NATIONAL – FHA Condo Relief Coming: President Signs Bill
REALTOR MAG: FHA Condo Relief Coming: President Signs Bill
DAILY REAL ESTATE NEWS
August 1, 2016
President Obama has signed H.R. 3700 – the “Housing Opportunity Through Modernization Act” into law. The National Association of REALTORS® hailed the development as a “significant step” in eliminating barriers to safe, affordable mortgage credit for condos.
The bill was approved unanimously by the U.S. House in February and the Senate two weeks ago. NAR has long been an advocate of the bill, testifying before Congress and lobbying for its passage. Additionally, nearly 140,000 REALTORS® across the country voiced their support for the legislation during the NAR call for action.
“REALTORS® have reason to celebrate today as legislation easing restrictions on FHA financing for condominiums is finally signed into law,” says NAR President Tom Salomone. “This is a long-awaited victory for NAR and for home buyers for whom condos are an important and affordable option.” Read more: