On February 2, 2016, H.R. 3700, the “Housing Opportunity through Modernization Act” passed out of the U.S. House of Representatives and was referred to the U.S. Senate by a vote of 427-0.  H.R. 3700 addresses problems with the current FHA condominium program.  The bill directs the Secretary to streamline the project certification requirements so that recertifications are substantially less burdensome than certifications.  The bill also directs the Secretary to consider lengthening the time between certifications for approved properties and allowing updating of information rather than resubmission.

In addition, H.R. 3700 addresses the following:

Stay tuned for updates on H.R. 3700.