Today, the U.S. House of Representatives will vote on H.R. 3700, bipartisan legislation which includes changes to the FHA condominium project approval process. We believe these proposed changes are beneficial to condominium associations in Colorado and urge you to contact your representative to support H.R. 3700.
If passed, H.R. 3700 will:
- Make the re-certification process substantially less cumbersome;
- Allow HUD offices to grant exemptions to the commercial space limitations in the guidelines;
- Require FHA to clarify owner occupancy percentages for primary and secondary residences;
- Require FHA to follow Fannie Mae and Freddie Mac guidelines concerning transfer fees and mortgage insurance.
For more information contact one of our attorneys at 303-432-9999.