Senate Unanimously Passes Bipartisan Condo Legislation

22 Jul
The U.S. Senate approved legislation by unanimous consent that is designed to make FHA’s condo recertification process substantially less burdensome. H.R. 3700, the “Housing Opportunity Through Modernization Act,” passed the House of Representatives by a 420-0 vote in February.

The legislation now goes to President Obama’s desk for his signature. Under the Act, FHA must:

  • establish and implement a recertification process that is substantially less burdensome than initial certification
  • cease and desist from rejecting condominiums that use transfer fees to fund association operations
  • lower the owner occupancy limitation from 50 percent to 35 percent
  • provide additional flexibility for condominium projects with commercial space

The Department of Housing and Urban Development is drafting a proposed rule that will make further changes to its condominium approval guidelines.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: