Take a Bow: Senate Passes H.R. 3700

Thanks to you, we did it! U.S. Senators reacted favorably to the recent Call For Action on H.R. 3700, the Housing Opportunity through Modernization Act, by unanimously passing the bill on July 14, 2016.

Nearly 4,400 Arizona REALTORS® joined more than 139,000 REALTORS® nationwide by lobbying to reform to Federal Housing Administration restrictions on condominium financing, among other provisions.

“Condominiums often represent an affordable option that’s just right for first-time and low-to-moderate income homebuyers,” said National Association of REALTORS® President Tom Salomone. “This legislation meets those restrictions head on, putting the dream of homeownership back in reach for more Americans.”

Specifically, H.R. 3700:

  • Simplifies FHA’s recertification process;
  • Lowers its owner-occupancy requirement; and
  • Requires the agency to loosen policy restrictions on transfer fees.

Passage of this bill is a win for taxpayers, future homebuyers and the real estate market. It also demonstrates how sharing a common voice catches the ear of Congress.

Make sure your voice is heard. Check to see if you are signed up to receive Call For Action alerts by texting REALTORS to 30644, or signing up online.

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