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 Representative 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 Rep. Wasserman Schultz to support condominium safety funding and opportunities.
The one-year anniversary of the Champlain Towers South tragedy was June 24. In memory of the victims who lost their lives, urge your representatives in Washington to SUPPORT H.R. 7532!
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The CAI Government & Public Affairs Team