On July 7th, 2022, Representative Debbie Wasserman Schultz (D-Fla.) introduced the Rapid Financing for Critical Condo
Repairs Act of 2022,
the U.S. Department of Housing and Urban Development’s Federal Housing Administration to insure condominium association building rehabilitation loans made by private lenders. “Access to FHA-insured building rehabilitation loans will provide significant benefits to condominium associations whose buildings are in need of critical repairs.” according to Don Plank of National Cooperative Bank (NCB), a lender specializing in condominium association loans.
CAI has been working with Rep. Crist for the past several months on legislation to help condominium associations finance critical repairs. Rep. Debbie Wasserman Schultz (D-Fla.) also introduced the CAI-backed legislation Securing Access to Finance Exterior Repairs (SAFER) in Condos Act of 2022.
Read more about the Rapid Financing for Critical Condo Repairs Act of 2022 on the CAI Blog.
CAI is working with Congressional members to secure sponsorships for the new legislation and a Senate companion bill. Please contact your representatives today and urge them to support this bill.