HOUSE PASSES FHA CONDOMINIUM PROJECT APPROVAL PROCESS CHANGES

On February 2, 2016, progress was made towards helping condominium projects recertify their FHA approval. H.R. 3700 the “Housing Opportunity through Modernization Act” passed the House and was referred to the Senate. The bill addresses the problems in FHA’s condominium program by simplifying the recertification process, allowing the Department of Housing and Urban Development (HUD) to grant commercial space requirement exemptions and reducing the minimum owner occupancy requirement from 50 percent to 35 percent. If the bill becomes law it will not only help condominium projects maintain their FHA approval, but will also ease the burden on condominium projects and put homeownership in reach for more families. We will keep you posted on progress of this bill as it leads to the Senate.