NAR CFA: Tell the Senate to Get to Work for Future Homebuyers

On June 15, 2016

The Future is Now, Pass H.R. 3700


As a REALTOR and your constituent, I urge you to pass H.R. 3700, the “Housing Opportunity Through Modernization Act” and send this important legislation to the President.

In February, the House passed H.R. 3700, the “Housing Opportunity Through Modernization Act”, sponsored by Reps. Luetkemeyer (R-MO) and Cleaver (D-MO) by a unanimous bi-partisan vote of 427-0. This legislation is clearly non-controversial and would provide significant benefits to taxpayers, homebuyers, and the real estate market.

Housing markets in our state continue to recover from the recession. Inventory remains very low and homebuyers in our community still struggle to find safe, affordable mortgage financing.

Many first-time homebuyers and retirees turn to condominiums as a more affordable option for homeownership. Condominiums make up about 9 percent of home sales, but their share of the FHA portfolio is only 4.1 percent.

It is estimated that only 10 percent of condominiums nationwide have made it through the burdensome, time-consuming and expensive FHA-approval process. By dramatically restricting the number of condos available to homebuyers, FHA is limiting the often most affordable, appropriate choice for many families.

H.R.3700 also creates a number of efficiencies for our nation’s federally assisted housing portfolio, including increasing housing opportunities for residents and streamlining processes for property owners. The bill would also make permanent a provision to streamline the processing of loans under the Rural Housing Service.

This legislation saves taxpayers money, opens housing opportunities to millions of American families, and streamlines government programs.

I urge your support of this important bill. Pass H.R. 3700, and send this important legislation to the President. Send your support here:

Land of the Sky Association of REALTORS®
37 Montford Ave
Asheville, NC 28801

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