In October NAR 2015 President Chris Polychron testified before the Housing and Insurance Subcommittee of the House Financial Services Committee. The hearing focused on H.R. 3700, the “Housing Opportunity Through Modernization Act of 2015,” which NAR supports.
This legislation includes a number of provisions to ease the sale and purchase of condominiums with FHA mortgage insurance. Polychron spoke about the benefits of easing the recertification process; reducing the owner/occupancy ratio; streamlining the process of approval for buildings with more than 25 percent commercial space; and conforming FHA’s rules on private transfer fees to FHFA. There appeared to be general support for the bill, and its provisions. NAR is urging the committee to quickly consider this legislation and will continue to work for its passage.