The House of Representatives passed, “Housing Opportunities through Modernization Act” with a unanimous vote of 427-0. This legislation includes three major provisions that NAR supports.
1. The legislation solves a number of concerns regarding FHA’s condo rules by reducing owner occupancy ratio to percent, directing FHA to streamline condo certification process, providing more flexibility for mixed use buildings and mirroring FHFA rules regarding private transfer fees.
2. The legislation provides permanent authority for direct endorsement for approved lenders to approve Rural Housing Service loans.
3. The legislation makes reforms to federally assisted rental housing programs to streamline the program.