Home » Bangor » Condo Legislation Passes Senate

Condo Legislation Passes Senate

The U.S. Senate passed H.R. 3700, the “Housing Opportunity Through Modernization Act,” by unanimous consent. This legislation includes reforms to current Federal Housing Administration restrictions on condominium financing, among other provisions, and is long supported by the National Association of Realtors®.
Changes include efforts to make FHA’s recertification process “substantially less burdensome,” while lowering FHA’s current owner-occupancy requirement from 50 percent to 35 percent.
Tom Salomone, president of NAR, praised the legislation as a significant step towards eliminating barriers to safe, affordable mortgage credit for condos. He said, “Condominiums often represent an affordable option that’s just right for first-time and low-to-moderate income homebuyers. Unfortunately, overly-burdensome restrictions on condo financing have for too long put that option out of reach for many creditworthy borrowers.
“This legislation meets those restrictions head on, putting the dream of homeownership back in reach for more Americans.”
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries

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