From the National Association of REALTORS® – Condo Bill Passes in the House

Posted byAngie HedgepethPosted inFederal

House Unanimously Passes Condo Bill

February 5, 2016

By Megan Booth, Sehar Siddiqi, Colin Allen

 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

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Published by Angie Hedgepeth

Angie Hedgepeth, Government Affairs Director for the Association, attends all the local meetings each month, as well as NAR and NCAR meetings, and keeps members abreast of the multiple issues being addressed in local, state and national government. She prepares reports on the meetings she attends and they are included in the weekly "Government Affairs Update".