H.R.3704 — To clarify that nonprofit organizations such as Habitat for Humanity can accept donated mortgage appraisals, and for other purposes.

The Gist

“This bill amends the Truth in Lending Act to deem mortgage appraisal services donated by a fee appraiser to an organization eligible to receive tax-deductible charitable contributions to be customary and reasonable.”

Summary

Basically, if an individual or company whose job is appraising homes, they are legally allowed to donate an appraisal to nonprofit organizations such as Habitat for Humanity or the similar, and those organizations are legally allowed to accept. This donation can be considered tax-deductible for the appraiser.

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