S.Amdt. 4360

Mr. Merkley submitted this amendment to be added to bill H.R. 6644, which focuses on increasing the housing supply in America.

The purpose of this amendment is to change how income from State-sanctioned marijuana businesses and service providers is handled when someone applies for a federally backed single-family mortgage loan for a home (1 to 4 units) that serves as their main residence.

Specifically, the amendment aims to:

• Treat Marijuana Income as Legal Income: It requires that income from these businesses be viewed the same as any other legal income when deciding if a person is eligible for a federally backed mortgage loan.
• Protect Lenders and Agencies: It states that federal agencies, mortgage servicers, and entities like the Federal National Mortgage Association and Federal Home Loan Mortgage Corporation cannot be held liable under federal law just for providing loans or accepting payments based on this income.
• Prevent Forfeiture: It protects the legal interests of federal agencies and other lenders from criminal, civil, or administrative forfeiture under federal law when the mortgage was based on income from a State-sanctioned marijuana business or service provider.
• Set Implementation Deadlines: It requires agencies—including the Federal Housing Administration, Department of Veterans Affairs, and Department of Agriculture—to implement these changes within 180 days of the Act becoming law.