Washington Report

Advocacy Updates from Washington D.C.

House Unanimously Passes Condo Bill

The House of Representatives passed, "Housing Opportunities through Modernization Act” with a unanimous vote of 427-0!  This legislation sponsored by Reps. Luetkemeyer (R-MO) and Cleaver (D-MO) includes three major provisions that NAR supports:

  1. The legislation solves a number of concerns regarding FHA’s condo rules:
    • Reduces owner occupancy ratio to 35%.
    • Directs FHA to streamline condo certification process.
    • Provides more flexibility for mixed use buildings.
    • Mirrors FHFA rules regarding private transfer fees.
  2. The legislation provides permanent authority for direct endorsement for approved lenders to approve Rural Housing Service loans.
  3. The legislation makes reforms to federally assisted rental housing programs to streamline the program.

The bill now moves to the Senate.

NAR letter to House supporting HR 3700

NAR testimony on HR 3700

NAR Condominium Resource Book

Notice: The information on this page may not be current. The archive is a collection of content previously published on one or more NAR web properties. Archive pages are not updated and may no longer be accurate. Users must independently verify the accuracy and currency of the information found here. The National Association of REALTORS® disclaims all liability for any loss or injury resulting from the use of the information or data found on this page.

Advertisement