Momentum continues to build behind homeownership policy changes pending before Congress, and housing advocates are taking their message straight to Capitol Hill.
Forty organizations including the National Association of Realtors® placed an advertisement this week calling on Congress to pass the H.R. 3700, “Housing Opportunity Through Modernization Act.”
The ad says that the U.S. Senate should “act now” to approve the bill, calling on legislators to “Co-sponsor S. 3083/H.R. 3700 and bring this critical legislation to the Senate floor.”
Among other provisions, H.R. 3700 reforms current Federal Housing Administration restrictions on condominium financing. These include regulations related to owner-occupancy requirements and the current Federal Housing Administration’s condo recertification process.
NAR has shown support for H.R. 3700 in part to ensure affordable mortgage credit is available for the purchase of condos. Condominiums are among the most affordable homeownership options for buyers, including first-time homebuyers and lower income borrowers.
The Politico ad and its forty participants reflect the broad support that exists for H.R. 3700, which passed the House of Representatives 427-0 in February.