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  • Obama Signs HR 3700

    On July 29, 2016, H.R. 3700, sponsored by Reps. Luetkemeyer (R-MO) and Cleaver (R-MO) and through companion legislation, Senators Menendez (D-NJ) and Scott (R-SC), was signed into law by President Obama. This legislation previously passed unanimously in both the U.S. House and Senate. 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.
    REALTORS® worked hard on this legislation, bringing it to Capitol Hill as part of the REALTOR® Legislative Meetings and Trade Expo, and with a Call for Action. Nearly 140,000 REALTORS® participated in the Call for Action with a response rate over 15%. This clearly made a difference on Capitol Hill.

    This should help with the value of condos. It can be awful if you need to sell one and can only sell to owner occupants.

  • #2
    Here is a link to the summary of the bill.
    Summary of H.R.3700 - 114th Congress (2015-2016): Housing Opportunity Through Modernization Act of 2016

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