Sixty-nine Members of the House of Representatives wrote to the FHA last week, asking them to loosen restrictions on the sale of condominiums.
Lead by Representatives Fitzpatrick (R-PA) and Cleaver (D-MO), the letter focused on four major concerns with the current condo rules:
- Treatment of delinquent dues
- Property certification requirements
- Owner-occupancy requirements
- Treatment of commercial space.
The letter urges FHA to reform these requirements which place burdens on seller, buyers, and condominium properties and homeowners associations. This letter was a focus of NAR's recent Midyear meetings and Capitol Hill visits.
View the letter to see if your Member of Congress signed the letter. FHA is in the process of reviewing the condo rules and revised rules are expected soon.