Implement Changes To FHA Condominium Approval Process

Implement Changes To FHA Condominium Approval Process

Condominiums are often the most affordable home ownership option for first-time buyers, small families, single people, urban residents and older Americans. Unfortunately, current FHA regulations prevent buyers from purchasing condominiums, harm homeowners who need to sell their condominiums, and limit the ability of condominium projects to attract resident buyers. Recognizing these difficulties, FHA issued a proposed rule last fall that offers changes to the condominium approval process. While a good first step, FHA must issue a final rule and offer additional policy changes. NAR supports the re-introduction of spot loans without restrictive qualifications and further easing of the condominium project re-certification process. NAR urges FHA to increase the allowable commercial space in a project and reduce the required percent of owner-occupants, opening up many more condominiums to worthy buyers.

  1. Affirmatively further fair housing

The Fair Housing Act requires HUD to administer its program in a manner that affirmatively furthers fair housing. While the current regulation outlines an effective process for communities to address their unique fair housing issues, NAR expressed concerns that HUD, in some instances, proposed specific policies for local communities to adopt, and did not give enough time for full public participation in the process. When communities receive HUD housing and community development funding, HUD must take steps to ensure communities are addressing fair housing issues; however, communities should develop fair housing strategies on a local level.

NAR looks forward to working with the new administration to keep HUD and FHA strong and healthy, promoting homeownership across the nation.

Sehar Siddiqi is a federal housing policy representative for the National Association of REALTORS®.

Victor DeFrisco Headshot
Phone: 561-951-3759
Dated: March 9th 2017
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