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Washington,
D.C.
– Today,
U.S.
Senators
Tim
Scott
(R-SC)
and
Bob
Menendez
(D-NJ)
sent
a
letter
to
the
Department
of
Housing
and
Urban
Development
Secretary
Ben
Carson
urging
him
to
issue
a
final
rule
that
would
help
make
condominium
ownership
a
more
feasible
option
for
American
families.
According
to
statistics,
condominiums
remain
one
of
the
most
attainable
and
affordable
options
for
first-time
homeowners,
minorities,
and
older
residents.
The
letter
was
signed
by
an
additional
52
senators.
In
part,
the
Senators
wrote:
“…the
Housing
Opportunity
Through
Modernization
Act
was
signed
into
law
on
July
29,
2016.
Section
301
of
the
statute
makes
a
number
of
changes
to
the
Federal
Housing
Administration’s
(FHA)
condominium
rules
that
would
streamline
and
simplify
requirements
for
condominium
buildings
to
qualify
for
FHA
approval…
Unfortunately,
nearly
two
years
later,
the
final
rule
has
yet
to
be
issued.
At
a
time
when
homeownership
remains
out
of
reach
for
far
too
many
families,
the
FHA
should
expand
affordable
and
sustainable
access
to
home
mortgage
credit
by
issuing
a
final
condominium
rule.”
As
an
example
of
how
condominiums
offer
a
more
affordable
path
to
home
ownership,
in
the
Myrtle
Beach,
South
Carolina
area
the
average
cost
of
a
condo
is
40
percent
less
than
the
cost
of
a
single-family
home.
However,
the
current
pace
of
the
FHA’s
approval
process
for
condo
applications
for
FHA
insurance
coverage
has
not
kept
up
with
demand.
More
than
80
percent
of
condos
in
consideration
for
FHA
insurance
coverage
in
South
Carolina
have
outstanding
applications.
The
letter
continues
to
explain
how
the
Department’s
rule
“will
help
stabilize
condominium
associations,
ensure
that
homeowners
will
be
able
to
sell
their
units
more
easily,
and
provide
homebuyers
more
opportunities
to
buy
affordable
properties…
When
finalized,
the
rule
will
make
it
easier
to
finance
condominium
loans,
while
continuing
to
protect
borrowers
and
maintain
necessary
safeguards
to
the
FHA
Mutual
Mortgage
Insurance
Fund.”
To
view
the
full
letter,
click
here.
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