The Housing Opportunity through Modernization Act Reforms Federal Housing Administration Project Approval Requirements | Lexology
Since 2009, condominium associations have raised concerns about changes to the Federal Housing Administration (FHA) project approval requirements and…
The Community Associations Institute Government Affairs Blog reports here that President Obama has signed H.R. 3700, the Housing Opportunity through Modernization Act, making the Act federal law.
According to the patron, Congressman Blaine Luetkemeyer’s (MO-03), the legislation includes provisions to:
- Ensure that veterans have fair access to housing and homeless assistance programs.
- Authorize the Rural Housing Service single family housing guaranteed loan program to delegate approval authority to preferred lenders.
- Extend the period for which a family could use a family unification housing voucher and increase the ceiling for the Family Unification Program voucher age requirement.
- Provide a thoughtful limitation on public housing tenancy for over-income residents.
And, as reported previously, H.R. 3700 reforms the process used by the Federal Housing Administration (FHA) to determine if condominium unit owners qualify for a mortgage with FHA insurance (FHA does not originate mortgage loans, but instead insures mortgages against default).
The full text of the bill is available after the jump.
Everybody knows that congressional Democrats and Republicans can barely agree on anything. Yet in a rare and fleeting moment of unanimity in the House of Representatives, they recently approved legislation that could expand purchase prospects for thousands of people looking to buy their first home.
“Bottom line: The bill is great news for first-time and moderate-income buyers, but don’t expect changes overnight. It still must pass the Senate and get the president’s signature, but a 427-0 bipartisan vote in the House bodes well for both.”