Condominium Bill Moving
The House Financial Services Committee passed H.R. 3700, "Housing Opportunities through Modernization Act” with a bipartisan vote of 44-10. This legislation sponsored by Reps. Luetkemeyer (R-MO) and Cleaver (D-MO) includes a number of provisions that NAR supports. The bill will ease FHA’s restrictions on the purchase and sale of condominiums. The bill includes changes to the certification process, owner/occupancy ratio, commercial space requirements, and private transfer fees. NAR has been pushing FHA on these changes for more than 3 years. The bill also will provide the Rural Housing Service with delegated endorsement for approved lenders. Both FHA and VA use delegated endorsement for their loans. Such a change will streamline the use of RHS loans and speed up processing times. The bill also includes a number of provisions that will ease regulatory burdens on owners of federally assisted housing or who accept voucher tenants. NAR will be working to get this legislation to the House Floor.