Two weeks after the National Association of REALTORS® issued a Call For Action on H.R. 3700, several local Illinois associations have met their goals but more REALTORS® need to tell their Senators to vote for this important legislation.
Taxpayers, homebuyers and the real estate market will benefit from this important legislation, known as the “Housing Opportunity Through Modernization Act,” so REALTORS® who haven’t participated yet can login and answer the call.
H.R. 3700 will:
- remove a burdensome and expensive FHA Condo approval process;
- reduce FHA restrictions on the number of condos available to homebuyers; and
- permanently streamline Rural Housing Service loan processing.
Local associations that have hit their goals include:
- REALTOR® Association of Northwestern Illinois;
- Quincy Association of REALTORS®;
- Belvidere Board of REALTORS®; and
- Danville Area Board of REALTORS®.
Last year, NAR testified in support of H.R. 3700 before the U.S. House Financial Services Subcommittee on Housing and Insurance. The U.S. House of Representatives passed it unanimously, 427-0.