Federal condominium legislation moving forward

The House Financial Services Committee has passed H.R. 3700, "Housing Opportunities through Modernization Act," with a bipartisan vote of 44-10. This legislation, sponsored by Reps. Blaine Luetkemeyer (R-MO) and Emanuel Cleaver (D-MO), includes a number of provisions that are supported by the National Association of REALTORS. The bill will ease FHA’s restrictions on the purchase and sale of condominiums and includes changes to the certification process, owner/occupancy ratio, commercial space requirements, and private transfer fees. Learn more here.