Thanks to the more than 139,000 REALTORS®, or 15 percent of our members, across the nation, the Housing Opportunity through Modernization Act of 2016, or H.R. 3700, passed the U.S. Senate by unanimous consent, and was signed into law by President Obama on July 29, 2016. 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.
On behalf of the NAR Leadership Team, we would like to thank you and your colleagues for this amazing grassroots effort and for all your support for this national Call for Action. Our state and local association partners did a great job in leading the efforts to get the U.S. Senate to act on this critical legislation.
This victory was made possible by the collective efforts of the NATIONAL ASSOCIATION OF REALTORS®, and our state and local association partners. When REALTORS® speak in a single unified voice, Congress listens.
Learn more at realtoractioncenter.com.