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NAR joined the Community Association Institute (CAI) and Community Mortgage Lenders of America (CMLA) in writing to the Federal Housing Finance Agency (FHFA) regarding its temporary guidance on condominium purchase requirements. Those requirements have been in place since the beginning of 2022 and were a response to the collapse of a building in Florida that killed more than 90 residents. That building did not have appropriate engineering or safety reports and had insufficient reserves to pay for required repairs.
NAR, CAI, and CMLA have been part of a group of trade associations working with the FHFA, Fannie Mae, and Freddie Mac to review their temporary guidance. However, this project is under a non-disclosure agreement (NDA) and details are not public. The coalition believes that once final, any revised guidance should go through a public input process, just like any other major rule produced by a government agency before implementation.
If you have any questions, please feel free to contact Ken Fears, NAR's Senior Policy Representative, at kfears@nar.realtor, 202-383-1066.