the shackles of the 3 property rule.
- Defer capital gains due to seller financing
- Retire with a better cash flow than that provided by being a landlord with all the hassels of toilets, tenants, trash, and termites.
- The neighborhood – Owner occupied homes are typically maintained better than landlord owned home. Therefore property values will increase. Thus increasing the tax base.
- The local economy – merchants will benefit from the new rehab projects—general commerce
- Enhance/build your constituent base. Provide a great advertising/campaign opportunity for the Congressional reelection team.
- It gives the country a win!!!!
The trip was hot. The People were great. It was a wonderful experience.