Proposed Federal Condo Law Would Make it Easier for Associations to Finance Repairs
A new bill has been proposed in the U.S. House of Representatives that would make it easier for condo associations to obtain financing to make critical repairs and replacements.
The “Rapid Financing for Critical Condo Repairs Act of 2022” (H.R. 8304) follows the introduction earlier this year of the Securing Access to Finance Exterior Repairs (SAFER) in Condos Act of 2022 (H.R. 7532), which would allow individual condo owners to finance special assessments with loans backed by the Federal Housing Administration (FHA).
“This latest proposal will open associations to a whole new type of lending they haven’t had in the past,” says Brad van Rooyen, president of HomeRiver Group-Florida, the management company for about 160 associations in the state. “It could make condo living more affordable for people previously shut out of condos.”
In our new article, you’ll learn how this proposed legislation could affect your association’s ability to fund desperately needed repairs, and how it could make a big difference to homeowners faced with painful special assessments.
Read the article here: Congress Considers More Legislation to Help Finance Condo Repairs