Senate Letter on HR 3700
NAR sent a letter to all Senators, urging them to bring H.R. 3700, the "Housing Opportunities through Modernization Act” to the Senate floor. This legislation, sponsored by Reps. Luetkemeyer (R-MO) and Cleaver (D-MO), passed the House with a unanimous vote of 427-0 last month. HR 3700 contains provisions to ease FHA restrictions on condo sale and purchase; provides permanent authority for direct endorsement for approved lenders to approve Rural Housing Service loans; and makes reforms to federally assisted rental housing programs to streamline the program. We urge the Senate to bring this important, non-controversial legislation to the Floor for an immediate vote.