WASHINGTON – Aug. 2, 2016 – President Obama has signed H.R. 3700 – the “Housing Opportunity Through Modernization Act” – into law.
The move paves the way for more condo sales, especially in Florida. First-time buyers will soon find it easier to qualify for a mortgage in more condo developments, and, as a result, more current condo owners will find it easier to move up to a single-family home.
The National Association of Realtors® (NAR) hailed the development as a “significant step” in eliminating barriers to safe, affordable mortgage credit for condos.
The bill previously passed both the U.S. House and Senate with a unanimous vote. It passed the House in February and the Senate two weeks ago. NAR, an advocate of the bill, testified before Congress and lobbied for passage.
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