WASHINGTON, D.C. – Today, U.S. Senators Bob Menendez (D-NJ) and Tim Scott (R-SC) sent a letter to the Department of Housing and Urban Development Secretary Ben Carson urging him to issue a final rule that would help make condominium ownership a more feasible option for American families. According to studies, condominiums remain one of the most attainable and affordable options for first-time homeowners, minorities, and older residents. The letter was signed by an additional 52 senators.
“Homeownership is an essential part of the American Dream. Hard working families should have the opportunity to buy a home for the first time with more affordable options, in a time when homeownership rate is still low,” said Senator Menendez. “Minority, low income, and older New Jersey families would especially benefit from more flexible rules that allow them more attainable and affordable ownership.”
In part, the Senators wrote: “…the Housing Opportunity Through Modernization Act was signed into law on July 29, 2016. Section 301 of the statute makes a number of changes to the Federal Housing Administration’s (FHA) condominium rules that would streamline and simplify requirements for condominium buildings to qualify for FHA approval… Unfortunately, nearly two years later, the final rule has yet to be issued. At a time when homeownership remains out of reach for far too many families, the FHA should expand affordable and sustainable access to home mortgage credit by issuing a final condominium rule.”
The letter continues to explain how the Department’s rule “will help stabilize condominium associations, ensure that homeowners will be able to sell their units more easily, and provide homebuyers more opportunities to buy affordable properties… When finalized, the rule will make it easier to finance condominium loans, while continuing to protect borrowers and maintain necessary safeguards to the FHA Mutual Mortgage Insurance Fund.”
To view the full letter, click HERE.
