H.R. 3700, the “Housing Opportunity Through Modernization Act,” officially became the law of the land over the weekend with the signature of President Barack Obama.
NAR President Tom Salomone hailed Senate passage of the legislation earlier this month, saying H.R. 3700 will “put the dream of homeownership back in reach for more Americans.”
“Realtors® have reason to celebrate today as legislation easing restrictions on FHA financing for condominiums is finally signed into law,” Salomone said. This is a long-awaited victory for NAR and for homebuyers for whom condos are an important and affordable option.”
In particular, Salomone praised sections of the bill that reform current Federal Housing Administration restrictions on condominium financing, noting that condos represent an affordable option for low and moderate-income buyers, as well as first-time buyers. He also showed NAR’s appreciation for the work on Capitol Hill that went into passing the bill.
“NAR thanks Reps. Blaine Luetkemeyer (R-Mo.) and Emanuel Cleaver (D-Mo.), as well as Sens. Tim Scott (R-S.C.) and Robert Menendez (D-N.J.), for helping usher this legislation to the finish line,” Salomone said.
The question now, of course, is what the new law really means for real estate practitioners.
NAR’s Senior Government Affairs Representative, Megan Booth, reminded Realtors® in a recent video that while certain sections of the bill will go into effect quickly, others will go through a regulatory process that could take some time.
Watch the video for Megan’s analysis:
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