- H.R. 8304, the Rapid Financing for Critical Condo Repairs Act, allows the Federal Housing Administration (FHA) to insure condominium association building rehabilitation loans made by private lenders. FHA-insured loans will allow associations to finance building repairs over 30-years, reducing the need for large special assessments on homeowners.
- H.R. 7532, the Securing Access to Finance Exterior Repairs (SAFER) in Condos Act, allows condominium homeowners to finance a building repair special assessment over 20- to 30-years. Condominium homeowners may combine a building repair special assessment with existing mortgage debt in a new FHA-insured 30-year mortgage. Homeowners also have the option of financing only the building repair special assessment through a 20-year FHA-insured second mortgage.
U.S. Representative Debbie Wasserman Schultz has championed H.R. 8304 and H.R. 7532 in Congress and is a strong partner in CAI’s work to ensure condominiums are a safe place to call home. Rep. Wasserman Schultz needs your help to secure new sponsorships in the U.S. House of Representatives and to have this legislation introduced in the U.S. Senate.
Please contact your U.S. Representative and U.S. Senators today and urge them to support these two critical bills for condominium safety.