September 24, 2015
Dear Security and Exchange Commission,
My husband I are are trying to secure a building loan to build on land that we purchased 10 years ago in Abiquiu, New Mexico.
We have 30% cash down and have plans to build modest home that is energy efficient, passive solar, and of sound design.
We have attempted to secure a building loan from there different banks and are unable to do so because the Dodd Frank Bill stopped appraisals from
Basing cost of materials and labor for new construction and through the appraisal value onto existing home sales.
Our land is in a rural location where there are little or no sales and the cost to build is $100.00 more per square foot than the current older, run down homes in our area are selling for.
This is unfair.... We would be creating jobs locally, paying property tax which would help the local schools and agencies and enhancing the values of existing properties if we were able to build our home. We are not speculators, we are retirees who have worked our entire lives with the goal to retire on our land in a home that we have built. We plan to live in this home until we die.
Why are people like us being punished when all we have ever done is follow the rules, pay our taxes and support our government? I understand that Real Estate Developers need regulation, but why should single families suffer under the same regulations. We feel there should be an exemption from this rule for homes that cost under $400,000.00 to build. I’m sure I am not the only people like us who have complained. You are punishing the middle class for the acts of the big banks. The crisis wasn’t our fault. Why should we be paying for it.
Ron and Melodie Milhoan