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Tell Your Congressperson- Support H.R. 7532 – Advance Condominium Safety Opportunities
After much collaboration with CAI, our partners in Congress Representatives Charlie Crist and Debbie Wasserman Schultz introduced on April 18, 2022 H.R. 7532, the Securing Access to Finance Exterior Repairs (SAFER) in Condos Act of 2022. This legislation, a response to the partial collapse of Champlain Towers South in Surfside, Fla., on June 24, 2021, in which 98 people died, allows condominium homeowners to finance critical building repairs with loans backed by the Federal Housing Administration (FHA).

The SAFER in Condos Act of 2022 will allow condominium homeowners to combine a special assessment to fund condominium building structural repairs with existing mortgage debt and secure a new 30-year mortgage loan insured under the FHA home rehabilitation program. The legislation also grants condominium homeowners access to the FHA Property Improvement Program to finance a structural repair related special assessment. The FHA Property Improvement Program allows homeowners to finance property rehabilitation work over a term of 20-years. 

In other words, this bill is intended to reduce upfront costs to condominium homeowners facing special assessments to finance necessary building repairs through 30- and 20-year loan programs. As condominium associations continue to evaluate the structural integrity and maintenance needs of aging buildings, homeowners may be required to fund repairs through a special assessment. 

CAI has been working with Representatives Crist and Wasserman Schultz’s offices since last summer to introduce meaningful and practical legislation that will provide access to government-backed low interest loans to support critical repairs in condominiums. CAI is very pleased to have the full support of Reps. Crist and Wasserman Schultz to support condominium safety funding and opportunities.

The one-year anniversary of the Champlain Towers South tragedy is June 24. In memory of the victims who lost their lives, urge your representatives in Washington to SUPPORT H.R. 7532!

 

Please contact us at government@caionline.org with any questions. 


Thank you!

 

The CAI Government & Public Affairs Team

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