Washington Report

Advocacy Updates from Washington D.C.

HR 3700 Heading to President

H.R. 3700, sponsored by Reps. Luetkemeyer (R-MO) and Cleaver (R-MO) and through companion legislation, Senators Menendez (D-NJ) and Scott (R-SC), passed the Senate under unanimous consent is on the way to the President for his signature. This legislation previously passed the House by a vote of 427-0.  This legislation:

  • Solves a number of concerns regarding FHA’s condo rules:
    • Reduces the FHA condo owner occupancy ratio to 35%, unless FHA takes alternative action  within 90 days.
    • Directs FHA to streamline the condo re-certification process.
    • Provides more flexibility for mixed use buildings.
    • Mirrors the Federal Housing Finance Agency’s (FHFA) rules regarding private transfer fees for FHA condo lending.
  • Provides permanent authority for direct endorsement for approved lenders to approve Rural Housing Service (RHS) loans.
  • Makes reforms to federally assisted housing programs to streamline the programs.

REALTORS® worked hard on this legislation, bringing it to Capitol Hill as part of the REALTOR® Legislative Meetings and Trade Expo, and with a Call for Action.  Nearly 140,000 REALTORS® participated in the Call for Action with a response rate over 15%. This clearly made a difference on Capitol Hill. We expect the President to sign the legislation shortly.

HR 3700

Coalition ad on HR 3700/S 3083

Call for Action

NAR letter to Senate on HR 3700

NAR testimony on HR 3700

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