Last night the U.S. Senate unanimously approved HR 3700, the Housing Opportunity through Modernization Act, legislation which was the subject of a Call for Action by the National Association of REALTORS®.
The bill prompted more than 20 percent of Illinois REALTORS® to contact senators and urge them to pass the bull, seen as important to removing barriers to condo sales.
“The response by Illinois REALTORS® to this Call for Action shows the power that committed professionals can bring to effecting policy changes which make a difference for the homeowners we serve,” said Illinois REALTORS® President Mike Drews, GRI. “Because so much of the housing market in this state involves condo sales, it was very important to have the Senate approve the bill, and we look forward to it ultimately being signed into law.”
According to the release from NAR:
Changes include efforts to make FHA’s recertification process “substantially less burdensome,” while lowering FHA’s current owner-occupancy requirement from 50 percent to 35 percent. The bill also requires FHA to replace existing policy on transfer fees with the less-restrictive model already in place at the Federal Housing Finance Agency.
Illinois REALTORS® flooded senators’ in-boxes. The target of having more than 20 percent of members take part in the Call for Action tracks with earlier successes on Calls for Action. Illinois is a leader among the largest states in the country on having members respond to the calls.
The U.S. House had already passed the bill. NAR sought passage on the Senate side before lawmakers head home for their annual summer break.
Said NAR President Tom Salomone:
“Condominiums often represent an affordable option that’s just right for first-time and low-to-moderate income homebuyers. Unfortunately, overly-burdensome restrictions on condo financing have for too long put that option out of reach for many creditworthy borrowers.
This legislation meets those restrictions head on, putting the dream of homeownership back in reach for more Americans.