NAR Comments on FHA Condo Certifications
On Tuesday, July 30, 2013, the National Association of REALTORS® (NAR), the National Association of Home Builders (NAHB), the Community Associations Institute (CAI), and the Institute for Real Estate Management (IREM) submitted comments to Federal Housing Commissioner Carol Galante. The letter recommends improvements to the Federal Housing Administration’s condominium certification process including: a longer timeframe for recertification, a simplified recertification process, and improved coordination with the Government Sponsored Enterprises (GSEs) to harmonize condominium approval standards.
Condominiums continue to be the most affordable homeownership option for many first time buyers, small families, single people, and older Americans. NAR hopes that continued enhancements to FHA’s condominium rules will ensure that more homeowners will be able to sell their units and homebuyers will have more opportunities to buy affordable properties.