NAR President Tom Salomone Calls HUD Condo Rule a Start, but More Changes Needed
When H.R. 3700, the “Housing Opportunity Through Modernization Act,” was signed into law earlier this year, the Department of Housing and Urban Development was given notice that they had 90 days to weigh in on regulations related to Federal Housing Administration financing for condominiums before changes automatically went into effect. These included rules regarding owner-occupancy rates and treatment of spot loans, among others. In response to H.R. 3700, HUD today released a proposed rule on condos that includes positive changes, such as a return of spot loans and an extension of the certification period, but it also includes a proposal to set owner-occupancy rate requirements within a range of 25 to 75 percent. This is despite a 35 percent requirement laid out in H.R. 3700. Read the article…………..