The House of Representatives passed, “Housing Opportunities through Modernization Act” with a unanimous vote of 427-0! This legislation sponsored by Reps. Luetkemeyer (R-MO) and Cleaver (D-MO) includes three major provisions that NAR supports:
The legislation solves a number of concerns regarding FHA’s condo rules:
Reduces owner occupancy ratio to 35%.
Directs FHA to streamline condo certification process.
Provides more flexibility for mixed use buildings.
Mirrors FHFA rules regarding private transfer fees.
The legislation provides permanent authority for direct endorsement for approved lenders to approve Rural Housing Service loans.
The legislation makes reforms to federally assisted rental housing programs to streamline the program.
The bill now moves to the Senate.