Call for Action: Urge Senate to Pass H.R. 3700

CFA-H.R. 3700 Condo Financing

RPAC SUPPORTS… Homeownership Opportunities

Take Action Now

Condominiums are often the most affordable homeownership option for first-time buyers, small families, single people, and older Americans. Unfortunately, current FHA regulations prevent many buyers from purchasing condos, harm homeowners who need to sell, and limit the ability to attract resident buyers.

Ask your U.S. Senators to pass the “Housing Opportunity Through Modernization Act” to:

  • Reduce owner-occupancy ratio to 35%;
  • Allow lenders to approve condos with commercial space over 25%;
  • Require HUD Secretary to “substantially reduce” burdens on condo recertification; and,
  • Require FHA to mirror the FHFA rules related to private transfer fees.

Why you should care… Your condo buyers and sellers may find a property is ineligible for FHA financing, restricting the pool of buyers.

While our local market doesn’t have a lot of condo product (in part because of the current restrictions) if passed, this new legislation may encourage condo construction and help sell those condos that are currently on the market.   Especially important as condos are often an affordable option for first time buyers and others which we certainly need throughout the region (condos are 27% less expensive than single family homes).

Take Action Today!