Thanks to REALTORS, H.R. 3700 passes the U.S. Senate
Due to the overwhelming response from REALTORS® in Colorado and across the country contacting their Senators, we are excited to report that H.R. 3700 passed the U.S. Senate on July 14, 2016!
Once again the voices of REALTORS® were heard loud and clear on Capitol Hill and last night we scored a big win!
Thanks to you, and more than 139,000 REALTORS® across the nation, the Housing Opportunity through Modernization Act of 2016 passed the U.S. Senate last night by unanimous consent. This legislation includes reforms to current Federal Housing Administration restrictions on condominium financing, among other provisions, and is supported by Colorado Association of REALTORS® and the National Association of REALTORS®.
Changes include efforts to make FHA’s recertification process “substantially less burdensome,” while lowering FHA’s current owner-occupancy requirement from 50 percent to 35 percent. The bill also requires FHA to replace existing policy on transfer fees with the less-restrictive model already in place at the Federal Housing Finance Agency.
“The NAR Leadership Team and I would like to thank you and your colleagues for this amazing grassroots effort and for all your support for this national Call for Action. Our state and local association partners did a great job in leading the efforts to get the Senate to act on this critical legislation,” said Tom Salomone, President of the National Association of REALTORS®. “This victory was made possible by the collective efforts of the National Association of REALTORS, and our state and local association partners. When REALTORS® speak in a single unified voice, Congress listens.”
NAR testified last year in support of the bill, which passed in the House of Representatives 427-0 in February.
Tom Salomone praised the legislation as a significant step towards eliminating barriers to safe, affordable mortgage credit for condos.
Following is a statement from Mr. Salomone:
“Condominiums often represent an affordable option that’s just right for first-time and low-to-moderate income homebuyers. Unfortunately, overly-burdensome restrictions on condo financing have for too long put that option out of reach for many creditworthy borrowers.
“This legislation meets those restrictions head on, putting the dream of homeownership back in reach for more Americans.
“Tight inventory and rising home prices are a reality of today’s market, and mortgage credit is hard to come by. We should take every opportunity to clear the path for well-qualified borrowers to purchase a home when they’re ready, and this legislation does just that.
“Sens. Tim Scott (R-S.C.) and Robert Menendez (D-N.J.) have done tremendous work to see H.R. 3700 move forward, and we’re thankful for their support. REALTORS® made their voices heard as well, reaching out to their Senators and Representatives to remind them of how important this issue is to homeownership.”
“We look forward to seeing this legislation signed into law so homebuyers can start seeing some much-needed relief.”