NAR-backed Condo Legislation Passes U.S. Senate, Offers Relief for Homebuyers

WASHINGTON (July 14, 2016) — The U.S. Senate tonight 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. The bill also… Read More
Source: realtor.org news releases

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