Condominiums offer an affordable option and are the first step to homeownership for many home buyers. In many areas across the country, the real estate crisis left the condominium market devastated. Today, the condo market isn't stabilizing as quickly as other types of housing, resulting in significant losses for current condo homeowners and tighter underwriting guidelines for potential buyers. In order for the housing economy to stabilize, it is important that there be a healthy condo market.
NAR has urged the Federal Housing Administration (FHA) and the GSEs (Fannie Mae/Freddie Mac) to develop policies that will give current homeowners and potential buyers of condos access to more flexible and affordable financing opportunities and a wider choice of approved condo developments. For example, NAR has been particularly vocal about changing the minimum owner-occupancy rates currently required by FHA and the GSEs, which can pose a roadblock to both buyers, sellers and lenders.
On October 21, 2015, NAR President Chris Polychron presented his testimony to the House Financial Services Subcommittee on Housing and Insurance for their hearing titled "The Future of Housing in America: Federal Housing Reforms That Create Housing Opportunity" NAR supports H.R. 3700, the “Housing Opportunity Through Modernization Act of 2015.” This bill contains a number of provisions that NAR supports including Title III on FHA condominiums, Title II on Rural Housing, and Title I of the bill which relates to Section 8 Housing.