The “Housing Opportunity Through Modernization Act of 2016,” makes needed reforms to the Federal Housing Administration (FHA) condominium loan program, federal assisted housing programs and Rural Housing Service loan programs. Simply, this bill makes buying a condo A LOT easier by expanding opportunities for first time home buyers and streamlining rural housing programs for low income rental residents. The House of Representatives passed this bill unanimously with a bipartisan vote of 427-0 and now we need the Senate to act!
Due to the overwhelming response from REALTORS across the country contacting their Senators, we are excited to report that H.R. 3700 passed the U.S. Senate on July 14, 2016!