Take Action to improve condominium inventory
Our region suffers from a lack of housing supply, including condominium inventory. Last week dozens lined up on the streets of Seattle to place purchase options on condominiums that won’t be built until 2019!* You can take action today to increase this vital supply of housing that is often the most affordable option for first-time homebuyers.
The U.S. House of Representatives recently passed H.R. 3700, the Housing Opportunity Through Modernization Act, by a unanimous vote of 427-0.
This bill promotes creation of condominium inventory by easing FHA restrictions on condominium sales and purchases. H.R. 3700 reduces the FHA condo owner occupancy from no less than 50 percent to 35 percent, directs FHA to streamline the condo re-certification process, and provides more flexibility for mixed use buildings.
While the bill passed unanimously in the House, it languishes in the United States Senate as a victim of election year posturing. There is no excuse not to pass this bill now.
NAR has issued a Call For Action to all REALTORS – asking the U.S. Senate to pass H.R. 3700.
To help improve our condominium inventory, contact U.S. Senators Patty Murray and Maria Cantwell today and urge them to pass H.R. 3700.